General credit questions

For just about anything you want to get off your chest about credit cards.
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zrander@gmail.com
 
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General credit questions

Postby zrander@gmail.com » Tue Jan 27, 2015 5:26 pm

Hello all i am a student. with 1700k annual income, I was approved for my first card in early DEC the discover it for students, and also a card I am a authorized on from my parents.

1. My mom maxed out the card i am a authorized user on, and my credit score dropped from 744 to 725 does that sound right. Does credit utilization include both cards on the account, meaning my authorized card and the main card on the account.

2. I am looking into a second credit card, mainly a card that will give me back the most on technology purchases, I am a film major if you were wondering.

Thanks.


samhradh
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Postby samhradh » Tue Jan 27, 2015 10:34 pm

Is that annual income supposed to be $1,700 or $17,000? If it's the former you may want to ask yourself if you really need another card and if you can resist the temptation to spend money you don't have.

1) Yes. If she doesn't pay off the balance and/or pay minimum payments every month than your credit score will suffer too.
2) Maybe you should look into a card offering high rewards at office stores. Some business cards are good for this and you don't need to own a business to apply.
Citi Forward ($10.1K), AmEx Blue Cash Everyday ($30K), Chase Freedom ($12.4K), Discover it ($5.5K), Barclaycard Arrival ($12.5K), L.L. Bean Visa ($5K). FICO 806 (TU), 812 (EQ), 806 (EX).

anre5180
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Postby anre5180 » Wed Jan 28, 2015 8:18 am

Citi has a cool Price Rewind feature. Buy what you need and submit a claim...if they find it online cheaper they will reimburse you the difference...

Break the bond with mom's CC... you are better off alone if the "maxing out" habits surface often.

Put down $500 on a Secure Credit card and use for 3 months
put down another $500 on another Secure Credit Card and use for 3 months.

90 days after that... apply for AMEX and do the 3x CLI.... there is a whole section on the forum about that.

takeshi
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Postby takeshi » Wed Jan 28, 2015 9:04 am

zrander@gmail.com wrote:Hello all i am a student. with 1700k annual income

1,700K? If you make 1,700,000 as a student then I'm on the wrong career path.

zrander@gmail.com wrote:My mom maxed out the card i am a authorized user on, and my credit score dropped from 744 to 725 does that sound right. Does credit utilization include both cards on the account, meaning my authorized card and the main card on the account.

We can't tell you that you'll get or lose X points for doing Y but if a scoring model includes accounts where you're an AU then the tradeline can certainly impact the score. Not all scoring models or creditors do so. What score are you referring to?

zrander@gmail.com wrote: I am looking into a second credit card, mainly a card that will give me back the most on technology purchases

From what I've seen secured cards rarely offer rewards. "Technology" isn't usually a rewards category either. You'll have to look around to find a best fit if it exists.

Sazzy
 
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Postby Sazzy » Sat Jan 31, 2015 8:24 pm

takeshi - I thought that too!! I gotta assume the OP means 1.7k (possibly 17k but a student?)... but you never know ;-)

OP, your score isn't terrible, so don't worry about a little drop like that - it is more than likely temporary! It'll fluctuate...

Try this for info about your credit score.

zrander
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Postby zrander » Thu Feb 05, 2015 4:34 pm

Thanks everyone.

1. So the authorized card isn't a problem anymore my father just paid of a significant amount and my utilization is 22% now,.

2. Went for double cash card and was declined, they wouldn't even take my recon into consideration, they pull your savings and mine was extremely low since i gave money to my father.

3. 2 months in discover offered me to switch to the full it card with no hard or soft pull should i do it.

samhradh
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Postby samhradh » Thu Feb 05, 2015 11:00 pm

What's the reason they gave for switching to the standard it?

Shouldn't matter either way unless at some point you want to apply for the it and get a sign-up bonus.
Citi Forward ($10.1K), AmEx Blue Cash Everyday ($30K), Chase Freedom ($12.4K), Discover it ($5.5K), Barclaycard Arrival ($12.5K), L.L. Bean Visa ($5K). FICO 806 (TU), 812 (EQ), 806 (EX).

zrander
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Postby zrander » Thu Feb 05, 2015 11:35 pm

They didn't give a reason, they sent the letter to apply to the regular it it, and i chatted them and they said you can switch to it for no pull so i think i will.

How long should i garden for, was declined twice this week even with my scores being 700 across the board.

jcarte29
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Postby jcarte29 » Tue Feb 10, 2015 4:44 pm

zrander wrote:They didn't give a reason, they sent the letter to apply to the regular it it, and i chatted them and they said you can switch to it for no pull so i think i will.

How long should i garden for, was declined twice this week even with my scores being 700 across the board.



As someone in the car business, sometimes someone 700+ with very little history or no high credit is as bad as someone who's 200 points worse but has a couple trade lines and/or other revolving accounts to at least show history for. Not all about the score.

zrander wrote:Hello all i am a student. with 1700k annual income, I was approved for my first card in early DEC the discover it for students, and also a card I am a authorized on from my parents.



As a previous poster pointed out, it would be nice if you could clarify whether you meant 1700k (I'm in the wrong business if thats the case for you at your age) or 17,000, or 1,700. The latter two (more realistic of your occupation as a student) have an impact, as you are more of a risk to a bank/financial institution.
Portfolio:
CITI Diamond Preferred $7,000 [06-16]
AMEX Platinum (Charge) [11-16]
AMEX EDay $12,000 [11-14]
Lowes Store $15,000 [4-14]
CSP VISA $6,000 [7-14]
GM MC $9,000 [9-14]
AAdvantage Red MC $10,350 [10-14]
Discover IT $4,500 [03-15]
Chase Marriott VISA $5,000 [04-15]
Cap One Quick $2,600[4-10]

zrander
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Postby zrander » Wed Feb 11, 2015 12:26 am

jcarte29 wrote:
As a previous poster pointed out, it would be nice if you could clarify whether you meant 1700k (I'm in the wrong business if thats the case for you at your age) or 17,000, or 1,700. The latter two (more realistic of your occupation as a student) have an impact, as you are more of a risk to a bank/financial institution.


yeah, its really 2100 just from my money, and 6000 or so including money i get from parents.

Discover sent me the offer after noticing my spending habits.



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