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Valued Contributor
Posts: 1,235
Registered: ‎03-22-2012
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Re: Starting out!

Congrats! Good job!



Starting Score: EQ 658 6/18/12
Current Score: EQ 705 6/21/15 - EX 783 6/21/15 - TU 707 6/21/15
Goal Score: EQ 720+
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Valued Contributor
Posts: 2,512
Registered: ‎11-11-2010
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Re: Starting out!


Rackham12 wrote:

Thank you all! Looks like I'll be making a phone call on Monday. Any tips for Capital One since I have already been approved for that one?

 

Thanks Trumpet!


For Capital One, pay on time for 6 months and you should have a CLI from $750 to $1000 (credit step from Capital One).

In My Wallet:
Citi Forward (12/2010) | Citi Dividend (05/2011) | Chase Freedom (11/2011) | GECRB/PayPal (05/2012)
Discover it (07/2012) | AMEX BCP (09/2012) | TD/Target REDCard (10/2012) | Chase Ink Classic (11/2012)
BofA BBR (04/2013) | FNBO/Overstock.com (02/2014) | Barclaycard Arrival (04/2014) | FIA/Fidelity AMEX (04/2014)
Established Member
Posts: 55
Registered: ‎07-13-2012
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Re: Starting out!

Thanks Jamie!

 

I hope to have a good experience with Capital One believe it or not this late on a Friday (central time) I spoke with an online credit specialist and asked about their Journey's Student and she was incredibly helpful and eager to serve me. I asked about credit line increases but she mentioned it would be included in my Welcome Package with my card? Does this mean it is not $750?

EQ/637
TU/616
EXP/659


Established Member
Posts: 55
Registered: ‎07-13-2012
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Re: Starting out!

Trumpet read my mind! 

EQ/637
TU/616
EXP/659


Super Contributor
Posts: 5,886
Registered: ‎12-11-2011
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Re: Starting out!


Rackham12 wrote:

Thanks Jamie!

 

I hope to have a good experience with Capital One believe it or not this late on a Friday (central time) I spoke with an online credit specialist and asked about their Journey's Student and she was incredibly helpful and eager to serve me. I asked about credit line increases but she mentioned it would be included in my Welcome Package with my card? Does this mean it is not $750?


She was probably talking about the credit steps program, your card will arrive attached to a packet with information about that. The online credit specialists are available 24/7 right on your account page as well (a chat now button is there) .

;
Valued Contributor
Posts: 1,235
Registered: ‎03-22-2012
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Re: Starting out!

If they told you $750 at approval, that's what it will be.

 

When you talk with the lenders that denied you credit on Monday, make sure you ask them when would be a good time for you to re-apply. Ask them if 6 months good history will be enough.



Starting Score: EQ 658 6/18/12
Current Score: EQ 705 6/21/15 - EX 783 6/21/15 - TU 707 6/21/15
Goal Score: EQ 720+
Take the FICO Fitness Challenge

New Member
Posts: 1
Registered: ‎07-13-2012
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Re: Starting out!

[ Edited ]

I was in your exact situation last year. Had no history besides Federal Student Loans and tried apping for Discover Student, but was denied. I haven't seen this suggested yet (actually created an account just to reply to you... long time reader of this board and it has helped tremendously).  My recommendation is to establish a relationship with a local credit union that offers student cards. That's what I did and was given a small $750 credit line with a $21,000/yr income. Sure, it's not big (and probably won't be for you), but you don't need an enormous limit to show you can be responsible with your cards. I had util <9% and paid in full every month. 6 months later, I apped and received Citi Forward for Students ($3500) and Chase Freedom ($3000). With my CU card, it's something that will grow with me and I'll be comfortable having open for the foreseeable future (unlike CrapOne or Orchard).

 

Just my two cents.

 

Edit: Looks like I take waaaaayy too long to type a reply. Haha

Citi Forward - $3,500 - 07/2012
Chase Freedom - $3,000 - 07/2012
Local CU - $750 - 09/2011
Established Member
Posts: 55
Registered: ‎07-13-2012
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Re: Starting out!

Awesome Eric thanks for the reply ! Haha it has been blowing up I am surprised at all the helpful and very rich responses! This is def a gold mine of info. Only if more consumers knew about this kind of resource. I can probably think of very few unions around here but one comes to mind. I will probably try to just go ahead and build credit with Capital One and switch over to Discover and CITI 

 

How would I go on about doing so once I stop receiving CLI through their steps program do I just close it or keep it open and use it rarely? 

EQ/637
TU/616
EXP/659


Super Contributor
Posts: 5,886
Registered: ‎12-11-2011
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Re: Starting out!

It has no AF, so you can always SD it. whip it out every so often to buy a pack of gum or something, or you can close it. 

;
Valued Contributor
Posts: 1,235
Registered: ‎03-22-2012
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Re: Starting out!

I would keep it open for 3 to 4 years. It will add to your average age of accounts which is a part of your FICO score. That's one reason you don't want to apply for JUNK cards. Once they are open it becomes a hard decision on if you should close them. That's why you want to stay away from store cards except for Walmart.



Starting Score: EQ 658 6/18/12
Current Score: EQ 705 6/21/15 - EX 783 6/21/15 - TU 707 6/21/15
Goal Score: EQ 720+
Take the FICO Fitness Challenge

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