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No, I'm not in debt, don't worry. However, when I turned 18 in February, I applied for 3-4 rewards cards. I only got 1 MBNA card with 1% cash back. Furthermore, my limit was only $1000. Maybe that is good for a first card, but I wanted more. I have never been late on a payment and I recently called to see if they can raise my limit, however, they said no. I really want a better rewards card, preferably a 5% on gas, grocery, and drug store. I applied for a few more in may and they said I had applied to many times in 6 months. If I wait until December and then apply for the card I want, do you think I will get it? MBNA did switch the card for me once, I was at .5% rewards, now it is 1%. However, the dont have any better cards. What else can I do?
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Re: Teen's Credit Card Problem
One suggestion may be to try and apply at a gas station that has their own cards with a nice rebate. Shell has a decent program, although I do not have their program, since we never drive by one of their stores. And I am not going out of my way for gas! Also, my FIL owns a Shell station (120 miles away), so go figure.
I think you are more likely to get a CC with them even with all the credit apps recently.
You also need to be patient and as your credit history grows you will get more offers. -
Re: Teen's Credit Card Problem
I wouldn't be so anxious to get another card. I got my first one when I was your age and my credit limit was only $200. It led to another and another and another. Although I am a pretty sensible person and have never leaned towards extravagance, I ended up being bogged down in credit card debt before I knew it.
The only reason to have a credit card at your age is to begin building a credit history and for convenience, provided you pay off purchases right away. Your one card with the $1,000 limit seems adequate to the task.
It sounds like you may be wanting a new card primarily for the rewards. Regardless of what reward card you get, the reward will be capped in some way. You will quickly discover that the reward, while nice, is not a particularly good return on your investment. If you want to make a better return, put your money in one of the online banks earning 5% or more interest.Comment
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Re: Teen's Credit Card Problem
I am not using it as an investment but as a way of getting back some of the money I am already spending. Also, I have an ING savings account.Comment
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Re: Teen's Credit Card Problem
I only get 1% back on mine. My husband charges thousands of dollars in building materials, so the money adds up quickly. But I agree, I think a $1000 limit is enough.Comment
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Re: Teen's Credit Card Problem
Besides the advice you have been getting you need to stop the applications. Everytime you apply your credit score suffers. Let it sit for at least six months before trying again. Really time will be your best help. It takes years sometimes to get the best rate, loans and CC offers. Use this time to wisely demonstrate that you are a responable client and then you will not be able to stop the offers.Comment
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Re: Teen's Credit Card Problem
You really should not charge large sums, either, even tho you pay it off each month. If you are at the top of your $1000 limit, that will lower your score too.Comment
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Re: Teen's Credit Card Problem
i would wait appromimately a year to distance yourself from the inquiries on your account. too many inquiries, too much card shopping, open you up to receive more annoying card offers.Comment
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