07-12-2013 12:56 PM - edited 07-12-2013 12:58 PM
Hi, this is my first post so bear with me. If I need to post more info just let me know.
I am a college student, I'll be 21 in October and I have a yearly income of around $22,000 (working part time while in school). I currently have the following:
LGE Credit Union Visa: $500 (just over 2 years old)
Citi Forward Visa: $1500 (2 years old)
Chase Slate Mastercard: $500 (Around 6 months old)
Auto-loan of $5000 with around $3600 remaining
Never had a late payment or anything like that. I just am wondering what should I take as my step. I was thinking about asking for a CLI on my credit union card (to either 1000 or 1500) and applying for a new card in the next few months (had been looking at the discover it/discover it student or chase freedom).
Should I ask for a CLI on both my credit union and slate card, and if so to what? What new card should I apply for?
THANKS so much for your help!
EDIT: I plan on paying off all my cards by next month to drop my utilization.
07-12-2013 01:04 PM
I'd shoot for the Chase Freedom. The revolving categories have been helpful to me (I'm also a college student) and should be to you as well since they include restaurants and gas. If you are able, I'd go for both the Discover It and the Chase Freedom to capitalize on all the categories they offer.
It seems like you'd get approved for both of them.
07-12-2013 02:10 PM
Might I recommend the Sallie Mae Mastercard? As far as rewards, it really can't be beat. 5% gas, groceries, and bookstores (including Amazon). Sure, there's a $250 cap on each category per month, but if you're a college student, you probably aren't spending more than that anyway.
07-12-2013 02:33 PM - edited 07-12-2013 02:34 PM
07-12-2013 02:34 PM - edited 07-12-2013 02:35 PM
Chase all the way for you.
No need to open new cards with a 22K annual income. Thats just more minimum monthly payments to worry about when you already have to tools in your tool box.
Chase is your best card imo. They also have a awesome recon department. They are also Inquiry sensitive. As such start there imo:
Call the recon line and see if you can finesse a nice CLI via a CP. I say call the recon line because the front line CS is going to follow the playbook verbatim whereas the recon folks are a lot more understanding and flexible. The worst they can say is "nope" and even then you won't lose anything by asking.
Then ask about a Freedom card. The freedom has some nice bonuses and 0% for the first 15 months, which for you is probably your best benefit right now. NO INTEREST!
If that works out, Garden them all for 6 months and don't sweat the other small cards.
Stay away from the incoming invitations from First Premeire and Credit One. You are past them already.
Good luck. Less is more I think for you, right now.
EDIT: And NEVER EVER app without having your current and most up to date Reports from ALL three bureaus in your hand,
07-12-2013 07:48 PM
Wow, thanks for all the responses! I really appreciate all the feedback. I plan on paying all my debt within the next month and then will speak to chase and my CU. This has been very helpful for me!
In your opinion, what would you ask Chase to increase my CL to from the $500 its at now? Is $1000 a good shooting point, or too high/low? I've only ever had my citicard raised (800->1500) and that was online without a HP. I was thinking of asking my CU to up it to a similar amount as well. And then after that I'll decide whether or not to inquire about the Freedom card.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.