When should I apply for a credit card as a fresh grad? - Seedly
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Anonymous

Asked on 15 Jul 2020

When should I apply for a credit card as a fresh grad?

Hi, I just graduated into my first job. I more than qualify for the $30,000 income requirement for a miles card I am looking at. However, what are the chances of me successfully getting it by signing up with MyInfo and just 1 month worth of salary data? I do not have any credit history. Thanks:)

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Jit Thong Ling
Jit Thong Ling
Level 5. Genius
Answered on 04 Aug 2020

Definitely as soon as possible so that you can start building your credit score when you pay your credit on time.

This is extremely helpful when you take a loan for big ticket purchases such as your first house, etc. as it could save you thousands in interest.

You should check with your bank assistant how long of salary data you need to apply for the credit card. All the best!

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Rachelle
Rachelle, Digital Marketing Associate at Seedly
Level 6. Master
Updated on 04 Aug 2020

Hey there!

I recently graduated as well, and called DBS with regards to application for the POSB Everyday credit card (this is not a miles card though). With just 1 month worth of salary data, it really depends on which card and bank you are applying for.

But DBS basically told me either to try applying after 3 months, or to follow their requirements for 'employees with length of service for less than 3 months'. But everything will be subjected to a case by case review.​​​

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Congrats on getting your first job! Actually, the best person you should ask is the staff in the banks. Just make an appointment or get a queue and ask them! Shouldn't be too different given that you have gotten the job. Building up a good credit history is important but make sure that you know and can properly manage it because credit can be a double edged sword. Good luck!

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Tang Ching Pang
Tang Ching Pang
Level 5. Genius
Answered on 04 Aug 2020

As soon as you can!

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