08-28-2012 05:08 PM
Sorry to keep posting but thanks for the responses.
Thanks for the info. I'm a bit way of trying Discover straightaway now. Maybe try WF first and wait until it reports for a month or so and then try my luck?
Incidentally, I don't live near any Wells Fargo branches, but since I came across their card online, I started considering applying online to start things off. Unfortunately, I don't have any credit unions affiliated with my school that I know of. If I went the secured route, I'd be willing to put up $200-500, again basing this off of what I've seen plus what is feasible for me. That being said, perhaps unsecured would be more feasible? I just hate the risk with no credit card to my name in my history.
Thanks again for the help so far
Credit Unions: If you do solicit a credit union, there are many online, be sure to verify they report to three bureaus. It is not uncommon for them to have only 1 particular bureau, or none at all.
There are two routes with the WF, it kinda stink you have no nearby branch. But from what I understand the Student card requires a salary of $3k, and the secured you only really need the deposit minimum of $300.00. The only difference would be the way it reports, your personal security if you go charge crazy, and the off chance in 1 year and reaching the consideration (April and Oct) graduating to a large limit on a real WF account. I'm sure if you don't have WF around there is some other large market share banks that have similar programs.
Discover More Student: I only suggest it because if you meet the minimum qualifications; income of 3k, DTI of 36% (perhaps over lookable with student loans) and no real derogatives; it is absolutely one of the easiest student cards to get. That and the bonuses.... 5-20% cash back on certain items and the online store, starter +2% cash back on everything, and the 0% APR till sometime next year. Aswell as they are usually gracious with the increases with good use from what I see.
Whatever you App for do it now and within the same rules as everything else 10-14 days and then garden. If they ask, your building your file and viewing offers with whom you want a relationship with. You definatly need something in your file, and not getting the more wont put you out for a easy secured card. You should also consider ending with an easy store card. It was the first I was ever instantly approved for (Walmart), even though $150.00 it helps because of the "luv" button increases and different type of credit.
08-28-2012 06:36 PM
On another note, if you do apply for something again and are declined or you call before you apply, ask to speak with a "credit analyst or Senior Analyst" and discuss with them what they think might be a good option for you entering into the financial world. It's almost free advice, and boy do I like useful free stuff.
There are also some other options if you want to shop with applying. You can use the various soft pull prequalified offers to see if you might qualify. Which I'm sure gets you in their system. You can use whogavemecredit.com although outdated a little and messy it gives some advice on what the companies are looking for from your state. There is also a myfico credit card assistant, although not the prettiest I've seen. There are too many other's to list but a simple google will do, don't put in any personal information of course, YMMV. I personally liked > http://usa.visa.com/cardadvisor/StudentAdvisor < As its from Visa, and similar to many others like whogavemecredit, and CK, and CS. Cause no matter what anyone suggests, you should know the details of what's available and in your best interest.
And outside of my own recent experience a few weeks ago, I found the best route to go is
1. Your personal bank or CU
2. Some Department and Gas credit cards are easier than a secured.
4. Student in your case/ Subprime in anyone else's
Or anyone under 21, should use a trustworthy cosigner for income purposes.
When you have kids.... be a good parent and establish them as an AU on a account you are responsible on and force them to learn what credit is and how to manage it.
So they won't duplicate our same conversation in 20 years.
08-29-2012 04:57 PM
Look into Bank of America, they have a secured card program as well and they even graduate your card with in a year of good standing and you can even add the 1-2-3 rewards to the card. Their customer service is really awesome if you call their backboor numbers listed on here in the backboor numbers section! BOA will grow with you as will GE backed cards!
08-29-2012 10:15 PM
We're making this a little too complicated I think.
If you've made an application already, wait to see what it comes back with.
Secondly, walk into any local bank, your personal bank first. If you don't have a personal bank, get one Beyond that, any recognized lender that has a student or secured product and is looking to put more money in the field with their credit cards (BOFA) and go there.
Apply in person, lay your cards on the table. The highlights of your application are:
- I don't like carrying cash around, and I'd like to have a credit card for my incidental expenses over the course of a month
- I'm a student so either a student card or a secured card is fine, I don't need much in terms of a credit limit, $300 is enough and I can make that deposit now (secured)
- As a secondary benefit (even if it's your primary) I want to establish credit history through responsible use of this card through regular monthly payments
Most larger lenders would be thrilled to take a secured flyer on you, and probably a student one too. You get around the big concern of you have documentable income. It may not be much, but it doesn't have to be: all the large lenders will want you as an upsell opportunity in the future. Cap One and the other subprime lenders, don't; their lending model isn't for students who aren't yet tarnished credit wise, they're for folks who have screwed up somewhere along the path (like me).
08-30-2012 03:46 AM
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