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New Member
Tkeod
Posts: 8
Registered: ‎08-14-2013
0

Re: College Student Credit Questions

So it sounds like I should stay away from the LOC route and go with the CC route. I really appreciate your guy's input in these options. Once my card is paid off in a week and it reports on my CR should I apply one by one or should I just go on a spree all in one day? If so is there any specific order in which I should apply for these cards?

New Member
ak282
Posts: 9
Registered: ‎08-08-2013
0

Re: College Student Credit Questions

Hi Tkeod,

 

I just recently graduated from college and also started with a WF College card. I would reccomend that once you pay off your balance you call WF and request a credit limit increase as this will give you greater credit availability without affecting your AAoA. I have requested an increase from WF several times and they have always been soft pulls, not hard pulls, however I would confirm with WF when you call them.

 

At our age, it is more important that we are not paying interest on our purchases, rather than accumulating rewards. Therefore, if you are planning on holding a balance in the future I would reccomend applying for the Chase Slate. It has no annual fee, allows free balance transfers for the first 60 days, and has 0% interest for the first 15 months the card is open. Remember, this card is primarily to help pay off large purchases without paying interest, but does not offer rewards. The slate can definitely come in handy when an unexpected purchase, for example car troubles, occurs and we are unable to pay off the entire balance right away!

Valued Contributor
lhcole77
Posts: 1,384
Registered: ‎09-18-2012
0

Re: College Student Credit Questions


Tkeod wrote:

Hi All!

This is my first post on here but have been reading up on posts for the past few months. I just had a few questions in hope to find some advice from others who have/are going through my path. Just a little background about me, I'm about to start my junior year of college and i'm looking to raise my credit score. My goal is to reach 750+ by the time i graduate college if possible. I have a WF college card with a 1k limit on it and an auto loan through usaa originally for $13,500 but has a remaining balance of $11,200. I got the credit card back during my freshman year of college and the auto loan was back in January. I work for WF so i get a little bit of insight on some credit features from my banker. My card is almost maxed out though and has been over the summer due to some issues with my jeep, but it will be fully paid off by the 25th of August. I pulled my credit report and scores from WF's Identity Protection plan that members use and as of today it shows EX: 696, EQ: 614, TU: 661. I ran the simulator that's provided and after I pay off my CC and wait a month my scores will be about EX: 716, EQ: 708, TU: 712. Once that month is passed I'm looking to either open a line of credit with WF or apply for other credit cards in order to have a larger open credit availablity. Should I apply for just the line of credit or should I go with the credit cards? Or should I apply for both in the same day? If I do both in the same day will I have a better chance of getting approved as opposed to trying to the line of credit and for some reason getting declined, then trying for the credit cards?

 

Any and all advice is welcomed.

 

Thanks everyone!


Welcome to the forum!

 

I, too, have a WF card and have successfully been able to get CLI on it with only a SP. Have you called to request one?

New Member
Tkeod
Posts: 8
Registered: ‎08-14-2013
0

Re: College Student Credit Questions


ak282 wrote:

Hi Tkeod,

 

I just recently graduated from college and also started with a WF College card. I would reccomend that once you pay off your balance you call WF and request a credit limit increase as this will give you greater credit availability without affecting your AAoA. I have requested an increase from WF several times and they have always been soft pulls, not hard pulls, however I would confirm with WF when you call them.

 

At our age, it is more important that we are not paying interest on our purchases, rather than accumulating rewards. Therefore, if you are planning on holding a balance in the future I would reccomend applying for the Chase Slate. It has no annual fee, allows free balance transfers for the first 60 days, and has 0% interest for the first 15 months the card is open. Remember, this card is primarily to help pay off large purchases without paying interest, but does not offer rewards. The slate can definitely come in handy when an unexpected purchase, for example car troubles, occurs and we are unable to pay off the entire balance right away!


Yea, I went off roading in my Jeep and bottomed out on a gnarly rock so I needed to replace a few things.... really wish I had more cards so I didn't have to put it all on my WF card. x__x But we all make mistakes. My friend in my fraternity is a teller at Chase so I'll ask him how the approval rates are for that card and which his banker prefers. Shoulw I stick with my Cash Back College card from WF or should I try to apply for a better card from WF? Besides this little hiccup I like to pay my balance off in full every month, but if i get some more cards i'll look at leaving a little bit of revolving credit as well to see how that works with my scores. 

Is it out of my reach to try and 750+ scores across the board by the time I graduate in two years?

New Member
Tkeod
Posts: 8
Registered: ‎08-14-2013
0

Re: College Student Credit Questions

I haven'y requested on lately since my card is in high ult... but I plan on it when i pay it off


lhcole77 wrote:

Tkeod wrote:

Hi All!

This is my first post on here but have been reading up on posts for the past few months. I just had a few questions in hope to find some advice from others who have/are going through my path. Just a little background about me, I'm about to start my junior year of college and i'm looking to raise my credit score. My goal is to reach 750+ by the time i graduate college if possible. I have a WF college card with a 1k limit on it and an auto loan through usaa originally for $13,500 but has a remaining balance of $11,200. I got the credit card back during my freshman year of college and the auto loan was back in January. I work for WF so i get a little bit of insight on some credit features from my banker. My card is almost maxed out though and has been over the summer due to some issues with my jeep, but it will be fully paid off by the 25th of August. I pulled my credit report and scores from WF's Identity Protection plan that members use and as of today it shows EX: 696, EQ: 614, TU: 661. I ran the simulator that's provided and after I pay off my CC and wait a month my scores will be about EX: 716, EQ: 708, TU: 712. Once that month is passed I'm looking to either open a line of credit with WF or apply for other credit cards in order to have a larger open credit availablity. Should I apply for just the line of credit or should I go with the credit cards? Or should I apply for both in the same day? If I do both in the same day will I have a better chance of getting approved as opposed to trying to the line of credit and for some reason getting declined, then trying for the credit cards?

 

Any and all advice is welcomed.

 

Thanks everyone!


Welcome to the forum!

 

I, too, have a WF card and have successfully been able to get CLI on it with only a SP. Have you called to request one?


I haven't lately since my card is in high ult, but I plan on it when I pay it off.

New Member
ak282
Posts: 9
Registered: ‎08-08-2013
0

Re: College Student Credit Questions

Definitely keep the WF college card open as it is your first credit card that established your credit history. WF is an issuer that is fairly conservative and doesn't offer a wide array of credit card choices, so if you apply for another card I would reccomend one from a different issuer such as Chase, Citi, Amex, etc. When I received the Slate I had a high utilization and a credit score around 690, so if you reduce your utilization and apply I believe you have a good chance of being approved. I am not sure if it is possible to attain your desired score in that time frame, however remember that you should obtain credit to help you acheive your financial goals, not simply raise your score. In the future when you are applying for mortgages, etc. it will be much more important that you have a strong history of paying your bills on time. If you are going to be paying your balance in full every month, another card to consider is the Chase Freedom as it has 5% cash back on revolving categories and 1% cash back on all other purchases.

New Member
Tkeod
Posts: 8
Registered: ‎08-14-2013
0

Re: College Student Credit Questions


ak282 wrote:

Definitely keep the WF college card open as it is your first credit card that established your credit history. WF is an issuer that is fairly conservative and doesn't offer a wide array of credit card choices, so if you apply for another card I would reccomend one from a different issuer such as Chase, Citi, Amex, etc. When I received the Slate I had a high utilization and a credit score around 690, so if you reduce your utilization and apply I believe you have a good chance of being approved. I am not sure if it is possible to attain your desired score in that time frame, however remember that you should obtain credit to help you acheive your financial goals, not simply raise your score. In the future when you are applying for mortgages, etc. it will be much more important that you have a strong history of paying your bills on time. If you are going to be paying your balance in full every month, another card to consider is the Chase Freedom as it has 5% cash back on revolving categories and 1% cash back on all other purchases.


Well I'm trying to build my credit and lines of credit by the time I graduate because I want to be ready for when I decide to move. My plan is to work for WF until i graduate and then transfer to a branch out in california. I know the cost of living is higher there as opposed to living here in AZ, so I want to be financially ready

 

New Member
ak282
Posts: 9
Registered: ‎08-08-2013
0

Re: College Student Credit Questions

Understandable, I would reccomend this order of actions:

 

1) Pay off your WF credit card, keep it open

2) Request a CLI (credit limit increase) on the WF CC, confirm it will be a soft pull

3) Apply for either a 0% Interest for X months (ex. Slate) if you are planning to hold a balance, or a Rewards card (ex. Freedom or others mentioned) if you plan to pay in full each month

4) After a minimum of 3 months apply for another card when util on others is low (again your choice of type)

5) Keep making payments on time, keeping util low, and requesting CLI's every 6 months (try to get soft pull or let increases occur by themselves). Let the cards age so that your AAoA increases.

 

At our age, I am definitely a fan of less cards but more CL on each! This should get you well on your way to acheiving your credit goals :smileyhappy:

Valued Contributor
lhcole77
Posts: 1,384
Registered: ‎09-18-2012
0

Re: College Student Credit Questions


Tkeod wrote:

I haven'y requested on lately since my card is in high ult... but I plan on it when i pay it off




YAY! I've been so stoked on my WF card. They were the first to offer me a card back on New Year's Eve 2012 (my TU score was 598 then) and they have been good to be ever since (sitting at TU score of 730 now)

Frequent Contributor
bluesnowman
Posts: 464
Registered: ‎10-29-2012
0

Re: College Student Credit Questions

TK- Like you, I am going into my Junior uear of college and I think your doing good so far. If I were you, let your scores come into the 700+ range before apping. How old is your WF card and how long is your history? What does your income look like? I ask because I really wanted a travel card and prime cards from all the major issuers and fortunately for me as you can see in my sig I have been able to accomplish it all thus far. What is your goal with the cards you want? Do you want to travel? Cashback? Miles and points? Balance Transfers or 0% cards? I think your doing well so far. Do you drive a lot? eat out a lot? As far as getting a college student card, I have the Citi Forward card and it is wonderful (I really want the AAdvanatage card in a year or so because I fly every now and then with AA and Southwest.) My last card that I want by the end of the year is the BCE. Like I said, It depends on what you really want and need in terms of cards. 

Bank of America: Cash Rewards.-1,000. 4/25/12 (CLI Increase 6/15/13), Citi: Forward- 3k. 10/27/12 (CLI on 2/8/14, SP). Discover: More- 2k. 10/27/12 (Increase 6/1/14). Amex: PRG- NPSL (closed 12/13/13). 11/24/12. Chase: Freedom. 5/1/13- 2.4k. Southwest Rapid Rewards Plus.-3.6k. 6/15/13. Amex BCE-2k. 12/7/13. Amex SPG-4k.12/8/13. Last App: 1/8/14.

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