So I want a credit card

[shadow29]

I'm a student, so I expect to have a higher rate than normal people.

All of my income comes from poker (albeit, not very much income quantitatively). Therefore, all my deposits into checking are from NETeller.

Will this affect my credit card application? I have no credit history (except for said checking account, the balance of which fluctuates between $300 and $1000). I just want a credit card to pay my cell phone bill to start building credit.

Also, what's a good rate?

[lu_hawk]

you really shouldn't be worrying about what rate you get because you should be paying it off every month. having credit card debt absent some sort of emergency that requires it is one of the more bonehead financial moves you can make.

[ArchAngel71857]

with no credit history, you may have a hard time choosing your company. but if you can, get hilton honors, or mariott rewards, or something where you get points you can use on hotels/plane tickets, etc. my girlfriend has an nonors card and she had to travel twice a month for work. so she payed her hotel and plane ticket, got reimbursed form work and basically racked up free points which we would use for weekend trips.

All that said, if you have student loans, pay them off. it will help your credit rating. and only get one credit card.

-AA

[Bukem_]

By very careful when getting cards with points/rewards. The vast majority of users end up paying far more in extra fees than they get in rewards.

[Voltron87]

[ QUOTE ]
I'm a student, so I expect to have a higher rate than real people.

[/ QUOTE ]

fixed

[27offsooot]

No idea if u'll be able to get one, but the AMEX blue card w/ cashback rocks. A friend of mine who is still in school was able to.

[shadow29]

So the fact that all my money comes from poker won't affect anything?

I can get a CC through my bank (Wachovia).

[Screwtape]

Your bank will give a credit card no problem because they can use your checking account to determine your ability to pay. Both amex and discover offer student credit cards designed for you with a limit anywhere from 1k to 2k. I wouldn't worry about getting a rate since it's your first card, it's going to be higher than someone with good a credit history. I assume you aren't paying any student loans yet, but your student loan history is used very little in determining whether you are credit card worthy.

[SossMan]

[ QUOTE ]
So the fact that all my money comes from poker won't affect anything?

I can get a CC through my bank (Wachovia).

[/ QUOTE ]

nope, but you'll probably still need to get a secured card since you have no credit rating.

[Leo99]

You don't get the preapproved credit card offers in the mail? Check out Providian or Capital One. Yeah, don't worry about rate. Worry about the annual fee and the grace period. Try to get zero annual fee and 20-25 day grace period to pay your monthly purchases without any interest charge. Charge only up to 10 - 20% of your credit limit and pay it off every month.

[BusterStacks]

[ QUOTE ]
you really shouldn't be worrying about what rate you get because you should be paying it off every month. having credit card debt absent some sort of emergency that requires it is one of the more bonehead financial moves you can make.

[/ QUOTE ]

Yea, that would be as boneheaded as having a credit card not building any credit.

Since I'm sure you don't get that joke, that's what happens if you pay the entire balance each month.

[Leo99]

I disagree. Paying it off monthly still builds your credit.

[Bukem_]

not really. I got rejected when I was younger and paid off my balance every time because I didn't ahve a credit history..

When i had a balance carrying over my credit greatly improved.

[BusterStacks]

[ QUOTE ]
I disagree. Paying it off monthly still builds your credit.

[/ QUOTE ]

You can disagree if you want, but it's not an opinion. Walk into a bank and ask them.

[Leo99]

Where do you live that anyone working in a bank knows anything about credit cards?

[BadBoyBenny]

try and get a citibank dividends. They give them out to poor college students with relatively high rates and low limits, but if you pay them off the rewards are great.

[Screwtape]

If you want a credit card for convenience of paying then pay off your balance. If you want to build "credit" then run a balance. A good lendee is someone who will make the lender money not just use their service for free.

[jar]

I've never paid interest on a debt in my life other than the one time I was a few days late with a credit card payment. I recently had a credit check run for my new apartment, and the agent said my score was in the 700s, which is apparently pretty good.

[Michael Davis]

The credit card companies don't care where your money comes from, they shouldn't even know.

-Michael

[The Dude]

[ QUOTE ]
You can disagree if you want, but it's not an opinion.

[/ QUOTE ]
BusterStacks is right on this one. The best way to build credit with a credit card is to max it out, let it sit for a month, then pay it off completely. This is not a matter of opinion, it is fact. Now, some credit card companies report what your credit limit is, not your highest balance. With these it won't matter, but until you obtain one of your own credit reports, you won't know whether they report credit limit or highest balance. The best way to be sure is to max it out, then pay it off, that way your current balacnce shows "$0," but your high limit shows the maximum.

The Ultimate Credit Handbook by Gerri Detweiler is a good book on learning how the whole credit reporting process works.