Student contemplating first “student credit card.”?
Alright so here’s the deal, I’m a twenty something yr old college student looking to get somewhat of a credit history going, and I’m considering getting a student card. Basically right now I’m a fulltime student, with steady funding through my school,(grants and loans), so I don’t have a job, and my vantage credit score is 690. (so not even sure I could qualify for a card),but that said, I have a couple questions. One is what would minimum monthy payments likely be? would want to keep those low, and second, how long would it likely take me to build up my credit to a bit above avg to good level. Thanks
Best answer:
Answer by Solid B
how the heck do you have a 690 when you’ve never had a credit history?
Anyway, I’m 20 yrs old right now, and as I had a credit score of 0 (which is what people with 0 credit history always have), I got myself a $ 300 secured card from orchardbank. Then two months later, I applied for a $ 800 card from Wells Fargo, which they gave me (only because I had the $ 300 card, cause my brother applied for the same $ 800 card and was denied – he’s a year younger than me too).
Anyway, that’s how I started out. For your first card, you’ve usually gotta secure it with your own money. If you’re lucky enough to get a card outright, it’ll have a crappy apr, so don’t ever carry a balance. my $ 300 card has an apr of 7.9%, and my $ 800 card has 13.9%, which I’m ok with. It’ll do for now, to help me build up my cred.
What do you think? Answer below!