Want your recommendation on my next step

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16 posts
cliffs
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Want your recommendation on my next step

Postby cliffs » Sun Nov 09, 2014 8:03 pm

Hi everyone!

I'm 24 and started with credit in early 2014

Currently eyeing a Discover IT Chrome Student but want your opinion first based on my credit.

Credit info...

1 Credit Union secured MasterCard, $300 CL, Utilization @ 8% as of November 9, 2014
8 months credit history with CU secured card. Full payment every month.
No loans
No baddies

HP on TU
1 from Discover on March 31, 2013 (app denied due to not having credit history at that time)
1 from my credit union secured MasterCard on February 3, 2014

HP on EQ
0

HP on EX
Should be 0 but cannot confirm right now, have to send proof of address, etc., before I can get report.

I got a pre-qualified letter for Amex PRG NPSL (not interested at the moment. AF to steep for a student at the moment)

So what do you guys think?

What is my next best move?

Do I stand a chance on a Discover IT Chrome Student? What about an Amex BCE? Any other?

Thanks in advance


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PlyrStar93
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Postby PlyrStar93 » Sun Nov 09, 2014 11:34 pm

You should be okay to go for Discover student card, though that's not guaranteed approval. Be prepared to see pending status and send whatever documents (generally proof of address, SSN copy, ID and etc.) they need. Once all docs are uploaded then simply call the number shown in the pending message (if there is one). If you get instant approval online then the above work can be bypassed.

Several students around me get Discover as their first cards, but there are some others who keep getting denied. Generally it's an easier card to get, even without history.

You may want an AMEX card this month or next so you have the backdating ability in the future. If you are not interested in the Gold card, then go to their site and check for prequalified offers online and see if there is any other one. Or you can wait for other mailed offers to come, which is not very recommended as it is much unknown if they come at all. Again, these prequalified stuff are still not guaranteed approval, just an indication you meet certain criteria and *might* get approved easier than the general public.

cliffs wrote:Do I stand a chance on a Discover IT Chrome Student? What about an Amex BCE? Any other?

So you do stand a chance for them, but no one can tell if you will be approved right now.

If you consider your spending pattern, like what categories you spend the most, you can go for a card that gives higher reward on those categories.
Citi Forward Visa $5000 10/2012 | American Express Blue Cash Everyday $8000 2/2014 | Discover it $7000 5/2014
Chase Freedom Visa Signature $7000 6/2014 | Citi ThankYou Premier Visa Signature $5000 1/2015
All EMV.

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Vattené
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Postby Vattené » Mon Nov 10, 2014 4:17 pm

I think you should go for it, too. 2% on gas and dining is really good - particularly for a card with no annual fee. The BCE is a good option as well (a couple others to consider: Capital One Quicksilver for 1.5% on everything or Chase Freedom if you are open to 5% rotating categories) - you'll just have to estimate which will get you the most rewards for your spending. The Discover will get you free monthly FICO scores, which is a great perk.

If you do get declined, calling the recon number will let you state your case. You'll want to convey that you're just starting out and you would like to build a relationship with a creditor. As PlyrStar93 pointed out, your odds are good but there is always the chance you will be declined. Approvals are hard enough to predict, but especially when there is such a thin credit profile in question. But you have to start somewhere. Good luck!
-Vattené
FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now

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Xorand
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Postby Xorand » Mon Nov 10, 2014 4:29 pm

Out of curiosity, have you checked your credit union to see if you can upgrade to a regular, non-secured card with them now? Might be worth a walk into a branch and ask someone, but only if they could give you a fairly good idea without doing a hard pull on your credit report. (You already know which bureau they use). Probably won't have any cash-back rewards, etc., but will be a good next step.
AmEx - Platinum (NPSL) , Blue Cash Preferred ($19,000), Gold Delta Skymiles ($8,500)
Chase - Sapphire Preferred ($14,000), Disney ($11,500), Amazon.com ($9,000), Freedom ($8,000)
CapOne - QuickSilver ($7,250) / Platinum Rewards ($7,250)

cliffs
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Postby cliffs » Mon Nov 10, 2014 5:08 pm

Thanks to all for the very good advice.

Out of curiosity, have you checked your credit union to see if you can upgrade to a regular, non-secured card with them now? Might be worth a walk into a branch and ask someone, but only if they could give you a fairly good idea without doing a hard pull on your credit report. (You already know which bureau they use). Probably won't have any cash-back rewards, etc., but will be a good next step.


That's a good idea that I din't consider. Have to wait until Thursday but I will go to the branch and also ask if they can increase my CL.

The BCE is a good option as well


But you really think I can get in the door as a student?

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PlyrStar93
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Postby PlyrStar93 » Tue Nov 11, 2014 11:02 pm

cliffs wrote:But you really think I can get in the door as a student?

I am a college student and have the BCE as my second card.
Citi Forward Visa $5000 10/2012 | American Express Blue Cash Everyday $8000 2/2014 | Discover it $7000 5/2014
Chase Freedom Visa Signature $7000 6/2014 | Citi ThankYou Premier Visa Signature $5000 1/2015
All EMV.

popamode72
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Postby popamode72 » Tue Nov 11, 2014 11:24 pm

cliffs wrote:Thanks to all for the very good advice.



That's a good idea that I din't consider. Have to wait until Thursday but I will go to the branch and also ask if they can increase my CL.



But you really think I can get in the door as a student?


Don't worry. You'll be fine. I'm a student as well and I have two Amex cards, including the ED and I closed my Green card recently.
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)

Nixon
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Location: Great Southwest

Postby Nixon » Wed Nov 12, 2014 2:57 am

cliffs wrote:Hi everyone!

I'm 24 and started with credit in early 2014

Currently eyeing a Discover IT Chrome Student but want your opinion first based on my credit.

Credit info...

1 Credit Union secured MasterCard, $300 CL, Utilization @ 8% as of November 9, 2014
8 months credit history with CU secured card. Full payment every month.
No loans
No baddies

HP on TU
1 from Discover on March 31, 2013 (app denied due to not having credit history at that time)
1 from my credit union secured MasterCard on February 3, 2014

HP on EQ
0

HP on EX
Should be 0 but cannot confirm right now, have to send proof of address, etc., before I can get report.

I got a pre-qualified letter for Amex PRG NPSL (not interested at the moment. AF to steep for a student at the moment)

So what do you guys think?

What is my next best move?

Do I stand a chance on a Discover IT Chrome Student? What about an Amex BCE? Any other?

Thanks in advance


I don't see any FICO scores. Can't recommend anything unless we really know where you are with that. Some lenders will want to see an AAoA of over a year.
Image

Mitch
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Postby Mitch » Wed Nov 12, 2014 3:12 pm

cliffs wrote:Do I stand a chance on a Discover IT Chrome Student? What about an Amex BCE? Any other?

Thanks in advance


AVOID AMEX LIKE THE PLAGUE. I CAN PRACTIALLY GURANTUEE YOU, you won't get approved with them. It's not worth the Ding.

Fill out a application for a discover it card (for students) and double triple check, it's a student chrome card before applying (it's easy to apply for a regular card, if your not paying attention).

You won't get approved instantly (more than likely), but they'll send you a email asking for more documents. I'd say you have a really good chance of actually getting approved. I'm serious, if they approved me, I have a good feeling you'll get one :P
----------------------------------------------------------------------------------------------------
Discover It $500 10/14. Capital One QS Visa $300 02/15, formerly Journey Visa Plat. 11/14.

popamode72
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Postby popamode72 » Wed Nov 12, 2014 4:34 pm

Mitch wrote:AVOID AMEX LIKE THE PLAGUE. I CAN PRACTIALLY GURANTUEE YOU, you won't get approved with them. It's not worth the Ding.

Fill out a application for a discover it card (for students) and double triple check, it's a student chrome card before applying (it's easy to apply for a regular card, if your not paying attention).

You won't get approved instantly (more than likely), but they'll send you a email asking for more documents. I'd say you have a really good chance of actually getting approved. I'm serious, if they approved me, I have a good feeling you'll get one :P


I think the fact that he has 8 months of credit history would make a big difference in his case. We just need to know what his EX FICO is. I got in with Amex with 9 months of history.
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)



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