What credit card should I get? I just turned 18 & I'm in high school, but want to get some credit history...

Question

I'm not sure what credit card I should get. I want to get some rewards like rebates on gas, but since I've never had a credit card before I would probably not get accepted (or not?). Does it hurt your credit score if your denied by a company? Thanks for your help.. Lawrence

Answer 1

Each application for credit hurts your score whether you're approved or denied but it can be a neccessary evil. As a student you have a better chance of getting a credit card than someone else with no credit. No credit is the equivalent of bad credit but there are ways to build credit from scratch, check out http://finance-girl.blogspot.com/2006/09/building-credit-from-scratch-have.html to find out how

Answer 2

I would say go to your bank, because they usually offer cards for students. I got my first credit card when I was 16 through my bank. After that, try Capital One. If you want to build a good credit history, buy things and pay them off (fully) by the time you get the statement. Make sure you don't spend more than you can afford. For example, if you go to a store and see an outfit that you want or any other item, and you can't pay it off within a month, don't get it. Otherwise, you'll get sucked into the credit card debt cycle of buying with credit, paying some off, and having to put more on credit, and so on.

Answer 3

Be Careful,
thats what i will tell you first-
don't go around applying places left and right till you get approved
that will just lower your chances of getting a card, and it doesnt hurt if your denied by a credit company, it just hurts that they checked your score, no one will know wether or not your approved, only you and the bank.
if you want an honest opinion.
here are the 2 best places to apply:

http://www.chase.com

http://www.capitalone.com/creditcards/index.php?linkid=WWW_0606_CARD_01_HOME_C1_02_T_CB1

most likely if you have no credit, your credit line will be $300.
Chase has all sorts of Great cards with rewards etc.
if you want a great department store card, just to start out with,
try a Macy's card, as soon as you get a credit card, or even before, you can go into a store and chances are, you could get approved. Good luck.

Answer 4

as a chapter 13 filer my problems started with credit cards. Wait until you have an extra good job and a need for them other than tennis shoes and clothes. If you get a credit card and you run it up to the max and then you either don't pay it or won't pay it or it's at the limit and you can't use it anymore without making a substantial payment there is no more fun in it. If you need to have credit so bad get a visa or mastercharge where you can use it anywhere, don't get a store credit card where you can only use it at one store. I still say stay away from the credit cards until you are older and more responsible for debt. Once you mess up your fica score it takes years to correct it.

Answer 5

It would be wiser to stay away from credit cards till you can. As credit cards tempt you into purchasing what you cannot afford and the take a hit on ur credit ratings. One should use credit cards only in emergencies. Or use it to the extent you can pay off immediately.

Answer 6

Best way to get started is to be added as an Authorized User on your parents' account. They may decide to not even give you the card for you to use. That's their decision, it will still create credit history for you.

You might also want to wait for college. College students are targeted for credit offers, and are more easily approved. If you feel that you can handle the responsibility, look for one with low APR and no annual fee.

And yes, getting declined does show up on your report. You don't want too many of those.

Answer 7

First, you should explore you credit card options where you have your bank account at...Like BankOne, Bank of America and so on. Then you should keep it low like $500 to $1000 limit. Then make some purchases that you can pay off 100% for activity. Last, yes inquires and can adversely affect your credit so only apply for one for now. My wife and I learned quite a lot from mycreditadvise.com which helped us build our credit score.
Good Luck

Answer 8

To obtain credit, you have but four things to do:

1) Apply for a Dayton's (any store) credit card,

2) Go to Dayton's (any store),

3) Use card for a small purchase,

4) Before leaving store, go to Customer Service and pay for what you just bought,

5) Destroy said credit card.

Answer 9

capital one is a good one to get started with. and yes if you apply for too many credit cards it shows up on your credit report and credit companys do see it .

Answer 10

don't get to many when i was 18 i had more than one andit got me in alot of trouble and i just go out of it and i am in my 30s

just be careful