I posted it on myFICO forum too, got some answer but wanted to hear from you guys too! Before starting.. I have A LOT of questions addressed on this thread
I'm turning 20 soon, normal college student who gets 2k grants each quarter.
I applied credit card on local CU with 1k CL on September and got denied (no credit history)
Then applied to Citibank student credit card one day after denial and got denied (because of hard inquiry from CU)
Then applied to BOA secured card this month and got approved with $300 CL!
Got some questions about this.
1. Since my credit limit is $300 per month, I need to maintain spending under $100 per month correct? (Never gonna carry balance I will pay full each month, I searched, but answer was vary. People are saying that I can spend 10%-30%-90% of my credit limit, can someone clarify for me please?)
2. I heard there's 1-2-3 reward card for secured card, how do I apply & any disadvantage by applying it? (Heard I can expedite process or something, Am I correct?)
3. When I am sending payment, is it better to send payment more than one time per month? (let say I spent $60, pay $20*3days) Any suggestion on payment to boost my credit score or graduate from secured card early?
4. How long does it take to graduate from secured card to unsecured card? (Heard normally from 9 months to 1 year.. any other thoughts?)
5. I'm planning to purchase airline ticket (1.3k) around March. Any suggestion for me in this case? just purchase with debit card?
6. Which card should I apply after graduating
7. Do you recommend applying for credit card while I have secured card? Any suggestion on credit card? (Discover it, BankAmericard Travel Rewards for Students looks good) my spending habits are; I do not carry balance, pay full every month. spend 1.3k on airfare each year, approx $150 spending per month. I stay stay oversea for 2 month each year.
8. Any other advise for me?
so excited to use first credit card!
Thank you very much in advance!
Better Balance Reward- $1,500 (01/13)Discover
It for Student- $1,700 (04/13)Capital One
QuickSilver- $500 (05/13)Chase
Amazon Rewards Visa Card- $700 (10/13)Citi
Forward for Student- $2,400 (10/13)Amex
BCE- $2,000 (10/13)
TransUnion - 722 |
Experian - 709 |
Card Acquisition Risk Score(Chase) - 710
Credit Karma - 715
(Future card: Chase Sapphire or preferred)
* Gardening till summer of 2014! * too many inquiries