I'm a college student looking to get my first card

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darkguy2
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I'm a college student looking to get my first card

Postby darkguy2 » Thu Jan 24, 2013 1:00 am

Hi I am new to the site and am looking to get my first CC. I am currently a Junior in college and make about $15K/year. My FICO score according to Equifax is 739. I have several federal loans and also a private student loan in the form of a line of credit with a limit of $55k but that is a guaranteed one as my father, who has excellent credit, co-signed.

One bad thing was that when I was younger I stupidly signed up for a store credit card for some jeweler since some hot chick said she would be fired if she did not get someone to fill it out. I was naive to think that it would not adversely affect me. I did not get approved, as I knew I wouldn't, but the inquiry is on my credit report just over 1.5 years ago. I do not know if this will hurt me as it drops off after 2 years. Another thing is that I get a loan to completely pay for my apartment so that does not come away from the money I make but that is not something I can put on the online form.

I am in need to buy a new computer and will be spending around $1k on it. I have the cash to buy it but I would like to use a CC to get the rewards and also to start to build my credit history. I was hoping to get the Chase Freedom since it has the 15 month 0% and the $100 cash back along with the 5% back I can get from day to day expenses.

So what are my chances of getting it and if I do what should I expect for the limit? I know that most people who do not have much of a history usually get around $500 but as I said before I need around $1k to pay for the computer. My father is very hesitant in supporting me in getting a CC. He had a very bad history with them and ran into a lot of debt when he was younger and had to work hard to get his credit to where it is today. Thanks for any advice provided.
Discover IT - $5,700
Chase Freedom - $5,700
Costco Citi - $13,000
Sallie Mae - $4,000
Chase Sapphire Preferred - $6,000
Chase Sapphire Reserve - $19,500
Citi Double Cash - $6,500
Amex BCE - $13,000

FICOs: Discover (777), SallieMae (764), Amex (767), Citi (772)
FAKOs: CK- TU (760), EQ (760)


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Calipso
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Postby Calipso » Thu Jan 24, 2013 2:47 pm

One inquiry isn't going to hurt you. A bunch more certainly would.

Why not try for the Citi Forward Student Card? Definitely good for beginners.

Citi always extended credit to me when I was younger and had negatives on my reports. Their cards don't have the best rewards, but you need to get your foot in the door somewhere.
My Limits:
NFCU NavCheck: $15,000/NFCU Platinum: $11,500/NFCU nRewards: $8,000
Chase Freedom: $6,500/Chase Slate: $6,000/CSP: $5,000/Marriott Rewards Primier: $5,000/United MileagePlus Explorer: $5,000/Southwest Primier: $3,000
Citi Hilton HHonors: $9,700/Citi Simplicity: $8,200/Citi Forward: $5,500
AMEX Blue Cash Everyday: $8,000/SPG AMEX: $5,000/AMEX Everyday: $5,000/AMEX Delta Skymiles Platinum: $3,400
Discover IT: $7,700
Barclay's NFL Extra Points (Carolina Panthers): $5,000
DCU Platinum: $3,000
RTN FCU CC: $2,000
CCCU Platinum Rewards Visa: $2,000

Current total limit: $129,500

darkguy2
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Postby darkguy2 » Thu Jan 24, 2013 2:57 pm

So so you think that I would not be able to get the Freedom card? I know that my score is higher than most but my AAoA is around 1.5 years. Also I would need at least $1k for a limit for me to really consider getting the card as that is the main reason for getting one. Can I get this on a student card? I really would like to get the Freedom if I can since it has much better rewards along with the $100 cash back that I would get.

Also a question I have about the part of the application that asks for the amount you make and the rent you pay. Since I pay all of my rent using student aid should I put $0 or the actual amount that is paid?
Discover IT - $5,700
Chase Freedom - $5,700
Costco Citi - $13,000
Sallie Mae - $4,000
Chase Sapphire Preferred - $6,000
Chase Sapphire Reserve - $19,500
Citi Double Cash - $6,500
Amex BCE - $13,000

FICOs: Discover (777), SallieMae (764), Amex (767), Citi (772)
FAKOs: CK- TU (760), EQ (760)

sakhalin
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Postby sakhalin » Thu Jan 24, 2013 4:23 pm

darkguy2 wrote:One bad thing was that when I was younger I stupidly signed up for a store credit card for some jeweler since some hot chick said she would be fired if she did not get someone to fill it out.

lol!

Like Calipso has said, that inquiry from awhile back will not hurt you at all. Since it was 1.5 years ago, that inquiry no longer factors into your FICO score, and it will fall off your report completely in 6 months (or less).

You have a great FICO score from EQ right now, with your loans in good standing. However, since you don't have any revolving (ie CC) credit history, the Chase Freedom may not be attainable in your standing (although I have heard of people getting approved for the Freedom with thin files with a $500 limit, but YMMV). The good news is that you're a student, and there are a lot of student cards that you can apply for. You will probably get approved for them with your great FICO. As mentioned, you could try the Citi Forward for students. It's a very popular cards that gives you points for restaurants, Amazon.com, bars, etc. You could also try the Discover IT for students; it's the Discover version of Freedom. But Discover has ShopDiscover (which gives you 5% to 20% cashback). Discover seems to be stingy with initial starting CLs. I applied for the Citi Forward student with a $15k income and they gave me $3300 (but I already had a revolving credit history).
AMEX BCE ($20,000), Citi Forward ($6,800), Discover IT ($5,250), BoA Travel Rewards ($1,800)

darkguy2
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Postby darkguy2 » Thu Jan 24, 2013 4:35 pm

Would my loan that is a line of credit help? It is listed under the revolving credit section on my report. I may just take your guys advice and start off with a student card. I just hope I get the $1k limit that I need.
Discover IT - $5,700
Chase Freedom - $5,700
Costco Citi - $13,000
Sallie Mae - $4,000
Chase Sapphire Preferred - $6,000
Chase Sapphire Reserve - $19,500
Citi Double Cash - $6,500
Amex BCE - $13,000

FICOs: Discover (777), SallieMae (764), Amex (767), Citi (772)
FAKOs: CK- TU (760), EQ (760)

MemberSince99
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Postby MemberSince99 » Thu Jan 24, 2013 7:27 pm

Boy you guys must not be on MyFico, they'd be howling that a single inquiry in 2 years is a crime against all humanity that should be brought before the UN!

You should see how many I have, now that is getting close to what the boys at FICO would say.

Citi or Discover offer student cards, BofA might be one to try as well.

Sevenfeet
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Postby Sevenfeet » Thu Jan 24, 2013 9:57 pm

Both my wife and I have a total of 9 hard inquiries on our Equifax credit report right now (and 4 on TU and EX), mainly because we were in the market for a car in the late spring of 2011. Multiple hards for a single large durable good like a car or a home is not supposed to count badly against you since you are expected to shop around for these items and indeed, it doesn't seem to have. My Equifax number stands at 751 and those inquiries should be off by June.

A single hard inquiry made 18 months ago is pretty harmless in the grand scheme of things.
Cards:
American Express Platinum (NPSL)
Penfed Platinum Reward Visa ($28K)
Chase Freedom Visa ($25K)
Fidelity American Express ($20K)
American Express Blue Cash Preferred ($20K)
Bank of America Cash Rewards MasterCard ($20K)
Citi Thank You Preferred Visa ($9.5K)
Chase Sapphire Preferred ($7.5K)
US Bank Cash + Visa Signature ($7K)
Discover IT ($4K)

darkguy2
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Postby darkguy2 » Thu Jan 24, 2013 10:55 pm

Just a update on what I ended up doing. I actually over estimated my income as when I actually went to look at my pay stubs it was around $7500. I decided to go for the Discover IT for Student card. After talking to someone on the phone after applying online I was approved! I have a limit of $1500! Thanks for all of the advice as I am sure that if I did try to go for the Freedom I would not have gotten it. I am going to work on building my credit up.
Discover IT - $5,700
Chase Freedom - $5,700
Costco Citi - $13,000
Sallie Mae - $4,000
Chase Sapphire Preferred - $6,000
Chase Sapphire Reserve - $19,500
Citi Double Cash - $6,500
Amex BCE - $13,000

FICOs: Discover (777), SallieMae (764), Amex (767), Citi (772)
FAKOs: CK- TU (760), EQ (760)

silver6054
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Postby silver6054 » Thu Jan 24, 2013 11:06 pm

MemberSince99 wrote:Boy you guys must not be on MyFico, they'd be howling that a single inquiry in 2 years is a crime against all humanity that should be brought before the UN!

You should see how many I have, now that is getting close to what the boys at FICO would say.

Citi or Discover offer student cards, BofA might be one to try as well.


I guess you haven't been on myFico recently! One poster just found out that he has 85 inqs on ONE bureau. He has about 8-10 cards but keeps trying. And yes, the general response was that that was quite a lot, but it's sort of hard to disagree.



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