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New Visitor
Posts: 7
Registered: ‎09-18-2012
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Hey guys, I'm kind of new and I need some advice.

So this is my first post and I was wondering if you guys can help me out here. So anyways I got my first credit card this year in April. It's been a little over 4 months since I got my card. I'm a student as well. I'm curious as to what cards I would be able to qualify for. I have not got my Fico scores yet since, I heard they become available to you after 6 months of having credit, I do not know if this is true or not. I work as a Cashier/host. Last year I made about 4,200 but after tax it was about 3,700. I'm not totally sure about how much I will make this year but I am guessing it will be around the same, would I qualify for another card? I'm fine with any issuer as long as it's not BOFA (already have one), and I really do not want a student card. But I need help in deciding if I should apply based on what I have posted, should I wait? what type of card should I look for, should I wait until next april? if there is anything that you need me to clarify I will do my best to do so. 

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Valued Contributor
Posts: 1,971
Registered: ‎09-16-2011
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Re: Hey guys, I'm kind of new and I need some advice.

With such a low income and no score, it may be best to use the card, pay the bill, don't be late. After you have a score you can try for a Student Credit card.  Many companies will deny simply because of income, especially now that the new credit card act became law if you are under 21 they have to have proof that you have income to  repay your debt.

 

 When you graduate and/or start making more money you can work on getting more cards. With an existing card with a good history you will be about 10 steps beyond a lot of people graduating college. 

 

 


Cards: Chase Southwest 20k & CSP 10k & Freedom 6.6k & Amtrak 4.6k, FNBO DISC 14.9k Oregon Duck 5k, & AMEX BCP 15k & Hilton Surpass 7.5k & Delta Gold 6k & Zync NPSL, Sally Mae5k Sams Club MC 10k, Paypal Extras MC 6k, CapOne QS 2.5k, QS 750, Amazon 3.9k, Walmart 4.5k, Citi Simplicity 7k, HHonors Gold 1k (moved 5k CL to Simplicity), Discover IT 6.5k and a nice stack of store cards.
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Valued Contributor
Posts: 1,738
Registered: ‎08-13-2012
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Re: Hey guys, I'm kind of new and I need some advice.

 

 

 

 

+1


Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
Goal Score: 800


Walmart: 10k |Usaa: 8k|BCE: 13k| Amex: NSPL|Dis: 9.4k|Cap: 5.5k|CAP: 2k|CSP: 13.4k| Pen:4.5k

New Visitor
Posts: 7
Registered: ‎09-18-2012
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Re: Hey guys, I'm kind of new and I need some advice.

After getting my score (hopefully in a month) what do you recommend applying for? I've looked at the Student version of both the Citi forward, and Discover more. Would I be able to be approved for either one of the two? I Intend on only about to three card and then gardening them for a while. Also, would I qualify for a Zync? I've heard it's the easiest Amex to qualify for. I have the income to pay off my debt, but I want to spread it out instead of just putting it all on one card. I turned 19 in May, if that makes any difference. I've heard it's also 6 months after you open you're first card is when you can buy you're score but it does not generate till then. So far, I have no late payments, but the first month I had a 75 % utilization ( I had a bad infection, and I could not pay it off before closing) It was 524.00. But since then I have always paid before the statement closing date. Should I apply in the next coming few months or should I wait until April, when I have a full year of history? 

4/12- Bankamericard Cash Rewards Card-700 limit
Valued Contributor
Posts: 1,575
Registered: ‎09-15-2012
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Re: Hey guys, I'm kind of new and I need some advice.

As james mentioned, according to the credit card companies, it doesn't look like you have enough to "pay off (your) debt" as it were. In the grand scheme of how quickly a person can get in trouble with a credit card, $4,200 annually is very little (under $100/week). I would be very surprised if you were able to receive any unsecured credit right now, and think you should continue your good payment history and wait until you gain a longer history and/or larger income.

In My Wallet: Amex BCP (12/12) $22.200, Cap1 Quicksilver (6/12) $14,000, Chase CSP (4/14) $12,000, Barclaycard Rewards (5/13) $10,500, Citi Forward (12/12) $9,600, Chase Freedom (12/12) $5,000

Last App: April 2, 2014
Valued Contributor
Posts: 1,738
Registered: ‎08-13-2012
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Re: Hey guys, I'm kind of new and I need some advice.


G_Reaper wrote:

After getting my score (hopefully in a month) what do you recommend applying for? I've looked at the Student version of both the Citi forward, and Discover more. Would I be able to be approved for either one of the two? I Intend on only about to three card and then gardening them for a while. Also, would I qualify for a Zync? I've heard it's the easiest Amex to qualify for. I have the income to pay off my debt, but I want to spread it out instead of just putting it all on one card. I turned 19 in May, if that makes any difference. I've heard it's also 6 months after you open you're first card is when you can buy you're score but it does not generate till then. So far, I have no late payments, but the first month I had a 75 % utilization ( I had a bad infection, and I could not pay it off before closing) It was 524.00. But since then I have always paid before the statement closing date. Should I apply in the next coming few months or should I wait until April, when I have a full year of history? 


u would need to get used to your credit card habit first since you dont make that much money. Let said what if some happen to you ? another bad affection maybe ? what are you gonna do ? will you going to make a minium payment ? or you gonna let that 100 slide and you know how much they would charged you after years . And how much damaged its cost you for your life later on ?

 

Also on top of that you need to know the basic ""credit card "" mean........Let me tell you about my story....Im just like you 6 8 years ago and basically dont know what the credit mean but as of right now since I get to the this certain ages.....let said 30 you need to buy a house for your children, a new card for your wife....etc....... Buttttttttttt

Your credit 's trash what you gonna do ? They aint going to forgive you or they wont give it to you because your score 600 ? so you think you going to fix it like many of us right here right now........I mean we dont wanna get that far no we dont trust me......So here is my advice......

 

Why dont you keep using your current credit card and paid them very resposibility then let see how do you maintaince it on another 6 months or so ?

OR another way in the long run you can try to get some Gas card.....and one more credit card its either Secured credit card or your current bank credit card or Local credit union.....they all very easy to get because you already had relationship with them.........

 

But dont charge more than 9% of your available credit limit if you said you have fund to paid for those debt..........well you can but you had to paid them down to less than 9% before statement cut off time..........Do this for another 2 years then im sure you would qualify for a lot of nice cards that you dream of.....and Good luck......

 


Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
Goal Score: 800


Walmart: 10k |Usaa: 8k|BCE: 13k| Amex: NSPL|Dis: 9.4k|Cap: 5.5k|CAP: 2k|CSP: 13.4k| Pen:4.5k

New Visitor
Posts: 7
Registered: ‎09-18-2012
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Re: Hey guys, I'm kind of new and I need some advice.

Actually, my current card is unsecured...but the 4,200 was last year. idk about this year however. Based on my above post, would it make sense for me to apply for a Student version of the Discover more, Citi Forward in the next coming months? or should I wait until April? Would I qualify for a Zync? I've heard it's one the easier Amex's to get. I'm very responsible with my credit and I only use it for Gas, and any other emergency exspenses, I really don't want a Student card, but if I qualify for it, I'll take it. How soon can Fico score be given? I've heard it's once it's been 6 months. I'm new to credit and I want to learn about it, and do not want to make mistakes that will haunt me for years down the road. 

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Valued Contributor
Posts: 1,954
Registered: ‎01-24-2012
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Re: Hey guys, I'm kind of new and I need some advice.

[ Edited ]

If you shop at any stores you can try to get one of their cards. I got a Macys card when I was 19 and am grateful because now I have a very nice (in my opinion) selection of cards, and it would not be without that Macys card. I would not waste money buying a credit score from anywhere. Credit scores are not the only thing that lenders look at and even if you know it, there is no list of minimum scores for approvals anywhere.

 

With such little income, you most likely will not get approved for many other cards. Student cards would be your best choice since they have easier requirements.

 

I know that you want to get good cards and tradlines now, but time is the best thing for credit. In one or two years, you will be picking up any card that you want. For now though, you should just treat the card you have well and let the history grow.

New Visitor
Posts: 7
Registered: ‎09-18-2012
0

Re: Hey guys, I'm kind of new and I need some advice.

You're right about that though, but I do know generally how much I make, last year I didn't make much but I think this year I will be making slightly more. I already have a bank card though. But ia gree, I do not the future and cannot predict what will happen, but I do my best to be as repsonsible as I can. I always PIF, so I unless something happens to me, or a major life event, I would never carry a balance....I don't really want any prime cards right now, or cards that I cannot be approved. I just want to spread around my spending (food, gas, books, etc,) and then down the road get better cards. That's the goal. 

4/12- Bankamericard Cash Rewards Card-700 limit
New Visitor
Posts: 7
Registered: ‎09-18-2012
0

Re: Hey guys, I'm kind of new and I need some advice.

Navigate- I dont really shop much. I only want to know my CC score, and I know that there are other things that lenders look at before they choose to approve or deny you. I don't nesscarily want cards that are great and excellent tradelines (future yes of course) but I want cards that will help spread my spending, Instead of putting it all on to one card. I use my card right now mainly for gas, everything else is cash. So I guess I should take it as wait until April and see what happens?

4/12- Bankamericard Cash Rewards Card-700 limit
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