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Starting out!

Valued Contributor

Re: Starting out!

Congrats! Good job!


Starting Score: EQ 653 6/21/12
Current Score: EQ 703 8/5/17 - EX 743 8/5/17 - TU 731 8/5/17
Valued Contributor

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).

Established Member

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

Re: Starting out!

Trumpet read my mind! 

EQ/637
TU/616
EXP/659


Super Contributor

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

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 653 6/21/12
Current Score: EQ 703 8/5/17 - EX 743 8/5/17 - TU 731 8/5/17
New Member

Re: Starting out!

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

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

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

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 653 6/21/12
Current Score: EQ 703 8/5/17 - EX 743 8/5/17 - TU 731 8/5/17