Just got approved Discover IT Student card :')

All about Discover & Diners Club - talk about their credit card deals such as the More, Miles, Escape, and others.
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haxed
 
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Just got approved Discover IT Student card :')

Postby haxed » Sun Jul 20, 2014 6:22 pm

So i just got approved my first own credit card. 19, sort of had a credit history since i was an AU user on Amex. Anywho, i was reading other threads something about being able to increase your credit score a lot if you use your card, and then paying the bill BEFORE the bill even comes out and its "reported". i dont fully understand, can someone elaborate or link me to a thread on this? i would really appreciate it, thank you :)


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Terry
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Postby Terry » Sun Jul 20, 2014 11:18 pm

haxed wrote:So i just got approved my first own credit card. 19, sort of had a credit history since i was an AU user on Amex. Anywho, i was reading other threads something about being able to increase your credit score a lot if you use your card, and then paying the bill BEFORE the bill even comes out and its "reported". i dont fully understand, can someone elaborate or link me to a thread on this? i would really appreciate it, thank you :)


Congratulations on getting approved for a card with a prime lender. As you make on time payments, you will find that they will grow with you. The following is a link that explains the best way to make your payments:

http://www.bankrate.com/finance/credit-cards/when-is-best-time-to-pay-credit-card.aspx
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Postby PlyrStar93 » Mon Jul 21, 2014 5:39 am

Normally credit card companies report statement balance to credit bureau, so usually if you check your credit report the utilization is according to the statement balance, and that's why usually you want to pay some of the balance before it's reported. So to keep utilization low, simply pay down the balance before the statement comes out, in general let the utilization be below 30%, but 1%--10% is even better. --check out how FICO score is calculated.

However, if you feel like you don't have enough limit, it's better to pay more frequently and keep low on your utilization so you can make sure there won't be high utilization reported, and make sure you can still make charges on the card.
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haxed
 
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Postby haxed » Mon Jul 21, 2014 6:05 am

What difference would it make then if I used it at all then but kept it open?

kir
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Postby kir » Sat Aug 09, 2014 8:33 am

Congrats. The It card as my second card after my Citi Dividends card (both student)

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Postby popamode72 » Sat Aug 09, 2014 10:32 am

Congrats! This was a card I wasn't really able to get when I first started building my credit but after six months or so and when I started generating a FICO score, I was instantly approved for this version of the card. I enjoy using it quite a lot, especially the awesome 5% cashback categories. I found the gas one to be especially useful and I always try to keep my utilization on this one low because of the limit and stuff.
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amexcurious
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Postby amexcurious » Sun Aug 10, 2014 8:38 am

haxed wrote:So i just got approved my first own credit card. 19, sort of had a credit history since i was an AU user on Amex. Anywho, i was reading other threads something about being able to increase your credit score a lot if you use your card, and then paying the bill BEFORE the bill even comes out and its "reported". i dont fully understand, can someone elaborate or link me to a thread on this? i would really appreciate it, thank you :)


haxed, if you don't mind my asking, did you put down any income? Did you have a co-signer?

I'm asking because my daughter is on the same situation: college student, she's been an AU on a couple of my cards (Amex, Discover IT and Citi MC) and is about to apply for a student card and trying to decide which one. She has zero income as she live with us and will be a full time student. I'm willing to be a co-signer if needed.

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Postby kir » Tue Aug 12, 2014 6:04 am

amexcurious wrote:haxed, if you don't mind my asking, did you put down any income? Did you have a co-signer?

I'm asking because my daughter is on the same situation: college student, she's been an AU on a couple of my cards (Amex, Discover IT and Citi MC) and is about to apply for a student card and trying to decide which one. She has zero income as she live with us and will be a full time student. I'm willing to be a co-signer if needed.


Hi, I can kind of help you with this as I am also like your daughter. I applied for a Citi Dividends and Discover card and reported my income at $2000 from just money I got throughout the year. I was approved for both without needing a cosigner. However, I did have to call Citi to verify my identity. The Discover card was an instant approval. I'm guessing being an AU for over a year helped me with these approvals.

Edit: These are both student cards.



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