Best "premium" credit card for 20 year old student?

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jaredc91
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Best "premium" credit card for 20 year old student?

Postby jaredc91 » Sun Jun 17, 2012 3:10 pm

I just want some advice on what to do. I'm a 20 year old college student and I have a Discover with a $1000 limit that I've had for almost a year. My credit score varies from 689 and 700 depending on which bureau. The only thing negative on my history is between 3 and 5 hard inquiries from my dumb attempts at getting a card that's out of my reach.

I'd like to know my chances of being approved for an Amex Blue Cash or Gold and another "premium" card like Chase Sapphire. I'd like to have an Amex, Visa, and a Discover in my wallet. A cosigner may be an option for me but only if that would guarantee me one of these cards. I know that Amex and many other banks don't allow cosigners.

Also, if I were added as an Authorized User on my parents Amex... would that help my credit score and chances for getting my own amex??

Thanks for any help and I love the forums.


bmw1990Z
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Postby bmw1990Z » Sun Jun 17, 2012 9:23 pm

I did research before applying for the gold delta amex (arguably one of the easier amex's to obtain) and many in that range get approved. From the info given, I think the only downside would be your inquiries. Also, it has a great signup bonus and its a top rated airline card.
Cards in my wallet:
-Citi Forward Card for College Students-July 2011
-American Express Platinum Delta Skymiles--July 2013

NYC_Dweller
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Postby NYC_Dweller » Sun Jun 17, 2012 10:31 pm

since you are a college student why don't you look into college cards?

bmw1990Z
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Postby bmw1990Z » Mon Jun 18, 2012 7:11 am

Thats true, I got a college card for a year and paid the balance off each month before applying for Amex. It worked because my score went from 700 to 750 in 12 months! Even though you still likely will have things listed on your FICO score about having a thin file
Cards in my wallet:

-Citi Forward Card for College Students-July 2011

-American Express Platinum Delta Skymiles--July 2013

jaredc91
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Postby jaredc91 » Mon Jun 18, 2012 8:53 am

I'll consider the Gold Delta Amex.

The reason that I don't particularly want a "college" card is that with the exception of the Capital one Journey, the rewards programs are poor on all but the Discover cards but I already have a Discover. Also, I didn't want to open a card just for the purpose of obtaining credit just to close it when I qualify for something better. It looks like I may have to do that.

Will doing that hurt my credit score much??

DavidNY
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Postby DavidNY » Mon Jun 18, 2012 11:09 am

Did you get that Discover without a co-signer? I heard things changed a bit with the new CC regs.

jaredc91
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Postby jaredc91 » Mon Jun 18, 2012 11:16 am

I'll make sure to look into the gold skymiles.
I wanted non-college cards because I don't want to have to open an account just for the sake of getting credit to apply for a better card only to close the college card later. I assume that's how it would have to work?

If I become an authorized user on my parents card with a limit of around 25k will that affect my score and chances of getting another card of my own?? Would it be better to be on their BofA Visa or Amex or both??

Yes, ,things have definitely changed with the new regs. Now its difficult for me to get credit despite my being well above the median CS for my age. I was lucky to get the Discover without a cosigner.

jaredc91
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Postby jaredc91 » Mon Jun 18, 2012 1:10 pm

Sorry... I didn't realize the posts were delayed. I thought I had forgotten to submit but it just had to be reviewed.



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