first credit card how to

[wannaCRV]

My 20 yr old would like to get her 1st CC; has had good job(student prior to this) for 9 months but was declined by her bank PCF (my bank too). They told she must get a "secured CC" from CITI . It has been many years since I got my first card but I do not remember this hoop to jump thru. Any suggestions??

[Jucius Maximus]

My 20 yr old would like to get her 1st CC; has had good job(student prior to this) for 9 months but was declined by her bank PCF (my bank too). They told she must get a "secured CC" from CITI . It has been many years since I got my first card but I do not remember this hoop to jump thru. Any suggestions??

The Secured CC option is a valid choice, but not necessarily the only choice.

I find that PCF tends to be more stringent than average in determining who can get their MasterCard. My first one was from RBC, and I got it with zero previous credit history. And of course I can pay my RBC through PCF.

[Tijuana]

I just signed up with rbc and applied for a cc the same day, and I got it

[elty]

MBNA send out credit card app en mass. You sure your son never receive those?

[Value Hunter]

My 20 yr old would like to get her 1st CC; has had good job(student prior to this) for 9 months but was declined by her bank PCF (my bank too). They told she must get a "secured CC" from CITI . It has been many years since I got my first card but I do not remember this hoop to jump thru. Any suggestions??

Do NOT get a "secured CC" from CITI. Tell her to go to any TD branch and ask for a secured credit card.

[boyoflondon]

MBNA send out credit card app en mass. You sure your son never receive those?

TRUE! If MBNA declines her, then there is def something wrong with the picture.

[Thalo]

My 20 yr old would like to get her 1st CC; has had good job(student prior to this) for 9 months but was declined by her bank PCF (my bank too). They told she must get a "secured CC" from CITI . It has been many years since I got my first card but I do not remember this hoop to jump thru. Any suggestions??

In hindsight she should have gotten a credit card while she was a student. Automatic $500 pre-approval unless her credit was already very bad.

Let that be a lesson to students and parents of students: start establishing credit before you graduate, not after or you'll run into the whole "secured credit card rigamaroll".

[wannaCRV]

Actually she is starting 2nd year university in Sept, but I thought it would be easier to get a cc while she was working. She does have a cell phone in her
name and has been paying her bills on time. Perhaps I will tell her to wait??

[Jucius Maximus]

Actually she is starting 2nd year university in Sept, but I thought it would be easier to get a cc while she was working. She does have a cell phone in her
name and has been paying her bills on time. Perhaps I will tell her to wait??

These days it is much easier for a 20 yr old student to get a card than a 20 year old worker. The campus will be flooded with offers. She can go through one of those.

In my opinion this is predatory lending and a huge scam on the part of the credit card companies. Check out the movie "Maxed Out" and you will see what I mean. You would think that banks would want the people with the jobs to get the credit card, but really their profit centres are in students who don't yet know the value of a dollar and will spend up the credit without understanding what it is and then rack up huge interest and fees when they can only pay the minimum. I used to work in one of the big banks and I have seen how they treat this stuff internally ... it made me so angry.

[Piccolo]

These days it is much easier for a 20 yr old student to get a card than a 20 year old worker. The campus will be flooded with offers. She can go through one of those.

In my opinion this is predatory lending and a huge scam on the part of the credit card companies. Check out the movie "Maxed Out" and you will see what I mean. You would think that banks would want the people with the jobs to get the credit card, but really their profit centres are in students who don't yet know the value of a dollar and will spend up the credit without understanding what it is and then rack up huge interest and fees when they can only pay the minimum. I used to work in one of the big banks and I have seen how they treat this stuff internally ... it made me so angry.
They hand out credit cards like candy on campus! The credit card companies compete by offering free gifts. It was the worst mistake of my life to get a credit card while I was in school and I paided for it ... literally. I manage my money very well now, but only after the experience of mismanagement.

[wannaCRV]

Thanks for the info, she knows to pay things on time....as she says with a mom like me, she would be too scared to ever get into debt. I love that show;
if only my boyfriend would listen.......I keep telling him men would snap me up
a good woman who doesn't spend!!:cheesygri

[elty]

Get whatever credit card that they are promoting on campus. They will even help you lie on the applciation (ie. put osap as your income).

[Thalo]

Actually she is starting 2nd year university in Sept, but I thought it would be easier to get a cc while she was working. She does have a cell phone in her
name and has been paying her bills on time. Perhaps I will tell her to wait??

Her employment should have never been changed from "student" if she hasn't graduated yet. Tell the bank to change her status back to student and then apply.

Contrary to popular belief, having a cell phone in one's own name has absolutely no bearing on credit scores, unless payments are missed.

[gugu02]

Her employment should have never been changed from "student" if she hasn't graduated yet. Tell the bank to change her status back to student and then apply.

Contrary to popular belief, having a cell phone in one's own name has absolutely no bearing on credit scores, unless payments are missed.

i was with rogers for several years and they have reported on all my credit reports......so your saying it actually doesnt help score?

i mean they have dozens of months of payment history.......hehe i thought that was an added benefit......

im with bell mobility now and they dont report.....

[geronimo]

Yes, tell your daughter to apply for an MBNA credit card. They actively promote and offer them to students and she should surely get one. I was rejected by both CIBC and TD, but then I followed their advice, got a department store credit card and used it for 6 months, then applied to MBNA and was approved with a great credit limit! :cheesygri