20 year old student looking for a second credit card

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8 posts
joemacgames
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20 year old student looking for a second credit card

Postby joemacgames » Thu Nov 07, 2013 11:24 am

Hello everyone, I'm 20 and am a full time student. I just got my first credit card in August, a Discover IT Student card with a 1k limit. I've been using it a lot, paying down my balance when it gets to around 30% util. and paying it down to 10-15% before the statement closes and then paying in full before it's due.

I use credit karma right now and it shows 700, but I lost my wallet a couple weeks ago so I called in and cancelled my card (ended up finding my wallet a couple days later). Well when I did that, my CK score dropped quite a bit because it counts the fact that i had to get a new card as getting a new account. It also shows my balance at that time, which was 32% utilization (middle of the statement cycle. Is this just credit karma being weird or is that accurate for my true score?

Anyways, I'd like to get another credit card and a charge card. My goal cards are the Premier Rewards Gold AMEX charge card, AMEX BCE and a Chase Sapphire Preferred My questions are:

When should I apply and in what order?

I'm a NFCU member, I've read CSP requires another high limit card and NFCU is usually generous in their CL. Should I try for them first?

I eat out quite a bit, are there any other cards besides the CSP that give good rewards for dining?

My thinking based on reading here is that I need to wait 6 months from my Discover being opened and then apply for two? I'm just not sure what the best way to go about reaching my goal cards.

This forum has been a huge help already, it's what motivated me to be responsible with my credit and get my first credit card
American Express
Premier Rewards Gold Charge Card NPSL [12/13]

Discover
Discover IT Student 1.3k [8/13]

MasterCard
NFCU GoRewards 2k [11/13]

Scores
TU: 687 EX: 680 [11/13]


joemacgames
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Posts: 14
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Location: Florida

Postby joemacgames » Fri Nov 08, 2013 10:32 pm

Some additional info:

I pulled my credit reports a month or so ago and they were all clean, aside from student loans I had one hard pull from Discover and that's it.

My income is from a part time job, about 10-12k per year.
American Express
Premier Rewards Gold Charge Card NPSL [12/13]

Discover
Discover IT Student 1.3k [8/13]

MasterCard
NFCU GoRewards 2k [11/13]

Scores
TU: 687 EX: 680 [11/13]

Midori
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Location: TX

Postby Midori » Sun Nov 10, 2013 8:06 pm

Have you popped by NFCU and had a chat? "Hi, I'm thinking of applying for a NFCU card; this is my situation; what do you think my chances are?" If they make encouraging noises, I'd definitely give it a shot.

As far as dining goes, Citi doesn't have the most stellar rewards program, but you might consider the Citi Forward for 5 points for each dollar spent on restaurants and fast food. The bad part is is that (a) they can be a bit stingy with their credit limits; and (b) they've canceled their ordinary Citi Forward card, and only have their student version available; and (c) there is that there's conflicting information... a number of sites are saying that the 5x on dining is being discontinued, but the Citi website itself still advertises the card as honoring the 5x dining. So who knows what's going on in CitiLand...

JasonKR
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Postby JasonKR » Mon Nov 11, 2013 1:37 pm

BoA Better Balance Reward- $1,500 (01/13) -> started with $300 Secured
Discover It for Student- $1,700 (04/13) -> Started with $1,000 with pre-approved offer. Instantly approved.
Capital One QuickSilver- $500 (05/13) -> needed one card that had no transaction fee, used 99% of time when I was traveling outside of US. instantly approve.
Chase Amazon Rewards Visa Card- $700 (10/13) -> $30 giftcard back, I make a lot of purchases from Amazon, decided to get one and instantly approved
Citi Forward for Student- $2,400 (10/13) -> 5% back for dining, (including Amazon?) but point conversion ratio is kinda weird. had to call to verify.
Amex BCE- $2,000 (10/13) -> Instantly approved, got spend $500 and get $150 back offer.

hope it helps!

I would say, get Citi Forward -> Amex BCE -> CSP -> Amex charge card
income is kinda low for CSP, but who knows.
good luck!
BoA 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 :(

joemacgames
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Posts: 14
Joined: Thu Nov 07, 2013 9:48 am
Location: Florida

Postby joemacgames » Tue Nov 12, 2013 11:40 am

I'll go ahead and stop in NFCU this week and talk to them. Of the cards they offer, is there one that is considered better than the other ones? The GoRewards sounds good
American Express
Premier Rewards Gold Charge Card NPSL [12/13]

Discover
Discover IT Student 1.3k [8/13]

MasterCard
NFCU GoRewards 2k [11/13]

Scores
TU: 687 EX: 680 [11/13]

joemacgames
Green Member
Green Member
 
Posts: 14
Joined: Thu Nov 07, 2013 9:48 am
Location: Florida

Postby joemacgames » Wed Nov 13, 2013 5:01 pm

I stopped in and spoke with a person at the branch and decided to apply for the GoRewards MasterCard right there. Now I'm just anxiously awaiting the decision! The lady seemed pretty confident that I would be approved since I don't have any derogatory marks and I pay in full/ on time
American Express
Premier Rewards Gold Charge Card NPSL [12/13]

Discover
Discover IT Student 1.3k [8/13]

MasterCard
NFCU GoRewards 2k [11/13]

Scores
TU: 687 EX: 680 [11/13]

MemberSince99
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Posts: 4913
Joined: Sun May 20, 2012 4:35 pm
Location: WI

Postby MemberSince99 » Wed Nov 13, 2013 7:27 pm

Good for you let us know the results when you find out, good luck!

joemacgames
Green Member
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Posts: 14
Joined: Thu Nov 07, 2013 9:48 am
Location: Florida

Postby joemacgames » Wed Nov 13, 2013 8:34 pm

Just got approved with a 2k CL and 14.74% APR! While the starting limit isn't as high as some others I've seen, I'm definitely satisfied with what I got considering I'm new to credit cards, and I'm in college with a part time job.

I have a quick question regarding utilization. Since I now have two cards, (discover with 1k and now nfcu with 2k) how will it be calculated? For example if I spend $500 on discover, is my utilization 50% since it's 50% of the discover limit or is it 17% since I have a total credit line of $3000?
American Express
Premier Rewards Gold Charge Card NPSL [12/13]

Discover
Discover IT Student 1.3k [8/13]

MasterCard
NFCU GoRewards 2k [11/13]

Scores
TU: 687 EX: 680 [11/13]



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