How long should I build credit before trying to earn sophisticated rewards?

I can't help but laugh everytime FinanceChick gets owned.

lolwut? he claimed I was crazy & then suggested an AOR to somebody with ZERO credit history. if anything, he owned himself. are you still mad about that job thread?

That was a big mistake not having any credit history throughout college. A credit history should be started at the age of 18 for everyone, especially for someone who's in college.

no need to wait that long. when you kid turns 13, add him as an authorized user to several old accounts. just don't give him the cards. when he turns 18, change him from an authorized user to a joint account holder. TADA! instant credit history.

Inflating your income, with no credit history, when specifically applying to a high-rewards card is more likely to draw you a FR right out of the gate.

LOL! banks aren't going to waste their time reviewing the finances of ZERO-credit-history guy. he's either in (with a tiny limit) or he's out. if it's a big-league card, he's out.

And since OP is a new grad, they wouldn't have the proof to support their personal income claims.

LOL! that's a NON issue for the OP, as he's going to get a trivial limit (no need to verify whether he can repay that $200-$500). a request for income documentation is almost unheard of at his level. he's either in or he's out.

If the FR doesn't fly their way, they'd be starting out with a huge red flag with that specific card issuer. I can't imagine that being a good thing.

a FR is laughably unlikely, and anybody with "a huge red flag" will not be "starting out." he's going to be DENIED.

I'd advise OP to just go with one secured credit card with no annual fee.

LOL! secured cards are for BAD credit, not for ZERO credit. if new immigrants & unemployed teenagers can get an unsecured card, so can the OP.

Key here is to start the credit history with a positive account that will run (forever if possible). Sit on that for 4-6 months, and apply to another no-annual fee rewards card which gives modest rewards, nothing that will raise eyebrows.

LOL! that's old-school advice (something from the 80's) the modern way is to snag 3-5 trash cards in one day. use them for small purchases over a year. then leap to the big leagues. this one-card-at-a-time method takes WAY too long.

By the next year - hopefully with a couple credit limit increases under the belt, and having filed taxes that year, you should be in better position to apply (and defend against any FR).

LOL! stop with all the FR paranoia. that happens very rarely, such as when you're frequently maxing out BIG limits or having really bizarre upswings & downswings in spending activity, with BIG limits).

even then, it usually doesn't happen. you're much more likely to see your limits slashed or your account closed (w/o warning). the OP is several years away from such a concern.

nice job of bringing up several issues of no practical importance to the OP.

LOL! that's old-school advice (something from the 80's) the modern way is to snag 3-5 trash cards in one day. use them for small purchases over a year. then leap to the big leagues. this one-card-at-a-time method takes WAY too long.

My post: Key here is to start the credit history with a positive account that will run (forever if possible). Sit on that for 4-6 months, and apply to another no-annual fee rewards card which gives modest rewards, nothing that will raise eyebrows.

yea, I still don't see a reason to apply for ONE card & wait 4-6 months before applying for another one, when you can easily get 4+ all at once. are you trying to say that a 4-6 mth. history with ONE trash card is sufficient to secure a "good" card? if so, you're wrong.

Except, I know from personal experience that this method works.

if you want groceries, walking to the grocery store technically works, but driving is far more efficient.

The method I stated, worked for me, and several others who I've also helped get their credits/rewards started.

you talked a bunch of no-credit types into starting off with a secured card & applying for ONE regular card every 4-6 months? LOL!

I have 16 cards currently (open), with a credit score over 750. Short of the Centurion and Palladium, I have gotten every "big" card I would want. And I still have no steady income of my own

LOL! nobody with a mere 16 credit lines should be giving out credit advice. leave that to those of us in the 50+ club.

Not just spewing nonsense out my rear-end like you on these forums.

LOL!

1stbuy: 16 credit lines (no mention of credit limits....wonder why?)

financechick: 50+, lowest limit: $25k, highest: $100k


I talk about what I actually know.

so does a first grader. but that doesn't mean what he knows is correct.

I don't have to give myself a self-proclaimed title of "FinanceGuy" to dish out legitimate advice.

right. you just need to stop giving advice until you know what you're talking about (give it about 2-3 yrs.)

........

Im still sticking with a proper AOR wont hurt him. If the pulls end up on the same day, it is much like going to a car dealership and they run you though 8 banks in 10 minutes. He has nothing to lose.

lolwut? he's NOT rate shopping! and of course he has something to lose: tons of inquires would stop him from building credit, which is his objective.

Realistically he should check his credit score via any free method or just pay for a FICO.

lolwut? what credit score? he already told us his credit profile is EMPTY!

That would help give more direction.

lolwut? he already knows that he doesn't have a credit score. how would learning what he already knows help him?

You need something for that verbal diarrhea...its flared up again.

lol. I feel sorry for you. you're never able to attack what I say with facts/reason/analysis. aren't you supposed to be a doctor?

Do you ever wonder why you get zero respect in these forums?

if I got zero respect, my rep. score would be 10. additionally, I've also gotten PMs from posters thanking me for my advice. finally, I don't care about respect. so your question (indirect insult?) is meaningless to me.

People think you're crazy and its justified.

lol. one guy called me "crazy," and them went on to give ridiculous advice. it was even worse than what you normally spew, and that's saying something.

You give some of the worst advice on here which no one cares to follow.

lol....then how come you're never able to rip it apart like I've done to your suggestions multiple times?

also, see above on the "no one cares to follow" part. additionally, you have no idea whether anybody has followed my advice. has every OP made a point of sending you a PM with this special info.?

If you cant realize that, you have an actual problem.

here's your problem: you think in generalities & are therefore unable to give advice that fits FACTS given by an OP. all you do is repeat generic, antiquated folk wisdom, irrespective of its appropriateness.

see some of the many posts where I rip apart your suggestions with reason & logic for relevant examples of your triteness.

If OP goes along with your method, he's much more likely to get rejected on the majority of his/her cards.

lol...I suggested cards given out to unemployed teenagers, border jumpers & welfare recipients. lol @ a recent college grad. getting dinged for cards routinely given to the lowest common denominator.

They would start off with rejections on their credit history.

there will be no rejections. those are the EASIEST cards to get. if your credit profile is clean & you get rejected for one of those cards, you're on the terrorist watch list.

Your method is just plain ignorant and ill-advised. You give this type of advice because it has no affect to you, yet you have no clue if it really works or not.

of course I know it works. I've been on several finance forums for many years & given the same advice to hundreds of no-credit types. the outcomes were wildly successful.

It will only hurt others, including OP.

lol...my experience with hundreds of no-credit types suggests otherwise. but thank you for taking a hardline on something of which you know very little. I'm going to give you some rep. points & give you the RESPECT you deserve.

I'm starting to question your motives. Strange that you're always on here trying to screw people over when they come here for honest advice.

lol...you're right. I secretly want the OP to put 4 inquires on his credit reports & be shunned by creditors for the next 12 months. this is what makes my life worth living.

I think the Mods should ban you from giving further financial "advice" but it looks like they too realize that any rational person would be able to distinguish the putrid stench given off by FinanceChick's advice up and down this forum, and look the other way.

lol...either that or they see that my suggestions are actually sophisticated & want more people to come here for my excellent advice.

also, it's hilarious that you mention "rationality," and then proceed to attack me (simplistically) & not the "bad" advice I supposedly give.

You're claiming to have 50 open lines of credit cards. Good one.

lol...if you were worldly, you'd know that 50+ lines is pretty typical for somebody who's been playing the credit game for many years. your inexperience is really showing, sport.

Do tell us some of these mythical credit card lines you have open?

lol....what would that prove?

Max on your highest is $100k? I technically have a no limit card in my measly set of 16 (open lines).

lol, kid. every card has a limit, even if only indirectly. otherwise, what would stop you from charging $10M & fleeing the country?

Respectfully,

Financechick

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Unfortunately I think other members are correct and you are nuts...

other members? you claimed I was nuts & the other guy just aped your comment (he's an excellent regurgitator).

you might want to stop caring about what other posters believe & start thinking for yourself. if you dislike something I say, attack it rationally. hiding behind cognitive biases (ad hominems/bandwagon effect) is for dumb school kids.

The guy will not have a credit score of 0.

assuming his credit file is blank (he told us it is), his credit score is the equiv. of ZERO.

He might have some old account somewhere that has helped him and didnt know it.

he just got out of college. how would he be unable to remember opening credit accounts? don't you think he's a tad young for dementia?

Checking a score wont hurt. CreditKarma is free...sure its FAKO but it gives direction.

"you have no credit. therefore, we @ CK can't generate a credit score for you. we hope this bit of insight leads you in the right direction."