For a young money techie? Or any advice/tips?
TOP 42 Comments
- Yep, agreed. I happened to have small personal loans which I paid off. And that helped gain the score.
Also, Clover is absolutely right <700, not worth risking with Chase. Get a WF Secured Card or something along those lines. Or even a Best Buy/Macys card and dont use it for a few months. Your score will go up automatically.
Just dont apply for 3+ cards in a year.
- Capital One EXwk33Do you know what your credit score is? If it is low (sub 660) I would get a capital one platinum card. It's the main subprime card without an annual fee (your line will be low, but in 6 or so months your score will go up and you can get a better card). If your score is above 660 and you don't spend a ton get a rewards card without a fee (quicksilver, freedom unlimited, propel....). If you spend a lot get Saphire, Venture, or Double Cash
Also ignore the persons comment about nerdwallet and credit karma. There rankings are 100% based on what is profitable for them not what is good for you. It is also harder to get approved if you apply from their site. Banks have to pay them a lot for each customer who is approved from their site, so banks have tighter policies than if you apply directly from the banks websites.
- Do you have credit history, given that you're saying first card? If no, ignore most responses above, get whatever card you can get with no annual fee, build credit up to excellent, never carry a balance. Then get fancy cards with lots of points and perks.
Even then, don't get any card with annual fee unless you do the math and see that benefits outweigh the costs. This will highly depend on your spending patterns.
- CGI dGcJ25Chase Sapphire Reserve or Amex Platinum if you travel a lot. Amex Gold if you dine out a lot. Chase Everyday Preferred if you don’t do much of the above.
- Your first CC needs to be NO ANNUAL FEE which is super important. Because you want to keep it very very long to lengthen your credit history.
Otherwise as long as it's easy to apply you are fine.
Oh one more thing. Only very few very stupid cards don't report to all 3 bureaus. Avoid them as your first card. I forgot which are.
- Amazon / Eng BeffJezos!moreChase Freedom Unlimited and Discover too. Maximize your cashback bruh!
- Best option is to not use credit card. Otherwise, you will end up buying things that you don't need with the money you don't have.
Buying things you need with the money you have = ok for all
Buying things you need with the money you don't have = ok for some
Buying things you don't need with the money you have = ok for rich
Buying things you don't need with the money you don't have = ok for none
- Bloomberg / Eng Fork()moreFor a first credit card, try the Citi Double cash, Chase Freedom or Discover in order from best to worst.
Then, look at your expenses and find a cars that matches. My biggest credit card expenses are food and liquor so I got the Capital One Savor which gives me 5% back on dining and entertainment and 1% on everything else.