Student looking for the best way to acquire within a year

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Sriracha
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Student looking for the best way to acquire within a year

Postby Sriracha » Tue Jul 02, 2013 2:22 pm

So I'm a student, and my bank (Wells Fargo) has been trying to push their credit card to me. As far as I know, it doesn't have any annual fees (I need to do some more research on it first), but it probably has terrible terms, and is not a good choice for a long time card. I've been looking at different Amex cards, and I think that the Blue Cash Everyday is currently the best option for me (I would also look at the Virgin America Card, because I fly with them at least 6 times a year for school alone). While I know I can't get a card from Amex immediately, I was wondering what would be the best strategy for me to be able to be approved for one within a year (if it takes longer than that, that's okay as well)? Thanks!


MemberSince99
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Postby MemberSince99 » Tue Jul 02, 2013 3:16 pm

Win the lottery.

Just kidding, though they like income.

The last I knew Amex wanted to see good history with another lender, I'd say 6 months with a decent score and income would work for a charge card, and it sounds like you have that. The revolvers are a bit harder to get. But basically just continue your good history with your current cards and a real income is a vital part of it. Doesn't have to be a huge income, though that certainly helps, but they like at least some and make sure what you report is what you can prove with tax documents if need be.

Sriracha
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Postby Sriracha » Tue Jul 02, 2013 5:08 pm

That sounds great. I do have a steady income (for a full-time student) which should hopefully be between $10,000 and $20,000 this year. Do you think that would be good enough for the card? Also, I am able to pretty easily back up any claims I'll make about income.

HookEmHorns
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Postby HookEmHorns » Tue Jul 02, 2013 5:11 pm

Do you not have a current cc?

If not, go ahead and get the wells fargo, take care of it for 5-6 months, then go for something better. I'd really recommend the Discover IT as well. That card has good benefits and it's a prime lender. You should be able to get an Amex soon.
AMEX PRG~1/14--backdated to 2012
AMEX BCE~6/13--backdated to 2012
Chase Freedom~5/13
Discover IT ~12/12

:cool:

tigerhunt2011
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Postby tigerhunt2011 » Wed Jul 03, 2013 7:46 pm

I'm a 20 year old college junior, was in your same boat. When I was like 17 I got this insane lust for American Express cards. When I was 18 on my way to my freshman year, I convinced my dad to make me an Authorized User on his Business Platinum account. In my book, being an AU on a "perfect" (payment history, etc) account is the best way to get your foot in the door with AMEX. As an AU, the primary cardholder is responsible for whatever charges, and the card doesn't show on your personal report, but it will establish you a relationship with AMEX.

I also opened a secured account from BofA with a $500 limit. After 12 months of perfect history on both, BofA unsecured my account. The next month, I got ambitious and applied for the AMEX Premier Rewards Gold and Gold Delta Skymiles card, and was approved for both.

Do you have any family that could make you an Authorized User? I'd make this my first step, then get whatever basic card Wells Fargo will issue to you. Only let it report with about 10% utilization ($1000 limit, only let it report with a $100 balance) and for god's sake, pay in full :) .

AMEX likes to see you can handle credit well with others, but once your foot is in the door they will fight for you as a cardmember. LOVE my Amex cards & experience thus far.
AMEX Business Platinum AU-NPSL-07/11
AMEX PRG-NPSL-07/11
AMEX BCE-$2000-07/11
AMEX MB Platinum-NPSL-08/13-->07/11
AMEX Biz Gold Rewards-NPSL-08/13-->07/11
AMEX Biz DL SkyMiles Gold-04/13-->07/11
BofA Alaska Airlines Visa Classic-$2500-06/11
Barclays US Airways Platinum Mastercard-$1500-04/13
Chase Sapphire Preferred-$5,000-08/13
Citi AA Select AMEX-$2000-01/13
Citi AA Visa-$2000-01/13
Citi AA Platinum Select Visa Signature-$5000-08/13
Citi AA Platinum Select World Mastercard-$2500-04/13
Citi Business AA World Mastercard-$1000-08/13
Citi ThankYou Preferred-$2000-04/13
Express-$650-01/12
GECRB Paypal Mastercard-$3500-04/13

tigerhunt2011
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Postby tigerhunt2011 » Wed Jul 03, 2013 7:47 pm

PLUS, the best part is that whenever you do get your "own" American Express cards, (that DO report on your credit report), they will back-date your new accounts to the original authorized user date, making your credit files seem older than they are, and boosting your credit (and chances of getting the Virgin America card) considerably :)
AMEX Business Platinum AU-NPSL-07/11
AMEX PRG-NPSL-07/11
AMEX BCE-$2000-07/11
AMEX MB Platinum-NPSL-08/13-->07/11
AMEX Biz Gold Rewards-NPSL-08/13-->07/11
AMEX Biz DL SkyMiles Gold-04/13-->07/11
BofA Alaska Airlines Visa Classic-$2500-06/11
Barclays US Airways Platinum Mastercard-$1500-04/13
Chase Sapphire Preferred-$5,000-08/13
Citi AA Select AMEX-$2000-01/13
Citi AA Visa-$2000-01/13
Citi AA Platinum Select Visa Signature-$5000-08/13
Citi AA Platinum Select World Mastercard-$2500-04/13
Citi Business AA World Mastercard-$1000-08/13
Citi ThankYou Preferred-$2000-04/13
Express-$650-01/12
GECRB Paypal Mastercard-$3500-04/13

agp
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Postby agp » Thu Jul 04, 2013 7:25 am

Sriracha wrote:(I would also look at the Virgin America Card, because I fly with them at least 6 times a year for school alone).


When you are done with school, then what?
And what would you use the VA miles for? Assuming you got 3 more years of school left, you will probably pay for 2.5 years of flights, and use your earned miles on the last 0.5 year of travel (3 flights). Sure, this way will save you some money on airfare, but the opportunity cost is high since there are probably other cards more suitable to your needs, depending on if you want cash back or points. And if you want points, what you want to use them for, who you want to use them with, and where you want to go.

Main Card: Amex Platinum
For gas: Penfed Platinum Cash Rewards
For travel & dining: Chase Sapphire Preferred

MemberSince99
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Postby MemberSince99 » Thu Jul 04, 2013 1:00 pm

I would say take the Wells Fargo card it may not be great (and probably isn't) but it will get you the history you need to get the cards that are great. You could do far worse than WF for your first card.

And yes your income will work I've seen others with a 20k income get Amex revolvers granted they did have history with other lenders which you are going to need before Amex approves you.



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