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21 yr old college student needs advice on applying for additional credit card

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Re: 21 yr old college student needs advice on applying for additional credit card


UncleB wrote:

agg1096 wrote:

Responders, I am so new to this forum.......I have been applying to each of you that responded not even realizing that you all can see the responses. I am sorry,  I am very appreciative of each response your time and advice and wanted to acknowledge each one of you.  I am open to all cards.....My goal is to have a DISCOVER, AMEX, VISA and MC. I would appreciate any advice on a time frame for applying for cards and can I apply for more than one card at the same time? if so, how many should I apply for? If not how long should I wait. Thank you all in advance for your responses. Please don't get become frustrated with my lack of understanding the process


Hi @agg1096, and welcome to myFICO! welcome.gif 

 

If you're on desktop this might help a bit as well...

 

How to quote a post:  http://ficoforums.myfico.com/t5/Community-Feature-FAQ-s/How-to-Quote-a-Post/td-p/2603189

 

UNCLE B,

THANK YOU SO MUCH for the link...... I am sure everyone else that has responded to my post, is also VERY THANKFUL that you shared the link (so that I know the proper way to respond and don't have to decipher thru my messages) THANK YOU ALL FOR YOUR PATIENCE AND UNDERSTANDING....... UNCLE B, I am sure  you will get a bunch of KUDO"S for your response

Message 31 of 57
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Re: 21 yr old college student needs advice on applying for additional credit card


K-in-Boston wrote:

agg1096 wrote:

K-in-Boston

Thank you for responding when I went to the Chase Prequal link you sent, these are the cards that I pre-qualified for. Just wondering if I should consider getting a card with dining and travel. I know over the Christmas holidays I will be eating out with friends when I go home and I usually go to a bowl game if Louisville makes it. I also usually go to Final Four tournaments, unfortunately, I think it's safe to say UL won't be going to the Final Four anytime in the near future. I am open to any advice on what might be the best cards to have to start out with. other than cash back. Also, should I apply for both cards today

 

Chase Sapphire Preferred®PREMIUM TRAVEL & DINING REWARDS, Chase Slate®LOW INTRO RATE & MONTHLY FICO® SCORE FOR FREE 

Chase Freedom®CASH BACK & LOW INTRO APR, Chase Freedom Unlimited®UNLIMITED 1.5% CASH BACK


What APR does it list for each of those cards when you prequalify? (Just want to make sure it's not marketing.) As stated earlier, the Chase Sapphire products while great travel cards may not be a good choice as Chase usually likes to not be the first to give someone a large credit line and the CSP has a minimum $5,000 credit line.  It also has a fantastic signup bonus of 50,000 UR points but I'm not sure what your resources are as a student, so the $4,000 in spend required to get the bonus might be prohibitive as well.  Chase Slate is not a good option for you - that's a card really meant for balance transfers and has no other redeeming value besides a free Equifax 08 Card Enhanced score each month.

 

Travel rewards and cash back rewards are two very different beasts, so recommendations will change greatly depending on which you want.  If you just want cash back for travel and dining purchases, then cards like the Chase Freedom, Freedom Unlimited, and Citi Double Cash would be viable options.  Freedom has rotating 5% categories (restaurants are included at least once every year, and some form of travel is usually included as a 5% category but that can vary) but is otherwise only 1% back.  Freedom Unlimited would be 1.5% back on everything and Double Cash would be 2% back on everything. If you want travel rewards (rather than just cash back for travel purchases), then you'd kind of need to let us know which airline(s) and hotel(s) you prefer, if any.

 

I THINK I WILL STICK WITH CASH BACK UNLESS YOU THINK IT IS TO MY ADVANTAGE TO APPLY FOR CHASE SAPPHIRE. I WOULD LIKE TO GET AMEX BC

BUT AS I STATED EARLIER I DID NOT PREQUALIFY FOR IT,  IS  IT POSSIBLE TO CONTACT AMEX AND ASK TO APPLY FOR  AMEX BC NOT SURE OF PROTOCOL.....ANY ADVICE IS APPRECIATED

HERE IS THE INFO YOU REQUESTED

Amex EveryDay® Credit Card

 0% introductory APR for the first 15 months.After that, your APR will be 15.99%. NO ANNUAL FEE

Earn 15,000 Membership Rewards®points after you use your new Card to make $1,000 in purchases in your first 3 months.

EARN 20% MORE POINTS Use your Card 20 or more times on purchases in a billing period and earn 20% more points on those purchases less returns and credits. Terms and limitations apply.‡

 AMEX PREFERRED REWARDS Earn 25,000Membership Rewards®pointsafter you use your new Card to make $2,000 in purchases in your first 3 months.†

ANNUAL FEE

$0 intro annual fee for the first year, then $195†¤

CHASE FREEDOM  UNLIMITED   NEW CM -1.5% CASHBACK - 0% first 15 billing cycle 21.74% APR – NO ANNIAL FEE

EARN A $150 BONUS after $500  first 3 months from account opening*

Unlimited 1.5% cash back on every purchase — it’s automatic*Redeem for cash back — any amount, anytime*Cash Back rewards do not expire as long as your account is open*

Chase Freedom®CASH BACK & LOW INTRO APR NEW CM -1.5% CASHBACK - 0% first 15 billing cycle 21.74% APR – NO ANNIAL FEE

EARN A $150 BONUS after $500  first 3 months from account opening*

Earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate*

Unlimited 1% cash back on all other purchases*

Chase Sapphire Preferred®PREMIUM TRAVEL & DINING REWARDS - 20.99%.APR 

NEW CARDMEMBER OFFER - ANNUAL FEE $0 intro annual fee for the first year, after that $95.†

50,000 bonus points -after you spend $4,000 on purchases in the first 3 months from account opening.*

BENEFITS AT A GLANCE 2X points on travel and dining. Earn 2X points on travel and dining at restaurants & 1 point per dollar spent on all other purchases*25% more in travel redemption. Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards.* For example, 50,000 points are worth $625 toward travel.

 BANK OF AMERICA

Bank of America® Cash Rewards 0% Introductory APR on purchases and qualifying balance transfers for 12 billing cycles; after that 13.99-23.99% variable APR

$150.00 CASH bonus if you make at least $500 in purchases in the first 90 days

1% cash back everywhere, every time, 2% at grocery stores and wholesale clubs and 3% on gas for the first $2,500 in combined grocery/ wholesale club/ gas purchases each quarter

No annual fee†.- No changing categories - No expiration on rewards

If you're a Preferred Rewards client, you can increase that bonus to 25%-75%

 CITI BANK RESPONDED we couldn't match your records to a Pre-Qualified credit card offer. See below for 4 other cards you may like.

Citi® Double Cash Card - Purchase APR 14.49% - 24.49% variable APR based on your creditworthiness. No annual feeEarn cash back twice on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases.

Plus a balance transfer offer: 0% Intro APR for 18 months on balance transfers; after that the variable APR will be 14.49% - 24.49% based on creditworthiness1

Balance Transfers do not earn cash backIf you transfer a balance, interest will be charged on your purchases unless you pay your entire balance (including balance transfers) by the due date each month.There is a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater. Balance transfers must be completed within 4 months of account opening Balance Transfer APR 0% introductory APR for 18 months1 from date of first transfer when transfers are completed within 4 months from date of account opening.  After that, the variable APR will be 14.49% - 24.49%, based on your creditworthiness
No Annual Fee

 

THANK YOU AGAIN FOR YOUR all of your advice

 


 

Message 32 of 57
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Re: 21 yr old college student needs advice on applying for additional credit card


HeavenOhio wrote:

Use Karma to learn about the products, but don't bank on their approval odds. They can be way off.

 

AMEX underwriting seems to be about the same for all of their revolvers. If you qualify for one, you'll likely qualify for another.


Thank you for responding, I hope to qualify for AMEX BCE or BCEP

Message 33 of 57
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Re: 21 yr old college student needs advice on applying for additional credit card


simplynoir wrote:

What's your normal spend look like or gonna look like once you graduate? Groceries, gas, dining, and so on. Will help a lot in steering you towards the right cards for you.

 

Also, if you have any family in the military I would go ahead and look into NFCU and USAA.


Thank you for your input, I replied earlier thru thread but wanted to acknowledge your response. I have no family in the military, My biggest expenses for the next year will be gas, dining, groceries, health and car insurance and cell phone.

Message 34 of 57
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Re: 21 yr old college student needs advice on applying for additional credit card


simplynoir wrote:

What's your normal spend look like or gonna look like once you graduate? Groceries, gas, dining, and so on. Will help a lot in steering you towards the right cards for you.

 

Also, if you have any family in the military I would go ahead and look into NFCU and USAA.


Thank you for your input, I replied earlier thru thread but wanted to acknowledge your response. I have no family in the military, my biggest expenses for the next year will be student loans (my goal is to pay off all 10K off my first year after graduating) gas, dining, groceries, cell phone, health and car insurance.

Message 35 of 57
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Re: 21 yr old college student needs advice on applying for additional credit card


simplynoir wrote:

Well the good news is the Discover IT card will cover a lot of your spend for the 5% cashback for the next calendar year so there's that. Go to the Discover website to check it out and keep track of it so you can maximize your rewards.

 

As for cards that would fit your spend the AMEX BCE can cover the grocery and gas spend at 3%/2% respectively. The redemptions can be a pain though with only being able to get the rewards back in $25 increments and the rewards from the spend itself can take up to 2 billing statements to post which can suck at times. If that's a hassle you don't want to deal with and want something simpler you could just stick with a strict 1.5% back on all purchases like the Chase FU or Capital One Quicksilver. Both have easy redemptions and post relatively quickly. And when you're not using your Discover can be an easy use since you don't have to worry about category spending. Or perhaps getting more than one card would maybe be better.

 

I'm sure others will chime in on something I probably missed but that should get you started before you decide on what you want to do.


Thank you for your input and advice. I am hoping to apply for the AMEX BC and Chase FU I did not have a prequalify link for Capital one so not sure if I would qualify. 

Message 36 of 57
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Re: 21 yr old college student needs advice on applying for additional credit card


SBR249 wrote:

Back when I was in college a decade ago, my very first card was a student Citi Dividend Plat which I got through an on-campus promo but the first card I cold apped and was approved for was an AmEx CC about a year later so I've always been very fond of AmEx. I think AmEx would be a good choice and they should be open to students with thinner files. At the time of app I had an AU account from the parents and my Citi of one year on the CR and AmEx gave me ~$2k CL. They gave me an auto-CLI of a grand or so 2 months later because I almost maxed out my card buying a new computer citing the increased usage. The card has grown with me ever since and the limit now is $13k. 

 

You could also look into Capital One. QS might be a reach, but I think you may have a shot at it albeit with a low limit. I don't know much about Citi despite the fact that my first CC was from them. My impression is that they might have tightened up their underwriting standards since my college days. 

 


Thank you for your response and advice

Message 37 of 57
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Re: 21 yr old college student needs advice on applying for additional credit card


princeofla wrote:

I too am a college student. If I were in your position what I would do is apply for the Amex Blue Cash Preferred, and open a checking account with US Bank. Based on your spending, you will make more cashback (even after deducting the annual fee) with the preferred rather than the everyday. Also opening the checking account with US Bank will allow you to more easily get in the door with them. I would wait three months between opening a checking account with US Bank and applying for a credit card. For US Bank you should apply for the Cash Plus, which allows you to choose two different 5% categories (such as cell phones and fast food) and one 2%. Also as much as I wish Sallie Mae still existed, the card is long gone and has been replaced by the very mediocre commence card. Lastly, if you're curious of Amex approval odds, you can check your prequals with them.

Amex Prequal Site: https://www.americanexpress.com/us/credit-cards/check-for-offers/

US Bank Cash+ Categories: https://cashplus.usbank.com/categories/index?quarterId=44


Thank you for your response and advice - If I were to open a US bank account today and put 2K in it. Do you think I could still apply for a card in 3 months if I apply for AMEX BC and Chase FU this week?

Message 38 of 57
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Re: 21 yr old college student needs advice on applying for additional credit card


K-in-Boston wrote:
I would also suggest the American Express Blue Cash Preferred for your spend and for getting cash back rewards. They also have frequent 10% statement credit offers for cell phone bills.

The CreditKarma scores are Vantage scores not true FICO scores, but you can get a free monthly Experian FICO 08 score from Discover too at creditscorecard.com That is the score Amex will use (and give you if you open an account).

For best scoring (although your scores are likely fine right now) you should have 3 revolving credit cards, but there’s no rush. Best of luck and welcome to the forums!

My Discover Scorecard reads  FICO 768 as of Nov 8. My Discover CC Statement says 766 as of Nov 6.  Not sure how to get true TU EX EQ scores that I see everyone posting other than paying for them, is that correct>

Message 39 of 57
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Re: 21 yr old college student needs advice on applying for additional credit card

You're very welcome for the advice.  It certainly sounds like you should likely keep to cash back-type cards for this stage of your credit building.

 

The Amex EveryDay card is a Membership Rewards-earning card. Unless you transfer those to travel partners, they're not very valuable. They're offering you a low APR (the lowest it goes is 13.99% and it goes up to 24.99% so 15.99% is good) on that card, which means your odds of being approved for a revolving card with Amex are extremely good. Don't settle for the card they're offering on that page, get the one you want.  The Blue Cash Preferred is the one that seems to best fit your spending, and it currently has a $250 statement credit if you spend $1000 in the first three months.  Your spending should easily cover the $95 annual fee. I would be completely comfortable just applying for that card in your shoes. (Note: if you go to apply for it and the offer is not $250 Back, use Incognito mode on your browser and keep loading the page until it comes up.)

 

The Chase cards seem to be solid offers, also, but with higher APRs.  I would still have reservations about suggesting the Sapphire Preferred Of course all you have to lose for trying is a hard pull - those 50,000 points if you can make the $4k spend are worth a minimum of $500 - people certainly have been approved for the card when otherwise their stats may say they wouldn't (I'm speaking in particular to the lack of established $5k+ credit lines).  Otherwise, I would say go for the Freedom or Freedom Unlimited, which are likely to be approved.  Again, a choice of 5% on categories + 1% on everything else vs 1.5% across the board.

 

The Bank of America and Citi options are just marketing as they're unable to prequalify you.  That of course doesn't mean you would not be approved.


$500k+ club. | FICO 08 [Nov 2017]: EQ 743 EX 741 TU 743 | World's worst gardener.
Message 40 of 57