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If you are here reading this forum/thread, you probably have heard, seen or know someone who has been leveraging credit card points for free or very low cost travel and want to get involved. While it may be very tempting to jump right in and apply for a bunch of credit cards, it is advisable to read through the forums before doing so.

For those who have no credit history, building your credit score is strongly recommended and may even be needed before applying for any credit cards.

Step 1 - Try and get added as an Authorized User (AU) on an established credit card. This card should be kept in good standing and preferably have a low credit utilization ratio.
Some have had success with Amex to get your card backdated to the primary cardholders "member since" date. Having this done will increase your credit history to that of  the account holders first Amex card.
UPDATE Amex no longer backdates any cards. Any authorized user card will show up on the AUs report as a new account, opened on the date that the AU was added. Amex is now one of the worse choices to get added as an AU to, for credit building purposes.
Chase, Citi, Bank of America and others are more likely to show the full history of the primary cardholder on the authorized user's report than Amex is.

Additional Option - In conjunction with being added as an AU, you can  sign up for a secure credit card.
A secured credit card works almost like a debit card (you need to lay out your credit limit), but this functions as a regular credit card and will help build your credit score.

Step 2 - Once you are setup as an AU, it is best to wait a few months before applying for your first card.

Your first card should be a store credit card, which are easier to get approved for, especially with very limited credit history.
Some of the store cards people apply for are Old Navy, Gap, Banana Republic, Kohl's, Macy's, Target etc. While these cards will not give you major signup bonuses to travel with, they do give you access to exclusive promotions and other perks when purchasing from the store.

Additional Options - The CapitalOne Journey card seems to be easier to get approved for, though understand they will pull your credit from all three agencies, while most banks only pull from one.

Discover has a student card you can apply for here. This can also be an easier option to getting approved for your first card. Their regular IT card (not student) seems to be pretty easy to get approved for with little to no credit history as well.

Step 3 - Pay your bill before your statement closes (cut off date), but leave a minimal amount remaining to be paid after your statement closes. This will help ensure that you have both a low CC utilization while establishing a good credit payment history. (This applies to new spending from this month.  Anything already 'due' should be paid in full.)

Step 4 - After using your first card for a few months, you will be ready to apply for the cards you will have read and heard so much about. Remember that getting accepted for a credit card is a combination of many factors like credit history and your credit score, but it is also dependent on the income that you claim* you make.  Income is not part of your credit report or score.

Step 5 - This is a brief synopsis of what to do when applying for credit cards. There are additional factors one should understand before applying for credit cards. DDF is a great resource and there are many people willing to answer your questions (which you should ask, albeit after attempting a search) 

*If you are under 21, you are legally only allowed to report personal income. Personal income, however, can include allowances and scholarships.
If you are over 21, you can claim any income which you have reasonable access to in order to pay back the bill, which includes the income of others in the household (spouse/parent), or anyone supporting you. Additionally, while most banks will not have you verify your income, it does happen and you should be prepared to show them. This is particularly prevalent with American Express, and is known as a Financial Review (FR).
« Last edited by S209 on September 09, 2018, 01:45:26 AM »

Author Topic: Credit Card For Beginners  (Read 918205 times)

Offline mancunian

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Re: Credit Card For Beginners
« Reply #4120 on: December 15, 2016, 11:22:22 AM »
What's CFBP?
And I did google it.

Offline David Smith

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Re: Credit Card For Beginners
« Reply #4121 on: December 15, 2016, 11:28:32 AM »
What's CFBP?
And I did google it.
consumer financial protection bureau

Who do you think you are fooling? You think you are going to pull a quick one on your Creator? Good luck with that.
JTZ

Offline JTZ

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Re: Credit Card For Beginners
« Reply #4122 on: December 15, 2016, 11:30:17 AM »
consumer financial protection bureau
That's not correct.  ;)
"LESS IS MORE" It is the cumulative effect that kills deals!!! How many times do I have to say this?  >:(

Offline mancunian

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Re: Credit Card For Beginners
« Reply #4123 on: December 15, 2016, 11:30:33 AM »
consumer financial protection bureau


Interesting - that's exactly what I got on google ;)

Offline PillanSmye

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Re: Credit Card For Beginners
« Reply #4124 on: December 15, 2016, 12:50:19 PM »
consumer financial protection bureau

No.  Check Free Bill Pay

Offline David Smith

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Re: Credit Card For Beginners
« Reply #4125 on: December 15, 2016, 12:54:00 PM »
No.  Check Free Bill Pay
Lol. I'd assumed he was referring to CFPB, and misspelled it. That's a more common context around here that CFBP.
Who do you think you are fooling? You think you are going to pull a quick one on your Creator? Good luck with that.
JTZ

Offline mancunian

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Re: Credit Card For Beginners
« Reply #4126 on: December 15, 2016, 03:02:37 PM »
What's wrong with paying through bank bill pay? That's a great way to pay

Offline shulem92

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Re: Credit Card For Beginners
« Reply #4127 on: December 15, 2016, 03:03:24 PM »
Which cc has the virtual cc number?

Offline mmgfarb

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Re: Credit Card For Beginners
« Reply #4128 on: December 15, 2016, 03:04:06 PM »
Which cc has the virtual cc number?
Citi
"JS [is] a fetid cesspool of unvarnished linguistic manure, with lots of useless drivel and post-padding." -Moishebatchy

Offline shulem92

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Re: Credit Card For Beginners
« Reply #4129 on: December 15, 2016, 03:06:04 PM »

Offline emjee

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Re: Credit Card For Beginners
« Reply #4130 on: December 15, 2016, 03:16:40 PM »
What's the best no AF citi card
For cash back or points ?

Offline shulem92

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Re: Credit Card For Beginners
« Reply #4131 on: December 15, 2016, 03:19:02 PM »

Offline dealtastic

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Re: Credit Card For Beginners
« Reply #4132 on: December 15, 2016, 04:30:02 PM »
Which cc has the virtual cc number?
BOA & Citi

Offline emjee

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Re: Credit Card For Beginners
« Reply #4133 on: December 15, 2016, 07:03:05 PM »

Offline a good yeshiva bachur

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Re: Credit Card For Beginners
« Reply #4134 on: December 15, 2016, 07:40:13 PM »
Oy . It takes a while . Hatzlacha
took about 4 days...

Offline a good yeshiva bachur

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Re: Credit Card For Beginners
« Reply #4135 on: December 15, 2016, 07:41:21 PM »
wondering (HOPING) if theres a way to overturn their decission

Offline Yhgfkj

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Re: Credit Card For Beginners
« Reply #4136 on: December 15, 2016, 07:48:39 PM »

Offline PillanSmye

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Re: Credit Card For Beginners
« Reply #4137 on: December 16, 2016, 01:04:46 AM »
took about 4 days...

wondering (HOPING) if theres a way to overturn their decission

So I am speculating that things didn't work out too well for you?

Generally there is no way to overturn a fraud/compliance department shutdown.



Offline a good yeshiva bachur

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Re: Credit Card For Beginners
« Reply #4138 on: December 16, 2016, 01:32:59 PM »
and
they said that i opened to many cards in one month so i'm a risk and therefore closed all my accounts

Offline a good yeshiva bachur

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Re: Credit Card For Beginners
« Reply #4139 on: December 16, 2016, 01:33:54 PM »
So I am speculating that things didn't work out too well for you?

Generally there is no way to overturn a fraud/compliance department shutdown.
even if i get CPC ????