topic Re: college student seeking advice in Credit Cards

college student seeking advice

CardinalRules — Thu, 28 Jun 2012 06:39:25 GMT

Thanks for everyone who shares experiences, and advice here. I've learned a lot. I've been lurking, but decided to register and I'd really appreciate some advice regarding how to proceed with my credit future.

I'm a 19 year old college student. I live on the east coast, and go to college in California. I'm looking to get a card that can help me with travel/rewards. Trying to get in early with AMEX as well as another prime company. My credit score via creditsesame was 723, and the myFico estimate was 715 - 765. Not sure where I can get a free official one without doing a hard inquiry.

I've had a Wells Fargo College Cash Back card for a year now. I always pay on time and more than the minimum, but I've mostly carried a balance. Should have been PIF, which I now do. I had a $500 CL, but got an increase to $1100. I work part time year round and make about $8,000.

My plan now is to try for AMEX Blue Sky/Chase Freedom, and if I get denied, then try for AMEX Zync/Citi Forward.

Is this a solid plan? Thank you!

Re: college student looking for some advice

rootpooty — Thu, 28 Jun 2012 06:20:21 GMT

i would def apply for citi forward student version. fyi its not a hard pull to get your credit reports. your better off pulling your true fico scores from this site instead of wasting your money on fako scores

Re: college student looking for some advice

Excelsior — Thu, 28 Jun 2012 06:36:21 GMT

To echo what rootpooty said, I would recommend the citi forward student. I applied for the citi forward student and the discover more student after having a Bank of America student card for 6 months. I was approved for both cards after verifying my student status which was pretty painless. The Discover customer service was very nice so I would recommend them too if the More card appeals to you.

Re: college student seeking advice

Cdnewmanpac — Thu, 28 Jun 2012 15:39:24 GMT

Question: why blue sky? Amex revolvers are amongst the harder to get cards, reward structure designed for frequent flyers. Since you plan to pif, why not the zync? No preset limit, restaurant pack means double points on food, the thing college students typically spend the most on, great Amex purchase protection, use doesn't count towards your utility on fico. Like others above, I think the student forward is a great student card. Citi is very good about credit limit increases over time. My wife started with them in college and is now at 40k credit limit with zero interest offers all the time.

Re: college student seeking advice

webhopper — Thu, 28 Jun 2012 15:48:13 GMT

Cdnewmanpac wrote:
Question: why blue sky? Amex revolvers are amongst the harder to get cards, reward structure designed for frequent flyers. Since you plan to pif, why not the zync? No preset limit, restaurant pack means double points on food, the thing college students typically spend the most on, great Amex purchase protection, use doesn't count towards your utility on fico. Like others above, I think the student forward is a great student card. Citi is very good about credit limit increases over time. My wife started with them in college and is now at 40k credit limit with zero interest offers all the time.

I agree with applying for Zync, but don't be surprised if you're declined or approved with a hard limit. They are fairly sensitive to income.

Re: college student seeking advice

Crashem — Thu, 28 Jun 2012 15:52:49 GMT

Echoing advice already given. Go for student cards right now and Amex zync. Getting in with Amex early is good. Probably wont qualify for most Amex revolvers. If you really want Amex revolver, then go for zync and then app for Amex revolver assuming you got approved. Also remember to include any scholarships and such in any income calculations.

Re: college student seeking advice

Dadaluma83 — Thu, 28 Jun 2012 16:51:27 GMT

The best advice? Forget about any kind of prime card like Blue sky or chase freedom. No matter your score you will be denied most likely so don't waste the inquiry.

Go for the AMEX Zync, and one student card of the Citi Forward or Discover More. Then 6 months later try for a second student card to round out your credit profile.

Don't apply for any more cards after that until you graduate. You will still take inquiries for cell phone plans, apartments, utilities maybe but otherwise garden credit card wise until you graduate and have a steady job. Then with a steady job plus the history of your cards you get now you will have a great credit score and be able to get prime travel rewards cards right then.

Rewards are nice, sure, but at this point in your life you should be best concerned with building a positive history so you can get prime rewards cards after you graduate. Above all never be late on a payment and build a positive history now so you are set up nicely later.

Re: college student seeking advice

FrugalRican — Thu, 28 Jun 2012 17:18:48 GMT

AMEX Zync.

Discover Student.

Chase Checking Account.

I'd just do that. Forget the Sky and Freedom for now. You have time to go for that in a year or two or three.

I'd open the Chase checking just to establish some sort of relationship with them. It DOES help, or at least has with me, to do that. They can let you know eventually if you are pre-approved for a Freedom.

The problem with apping the Freedom now is you MIGHT get approved.... for $500 and then be stuck at $500 forever unless you want to eat HP's for CLI's.

Re: college student seeking advice

a1hildeb — Fri, 29 Jun 2012 11:47:51 GMT

if you have loans the best advice i can give you is shift your focus from a cc to paying off your loans while in school. Dont bother getting a cc, If i knew then what I know now I can't speak enough to the students in school right now. Pay that $#!7 off ASAP.

Re: college student seeking advice

CardinalRules — Tue, 03 Jul 2012 02:56:23 GMT

Thanks for all the advice. I'm going to hold off on the Blue Sky, but will give the Freedom a try with a little more history. I'll also try the Forward, and Zync.

Re: college student seeking advice

altayar — Tue, 03 Jul 2012 04:33:35 GMT

Hi. I really would recommend Bank of America Cash Rewards card for students. I applied for the Platinum Plus in May and got approved, and a month later they released the new version for students so I'm thinking to PC. It's Bank of America after all.

Re: college student seeking advice

CardinalKid — Wed, 15 Aug 2012 03:18:20 GMT

Update - I had a very successful app spree and wanted to thank everyone here for the advice. I was approved for:

Amex PRG - NPSL

Amex Delta Gold - $1800

Citi Forward - $2000

Discover More - $1500

Walmart - $400

I'm going to keep all these accounts and let them age with me through college (except for PRG). Thanks again!

Re: college student seeking advice

CruzImperial — Wed, 15 Aug 2012 04:08:02 GMT

CardinalKid wrote:
Update - I had a very successful app spree and wanted to thank everyone here for the advice. I was approved for:

Amex PRG - NPSL
Amex Delta Gold - $1800
Citi Forward - $2000
Discover More - $1500
Walmart - $400

I'm going to keep all these accounts and let them age with me through college (except for PRG). Thanks again!

Are you the OP? lol and congrats anyways!

Re: college student seeking advice

CardinalRules — Wed, 15 Aug 2012 04:11:23 GMT

I'm the OP. I had a problem accessing my account, so I got a new one, and I just now got access to my old one. But yeah, same person, and thanks.

Re: college student seeking advice

cschick_old — Wed, 15 Aug 2012 04:32:05 GMT

Congrats! Now forget you know how to apply for credit cards, hit the books, and get some of your "ideal wallet cards" after graduation. The best thing I did in college was to PIF and graduate debt free. It's better to have a thin file with good stuff at graduation than to have dug yourself a hole you have to try to climb out of as you launch your career. Patience is hard but pays off :)

CardinalRules wrote:
I'm the OP. I had a problem accessing my account, so I got a new one, and I just now got access to my old one. But yeah, same person, and thanks.