I just graduated from high school. I want to start establishing my credit by getting a credit card, but i don't know which one to apply for. I want to get a card that i can manage. I don't need a card with a big spending limit. I just wan't to start building credit.
2006-08-18 11:14:49 · 16 answers · asked by bu11y2004 1 in Business & Finance ➔ Credit
check these links, then decide what you want to do, they might even get you to change your mind!
see the FAQ on the first link down but really there's plenty of advice throughout if you have time to read:
http://credit-cards.ebookorama.com
http://finance.ebookorama.com
http://credit.ebookorama.com
http://credit-repair.ebookorama.com
good luck!
if it helps please remember me cheers
2006-08-20 11:55:10 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Most major credit card companies have specific cards marketed towards college-aged people with low balance limits and high interest rates. In all honesty, since you have no credit, you will most likely not be able to avoid getting a card with a high interest rate (around 20% is high). As long as you manage you finances and you pay your balance, the interest shouldn't be that big of a factor for you. Don't go crazy and apply for a bunch of credit cards as this will negatively affect your credit, and you'll probably be denied by most. Most colleges will have bulletin boards posted throughout student lounges that have credit card applications for student credit cards. If you have access to go to a college, see if you can find some applications, or have a friend who is in college pick one up for you. It's very easy to let yourself go overboard when using a credit card, so try and learn how to be responsible early on and avoid getting yourself into a position where you're left with bad credit and/or a ton of debt. You'll pay for it for years.
2006-08-18 14:39:35 · answer #2 · answered by Rexy 3 · 0⤊ 0⤋
I would avoid credit cards. I use atm card with visa so I pay cash and credit card company's are all thiefs. If your need to establish credit and want a credit card choose one with no annual fee's and low interest. Pay it off every month and it is using the banks money for free. Watch for low introductory rates designed to get you to take the card and then once it's maxed they smack you with high interest rates, also remember making minimum payments the interest keeps accumulating and it can take 15 years or more to pay off a charge that is 15 years without using it but paying for it. Be careful as you don't want to get in a situation where you are working just to pay bills and can't pay them off. Good luck!
2006-08-18 11:32:00 · answer #3 · answered by Cheryl K 4 · 0⤊ 0⤋
If you don't have a credit history, you won't get a big spending limit. Just make sure it has a low APR, read the fine print and make sure the APR won't jump automatically in a few months even if you were to pay it off each month and were never late with payment, try to get one that gets you points. I have a Capitol One card and I just used my points from the past year to pay for an airline ticket but I could have chosen to use my points for cash or charity if I wanted.
2006-08-18 11:23:30 · answer #4 · answered by Michelle 4 · 0⤊ 0⤋
You definitely don't want to get a card with a high credit limit (which I doubt you will get a high credit limit anyway since your barley establishing your credit). Look at low APR rates and stay away from high late fee charges.
2006-08-18 11:21:11 · answer #5 · answered by sweet_truth 4 · 0⤊ 0⤋
Most major credit card issuers have credit cards catered to college students.
You can choose either basic no frills credit cards, or reward credit cards.
Most student credit cards have identical apr - prime rate plus 9.99% seems to be the standard, with a couple of cards deviating from this number.
I would look at cards from Citi, Chase or Discover. All major issuers and all reporting to three major credit bureaus to start your credit building process.
Nick
2006-08-19 18:07:04 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Well, it's good to "establish" your credit--pay off your balance as u go & don't let it get out of control. I started out w/a dept store card. Their APR's (annual percentage rate of interest charged) are high, but if u keep paying on it u won't accrue a lot of interest. Always look for a low APR & watch out for annual fees--read the fine print!
2006-08-18 11:23:44 · answer #7 · answered by Sheryl R 4 · 0⤊ 0⤋
Hi bu11y2004,
There are several credit cards specifically designed for college students so that they can start building credit. I would reccomend taking a look at a couple and deciding which one has the incentives and apr's that fit you best.
Here is a link with several college credit cards.
http://www.0-apr-creditcards.com/college-student-credit-card.htm
Hope this Helps!
2006-08-19 09:23:32 · answer #8 · answered by aheitzman 2 · 0⤊ 0⤋
Look in your local newspaper, on whatever day they post the interest rates; their should be a list of the best credit cards across the country.
2006-08-18 11:19:49 · answer #9 · answered by B. T 2 · 0⤊ 0⤋
A card with low rates and don't get the cards you have to send money for! Try capitol one
2006-08-21 20:40:22 · answer #10 · answered by Anonymous · 0⤊ 0⤋
Dont-- get a debit card and then you can only spend money you have, not the banks that you have to pay back at 25%-or more
2006-08-18 11:21:26 · answer #11 · answered by John E 3 · 0⤊ 0⤋