Start out simple or take a shot at a prime card?

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Vermonster
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Start out simple or take a shot at a prime card?

Postby Vermonster » Tue Oct 02, 2012 9:45 am

Hello,

I've been lurking the past few weeks and have learned a ton about credit cards. They used to scare me but I'm now seeing the advantages. So a little about myself. I'm 24 living with my girlfriend (same age). I will be attending school in January so until then I am unemplayed/almost employed. My girlfriend is currently making about $2,600 a month and in another 2 months will jump to $50k+ (temp to hire). We are living primarily off of her income, with a little residual income from my summer job.

My Credit scores:
695 Transrisk (CreditKarma)
688 Vantage (CreditKarma)
717 Experian (Credit Sesame)
I also got a credit report from TU showing a lot of student loans all paid on time, some paid off.

I have about 15% utilization on a Kohls/cap one card with $1,500 CL. This is my mom's card that I'm an AU on.

My AAoA is 4.5 years, oldest being 8.

I have no baddies, 1 hard pull (apartment agency) and about $10k in student loans left.

I have grossed about $8k this year in income and expect a conservative $2k more by the end of the year.

From all of the great advice I've see you guys give other people I think I have two options. the first is apply for a card from my bank (TD Bank). It's nothing flashy but would probably help build my credit very fast. The other option is apply for a more prime card. I was mainly looking at the Chase Freedom. Other people, in similar situations, have said they were approved for the Freedom with a high CL. I'm just not sure if it's worth taking the risk on a hard pull.

The card will only be used for groceries, gas and utilities. We just find it hard to pay rent and utilities all with the same paycheck, so it would be nice to space them out a bit. Plus we plan on keeping a $0 balance. I mainly want a card to start building credit because in the next 2 years I'll need to pay for a masters and a new car.

Today I'm going in to talk about getting a card at my bank. I'm just curious what the good looking people of this forum think (yes that is me brown nosing).

Thank you.
Chase Freedom $9k~~Chase Sapphire Preferred $6.5k~~Amex Blue Cash Preferred $12.4k~~Citi Double Cash $4.7k


Money card
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Postby Money card » Wed Oct 03, 2012 10:20 pm

I Happen to think getting a TD bank credit card is a great idea. talking to your your local branch mgr about a credit card, where you
bank is a great idea. both are solid ideas. I wish you the best of luck.
by the way I see you live in New Jersey do you and your girl friend shop at Garden state plaza or paramous park ?

Vermonster
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Postby Vermonster » Thu Oct 04, 2012 8:45 am

Well after talking to the woman at Chase I decided to open a checking account with them and take a shot at the Freedom. I figured I could always recon and beg for a small CL, or app at TD. We finished the app and she started explaining how it will take 7-10 days for an approval then another few for the card. When she went to print out the app, there was a message saying I was instantly approved with a $2,700 CL. I couldn't believe it. She even called to have the card expedited so I can have it before my trip next weekend.

I have to say I have been impressed with the CS at TD Bank, but if this was any indication as to how Chase will treat me, I might just be moving all my money.


@Money card
I've shopped there only once. Mostly for Ikea. :rolleyes:
Chase Freedom $9k~~Chase Sapphire Preferred $6.5k~~Amex Blue Cash Preferred $12.4k~~Citi Double Cash $4.7k

Daniel
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Postby Daniel » Thu Oct 04, 2012 3:48 pm

I agree that grabbing a card from your local bank would be a great idea. It may be easier to get a card from your local bank due to your income, or lack thereof. Many card issuers want employment/income in addition to the proper credit history when they issue cards. It used to be that you could report your household income on this portion of the card, however, due to consumer protection credit related regulation, this is no longer allowed. You are only allowed to claim your own income as a basis for repaying the debt. This is in an effort to reduce the risk of a non employed person in a relationship getting themselves into debt trouble and ruining their credit for some time.

What I have found personally, is that the application process seems to be much simpler at banks where I have deposits in an account. They appear to apply weight to your accounts at the institution in the application scoring process.

Does anyone else have a similar experience?

DavidNY
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Postby DavidNY » Thu Oct 04, 2012 4:26 pm

I think you're ready for either card you mentioned. Good luck.

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Victorleo
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Postby Victorleo » Fri Oct 05, 2012 1:58 pm

J. P. Morgan Select Visa signature. Go big or go home.

Vermonster
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Postby Vermonster » Fri Oct 05, 2012 11:39 pm

Victorleo wrote:J. P. Morgan Select Visa signature. Go big or go home.


Hahahah. It would clash with my other cards though.

So I actually got my Freedom today (read my post above to catchup). Just out of curiosity, do you guys tap or swipe to pay?
Chase Freedom $9k~~Chase Sapphire Preferred $6.5k~~Amex Blue Cash Preferred $12.4k~~Citi Double Cash $4.7k



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