[Newbie] Student + Credit Card...you get the idea

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MR.SVT
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[Newbie] Student + Credit Card...you get the idea

Postby MR.SVT » Thu Jan 24, 2013 6:54 pm

Hi guys. Im currently a fulltime college student (18yo) and am looking to start building my credit. Ive been wanting to apply for my first credit card for a while now, but it seems that I can never hit the "Continue" or "Submit" button after filling out the application, solely out of fear of being denied. Its not the denial on my credit report that I am afraid of, I just dont know if I am applying for the right card. So far Ive been looking at the Citi Forward, Citi Dividend Platinum Select for Students, and TD Bank Cash Rewards. I really dont want to do a secured card, if I can prevent it.

Like I stated earlier, Im a full time student but am self employed doing side jobs (buying/fixing/selling cars mainly) and make roughly $15k a year. I currently have no loans and no monthly rent or anything of that nature. I really only plan on using the credit card for a tank of gas or some food every month and pay the bill in full, just to start somewhere with my credit so a credit limit of say, $500, is more than enough.

If anyone could point me in the right direction for a card in which to apply - with high hopes and good chances of getting approved - I would greatly appreciate it.


darkguy2
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Postby darkguy2 » Fri Jan 25, 2013 2:22 pm

I would try for the Discover IT for Students card. I just applied there for my first card with $7.5k in income and got approved with a $1,500 limit. I also had a FICO score of 739 so that helped a lot. Have you checked your credit recently?
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)

FutureBillionaire
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Postby FutureBillionaire » Fri Jan 25, 2013 3:05 pm

darkguy2 wrote:I would try for the Discover IT for Students card. I just applied there for my first card with $7.5k in income and got approved with a $1,500 limit. I also had a FICO score of 739 so that helped a lot. Have you checked your credit recently?


The Citi Forward Student card is also a good option.
Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape

MisakaMikoto
 
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Postby MisakaMikoto » Fri Jan 25, 2013 4:02 pm

I was in the exact same situation a month ago. I am a 19yo college student, i have no income whatsoever except what i receive in financial aid.

What i ended up doing was to take what i had left in financial aid which was around 3k and opened a bank account at my local Citibank the guy helping me out told me that because i was depositing a relatively large chunk of money that i may qualify for a credit card based on that fact alone. He told me that they would probably run my credit first and deny my application but he told me that he could put in a re application stating my college student status and good amount of financial aid.

Sure enough a couple weeks later i got a letter telling me my credit card application was denied; a day later another letter arrived stating that i was approved with my new Citi Forward card inside along with a bunch of information.

I ended up getting a $500 limit which is fine for me, like you i am only really going to use it for gas, food, and a couple of small bills. i also qualified for a bunch of promotions for extra reward points and stuff.

Just a month into my first credit card and i just received a 6000 thank you point bonus which is enough for a $50 dollar gift card :)

PS. To sum it up based on my own experience i would go to a local or Big bank and see if they can help you Definitely Recommend Citibank and their Citi Reward Card of course

MR.SVT
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Postby MR.SVT » Fri Jan 25, 2013 5:02 pm

darkguy2 wrote:I would try for the Discover IT for Students card. I just applied there for my first card with $7.5k in income and got approved with a $1,500 limit. I also had a FICO score of 739 so that helped a lot. Have you checked your credit recently?


No sir, I have not. I probably should check it out, just not sure where to order a report from, will look into it. Just to clarify, do you mean check my report, or my score?

sakhalin
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Postby sakhalin » Mon Jan 28, 2013 3:07 am

MR.SVT wrote:No sir, I have not. I probably should check it out, just not sure where to order a report from, will look into it. Just to clarify, do you mean check my report, or my score?

Since you want to "start building" your credit, I'm assuming you don't have any credit history? You say you have no loans and no credit card, so chances are you won't even have a report to look at lol

I've read that some people have been denied for the Citi Forward and Discover IT (student versions) for having no credit history, but I've also read that people have been approved with no history, so anything goes, I guess. Oh, and I definitely recommend the Citi Forward over the Dividend based on your spending patterns. The Dividend's rotating categories have been pretty underwhelming in comparison to the categories from Discover and Chase.

In the case that you get denied for either the Forward or IT for having no credit history, I recommend applying for a basic, non-rewards student card. Which bank and/or credit union do you use? I got my first credit card when I was 18 with Bank of America. Crappy bank, boring card but hey, I used it responsibly and have an excellent credit score along with three more great cards!
AMEX BCE ($20,000), Citi Forward ($6,800), Discover IT ($5,250), BoA Travel Rewards ($1,800)

DavidNY
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Postby DavidNY » Mon Jan 28, 2013 8:35 am

You might want to check out the Sallie Mae card, which gives 5% off at bookstores up to $750/month (including Amazon).



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