Ok so i got my first credit card finally. (and yes i have a job to pay it back and also parents who can help)?

Question

so yeah. and i don't have any credit. How long do i need to pay all the bills on time with my first card to get a card like american express or discover, or any other good card for that matter ? Because i only have a 300 dollar credit card limit and that doesn't really do anything.. i need a card with more money.. But anyways. how long until i can get another credit card ? BtW im 18..

Answer 1

Use the card and pay it in full every month.  After 6 months, you may be able to get another card with better rates.  Use both cards and pay in full every month.

You really need at least 24 months of consistent, on-time payment history to get a decent score and get approved for cards with low interest and  higher limits.

Answer 2

You're 18 and now you have a credit card, you will more than likely be getting offers in the mail every week. I know that as soon as I finally signed up for my first credit card that the offers still haven't stopped coming two years later.  

Answer 3

Hi there.

First, careful with credit cards... don't use them for credit, or you'll end up paying 1000's more in a mortgage or any other loan you ever get.

I really recommend AMEX, first they gave me a card that I had to pay in full at the end of every month, and after about 6 months of making payments on time they quickly offered me payment options (which so far I only had to use once for an emergency), and very quickly raised my limit.

Capital one on the other hand gave me a 500 USD credit (and I"m talking about a company/business card!), and after making payments on time not a single thing wrong , in 3 YEARS, raised my limit to only $1300.

With Amex I have $27,000 limit after 3 years.