Opening a bank account - Tilted Forum Project Discussion Community

soma · 12-31-2004, 01:37 PM

I've got some time on my hands and have been meaning to get a bank account and credit card and would like a bit of advice. I'm a college student and have about 2000 in cash in my bedroom. It works for me, but my brother has been telling me how important it is to start establishing good credit, so I decided to take up his recommendation. Would I be fine getting just a checking account? What should I look for in a bank? What banks do you guys use?

Thanks a lot!

jorgelito · 01-01-2005, 12:46 AM

Checkout www.bankrate.com for comprehensive info.

For starters, a no-fee/no-minimum checking account would be good. Then, apply for a "starter" credit card and slowly build up your credit.

Look at NoSoups thread on Credit.

NoSoup · 01-01-2005, 10:58 AM

You can find that thread Here

Personally, I use a local Credit Union. You certainly could use http://www.bankrate.com to compare the larger companies, but I would make sure to check out some of the smaller institutions in the area, especially credit unions, as they are typically cheaper to keep an account at.

If you need any more info, just let me know!

soma · 01-01-2005, 11:19 AM

Sounds good. I ended up getting an account at USBank (they have a location on my campus). So I guess the next step is getting a credit card. Any suggestions (my brother told me to get a student specific card because even though they have crappy apr rates, they have some good features)?

Any advice would be appreciated. Also, out of curiosity, NoSoup, what do you do for a living? You seem very very finance savvy.

NoSoup · 01-01-2005, 09:32 PM

I am a Loan Officer - the financial industry has always interested me, though

If you don't qualify for a student card, I'd try and get a secured card.

I am not sure as to what features they are thinking of, but I am not all too familar with the features available on student credit cards. I'd imagine you could shop around a bit and see if it really is worth it to get one or just a typical card...

jorgelito · 01-01-2005, 10:40 PM

The rate in theory, would be no big deal, as long as you pay off your balance every month. Your rate will get better as your credit improves. The idea is to build your credit up by using your credit card. Use it to buy gas, books, then pay off the balance IN FULL. After a year of consistent ON TIME payments, you should see two things happen:
1. Interest rate lowered
2. Credit line increased
3. You should also be able to request your Credit Report for free, something you should do at least yearly if not bi-annually. See another thread in this forum for free credit reports.

NoSoup, I thought you were a statitician or something or researcher.

NoSoup · 01-02-2005, 02:13 PM

Nope...

To be a bit more specific, I work for a Mortgage Brokerage - so I am a loan officer for real estate transactions only, be it personal or commercial loans.

soma · 01-03-2005, 06:50 AM

Ok then. I'll do some shopping around. Oh, and I think I can keep up a pretty solid credit rating. I'm stubbornly miserly, so not being able to pay the bill shouldn't be too much of a problem.

NoSoup, finance absolutely fascinates me too. Did you go to college to get where you are? If so, what did you major in? Also, how did you get your first job in the field?

NoSoup · 01-03-2005, 04:11 PM

Quote:

Originally Posted by soma

NoSoup, finance absolutely fascinates me too. Did you go to college to get where you are? If so, what did you major in? Also, how did you get your first job in the field?

I do not have a degree - in fact, I just turned 21, so I wouldn't yet have finished school

Hmmm... my first job in the field...

Basically, I started off when I was 16 by getting a job as a teller at a local credit union. I worked my ass off, and did very well there. As a teller, we had to "cross sell" - which means we sold products such as ATM cards, Debit Cards, Checking accounts, ect. The teller average was 6 per month, when I started. My average, however, was just a bit over 100 per month while I was working part time. As you can imagine, the credit union was eager to put me in a position where I could make them more money. As soon as I turned 18 (just over a year of me working there) they offered me a postion as a Member Service Representative. MSR's basically were basically the "catch-all" of the credit union, we dealt with all types of loans, IRAs, the Depository side of Banking (savings, checking, certificates of deposits, ect). Again, I did well, blowing away all figures that had become "standards" for our production. After a year or so of that, I was offered a position at a bank as assistant manager of the mortgage lending department. Again, I excelled there - with the branch reaching it's net gain goals every month except one since I was there - and they had never hit those goals, not even once, in the previous four years that they were open.

Finally, I was offered a position at a Brokerage which I readily accepted, although I was a bit leary of it since it was commission only. I wanted to get back into the mix of things, I felt a bit removed as a manager, not to mention the fact that some (middle aged) people were having difficulty with the fact that someone that had just turned 20 was their supervisor, regardless of how much extra they were making from the bonuses. That is currently where I am today, and where I plan to stay...

jorgelito · 01-04-2005, 07:28 AM

Wow, good work NoSoup, that's awesome.

I would be willing to even bet that your company would be willing to spring for college and beyond for you (if that's something you ever considered). It sounds like you have a lot of talent ( I wish you were my son! LOL!). Maybe you are my long lost brother....hmmm.....never mind.

I'm thinking of getting my MBA after school. BA's just don't cut it anymore nowadays. You have a great advantage, probably twice as much as others: Youth, plus experience, proven track record, common sense, AND talent.

Take care and all the best everyone in 2005. Hopefully this year we'll be "running with the bulls!"

LIMilf · 01-04-2005, 08:50 PM

Be careful with those credit cards you can get as easy as walking through the student union. Do pay in full, I know lots of people that are way in debt, or even filed for bankruptcy after getting 2 to 3 cards from college.

Also, when looking for banks, maybe try to get a bigger national bank, that way if you are ever home or away somewhere, you can avoid ATM fees.

soma · 01-05-2005, 10:06 AM

Wow. You're a natural.

discotequi · 01-11-2005, 10:04 AM

you guys may all want to take a look at USAA.com and their online banking. Used to just be available to military families, but I'm pretty sure they've opened the bank up to everyone. If you can get over not haveing a physical branch to visit, it's a great bank. They rebate every ATM withdrawl up to $2 and they give you cash back everytime you use your debit card. It's an amazing difference compared to the fee friendly banks on every corner.

12-31-2004, 01:37 PM	#1 (permalink)
soma Addict Location: USA	Opening a bank account I've got some time on my hands and have been meaning to get a bank account and credit card and would like a bit of advice. I'm a college student and have about 2000 in cash in my bedroom. It works for me, but my brother has been telling me how important it is to start establishing good credit, so I decided to take up his recommendation. Would I be fine getting just a checking account? What should I look for in a bank? What banks do you guys use? Thanks a lot!

01-01-2005, 10:58 AM	#3 (permalink)
NoSoup Non-Rookie Location: Green Bay, WI	You can find that thread Here Personally, I use a local Credit Union. You certainly could use http://www.bankrate.com to compare the larger companies, but I would make sure to check out some of the smaller institutions in the area, especially credit unions, as they are typically cheaper to keep an account at. If you need any more info, just let me know! __________________ I have an aura of reliability and good judgement. Just in case you were wondering...

01-01-2005, 09:32 PM	#5 (permalink)
NoSoup Non-Rookie Location: Green Bay, WI	I am a Loan Officer - the financial industry has always interested me, though If you don't qualify for a student card, I'd try and get a secured card. I am not sure as to what features they are thinking of, but I am not all too familar with the features available on student credit cards. I'd imagine you could shop around a bit and see if it really is worth it to get one or just a typical card... __________________ I have an aura of reliability and good judgement. Just in case you were wondering...

01-02-2005, 02:13 PM	#7 (permalink)
NoSoup Non-Rookie Location: Green Bay, WI	Nope... To be a bit more specific, I work for a Mortgage Brokerage - so I am a loan officer for real estate transactions only, be it personal or commercial loans. __________________ I have an aura of reliability and good judgement. Just in case you were wondering...

01-04-2005, 08:50 PM	#11 (permalink)
LIMilf Crazy	Be careful with those credit cards you can get as easy as walking through the student union. Do pay in full, I know lots of people that are way in debt, or even filed for bankruptcy after getting 2 to 3 cards from college. Also, when looking for banks, maybe try to get a bigger national bank, that way if you are ever home or away somewhere, you can avoid ATM fees. __________________ My goal is to be rookie of the year...

01-01-2005, 12:46 AM	#2 (permalink)
jorgelito All important elusive independent swing voter... Location: People's Republic of KKKalifornia	Checkout www.bankrate.com for comprehensive info. For starters, a no-fee/no-minimum checking account would be good. Then, apply for a "starter" credit card and slowly build up your credit. Look at NoSoups thread on Credit.

01-01-2005, 11:19 AM	#4 (permalink)
soma Addict Location: USA	Sounds good. I ended up getting an account at USBank (they have a location on my campus). So I guess the next step is getting a credit card. Any suggestions (my brother told me to get a student specific card because even though they have crappy apr rates, they have some good features)? Any advice would be appreciated. Also, out of curiosity, NoSoup, what do you do for a living? You seem very very finance savvy.

01-01-2005, 10:40 PM	#6 (permalink)
jorgelito All important elusive independent swing voter... Location: People's Republic of KKKalifornia	The rate in theory, would be no big deal, as long as you pay off your balance every month. Your rate will get better as your credit improves. The idea is to build your credit up by using your credit card. Use it to buy gas, books, then pay off the balance IN FULL. After a year of consistent ON TIME payments, you should see two things happen: 1. Interest rate lowered 2. Credit line increased 3. You should also be able to request your Credit Report for free, something you should do at least yearly if not bi-annually. See another thread in this forum for free credit reports. NoSoup, I thought you were a statitician or something or researcher.

01-03-2005, 06:50 AM	#8 (permalink)
soma Addict Location: USA	Ok then. I'll do some shopping around. Oh, and I think I can keep up a pretty solid credit rating. I'm stubbornly miserly, so not being able to pay the bill shouldn't be too much of a problem. NoSoup, finance absolutely fascinates me too. Did you go to college to get where you are? If so, what did you major in? Also, how did you get your first job in the field?

01-04-2005, 07:28 AM	#10 (permalink)
jorgelito All important elusive independent swing voter... Location: People's Republic of KKKalifornia	Wow, good work NoSoup, that's awesome. I would be willing to even bet that your company would be willing to spring for college and beyond for you (if that's something you ever considered). It sounds like you have a lot of talent ( I wish you were my son! LOL!). Maybe you are my long lost brother....hmmm.....never mind. I'm thinking of getting my MBA after school. BA's just don't cut it anymore nowadays. You have a great advantage, probably twice as much as others: Youth, plus experience, proven track record, common sense, AND talent. Take care and all the best everyone in 2005. Hopefully this year we'll be "running with the bulls!"

01-05-2005, 10:06 AM	#12 (permalink)
soma Addict Location: USA	Wow. You're a natural.

01-11-2005, 10:04 AM	#13 (permalink)
discotequi Tilted Location: Dallas	you guys may all want to take a look at USAA.com and their online banking. Used to just be available to military families, but I'm pretty sure they've opened the bank up to everyone. If you can get over not haveing a physical branch to visit, it's a great bank. They rebate every ATM withdrawl up to $2 and they give you cash back everytime you use your debit card. It's an amazing difference compared to the fee friendly banks on every corner.