Fresh File, which cards to app for?

[Anonymous]

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@NRB525 wrote:

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@Anonymous wrote:

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@NRB525 wrote:

By going in to talk with a banker, they will have some idea of the parameters they need to meet on the application. He needs to be 18, obviously, but the banker is incentivized, likely has a monthly goal, to get people signed up for banking products. So even though the HP may not result in a card, the banker is right there to take reasonable steps to try to get the card in his hand. The checking / banking activity counts for a lot in these situations.

Cold apping via an online app to some other place like AMEX, or even Chase on-line, then yeah, you really have to have your file in order, because they won't know him from Adam. In the Chase branch? It's a nice warm friendly place for him to app.

And the Freedom is a very good card to have for the long term.

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I'll let him know that, he does want a chase card as well but he was planning to wait a year since that what chase likes. But ill let him know about going into the branch

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If that is what the banker tells him, wait a year, then he will know for certain, and it will be that much easier to follow the advice.

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Thanks again for your help!

[NRB525]

Another point for him to think about:

With Capital One, if Chase doesn't want to get him his first card, Capital One probably does regardless. It won't be a Venture card, but with Capital One, he should not plan to wait for some future day to app only for Venture. Rather, the strategy with Capital One is to get a first card with them, show charge / payment activity directly on that card, and then in a year or two, app for a better card. After showing significant history and getting them directly comfortable with ability to handle credit, the chances of approval for Venture go up significantly. Also consider the annual fee on the Venture. With the Quicksilver, one comes out ahead in the course of a year, because there's no annual fee to earn out of. Anything under about $8k annual spend, the Quicksilver is the better earning card than Venture.

Let us know what he decides, and results of any apps, or if he gets instructions not to app yet. Good luck!

[OMW2_HighAcheiver]

Following
I have an 18 y.o. also. I'm thinking of having my parents put him on one of theirs as an AU but no card.

[Anonymous]

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@NRB525 wrote:

Another point for him to think about:

With Capital One, if Chase doesn't want to get him his first card, Capital One probably does regardless. It won't be a Venture card, but with Capital One, he should not plan to wait for some future day to app only for Venture. Rather, the strategy with Capital One is to get a first card with them, show charge / payment activity directly on that card, and then in a year or two, app for a better card. After showing significant history and getting them directly comfortable with ability to handle credit, the chances of approval for Venture go up significantly. Also consider the annual fee on the Venture. With the Quicksilver, one comes out ahead in the course of a year, because there's no annual fee to earn out of. Anything under about $8k annual spend, the Quicksilver is the better earning card than Venture.

Let us know what he decides, and results of any apps, or if he gets instructions not to app yet. Good luck!

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So with cap one shoud he apply for qs or qs1? and do it next week when he can or wait till next month for a score? I know many people get cap one as a first card so I think apping next week shouldnt be a problem. Thanks again so much for your help

[Anonymous]

How are the Citi and BOA student credit card? I've read mixed thoughts on both, some say its easy for students to get others say its difficult?

[Anonymous]

As far as the banker goes I feel like they will just have him apply for it for their benefit and quota and it would be a pointless trip to the bank. Maybe I am just cynical though. Like anyone here would probably tell you. At that age with a thin file it could go either way. May as well apply online if he gets denied the hard pull will have little to no impact anyway. I would not choose the Chase Freedom over the Discover IT at all though even if I had to apply through snail mail!

Some data points on Discover: I got my first card with Discover at age 19 (24 now) without any AU accounts or anything. Recently made my wife an AU on my 5yr old discover and applied for one for her 5 days later she was approved for a 1,500 limit. Ran some use though it paid in full and she got a 1k bump 3m later. The key is to request CLI with discover after 91 days.

As far as the card goes I would pick discover 100%. They have a reputation for liking thin files, offer free monthly TU fico, auto cli, US based support, and other great perks. If you have one yourself be sure to refer them from your account, as that will give you 50$ cash back and give them 50$ too (which may double to 100 after year one, can not confirm). If you do not have one, have someone who does refer him.

The only thing that concerns me as far as approval is the AAoA, and number of cards. Idk how that will play out though due to the AU status.

[Anonymous]

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@Anonymous wrote:

As far as the banker goes I feel like they will just have him apply for it for their benefit and quota and it would be a pointless trip to the bank. Maybe I am just cynical though. Like anyone here would probably tell you. At that age with a thin file it could go either way. May as well apply online if he gets denied the hard pull will have little to no impact anyway. I would not choose the Chase Freedom over the Discover IT at all though even if I had to apply through snail mail!

Some data points on Discover: I got my first card with Discover at age 19 (24 now) without any AU accounts or anything. Recently made my wife an AU on my 5yr old discover and applied for one for her 5 days later she was approved for a 1,500 limit. Ran some use though it paid in full and she got a 1k bump 3m later. The key is to request CLI with discover after 91 days.

As far as the card goes I would pick discover 100%. They have a reputation for liking thin files, offer free monthly TU fico, auto cli, US based support, and other great perks. If you have one yourself be sure to refer them from your account, as that will give you 50$ cash back and give them 50$ too (which may double to 100 after year one, can not confirm). If you do not have one, have someone who does refer him.

The only thing that concerns me as far as approval is the AAoA, and number of cards. Idk how that will play out though due to the AU status.

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He was thinking of this as well, right now it looks like he will apply with discover and then cap one for his first 2 card and then next month when he generates a score we can see where he is and figure out if he should app for amex since they also seem to like thin files

[Anonymous]

So would it make a difference if he waits for a score to generate to apply for amex? I know they're random when it comes to thin files, I just dont want him to apply and get denied. I also know how badly he wants the PRG. If he apps next weeks with a 5 month history does he have a chance? would his chances greatly improve when a score generates next month? or would it not make that big of a difference

[Anonymous]

I would definitly take it much slower than the plan you are laying out. I know how tempting application fever is, but even if he does get approved for every thing he applies for the limits will be underwhelming. That discover card has good enough bonus and year one promotion to carry him into at least the 12m mark. If he does get itchy fingers though I would apply for the second card no later than four months from the first. Truely I would not even consider a second card until I got the verdict on the first one, and fingers crossed what starting limit they give him. 

[Anonymous]

Besides does he really need a Amex PRG that is going to be costing him 195 a year, after 12m? I know I do not.