I can't get a credit card

crp2000 · Jan 30, 2003

I would suggest -- if you have NO CREDIT at all -- getting a 'secured card' from your bank and using it wisely....though i think someone else already made this point.

i'm suggesting you do so merely to build up your credit. if you're only 18 years old and can prove (over time) that you can handle credit RESPONSIBLY, you'll be one of the VERY FEW that actually qualify for those ZERO DOWN / NO PAYMENT 'TIL NEXT YEAR automobile deals!!!!

seriously, you should definitely have at least one credit card or some other creditor reporting POSITIVE information about you to the major credit reporting agencies.

Good Luck!

Lausana · Jan 30, 2003

Originally posted by crp2000
seriously, you should definitely have at least one credit card or some other creditor reporting POSITIVE information about you to the major credit reporting agencies.
Good Luck!

I disagree, someone working only 15 hours a week can't afford a credit card. Different story after college, but now it would just be stupid (unless I'm the only one wanting to beat my head against the wall each time I see this thread again!?) Better to start out at say 22 with no credit and build it responsibly than have debt at that age.

Nevermind, I just won't read this thread anymore.

TheBrainMusher · Jan 30, 2003

I do agree, but most debt in college you can only get lower limit cards ... I could only get $250 maybe $1000. I see no reason IF USED RESPONSIBLY through college to use the credit card.

2banurse · Jan 30, 2003

Originally posted by Mshheaddoc
Try Capital One, I know I got my first CC there, as well as my sister (I gave it to her for her 18th birthday - big mistake, she now have 3 cc!) that or providian. Those have lower limit cards, but I would wait awhile until your credit clears if you have A TON of inquiries. How many times did you apply for a credit card?
Meg

Hey Meg, I hate to differ, but these are two credit card companies that you need to be careful of. Providian has had some class action suit due to additional fees being taken, and Capital One is only preferable if you have a real good credit rating to begin with. Then you can get their special rate, but if not...they too charge high rates. If you are having a good experience with Capital One, chances are you are very responsible.

At 18 and not yet working full-time, resist the temptation. Nothing like having charged something at 18, that you are still paying for 20 years later.

Kris

meandragonbrett · Jan 30, 2003

I've got a card from US Bank and I use it for my gas and that's it. I had the limit set to 100$ and that helps out a lot.

Brett

ava'smomRN · Jan 30, 2003

thanks everyone you guys are soooo helpful!!!!!!!!

New CCU RN · Jan 30, 2003

I agree that you ought to have some sort of a savings before you start taking out a credit card... even if you save say 10 dollars a week, that is 520 dollars over the next year. 20 dollars would be 1040 dollars!!!!

However, I do think that getting a credit card and using it VERY RESPONSIBLY will help you!!!!!! However, it should be used only when you already have the money ready to pay it off. When the time comes to finance a car...maybe a few years from now..... you are going to need some sort of credit!!!!!! Having a credit card that you responsibly pay off every month will help with this. You need to evaluate your own personal reasons for wanting the CARD!!!! If it is to get things you dont have the money for then you ought to save up first, but if it is sincerely so that you can start being an adult and having some sort of credit there is nothing wrong with that!

Your first goal though should be to get a savings and a checking account. With the checking account you can get a debit card. This looks just like a CC but it simply drafts money out of your checking account. Start out with that. You can usually open an account for a very small amount.

If you can work more, then do it!!!!! You say you don't have alot to do? Well, your first focus should be your education. Are you taking classes? I may have missed in your original post that you were. If so, good...focus on them. If you have the time then work a few extra hours but good grades are more important then some part time job.

I wish you lots of luck :)

TheBrainMusher · Jan 31, 2003

Kris,

I agree, but you have to start somewhere. I never had any problems with providian b/c I had a $250 limit, hardly used the card. I didn't use it for 6 months or so, my credit must have went up, it increased 3 times to $1,250 (i checked my credit report, do it every year ... I suggest everyone else does the same ... you are entitled to one free credit report a year by law!). If you set the limits for yourself you are more likely to succeed at your budget. Especially if you have a debit credit card!!

Yes, you can start out with your credit once you get out of college, etc. but those are also years that you have not established credit (which people don't realize college is a GREAT time to establish credit with your loans and other credits!) which you will need (along with that job) in order to get prime rates on bigger ticket items. the 90's were the years of "credit cards" of establishing credit. Boundaries need to be set and responsibility needs to be taught at an early age. That is why things are abused so often, especially credit.

Meg

Nurse Izzy · Jan 31, 2003

If you feel you MUST get a credit card, that you will shrivel up and die like a dried out grape under the couch, then go ahead with one caveat - put it in a zip-lock bag, fill the bag with water, close it and put it in the freezer. That way if you really really want something you at least have to wait for it to thaw out first. If it's an emergency, 9 times out of 10 you will still be able to wait for it to thaw.

ShandyLynnRN, BSN, RN · Jan 31, 2003

hey, I wish I'd done that when I had mine!

alem-tsahai · Jan 31, 2003

DON'T GET A CREDIT CARD, NOT EVEN A SECURED ONE! There are other ways to build credit.

Student loans are a great way to establish credit. They are low interest and the fact that they are federally funded will make you think twice or three times before skipping a payment (take it from someone who's been there- default ain't no joke!). Good training for when/if you do get those high interest rate credit cards (because unless it's American Express, all credit cards have high interest rates no matter what they tell you).

After a year of making timely payments, credit card companies will be mailing you all sorts of offers and you'll be in the right financial position to decide whether to go for it.

Whatever you do, remember: the road to hell is paved with credit card debt. Don't go there!!!

emily_mom · Feb 1, 2003

Just say no to credit cards.....

Kristy