I'm a student with no credit history

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ac2021
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I'm a student with no credit history

Postby ac2021 » Fri Aug 17, 2012 1:07 pm

Hello everyone, I need some advice. I've been lurking around the forums for quite a while, but I would really appreciate some help specific to me.

I am a college freshman and about to turn 19. I am currently an authorized user on my parents Amex, but have no credit card of my own. I currently work part time at a bookstore and make about 6-7 thousand dollars a year. I was wondering how I should start building history and getting credit?


432521
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Postby 432521 » Fri Aug 17, 2012 4:15 pm

if you have a checking account I would say to get a student credit card with that same bank, that is how I started
March 2011- Wellsfargo Cash Back College Card
May 2012- Chase Freedom
May 2012- Discover IT
August 2012- American Express Blue Cash Everyday

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t528491
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Postby t528491 » Fri Aug 17, 2012 4:20 pm

Welcome to the forums!

Depending on how long you've been on your parents' Amex, you may be able to get a lower tier unsecured card. Even though I'm not a huge fan of Capital One, their Cash Rewards for Newcomers would probably be a good fit for you. It's primarily designed for those new to the US, but it can also build credit for US citizens who have a limited credit history.
[size=80]
02/12 Authorized user on Chase Freedom ($5000)
08/12 Discover It ($1500)
08/12 American Express Zync (NPSL)
12/12 NFL Visa ($500)[/size]

[size=60]Future cards:
Citi Forward for Students 6/13
American Express Blue Cash Everyday 1/14
Sallie Mae World Mastercard 2014
Chase Freedom 2014
Penfed Platinum Rewards Card 2015[/size]

ac2021
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Postby ac2021 » Fri Aug 17, 2012 4:36 pm

I have been thinking about going to my bank to get a credit card with them. I'm still worried about getting my application denied, even though I know there is no guarantee.

Also, there Amex is a gold charge card if that changes anything.

Centium
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Postby Centium » Fri Aug 17, 2012 7:55 pm

ac2021 wrote:Hello everyone, I need some advice. I've been lurking around the forums for quite a while, but I would really appreciate some help specific to me.

I am a college freshman and about to turn 19. I am currently an authorized user on my parents Amex, but have no credit card of my own. I currently work part time at a bookstore and make about 6-7 thousand dollars a year. I was wondering how I should start building history and getting credit?


Hello. If you have no inquiries on your credit report, apply for the Citi Forward Student Visa Card (make sure you apply for the student one and not the regular one). I just helped a family member in your exact situation (same income too) and Citi approved them for a Student Forward with a $1k limit. (Originally denied due to an inquiry, but I called and got them to approve it). If they deny you for that same reason, PM me and I'll give you the exact number to call.
Amex Zync - NPSL (since 06/2012)
Kohl's - $700 (since 05/2010)
Dell Preferred Account - $2,500 (since 03/2009)
Citi Dividend World Elite Mastercard - $10,000 (since 11/2007)

ac2021
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Postby ac2021 » Fri Aug 17, 2012 8:13 pm

Centium wrote:Hello. If you have no inquiries on your credit report, apply for the Citi Forward Student Visa Card (make sure you apply for the student one and not the regular one). I just helped a family member in your exact situation (same income too) and Citi approved them for a Student Forward with a $1k limit. (Originally denied due to an inquiry, but I called and got them to approve it). If they deny you for that same reason, PM me and I'll give you the exact number to call.


Thank you so much. I will let you know how it goes. Another unrelated question, I am currently staying at my college. Could I set my address as my parents house, but have my card sent to my school? Sorry if that isn't something you know...just a thought.

Crashem
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Postby Crashem » Sat Aug 18, 2012 12:24 am

Do not go for cap one for new comers. Cap one has better student card. Assuming blank file and income, easiest to get are cap one for students and wells fargomfor students (if you have account with them and apply in branch). Local credit unions also might similar programs. Once you have one or both cards for 6 months and positive history, go for student cards from Citibank and discover. As previous poster mentioned Citibank might be available right away if by recon. Personally I would avoid that chance as with 6 months history, Citibank student card is shoe in. In six more months, go for Amex zync. Great set of cards for rest of college. Might trade out zync for no af revolver from Amex after 6 months to year with zync. In any case, with set of those 5 cards and now 3-4 years history, you will come out of college with credit score solidly in 700s. With new job/salary, pretty much get whatever cards you want and best rates for things like auto loans etc.
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

ac2021
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Postby ac2021 » Sat Aug 18, 2012 10:45 am

Just an update.

I applied for the Citi Forward for College Students last night. They said they would give me a decision in a week so this morning I called them. They said that they were sending me an SSA-89 to fill out and send back and that after that they would give me a decision within a week. Any insight or advice about that?

Gothicmoocow
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Postby Gothicmoocow » Sun Aug 19, 2012 9:42 pm

They couldnt pull "anything" since you have no score. So I assume its their way of double checking your social security number and to make sure you are who you say you are that and that you indeed have no credit history. (Lame system but it still counts as a hard hit)
Anyway I always suggest getting more than one student card*Use them WISELY*
If you have a US bank try there. Also Capital one is pretty easy to get approved if they have a student card snatch one.

Centium
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Postby Centium » Sun Aug 19, 2012 11:32 pm

ac2021 wrote:Just an update.

I applied for the Citi Forward for College Students last night. They said they would give me a decision in a week so this morning I called them. They said that they were sending me an SSA-89 to fill out and send back and that after that they would give me a decision within a week. Any insight or advice about that?


I believe they are just verifying your social security #. Keep us updated on what happens after you send it in. If they do deny, I'll give you the correct number to recon, like I said before.
Amex Zync - NPSL (since 06/2012)
Kohl's - $700 (since 05/2010)
Dell Preferred Account - $2,500 (since 03/2009)
Citi Dividend World Elite Mastercard - $10,000 (since 11/2007)



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