Credit Card advice for plebes/doolies

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OiledPancakes

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Dec 8, 2023
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I have no credit history and I want an AMEX platinum card. How can I achieve this the fastest? Which Navy federal card is best to start building credit with? I am completely new to this credit world and would appreciate any help from anyone.
 
OiledPancakes said:
I have no credit history and I want an AMEX platinum card. How can I achieve this the fastest? Which Navy federal card is best to start building credit with? I am completely new to this credit world and would appreciate any help from anyone.
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Search it here on the forums. TONS of discussion about your very question.

In fact, here is your other post, with advice and information. You can also search for additional discussion. It’s a hot topic for new plebes.

Post in thread 'Credit cards (AMEX, waived fees)'
https://www.serviceacademyforums.co...dit-cards-amex-waived-fees.95118/post-1028835

No matter what, don’t spend what you cannot pay off each month. Otherwise you are overspending. And that’s where people get in trouble.
 
justdoit19 said:
Search it here on the forums. TONS of discussion about your very question.

In fact, here is your other post, with advice and information. You can also search for additional discussion. It’s a hot topic for new plebes.

Post in thread 'Credit cards (AMEX, waived fees)'
https://www.serviceacademyforums.co...dit-cards-amex-waived-fees.95118/post-1028835

No matter what, don’t spend what you cannot pay off each month. Otherwise you are overspending. And that’s where people get in trouble.
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I have read pretty much every post I can find and I am still not clear on one thing: what income to report on card applications. Can I put parents' income if I have access to all of their bank accounts and am authorized on their card? Annual academy stipend? Scholarship amount?
 
OiledPancakes said:
I have read pretty much every post I can find and I am still not clear on one thing: what income to report on card applications. Can I put parents' income if I have access to all of their bank accounts and am authorized on their card? Annual academy stipend? Scholarship amount?
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The application will state what to include. No, you cannot include your parents income or scholarship money. It will be a number from your paycheck that you will receive.
 
justdoit19 said:
The application will state what to include. No, you cannot include your parents income or scholarship money. It will be a number from your paycheck that you will receive.
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Okay I am just confused because I saw a lot of people saying they put the annual amount of the usna scholarship (approximately 90k) on the forum titled “AMEX PLAT.” There were also other methods like putting parents’ income. I just applied for the basic NFCU visa and put the 15k but i’ve heard that it’s not nearly enough for the platinum.
 
No! Cadet pay is published. Don't lie on credit applications.
Financial fraud...really dumb way to lose credit and get disenrolled for an honor violation.
 
The fastest way to start building credit is to have your parents add you as an authorized user on one or two of their cards. That starts your credit history today. AMEX can be a little touchy sometimes and it make take a year or two before they will approve you. Also be conscious of applying too many times for cards. Too many applications can have a negative impact to your credit score.
 
USMA 1994 said:
The fastest way to start building credit is to have your parents add you as an authorized user on one or two of their cards. That starts your credit history today. AMEX can be a little touchy sometimes and it make take a year or two before they will approve you. Also be conscious of applying too many times for cards. Too many applications can have a negative impact to your credit score.
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Thank you that is really helpful! I just got the basic navy fed visa and had my parents add me as an authorized user on one of their cards. When do you think I should attempt to apply for a platinum? Should I give it like 6 months? (I understand this completely depends but I just want a rough estimate)
 
raimius said:
No! Cadet pay is published. Don't lie on credit applications.
Financial fraud...really dumb way to lose credit and get disenrolled for an honor violation.
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Haha that’s what I thought. Seemed kinda wild to put 90k income when I basically make 100 bucks a month. Hopefully I can just get it the legit way.
 
Okay, I'll ask. What is the interest in having a platinum card?
 
THParent said:
Okay, I'll ask. What is the interest in having a platinum card?
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LOTS of benefits. 15/month in uber credit. airport lounges. CLEAR (or other) security perks. 20/month in streaming credits.
Hotel perks as well, I believe.
 
THParent said:
Okay, I'll ask. What is the interest in having a platinum card?
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Clearly the badass design!

No, but seriously, I am only getting a credit card for the perks (I am going to pay it in full every month so I don't care about the APR), so I might as well get the one with the best perks. I am going to fly decently frequently, and when I am not, I can just use the AMEX gold.
 
OiledPancakes said:
Okay I am just confused because I saw a lot of people saying they put the annual amount of the usna scholarship (approximately 90k) on the forum titled “AMEX PLAT.” There were also other methods like putting parents’ income. I just applied for the basic NFCU visa and put the 15k but i’ve heard that it’s not nearly enough for the platinum.
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No…… the credit card companies need to know what regular earned income is coming in, so they have a means to evaluate your ability to pay bills. Credit history indicates a willingness to pay bills on time. The “usna (sic) scholarship amount” is not money in a midshipman's pocket. It’s the value of something they are receiving.
 
Capt MJ said:
No…… the credit card companies need to know what regular earned income is coming in, so they have a means to evaluate your ability to pay bills. Credit history indicates a willingness to pay bills on time. The “usna (sic) scholarship amount” is not money in a midshipman's pocket. It’s the value of something they are receiving.
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Yeah that is what I thought. I just put the 15,000 stipend and I got the basic NFCU visa card with that. Haven't applied for the AMEX yet and probably won't for about six months at least.
 
Don't worry about it. Pay your bills on time. SAVE money and go slowly. ---THEN you will have these credit card companies beating down your door when the time comes.
Don't be fooled by the idea that you need to be a good credit risk. If I had it to do all over again, I would never use a credit card. I sure would take out loans for specific things, car, house, etc. - because, hey, that's the dream, right? Not going to be one of those that say never to borrow because we all want a good life and unfortunately the need to borrow is something we can't avoid at times.
But credit cards are the real devil here. They are easy to abuse even by the most disciplined amongst us, and I get it, instant gratification sometimes is awesome with the new buying power you will soon have.
Go slow OiledPancakes, your time will come. Do you really need a CC? dig deep down and think on this. I not knowing you have no reason to BS you.
 
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