i have an account at SECU, and i'd like to get a (my first) credit card. is the secu cc the best bet? or is there another basic one out there? i'd like to get one fairly quickly, and i'm not sure how slow secu works.

also, a question. on some applications, they ask for the closest relative that you're not living with; their name, address, and phone number. do companies usually contact these people, or what else is that for? sorry, i'm a n00b at all of this!

1/29/2007 11:20:47 PM

yes do the secu, they are the only people who will give you any kind of credit limit w/ no credit history.

if you are a student they will start you out w/ a $1000 limit if you tend to keep your accounts in good standing

1/29/2007 11:30:51 PM

The relative history is so if you don't pay they can find you through someone else.
Pay your bills and they'll never get a phone call

1/29/2007 11:39:47 PM

i work at the SECU so i'm giving you all this info like you will hear it at the bank

if you are trying to get an easy credit card this probably isn't the one for you

unless you are working a full time job or making a decent amount each month and can prove it VIA the most recent paystub from your employer you won't be approved

if you are getting something just starting out i suggest you request a $500 limit and raise it from there as time progresses and you show you can manage a card

if you are making under 600 a month i suggest you also have a cosigner in order to get approved

on our applications we do ask for the nearest relative that you are not living with

we do not contact them its used in case you somehow drop off the planet and stop paying your bill so there can be some kind of accountability

thats the only reason why they would be contacted

if you have any more questions PM me

1/29/2007 11:42:33 PM

^thanks, and pm sent.

basically, i'm not looking for more than a $300 or $500 limit. It's mainly for back-up stuff and taking care of large purchases that I may not have the cash for right at the moment. Secu's my main bank I use, so I was thinking that it'd be nice to have everything in one place.

1/30/2007 12:14:07 AM

^with a 300-500 dollar limit it will suck because when you make a large purchase it will look like you're using all your credit which will hurt your credit score.

You can easily get a credit card w/o a credit history (as long as you're enrolled in college), that has a much larger limit from a traditional creditor (1 to 3 grand). Just be sure to pay it off each month.

1/30/2007 4:50:06 AM

Quote :

"yes do the secu, they are the only people who will give you any kind of credit limit w/ no credit history. if you are a student they will start you out w/ a $1000 limit if you tend to keep your accounts in good standing"

This is very wrong. My first credit card was with Citi bank. One of their student cards. They gave me a 4000 dollar limit with nothing except my student loans on my credit report (haven't been repaid, still in school).

1/30/2007 6:08:27 AM

BB&T has a new student card where if you are a freshman or soph. in college and have no negative credit (you can have no credit history, or limited, just no lates) then you are automatically approved for $500, jr. and sr. $1000. I went and got mine and so did a couple friends and it was really easy.

1/30/2007 7:05:04 AM

I just got a citicard too and only got 1200, but I have no other credit history, so I thought that was decent, plus I don't need near that much.

1/30/2007 7:43:31 AM

Listen to me very very closely. You need to learn this fast. I know you've heard about people going into debt extremely easy and you might think it's just because they spend too much. Think carefully.

A debt of $500... how much can you actually afford each month. Be realistic. $50? $100? Average interest rates are 15%. You'll see 6% etc but your ass ain't getting one of those with no credit. If you miss a payment many credit cards fine you up to $50.

The smartest thing to do is to get an american express as a first card. You MUST pay the full balance at the end of each month. This is an incredible training card to teach you solid responsibility. You learn to make your full payments and how it affects your finances.

Sure, there are a lot of people out there who have no problems with a normal credit card... but I guess that's why CNN just ran a story about how credit cards ruin 30% of college student credit.

Once you get into the swing of things using an american express you'll be fine. There are a lot of places that don't take AMEX but generally these are the places that you make little purchases at that add up.

Another good practice... don't keep the card in your wallet. Impulse buying is horrid. I'm dead serious keep that fucking credit card out of your wallet.

The reason I'm saying this is every single friend I have has credit card debt of at least $1000 or more. It happens so fast.

1/30/2007 7:44:08 AM

Small tip on a CC:

Never, ever put more on a credit card than you can safely pay off at month's end without relying on more borrowed funds. If you seriously can't afford it on a CC, you don't need it. CCs should be tools to keep your pockets free from wads of cash and easy ways to make back small amounts of what you spend by "rewards points."

Now, off the soapbox: I'd highly recommend a CitiCard...sure, their reward system has gone down, but it's still the best. 2% on like gas, food, and Rx, 1% cash back (real cash money in the form of a check) on everything else. I started out w/ like a $1,700 limit back in college. I'm 1 year removed & own a home, and never requested an increase (but paid all bills 100% in full each month) and they've bumped me all the way to $7,500, which I can't foresee using in the near future anyway.

1/30/2007 8:17:30 AM

damn so carrying a balance of 1500 on my cc is no good if i cant pay it off at months end?

1/30/2007 8:24:17 AM

wait, i thought credit cards gave you free money.

1/30/2007 8:34:37 AM

wait, you mean the finance charge isnt money they are giving me?

1/30/2007 9:10:22 AM

Quote :

"The smartest thing to do is to get an american express as a first card. You MUST pay the full balance at the end of each month. This is an incredible training card to teach you solid responsibility. You learn to make your full payments and how it affects your finances. "

I think what you mean here is "get a charge card". Not all AmEx cards are charge cards (they offer regular, revolving balance CCs).

This is not really good advice if you are trying to build a credit history, anyway. Charge cards do not report a credit limit, so it will always make your utilization % go through the roof (unless you pay it off in full BEFORE the statement closes).

To OP: get a Citi card (I recommend the mtvU card, it's probably the best one I carry). They'll start you off with a low limit, but there is a credit line increase button on their website, and they will let you bump up your limit often. The rewards on this card are bananas (5% back on books, movies, music, restaurants, bars, etc.)

SECU was my first CC 2+ years ago, they gave me a shitty $1000 credit limit and it's a pain in the ass to get it increased. I wish I didn't have that account.

Quote :

"wait, i thought credit cards gave you free money."

they do, if you play your cards right.




[Edited on January 30, 2007 at 9:44 AM. Reason : CCs FTW]

1/30/2007 9:42:39 AM

my first cc was with citi also. got a $5000 limit right off. I'd go with them.

1/30/2007 10:13:05 AM

Citi just hands out free money like they're made of it.

[Edited on January 30, 2007 at 10:21 AM. Reason : r]

1/30/2007 10:21:03 AM

My citi card gives me 5% cash back.

1/30/2007 12:11:58 PM

The point I was trying to make was to learn proper credit management... paying of all credit cards at the end of the month. Not leaving debt build up. AMEX requires you do this. I've never seen an Amex card that doesn't require you to pay your balance off. My bad if that's new. I don't actively search for more credit cards.

1/30/2007 12:15:59 PM

the best way to learn proper credit management is to treat the card like you would cash: don't spend it if you don't have it.


I wasn't trying to nitpick, I just felt compelled to point out that charge cards are not a good way to build up your credit (which is what it sounds like OP's goal is.)

1/30/2007 1:13:29 PM