I Was Approved For My First Credit Card

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 8 years ago '06        #1
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01seay 83 heat pts83
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I Was Approved For My First Credit Card
 

 
Chase Slate Visa Card

My ARR is 0% for the First 6 Months.

After that my APR is 11.24%.

My limit is $2,100.


Is the world going crazy. image

31 comments for "I Was Approved For My First Credit Card"

 08-15-2009, 07:06 PM         #2
iAM 
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i wanna apply..i need a credit card..i keep gettin declined for having no credit..
 8 years ago '06        #3
01seay 83 heat pts83 OP
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 iAM said:
i wanna apply..i need a credit card..i keep gettin declined for having no credit..
Try getting a debit card (if you don't one already) and keep it in good standing....and apply for a credit card with that same company.

...that's the only way I can see them given me one, especially with such a high limit...btw, I have Chase...
 8 years ago '98        #4
ronnie|A 10 heat pts10
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Just make sure you meet your monthly payments on time. Newbies sometimes forget that and that can error can stay with you for a while.
 8 years ago '07        #5
carltouss619 8 heat pts
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start out with a macy card and build up
 8 years ago '06        #6
Sammyboi22 
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I just got one through national city. My APR is high as f**k. My financial advisor also told me to not pay off the entire balance but leave a small amount carrying over and then pay it off the next month. Leave like 40$ and get charged 5$ extra. Dno why but he told me that I will build credit faster doing that.
 8 years ago '98        #7
ronnie|A 10 heat pts10
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^ sammyboi, I heard that too. Except some dude who was trying to sell me a leather couch at some furniture store told me that . He said he has 4 or 5 CC's that he just maintains a low balance on to pump up his rating. I'm sure if I google it I can come up with a reason why that is. But I'm surprised to hear the same advice somewhere else... I thought the guy was making ish up. I might look into doing something like that if it works. Wouldnt hurt?
 8 years ago '06        #8
01seay 83 heat pts83 OP
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^^

Yea, I remember someone saying that in another thread. Seems odd to me too.
 8 years ago '05        #9
Hold That 103 heat pts103
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 ronnie said:
^ sammyboi, I heard that too. Except some dude who was trying to sell me a leather couch at some furniture store told me that . He said he has 4 or 5 CC's that he just maintains a low balance on to pump up his rating. I'm sure if I google it I can come up with a reason why that is. But I'm surprised to hear the same advice somewhere else... I thought the guy was making ish up. I might look into doing something like that if it works. Wouldnt hurt?
This is very true, and it's not bulls**t my credit score right now is 723 which is pretty good.

Credit bearu's do not want to see a person who can flat out pay off everything, they want to see someone who can make payments on time. Theres a major difference, showing you can pay on time shows that you are trust worthy person. A credit card company wants to gain interest off you, as much as they can, so they will be a little leery at someone who is constantly paying off everything as quick as possible because they are essentially handing out free money by not getting interest from it.

With that said, the best way to use your credit card if you are strictly trying boost your credit score, is use it to pump your gas every month.

That way you can pay off the balance every month, since you're not spending it on major huge items. Only how you can f**k this up by not being disciplined and spending your gas money before you put it back on your credit card. But it's all about how you manage your finances in the first place. If you are careless and wreckless it will probably show up on your credit score in the first place.


Last edited by Hold That; 08-16-2009 at 10:15 AM..
 8 years ago '98        #10
ronnie|A 10 heat pts10
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^ thanks man, thats the answer right there.
 8 years ago '04        #11
ddash 1 heat pts
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I got my first credit card at 14 years old. I was happy even tho I didnt use it much.

My balance was $500 and the interest was 21% which is high and average. My mom took it and pretty much didnt let me use it unless I had the cash to pay it off instantly. I found out 2 years later that it was illegal for companies to send you a credit card unless you are 16 and older.

My main credit card now is capitol one and has a high limit and only 3% interest. I am loving that and I am trying to pay my credit card bills off and never really use them again. You have to have self control and be careful.
 08-16-2009, 05:35 PM         #12
moh123 
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 ddash said:
I got my first credit card at 14 years old. I was happy even tho I didnt use it much.

My balance was $500 and the interest was 21% which is high and average. My mom took it and pretty much didnt let me use it unless I had the cash to pay it off instantly. I found out 2 years later that it was illegal for companies to send you a credit card unless you are 16 and older.

My main credit card now is capitol one and has a high limit and only 3% interest. I am loving that and I am trying to pay my credit card bills off and never really use them again. You have to have self control and be careful.
how the hell did you manage that? i couldnt get a debit card when i was 15
 8 years ago '04        #13
hockeythug 66 heat pts66
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 Sammyboi22 said:
I just got one through national city. My APR is high as f**k. My financial advisor also told me to not pay off the entire balance but leave a small amount carrying over and then pay it off the next month. Leave like 40$ and get charged 5$ extra. Dno why but he told me that I will build credit faster doing that.
at giving credit cards companies a free $5 every month for no reason. That advice is prolly propagated by the credit card companies.
 8 years ago '04        #14
ddash 1 heat pts
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how the hell did you manage that? i couldnt get a debit card when i was 15
IDK Capitol One just sent me 1 in the mail.My mother and I accepted it.I was 14 and a freshman in highschool. I found it funny that I had a credit card and no wallet. LOL
 8 years ago '05        #15
Sluggernaut 19 heat pts19
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 01seay said:
Chase Slate Visa Card

My ARR is 0% for the First 6 Months.

After that my APR is 11.24%.

My limit is $2,100.


Is the world going crazy.
What in the world? With no prior credit history you got all that?

My god, I had a bank account and a cell phone, when I applied for my first CC, I had like a 19% APR and a limit of $750..

What is this world coming to?
 08-18-2009, 04:11 PM         #16
yungb 
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 Sammyboi22 said:
I just got one through national city. My APR is high as f**k. My financial advisor also told me to not pay off the entire balance but leave a small amount carrying over and then pay it off the next month. Leave like 40$ and get charged 5$ extra. Dno why but he told me that I will build credit faster doing that.
I would definitely get rid of that financial adviser.

The first thing to realize is that your bank or credit card company has zero influence on your credit score and report. Zero, zilch, nada. All they do is report facts to the credit bureaus.

Keeping your utilization ratio (or debt to max ratio) low, but above zero, is ideal. I think that's what he meant. For instance, most people would consider anything below a 9-10% utilization good (e.g $9 balance, $900+ credit limit). You do not have to pay interest on the balance in order to get it reported to the credit bureaus. It's very important to know that before you waste money for no reason.

The proper way to do it is to pay off your ENTIRE balance AFTER that balance is reported to the credit bureaus, but BEFORE you are charged interest. Your balance is usually reported when your statement is printed or sometimes at the end of the month. The specific date varies, but it's important to pay off your card after that date.

1. Use the card. You can max it out if you want, it doesn't matter.
2. Pay off a large chunk of that balance BEFORE the statement is printed.
3. Congratulations, the credit bureaus only see that you have a balance of approx. $5.
4. Pay off the rest of the balance before you are charged interest.

EDIT-

I got my first card when I turned 18 back in 2007. It was a $300 Capital One card. Consider yourself very lucky.


Last edited by yungb; 08-18-2009 at 05:09 PM..
 8 years ago '04        #17
DJ Maximum|M 48 heat pts48
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well know this u only have one chance with ur credit

once u f**k it up its a wrap cuz even when u pay it off u still f**ked up lol
 8 years ago '09        #18
djin 
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 Hold That said:
This is very true, and it's not bulls**t my credit score right now is 723 which is pretty good.

Credit bearu's do not want to see a person who can flat out pay off everything, they want to see someone who can make payments on time. Theres a major difference, showing you can pay on time shows that you are trust worthy person. A credit card company wants to gain interest off you, as much as they can, so they will be a little leery at someone who is constantly paying off everything as quick as possible because they are essentially handing out free money by not getting interest from it.

With that said, the best way to use your credit card if you are strictly trying boost your credit score, is use it to pump your gas every month.

That way you can pay off the balance every month, since you're not spending it on major huge items. Only how you can f**k this up by not being disciplined and spending your gas money before you put it back on your credit card. But it's all about how you manage your finances in the first place. If you are careless and wreckless it will probably show up on your credit score in the first place.
I'm with yungb... 723 isn't that high if you've been paying off everything. I'm 19 and my credit is 782, and I've done nothing but pay off full every month.

Student cards offer amazing rates along with limits (not that any students should be reaching limits anyways). I had a Citicard Dividend Platinum as my first card with a 4k limit and no APR for 12 months.

If you're carrying a sizeable balance and can pay off soon, look for those cards with free balance transfer and no APR for several months so you don't keep incurring ridiculous interest.
 8 years ago '05        #19
youngvito18 8 heat pts
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 DJ Maximum said:
well know this u only have one chance with ur credit

once u f**k it up its a wrap cuz even when u pay it off u still f**ked up lol
for 7 years.................

dont you get to start over again after that
 8 years ago '04        #20
vazquez1085 10 heat pts10
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i work for chase bank and the slate card has one of the lowest apr's in the nation..if you guys are interested hit me up and ill see if i can help..
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