What Creditcard should I start with?

[bladefd]

So here's the issue. I graduated from college less than a year ago and don't yet have a steady job with consistent salary. I'm back home and currently doing non-paid volunteer work for 2 separate organizations & a third part-time job which pays about 8 grand yearly.

Most credit-cards I see require $10,000 yearly income, which I don't have. I will not lie to them about it, and get in trouble if they check lol.

I currently use a crappy secured TD bank creditcard that requires me to store my OWN $500 in creditcard and they give spending limit of $500 max.. Plus I get no cash back. On top of that, I have to pay $35 annual fee. I'm getting robbed :roll:

Only positive is I can build my credit. My credit is currently 711 and keeps going up as I pay everything back on time. So my question is are there any creditcards that I can apply for that don't require $10,000 yearly income? I want to get rid of my secured creditcard.

Any suggestions?

[NBAplayoffs2001]

The legendary black card if you got the bucks.

[DCL]

$35 annual fee is robbery.

you should look for something that pays zero in annual fees.

as for $10K income requirement, if you don't meet that, then you should not have a credit card, imo.

but if you absolutely must have a credit card (for things like travel, online purchases, etc.), bullshitting that you make 2K extra won't get you into trouble.

i mean, if you make 10K and claim to make 200K or 500K, sure, that's straight up fraud.

but if you make 8K and put down you make 10K, nobody really cares, dude.

regardless, your priority right now shouldn't be about credit cards, but it should be about you finding better employment!

[Godzuki]

just lie about your annual salary, its worht a shot. they're not going to convict you. say $60k and you'll probably qualify.

i'd recommend Chase Freedom. they have their promo running again spend $500 the first 3 months get $200 back which is pretty easy to do. on top of great cash back incentives i forget.

worst case u get turned down. best case you probably just get a really low max limit.

[Velocirap31]

If you don't have the cash to buy something, you shouldn't buy it. Excluding big expenses like a house of course.

[embersyc]

Open an account at a Credit Union, keep a decent balance in your account for a while and then apply for the Credit Union's card.

Their card will likely give you lower rates than you'll get with other cards and no annual fee.

You can get a standard AMEX card with no limit more than likely, only catch is you'll have to pay the full balance each month and probably deal with a small Annual fee.

Those are you two best bets for building your credit. Although if your score is really 700+ your mailbox should be flooded with card offers currently.

[Meticode]

Take out a cash loan, put the money in a savings account, make sure the loan is about 36 months long. Make 1-2 payments ahead of time to stay ahead of each monthly payment, then pay the whole thing off with interest at around month 30.

Don't keep cards max out for very long. A good standard that I read about is keeping the card's balance around 30%. So if you have a $500 card, keep the balance around $180. Don't always have it fully paid off or fully maxed out.

[bladefd]

Those are you two best bets for building your credit. Although if your score is really 700+ your mailbox should be flooded with card offers currently.

I get tons of offers in mail. Hell, I got 2 different credit-cards in mail month ago asking for activation (both had annual fees so I threw them out).. The issue is not credit -I have very good credit- but my income is crappy. Sadly, I am not considered a student anymore so I cannot apply as a student.

I just applied for "Upromise MasterCard" and been approved. I didn't lie about my income. They ran a hard credit-check (I lost 6 credit points during the hard-check), and they approved me.

https://www.salliemae.com/credit-cards/upromise-card/

How is that? I have not received the card yet.

[bladefd]

Don't keep cards max out for very long. A good standard that I read about is keeping the card's balance around 30%. So if you have a $500 card, keep the balance around $180. Don't always have it fully paid off or fully maxed out.

Why is that? I always pay it off fully. Is there any benefit of keeping a balance? I'm bit confused about that :confusedshrug:

[enayes]

Take out a cash loan, put the money in a savings account, make sure the loan is about 36 months long. Make 1-2 payments ahead of time to stay ahead of each monthly payment, then pay the whole thing off with interest at around month 30.

Don't keep cards max out for very long. A good standard that I read about is keeping the card's balance around 30%. So if you have a $500 card, keep the balance around $180. Don't always have it fully paid off or fully maxed out.

Bad advice, I think you may be confused.

Unless you're on a 0% intro APR, you NEVER want to keep a balance from month to month or you will be paying interest and the credit card company will be winning.

If you buy a TV for $500 with a credit card and then go online and pay it off right away it will appear as though you are not using your credit. What you want to do is WAIT until your statement closes and pay off your STATEMENT balance in full, that way you never pay interest.

[enayes]

Why is that? I always pay it off fully. Is there any benefit of keeping a balance? I'm bit confused about that :confusedshrug:

I replied above. You always want to pay off your statement balance in full unless you're on a 0% APR period, but even then it's best to pay it off in full so you don't let your balance get too high.

I hope Meticode was thinking about paying off your card in full in between statements, which you don't want to do because it will get reported to the credit agencies that you were not using your credit.

And I second the suggestion of applying for the Chase Freedom card, as there $200 bonus is back. That's a free $200 for simply using the card to pay your bills. Also I wouldn't worry too much about lying about your salary, it's possible that you made money selling stuff or building furniture. I don't think anyone will come after you.

Credit cards are awesome. I got into credit card "churning" last year and made over $2000 in combined cash back/flights/hotel stays. I can currently book 2 round trip tickets from Boston to Ireland for $150 each using points I've earned on just one of my cards. These tickets go for about $1000 a piece.

[enayes]

If you don't have the cash to buy something, you shouldn't buy it. Excluding big expenses like a house of course.

True.

Also true = using a credit card instead of cash to buy EVERYTHING can SAVE you money and allow you to EARN CASH BACK, FREE FLIGHTS AND FREE HOTEL STAYS

[Godzuki]

using credit cards to take advantage of rewards is another level of financial gaining. if you're financially responsible then its a no brainer. if you're not then obviously you shouldn't mess with credit cards at all.

basically if you're on top of your shit you're stupid not to take advantage of credit card rewards.

Chase Freedom right now if u qualify is free money for such low spending its stupid for people to have any other credit card. it usually takes a $3k-5k expenditure to earn $300-500 rewards. the fact that it only takes $500 to earn $200, in essence almost getting half of what u spend back to u is insane. especially when it has other great reward incentives that add to it.

most people are dumb tho. they're all like sheep afraid of the same things. its like people who are afraid of stocks since the last crash and think investing is only good when the market is up and to stay away when its down. then they complain how people who are rich and focus on money have it so easy and they don't. i swear this describes the masses, especially the poor who don't ever help themselves by focusing on financial things to actually make money. they'd rather blow it on a sport bet or rims, then complain about the wealth gap :rolleyes:

there is just such a low IQ, sheep mind think with most people regarding some things, i swear i feel like i was born a genius in relation to the masses :pimp:

[rufuspaul]

using credit cards to take advantage of rewards is another level of financial gaining. if you're financially responsible then its a no brainer. if you're not then obviously you shouldn't mess with credit cards at all.

basically if you're on top of your shit you're stupid not to take advantage of credit card rewards.

Chase Freedom right now if u qualify is free money for such low spending its stupid for people to have any other credit card. it usually takes a $3k-5k expenditure to earn $300-500 rewards. the fact that it only takes $500 to earn $200, in essence almost getting half of what u spend back to u is insane. especially when it has other great reward incentives that add to it.

most people are dumb tho. they're all like sheep afraid of the same things. its like people who are afraid of stocks since the last crash and think investing is only good when the market is up and to stay away when its down. then they complain how people who are rich and focus on money have it so easy and they don't. i swear this describes the masses, especially the poor who don't ever help themselves by focusing on financial things to actually make money. they'd rather blow it on a sport bet or rims, then complain about the wealth gap :rolleyes:

there is just such a low IQ, sheep mind think with most people regarding some things, i swear i feel like i was born a genius in relation to the masses :pimp:


This financial genius sweeps floors for a living. :lol

[rufuspaul]

If you don't have the cash to buy something, you shouldn't buy it. Excluding big expenses like a house of course.


I pretty much had to stick to this rule in my 20s because I was way too impulsive of a buyer. I still have that mindset today I guess out of habit.

You still need a credit card though, especially for travel (plane tx, hotel reservations, rental cars). It's especially important for rental cars because a debit card doesn't give you any insurance protection if you get in an accident.

I pay for most expenses with cash/debit cards, however I pay about $500/mo of bills with a credit card and then pay off the balance when the statement clears. I do that for the mileage points and to maintain a good rating.

[DukeDelonte13]

ITT people who don't understand how credit works.

You don't want to be a "good" credit card customer. You should never have a balance. Use it for cashback and pay it off in full every month.

A huge myth in what people call "credit building" is taking on loans or buying cars. Thats complete and utter BS and is just a sales technique. Your debt is a huge factor in a credit score, it doesn't help your credit that you owe 20k on a car note. Keeping a balance on your card makes them money. Of course they will say it's better for you to keep a balance on your card.

I've had a discover card since I was a freshman in college. I've never once left a balance on it.

[rufuspaul]

ITT people who don't understand how credit works.

You don't want to be a "good" credit card customer. You should never have a balance. Use it for cashback and pay it off in full every month.

A huge myth in what people call "credit building" is taking on loans or buying cars. Thats complete and utter BS and is just a sales technique. Your debt is a huge factor in a credit score, it doesn't help your credit that you owe 20k on a car note. Keeping a balance on your card makes them money. Of course they will say it's better for you to keep a balance on your card.

I've had a discover card since I was a freshman in college. I've never once left a balance on it.


Good advice.

[Godzuki]

This financial genius sweeps floors for a living. :lol

the dentist who posts on ISH all day while his intern pulls all the teeth :lol

might i add dressing up in womens clothes and painting nails....

[bladefd]

I replied above. You always want to pay off your statement balance in full unless you're on a 0% APR period, but even then it's best to pay it off in full so you don't let your balance get too high.

I hope Meticode was thinking about paying off your card in full in between statements, which you don't want to do because it will get reported to the credit agencies that you were not using your credit.


Ahh see that's the mistake I have been making. I have been paying off the card in between statements. I only bought something if I had the money in bank to pay it off. If I buy something in between credit-card statements, I would pay it off the next day.. I need to stop that.

They don't teach any of this stuff in HS/college.. I'm 24 years old - I have no idea about this stuff :lol

[enayes]

Ahh see that's the mistake I have been making. I have been paying off the card in between statements. I only bought something if I had the money in bank to pay it off. If I buy something in between credit-card statements, I would pay it off the next day.. I need to stop that.

They don't teach any of this stuff in HS/college.. I'm 24 years old - I have no idea about this stuff :lol

All I heard throughout high school was how bad credit cards are and you should always just pay with cash/debit. Some of this was from my Father, who is not great with money, and other people along the way would share similar advice.

It's easy to see how people can get in debt quickly with them but I always knew I wanted one to build credit so I could apply for loans, etc.

Soon after getting my first card I started to read more about credit card rewards. I quickly realized that I could easily earn hundreds of dollars for simply using a credit card instead of my debit card. From that point on, which was about 2 years ago (I'm 25 now) I use my credit cards for EVERYTHING and will continue to do so.

[enayes]

I pretty much had to stick to this rule in my 20s because I was way too impulsive of a buyer. I still have that mindset today I guess out of habit.

You still need a credit card though, especially for travel (plane tx, hotel reservations, rental cars). It's especially important for rental cars because a debit card doesn't give you any insurance protection if you get in an accident.

I pay for most expenses with cash/debit cards, however I pay about $500/mo of bills with a credit card and then pay off the balance when the statement clears. I do that for the mileage points and to maintain a good rating.

why do you do this? you obviously see that you can earn cash back/mileage points with your credit card, so why not pay for everything with it?

[bladefd]

Wait, you said I should pay in full on statement due dates, right?

So if I were to pay the minimum from statement-to-statement, creditcard companies charge interest?

[Godzuki]

heres my setup right now:

Amex Blue Cash Preferred - pimp looking clear credit card :pimp:

-grocery shopping 6% back

-gas stations 3% back

-already got like $300 first 3 months reward on it


Chase INK Cash - online app only

-phone, internet, cable bills 5% back i got on autopay

-general expenses 2%

-getting $200 cash back soon for $3k spent


Discover - quarterly changing rewards

-movies right now so not using it much

-going to use the fukk out of this next month with 5% amazon cash back

-double your rewards earned at end of your first year :bowdown:


already canceled a few after getting my $200-300 first 3 month rewards.

sucks i have to wait 2~ years to qualify for Chase Freedom again. that was the EZiest money ever.

most people are scared sheep :pimp:

[enayes]

Wait, you said I should pay in full on statement due dates, right?

So if I were to pay the minimum from statement-to-statement, creditcard companies charge interest?

A normal credit card account will charge interest if you make only minimum payments. Many cards let you start with 12 months or so at 0%APR, so in this case you can pay the minimum and not pay any interest. It depends on the individual's account.

After your statement closes for the month, you usually have 20-25 days to make your payment. It should be clear what your "statement balance" is and what your "outstanding balance" is.

You want to pay off your statement balance in full but you don't necessarily have to pay off your entire balance. For example, if your statement closes on the 5th of the month and you buy a TV on the 6th for $500, your statement balance for the previous month will not include your TV purchase. So in this case your statement balance might be $1000 but your outstanding balance is $1500. All you would have to do to avoid interest is pay the $1000, and then the $500 TV purchase would show up on next month's statement.

That may sound somewhat confusing. I personally wait until I see my "bill" asking for a payment. This may take a few days after your statement ends. I then pay off my statement balance in full. Sometimes even though I have the money right away I let my money sit in my Ally savings account until my payment due date is almost up, that way I can squeak out a little more interest on my money.

[Jailblazers7]

The one card I'm really glad I have is Capital One Quicksilver because they have a deal with Uber to get 20% off all rides which is an awesome deal that I take advantage of regularly.

[DCL]

i don't know people are so obsessed with credit scores. mine is 820-830 something. it's comfortable, but it's overkill. you already get the top terms at around 760, which isn't really hard to get. you only get PENALIZED if your credit score suck shit because it's a red flag that shows you're irresponsible. but no special doors or prizes get unlocked if you do better than what's required, and that bar is pretty low.

[enayes]

i don't know people are so obsessed with credit scores. mine is 820-830 something. it's comfortable, but it's overkill. you already get the top terms at around 760, which isn't really hard to get. you only get PENALIZED if your credit score suck shit because it's a red flag that shows you're irresponsible. but no special doors or prizes get unlocked if you do better than what's required, and that bar is pretty low.

Most people, including myself, are not obsessed with credit scores. We are obsessed with earning rewards. Two very different things.

[rufuspaul]

why do you do this? you obviously see that you can earn cash back/mileage points with your credit card, so why not pay for everything with it?

Like I said it's a leftover mindset from my reckless 20s. I limit myself to $500/mo on a credit card because I know I will always be able to pay that in full. It's the only way I can really budget. Now granted there are times when a larger purchase is necessary, but I try and plan those out, save enough in the bank before putting it on a card.

Of course we're talking about every day monthly expenses. The big ones for me still require cash: mortgage, private school tuition and college savings plan for my daughter, retirement investments, insurance.

[Godzuki]

Like I said it's a leftover mindset from my reckless 20s. I limit myself to $500/mo on a credit card because I know I will always be able to pay that in full. It's the only way I can really budget. Now granted there are times when a larger purchase is necessary, but I try and plan those out, save enough in the bank before putting it on a card.

Of course we're talking about every day monthly expenses. The big ones for me still require cash: mortgage, private school tuition and college savings plan for my daughter, retirement investments, insurance.


must be nice getting family size feminine hygiene products, garments, and necessities the whole family can share :oldlol:

[rufuspaul]

must be nice getting family size feminine hygiene products, garments, and necessities the whole family can share :oldlol:


Dude, your game is weak sauce. Everyone and I mean everyone here thinks you're a complete idiot loser and your lame attempts to rile me just reinforce that. I'm truly embarrassed for you.

[Godzuki]

Dude, your game is weak sauce. Everyone and I mean everyone here thinks you're a complete idiot loser and your lame attempts to rile me just reinforce that. I'm truly embarrassed for you.


u always pretend i'm not smart when i'm regularly dropping knowledge and great arguments/insight :pimp:

meanwhile you're that dude who drops nothing but always pretends he knows so much without ever sharing it :lol

you're also fem as fukk, everyone knows it. and i'll keep clowning u for being a loser dad his kid is embarrassed of that is well on your way to caitlyn status.

lets be honest rufus, you're the weak and i'm the strong. you're the pretend smart and i'm the smart. you rely on others to stand up for you, i can handle myself. i'm godzuki aka budaas aka poodle aka smokeee aka broomhilda from p8 of the ev8 thread :pimp:

[rufuspaul]

i'm godzuki aka budaas aka poodle aka smokeee aka broomhilda from p8 of the ev8 thread :pimp:


That alone says it all. Just pathetic and sad. :facepalm



http://i45.photobucket.com/albums/f80/rufuspaul/godzuki_zpsz0lreahn.jpg

[Godzuki]

That alone says it all. Just pathetic and sad. :facepalm



http://i45.photobucket.com/albums/f80/rufuspaul/godzuki_zpsz0lreahn.jpg


resorting to being racist i see, which is always preceded by butthurt :lol

[rufuspaul]

resorting to being racist i see, which is always preceded by butthurt :lol


Posting your pic is racist? Okay

[Godzuki]

Posting your pic is racist? Okay

if only your daughter could watch u battling me at 'work' frantically googling azn pics to use she'd be even more embarrassed than she already is :lol

he's cute in a tranny way tho, so i'm guessing its probably saved to your harddrive for future JO's? :confusedshrug:

[rufuspaul]

i'm godzuki aka budaas aka poodle aka smokeee aka broomhilda from p8 of the eve thread


You've said it all here dude, nothing more needs to be said. Keep holding that L.

[Godzuki]

You've said it all here dude, nothing more needs to be said. Keep holding that L.


yep i'm a old school ISH legend :pimp:

i may play the heel since its way less boring, but nobody can take away from my legacy.

you on the other hand will always be known for weakness, femininity, and the type of parent we're all fortunate we never had :lol

[enayes]

Godzuki, you shared some useful information but then ruined it with that awful back and forth with Rufus.

Let's keep the focus on credit cards.

[Godzuki]

Godzuki, you shared some useful information but then ruined it with that awful back and forth with Rufus.

Let's keep the focus on credit cards.


blame rufus, he keeps wanting to get beat down. u'd think he learned from years ago he's a weak female, but at least back then he had the green-stackling's unified backing him up.

besides my useful info and insights don't come without me being a troll. its not my style. its in my nature to relieve the day to day boredom of this forum with trollings mixed with great, extraordinary posts :pimp:

[~primetime~]

I have lots of cards...try to keep them all without balance

They are easy to accumulate IMO...for various reasons

You go into a department store and make a purchase, cashier tells you that you can get a 20% discount by applying for a card, so I have just about every department store card there is, dillards, macy's, saks, etc etc

I have accumulated various Visas, MCs, Discovers, due to large purchases like jewelry that I can just throw on a new card that has 1 year of no interest on it, giving me the freedom to pay it off when I feel like it. Then I have several cards associated with my bank that are lower interest because I am a member of said bank.

I only carry a few cards in my wallet though...rest are in a stack in my closet, never to be used.

[rufuspaul]

Godzuki, you shared some useful information but then ruined it with that awful back and forth with Rufus.



Dude is obsessed with me. :facepalm

[Stempel, HERB]

Let's keep the focus on credit cards.

:roll:

[sammichoffate]

I currently have Discover and Amex. Not the best cards, but not completely awful.

[rufuspaul]

Hats off to the posters here that know how to play the credit card game to their advantage. It's not for everybody though as it takes discipline. There's a reason credit card companies offer these incentives. They know that on average people who have credit tend to spend more and the more credit they have the more likely they are to carry a balance.

[enayes]

I have lots of cards...try to keep them all without balance

They are easy to accumulate IMO...for various reasons

You go into a department store and make a purchase, cashier tells you that you can get a 20% discount by applying for a card, so I have just about every department store card there is, dillards, macy's, saks, etc etc

I have accumulated various Visas, MCs, Discovers, due to large purchases like jewelry that I can just throw on a new card that has 1 year of no interest on it, giving me the freedom to pay it off when I feel like it. Then I have several cards associated with my bank that are lower interest because I am a member of said bank.

I only carry a few cards in my wallet though...rest are in a stack in my closet, never to be used.

You would probably be better off closing a bunch of your dept. cards if they have no use to you. I know some people say it's better to keep all your accounts open and in good standing, but it also looks bad to have too many cards.

At first, my plan was to keep all my accounts open but I realized that the "credit hit" your score takes is very minimal when closing an account and only temporary, similar to how applying for new credit can lower your score a bit.

I decided about 6 months ago to start closing some of my cards after I had earned the $100-200 signup bonus. If for anything it allows me to reapply for that same card in 2 years and earn the bonus again.

I had 10 cards at one point, all actual VISA/MASTECARD/AMEX, no department score cards. I have since closed 3 of them and plan on closing a couple more soon.

I read an article that talked about how people with the highest credit scores carry an average of 5-8 cards.