Good card for a 719 credit score and full-time student?

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cheaty
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Good card for a 719 credit score and full-time student?

Postby cheaty » Wed May 23, 2012 3:14 am

Hi everybody,

I'm a 21 year old full-time college student looking to get a credit card. One year ago my mother got a Chase Slate and put me as an Authorized User (the card has an $8500 CL). She didn't use the card at all. Only I used it and I would give her the money for the bill each time. However, we're starting to think that it might be time to get my own card so I can pay the bill directly myself.

My FICO credit score is 719 currently. I pay the bills for the Slate on time each month and have no balance on the card. I have a $15000 federal student loan.

I'm looking for a credit card with cash back or rewards. I was thinking of the Chase Freedom, but I'm not sure what I could really get. I'm not very knowledgeable about credit cards, so any advice would be greatly appreciated!

Thank you!


colnago
 
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Postby colnago » Thu May 24, 2012 7:11 pm

I recently got the Chase Freedom and the Discover More cards. I had a 698 score and was approved with credit limits of 3000 and 2500 respectively. Give it a shot. Unfortunately, I was denied for the AMEX Blue Cash. I have yet to call them for reconsideration but will do it soon just for the hell of it.

DavidNY
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Postby DavidNY » Thu May 24, 2012 8:58 pm

It depends what you'll use your card for.

Here are some of my favorites:

BofA Cash Rewards: 3% rewards on gas, 2% on groceries ($1500 quarterly cap).
Chase Freedom: 5% rewards in various rotating categories ($1500 quarterly cap).
Discover Open Road: 2% rewards on restaurants ($250 monthly cap).
Fidelity Investment Rewards Amex and Visa Signature: 2% and 1.5% cash back everywhere (no cap).

Crashem
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Postby Crashem » Fri May 25, 2012 12:27 am

Do you have documented income? Going to be hard to get any card without income outside of secured cards
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

cheaty
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Postby cheaty » Fri May 25, 2012 1:26 am

I don't have an income during the school year. However, I do have internships during the summer. Last summer my income was about 10k and this summer I'm predicted to make 12k. However, my internship for this summer has not yet started, so I guess it wouldn't really be documented as of right now. However, the previous summer's is documented.

Crashem
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Postby Crashem » Fri May 25, 2012 4:02 pm

I think you are good. If they ask for income you can show them last year tax return. As such I think you should go for 2 or 3 more student cards. You are good candidate for student cards, and marginal candidate for other cards. Make sure reported util is low on credit report to maximize your fico score before you apply. Lots of credit unions have student cards. Others I can think of are discover, Citibank, and capital one. Make sure any cards have no annual fee. Might think about Amex zync after you have those new cards report for 6 months are least. Getting in early with Amex gives you lots of credit tools for future. Amex zync af is low enough to be worth it. If you parents have Amex charge card, might have them add you as au instead.
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

cheaty
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Postby cheaty » Fri May 25, 2012 9:21 pm

I was thinking of applying for the Chase Freedom, Citi Forward for Students (I order from Amazon a lot and read that Amazon counts as a bookstore), and Discover More for Students. If I don't have a good chance at the Freedom, then I won't apply for it. Should I wait a certain amount of time between applying for each card or should I just apply for them all at the same time?

I really like that Amex idea though. I was looking at the Zync earlier and was very interested in it. So I will wait 6 months after I get a new card to apply.

altayar88
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Postby altayar88 » Sat May 26, 2012 1:36 am

You know I thought everything was based on accurate calculations when it comes to credit cards. I've realized that's wrong!
My score is lower than yours and I got approved for two AMEX cards ( the Blue and the Green). Also Chase Freedom. The limits aren't perfect but for me the names are enough :)

Crashem
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Postby Crashem » Sat May 26, 2012 12:10 pm

cheaty wrote:I was thinking of applying for the Chase Freedom, Citi Forward for Students (I order from Amazon a lot and read that Amazon counts as a bookstore), and Discover More for Students. If I don't have a good chance at the Freedom, then I won't apply for it. Should I wait a certain amount of time between applying for each card or should I just apply for them all at the same time?

I really like that Amex idea though. I was looking at the Zync earlier and was very interested in it. So I will wait 6 months after I get a new card to apply.


Don't apply for any non student cards right now. Apply for all the student cards on same day. Your credit file is basically empty except for that AU account. Freedom isn't hard to get, but you will likely get rejection. A little patience now will help you in the long term. Get those two student cards (might want to look at cap one too to compare. cap one will give auto cli until certain point but they pull all three credit reports). Hopefully you will get accepted for both. Use responsibly for 6 months, which means PIF.

Also, at 6 month mark, make sure you do ideal util scenario (ask if you don't know what this is) and see what your FICO score looks like which should look good. At that point, you can get next level of cards. Remember with thin file (which you will even have in 6 months), your fico score should be discounted especially with the limited income. Don't trust sites that say you will qualify with XXX Fico score as it assumes a more normal credit file. Personally, I would go for Zync, Walmart (if you shop there, but I like it for the free monthly TU08 FICO), and one credit card (freedom if you like it).

Basically this will be your card set until you graduate (maybe one or two more cards a year before your graduate if your income goes up). The Zync is great as it is charge card (which you have to pay off at end of month) but you can build your NPSL internal limit quickly. Once you get post graduation job, you can basically get almost any card you want.

Your credit goals at that point will be to quickly build your credit limits if you haven't been doing so. An AMEX revolver if you haven't gotten one, is great for that because of the frequent soft pull based CLIs.
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

cheaty
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Postby cheaty » Sat May 26, 2012 11:54 pm

Wow Crashem. Thank you so much for the advice. However, I'm not familiar with some of the terms you used, so I couldn't understand it all. I'm not sure what PIF, the ideal util scenario, TU08, and NPSL are. But thank you so much for all your help. I will apply for the Discover More and Citi Forward student when I have time during the week and put off the Freedom. As for the CapitalOne card, I will look into it. Would it be suggested to apply to all three student cards?



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