New Credit Card

[TeenInvestor2688]

I am 18 and have 1 credit card. I pay it off each month and my credit score is like 790 says FreeCreditReport.com. However, I want a rewards card and I have applied for 2-3 and I keep getting rejected. Does anyone know what I can do?

[debtfreesteve]

Re: New Credit Card

Analyze why you want good 'credit'. Those scores are essentially designed to measure how well you can pay back loans/ debts, etc. We just spent nearly 3 years of our lives, digging out from under car notes, student loans, and the like, and we had Great Credit, but we were BROKE (as in all our $ came to us, and left to pay the banks). Now, our credit score is shrinking, however our net worth is growly, daily. You are only 18, and at least you are thinking about personal finance...

Just make sure you have a good cash emergency fund if you are going to use credit cards... What happens if you can't make that payment, and all of a sudden, it's revolving?

Most millionaires in America today, believe it or not, don't use credit cards. Not sure if it'll keep your interest or not, but, a good read is The Millionaire Next Door by Thomas Stanley...

To answer you ? though, just keep doing what you are doing, you'll get the 'rewards' cards.

[sweeps]

Re: New Credit Card

I am 18 and have 1 credit card. I pay it off each month and my credit score is like 790 says FreeCreditReport.com. However, I want a rewards card and I have applied for 2-3 and I keep getting rejected. Does anyone know what I can do?

When you're rejected for credit you're usually granted the right to an explanation why you were denied. What was their reasoning? Perhaps your reported income is too low?

[Trillian]

Re: New Credit Card

I am 18 and have 1 credit card. I pay it off each month and my credit score is like 790 says FreeCreditReport.com. However, I want a rewards card and I have applied for 2-3 and I keep getting rejected. Does anyone know what I can do?

Call the company you have your existing credit card with, and ask if THEY have a rewards card to switch to! They most likely do! Then, you won't have a second card, just a more valuable card to you! This also will keep you from getting more inquiries on your credit record.

[cbmeeks]

Re: New Credit Card

....However, I want a rewards card and I have applied for 2-3 and I keep getting rejected. Does anyone know what I can do?

hmm...stop trying and build your savings account?

Despite what some people around here say, save your money, invest it, and you will be "rewarded" FAR more than those CC companies can do.

cbmeeks

[sakigt]

Re: New Credit Card

I am 18 and have 1 credit card. I pay it off each month and my credit score is like 790 says FreeCreditReport.com. However, I want a rewards card and I have applied for 2-3 and I keep getting rejected. Does anyone know what I can do?

Be patient.

You may have great credit but youve only had it for a year. I got my 2nd card after two years of having the first. My first rewards card didnt come until I was 22 and had been paying on a car note.