Getting First Credit Card

TheTrueMoron · January 11, 2009

I'm in college and I am going to apply for (and get) a student credit card at Wells Fargo so that I can start building credit. I will pay the balance off at the end of each month with cash (don't worry, I hate spending money so there is no chance that I won't be able to pay it off.). High school never taught me anything about this stuff and I've been doing research online but without any explanation, I don't really understand any of it. I was wondering what I should know and what fees I may have to deal with or be surprised with. Thanks.

Zembonez · January 11, 2009

If you really want to establish credit, go to your bank and take out a loan for 200 bucks. (even if somebody has to sign for it with you) Pay it off as agreed and then take out a loan for 500 bucks. Pay it off as planned... say in 90 days. Each loan amount gets larger and each loan will add to a credit score. Credit cards are only a small part of establishing credit.

dietz4ibanez · January 11, 2009

I havent ever heard of that card but my first Credit Card was a BP gas card and those are the easiest to get... They will give you like a $100 limit(that went further when I was 18...)

And I slowly worked my way up... Sears Cards, Cabelas, GM Card, American Express, and even Paypal and Ebay credit cards....

Dont ever file for anything like that Capital 1 crap you will get in the mail... I have seen people destroy there credit signing up for those guaranteed pre-approved crap and never get the card....

I dont know about Wells Fargo Credit cards for students... But I think that if it has to be so-signed its not really going to build you credit as fast as a small credit card on your own and paying it off on time every month...

tobias · January 11, 2009

Another great (and easy) way to build credit is to send people money and have them right letters to the credit bureaus to let them know how generous you are. Jim, Brian and myself should be good enough to get things started. $500 each should do the trick. I'll PM you with my PayPal address in just a few minutes.

98silvz71 · January 11, 2009

Another great (and easy) way to build credit is to send people money and have them right letters to the credit bureaus to let them know how generous you are. Jim, Brian and myself should be good enough to get things started. $500 each should do the trick. I'll PM you with my PayPal address in just a few minutes.

SLESierra · January 11, 2009

lol

pennzoil29 · January 11, 2009

The best advice I can give you on/about credit card's, would be to cut that summabitch up before you use it.

pennzoil29 · January 11, 2009

Another great (and easy) way to build credit is to send people money and have them right letters to the credit bureaus to let them know how generous you are. Jim, Brian and myself should be good enough to get things started. $500 each should do the trick. I'll PM you with my PayPal address in just a few minutes.

This almost look's like Harrison St. in Canton, OH. We have a similar under pass here, and you'd be surprised at the assholes that get stuck under there.

Z71kris · January 11, 2009

I would take the clowns advice on the credit, I got into CC trouble early in life and it took many years and many payoffs to finally get it under control, the most I was in was over 20k, that was the last time, the the time before that was almost 15k. It is horrific having that hanging over head and trying to sleep at at night. Since I have paid my debts again I am able to sleep so much better.

mr_bots · January 11, 2009

I know a lot of people that have Wells Fargo cards and really like them. They start off with low limits and build up. The only thing is I think their limits build up pretty fast, which to me...isn't a good thing. My girlfriend and I got credit cards around the same time 2-3 years ago, her's is Wells Fargo, mine is Capital One (I know, evil company). Her limit is already over $2000 and mine is at $750. I like low limits because even when its maxed I can pay it off within the first month of summer when I'm working.

Paul58 · January 11, 2009

I havent ever heard of that card but my first Credit Card was a BP gas card and those are the easiest to get... They will give you like a $100 limit(that went further when I was 18...)

Lots of good advice here, and the Clown's is pretty sound advice! If you go the loan route, pay more than the minimum and pay it off early!

I have a BP Gas card from Chase, we use it only for gas and pay it off every payday (twice a month) so in the two years I've had the card, I have never paid one cent of interest! The other advantage of the BP card is the 5% rebate on all BP purchases, so between my wife and I, I get a $25.00 check from Chase just about every three months, so when gas was selling for $4.00 a gallon, we were really only paying $3.80 a gallon! I know if doesn't sound like much, but considering Chase has yet to make the 1st $.01 from interest from me, I feel I'm making out like a bandit!

I know most folks would recommend against any form of credit card, and I'm with them for the most part, but unless you are going to pay cash, a credit card is more secure and offers better protection than a debit card. So, if you must pay with plastic, forego the debit card, use the credit card and pay the balance in full as soon as possible. I have my checking account linked to my credit card, so its as easy as making an on-line transfer to pay off the balance.

txab · January 11, 2009

If you really want to establish credit, go to your bank and take out a loan for 200 bucks. (even if somebody has to sign for it with you) Pay it off as agreed and then take out a loan for 500 bucks. Pay it off as planned... say in 90 days. Each loan amount gets larger and each loan will add to a credit score. Credit cards are only a small part of establishing credit.

+1 on the loan.

Just don't get into debt with the CC. Maybe just buy gas and pay it off every month.

98silvz71 · January 11, 2009

I kinda got lucky with my credit. I filled out one of those "get a free pizza when you sign up for a credit card" deals. I never actually knew that I had it until I used one of the free credit scores. Also a Sams club membership was on my since I have a charge account with them showed up. Gave me good enough credit to get the loan by myself and have a credit score in the 700s.

tobias · January 11, 2009

Another great (and easy) way to build credit is to send people money and have them right letters to the credit bureaus to let them know how generous you are. Jim, Brian and myself should be good enough to get things started. $500 each should do the trick. I'll PM you with my PayPal address in just a few minutes.

PayPal doesn't use trucks.

98silvz71 · January 11, 2009

Another great (and easy) way to build credit is to send people money and have them right letters to the credit bureaus to let them know how generous you are. Jim, Brian and myself should be good enough to get things started. $500 each should do the trick. I'll PM you with my PayPal address in just a few minutes.

PayPal doesn't use trucks.

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