Credit card with at least a $2,000 limit for first timer?

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Kreeker
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Credit card with at least a $2,000 limit for first timer?

Postby Kreeker » Mon Mar 26, 2012 12:51 pm

I applied for a Chase Freedom card around 5 months ago, and was denied for too much outstanding debt. This was due to my name being on one of my Moms' card. My name is now off the card.

I am a 22 year old with an off the books part time job still looking for an electrical engineering job in the defense industry. I also have around $7k in student loans which I had to start paying off at the beginning of this year, and have been making 2x the required payment each month. I have $2.2k in my bank account. I do not know my credit score because I don't want to hurt my chances even more by dinging it.

My question is, should I try the Chase Freedom again? or go for a lower end card? I would really like a card with at least a $2k-3k limit so when I do finally get a job in the coming months, I can buy a 5D mark II.

Thanks,
Dan


Kreeker
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Postby Kreeker » Mon Mar 26, 2012 3:57 pm

I didn't see an option to edit my post so I'll just make a new post.

I completed the myFico Fico Score Estimator and it came up with a range of 675-725 based on my answers to the questions.

Crashem
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Postby Crashem » Mon Mar 26, 2012 8:44 pm

No one will know until you get more details on your current credit.

Go get your credit report yourself with no fear. It does not hurt your credit when you get the report for yourself. Only when you apply for credit, will it hurt your credit.

Use the free annual credit report that the government mandates (beware of fake websites). Go to creditkarma.com and creditseasame.com to get a FAKO score based off of TransUnion and Experian (respectively), but if you want real FICO score get one from myfico, but no need to buy more than one.

Once we know what your report looks like, we should be able to help you with better advice with what cards to apply for. Applying for cards that you get denied will just hurt your credit with no benefits.
Amex Centurion, Amex Platinum, Amex BCP 8k->24k (5/23/12), Amex TE 15k, Cap One 1.5% 15k->20k (8/7/13), CSP 25k, Chase Palladium 100k, Citibank AA 35k (AU), Firestone 1.8k->2.2k->2.4k (8/20/12), JFCU Jloc 30k, PenFed Plat Rewards 30k, SF Fire 30k, US Bank Cash+ 25k

Kreeker
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Postby Kreeker » Mon Mar 26, 2012 9:18 pm

Thanks for you reply.

I actually figured out on my own earlier that running my own report would not hurt me, so I did and let me tell you I found some crazy stuff...

First, I found out that I was on another one of my mom's cards (AMEX).

Second, the Visa that I was taken off is still listed on all 3 credit reports.

Third, on my TransUnion report and my Equifax report, the American Express card is listed 2 times due to the loss of the card, and a new number being issued.

I was able to contact Chase tonight about the issue, and the woman said she was going to submit a request for review, and I would receive my updated within 15 days. When I was talking to her, I was looking at my Experian report and didn't specifically tell her that the Chase card was still listed on all three. I nevered asked her if it was just for Experian... Is it possible for someone at Chase to submit a "global" request for review from all 3 reporting agencies? or did she probably just submit it for Experian?

Money card
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Postby Money card » Mon Mar 26, 2012 10:56 pm

Absolutely not. You are 22 with a part time job. You are not Stephen Stamkos, Patrick Kane, Derek Jeter or Donald Trump.

I want an American Airlines American Express green corporate card, you know what since I don't travel on business, I'm not a high up employee. My green personal American express card works good for me , by the way I'm 45.

How about this suggestion, do you have a favorite store to shop at like sears, Kohls, Gap, you can try for their charge card. Not the visa or mastercard version it's harder to get. You can also try a gas card like Exxon/Mobil, Sunoco, Shell, Citgo, BP but not the visa version.

if this doesn't work you can try Orchard, how does 500 credit limit sound too you? this is a card for people who are just starting out like you.

I know you want a Freedom card, I'm sure people who just got rid of there bankruptcy would love to have a American Express Starwood Preferred Guest, Discover open road, but they would settle for a store card to rebuild there credit.

Crashem
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Postby Crashem » Mon Mar 26, 2012 11:54 pm

Understand where your credit is at and be honest with yourself about your self constraints. But don't limit yourself as Money Card is suggesting. Having access to the best credit products offer a tool for the financially wise individual. At the same time, I agree with him about the Freedom card but my reasoning is not to waste inquiries which lower your credit score on cards you are not likely to get.
Amex Centurion, Amex Platinum, Amex BCP 8k->24k (5/23/12), Amex TE 15k, Cap One 1.5% 15k->20k (8/7/13), CSP 25k, Chase Palladium 100k, Citibank AA 35k (AU), Firestone 1.8k->2.2k->2.4k (8/20/12), JFCU Jloc 30k, PenFed Plat Rewards 30k, SF Fire 30k, US Bank Cash+ 25k

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Postby Kreeker » Tue Mar 27, 2012 12:58 am

I think you are both right. My sights are set too high.

Do you think a Capitol One Platinum would be a reasonable card for me to apply for one I remove the authorized user entries on my credit reports?

Crashem
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Postby Crashem » Tue Mar 27, 2012 7:19 pm

Kreeker,

You still didn't give us any details on your credit. No one can give you any reasonable answer you without any of those details. First off, what credit score are you showing (FAKO or FICO). Are there any negatives etc.? How many accounts etc.? Staying on your mom's AMEX isn't the worse idea if there are no negatives to it. Finally, you might want to consider an AMEX at some point because you would inherit your original member date (the year you first were added to your mom's AMEX which should be on your credit report. let us know what year it is reporting) and therefore help your AAoA.
Amex Centurion, Amex Platinum, Amex BCP 8k->24k (5/23/12), Amex TE 15k, Cap One 1.5% 15k->20k (8/7/13), CSP 25k, Chase Palladium 100k, Citibank AA 35k (AU), Firestone 1.8k->2.2k->2.4k (8/20/12), JFCU Jloc 30k, PenFed Plat Rewards 30k, SF Fire 30k, US Bank Cash+ 25k

Crashem
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Postby Crashem » Tue Mar 27, 2012 7:21 pm

Also, the denial letter from Chase should have your real FICO score on it. Can you give us that and the denial reasons exactly?
Amex Centurion, Amex Platinum, Amex BCP 8k->24k (5/23/12), Amex TE 15k, Cap One 1.5% 15k->20k (8/7/13), CSP 25k, Chase Palladium 100k, Citibank AA 35k (AU), Firestone 1.8k->2.2k->2.4k (8/20/12), JFCU Jloc 30k, PenFed Plat Rewards 30k, SF Fire 30k, US Bank Cash+ 25k

Money card
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Postby Money card » Tue Mar 27, 2012 10:04 pm

Kreeker I'm right. Crashem this person is 22 years old with a part time job. Forget about suggesting American Express. Their credit report is probably empty except for maybe a student card or student loans, there mom's American Express and that Visa.

When suggesting somebody to get a credit card, you have to know the situation. For a 22 year old with a part-time job, American Express is not the answer. Gap, Sears, Sunoco, Keybank, cards from these types of places would be a step in the right direction.



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