Credit Card questions?

Question

Hi. I'm 21 and trying to build some type of credit history. I don't have any bills under my name. I applied for a Bank of America student credit card and my account is "being reviewed". Does that mean no?

My other question is: if I get rejected how long should I wait before applying for another one (i heard it affects your credit)? I would really appreciate your help. Thanks :)

Answer 1

If you have no credit established, probably the easiest way to establish credit (so that later other credit card companies will consider you worthy of their cards) is to get a secured credit card. That means through a bank where you leave a sum of money that is equal to your credit line invested (like collateral). Otherwise, try for a small department store card to begin with, use it responsibly and slowly build your credit history.

Answer 2

Well first of all Bank of America is terrible..well at least i have heard alot of bad things about the credit card company! But what i would do is if you have a bank account somewhere try applying for a credit card threw them you will get a better rate and it makes everything a whole of alot easier if you have any problems.

Second..when you do apply for another credit card, on your credit it will just come up that you are having your credit checked alot, which if you dont have any credit it will not hurt you. hope this was helpful. Good Luck!

Answer 3

GET A DEPARTMENT STORE OR GASOLINE CARD FIRST IF U GET REJECTED CAUSE THEY R EASIER TO GET, BEING REVIEWED MEANS THEY HAVENT DECIDED YET

BY THE WAY, PREVIOUS POSTER IS RIGHT BANK OF AMERICA IS TERRIBLE, EXTREMELY POOR CUSTOMER SERVICE

Answer 4

Student credit cards are usually considered high risk offers. That's why it takes time for them to review your application.

As far as how soon you can apply for another card... hm... if your credit is weak, you may want to wait or try, as one already mentioned, to get one of the credit cards from the department stores that offer them. They may initially give you a low credit limit, but that's fine. At least you'll have a credit card on your file which will help you get your credit history started.

If you need more info on student credit card offers, check this one out: http://www.creditcardmix.com

Wish you the best of luck!

Answer 5

Check out this site. It has a lot of good info on how to build your credit.  www.credit-cards-comparisons.com (no its not my site).  It also has some good guidance on how to pick the best card for you and the way you will use the card.    

Answer 6

my suggestion is NOT 2 get a credit card, because if u do, u'll do what so many of us have done, u may get 2 many going & get in over your head in debt & u may have more debt than U do $$$. best thing 2 do is 2 save yer $$$ & if u cannot pay cash, u really dont need it. IF U DO need it, then use the card ONLY 4 the stuff U need. I stocked up on some stuff i knew i's need 4 a hard winter but didn't have a car. fortunately, i was loaned a car 4 the day & brought home 2 carloads of stuff i needed, & maxed out the card. i eventually got 2 many cards going, & had 2 use 1 card 2 pay-off another debt, & there just wasn't enough card there 2 pay everything. fortunately, not all the creditors report 2 the bureaus. these r the 1'st that can b @ the bottom of the priority list. i hope this helps.

Best Wishes!!!

Answer 7

Your Bank of America student credit card is still being reviewed ... this usually means that someone in that office hasn't gotten around to reading through your application yet.

What I would do is apply for department store credit cards first (depending on what is your neighbourhood, look at places like Zellers, HBC, Sears, Wal-Mart and so on ...). With such stores, they'll often grant credit to gain customers - just don't expect your allowed credit limit to exceed $500.00,

Another way to do this is to apply for a small bank loan ($500.00 - $1000.000). You might need a co-signer (i.e. - someone to take responsibility for loan payments should you default - usually a parent is a good bet here). Ensure you make regular payments on the loan and pay it off on-time (or better yet, pay it off early ...).

Whichever way you go here, stability really helps here - have you been working at the same job for a while? Living in the same place for a while? Once you have credit, don't abuse it ... credit is a priviledge.