Student with no credit history

[Anonymous]

So I recently applied for the capital one MTV credit card, and got approved, my credit limit was $300. Recently I received a preaproved letter from citi bank that I am approved for the Citi Dividend card. Should I apply for this card? or should I wait for a better offer from another bank, or do you think one credit card is enough for now. Thank you.

[smc733]

I would say give it six months, prove your self with this card, let it report ~$30 balance each month, then apply, and you should be able to get a hefty limit.

[Anonymous]

if I apply for the citi card now, would my credit limit go up over time?

[smc733]

Certainly would, that CapOne card likely won't grow with you, but that's ok, I had a builder card, and I dumped it after I got situated.  My recommendation would be this.  You could get the Citi card now, then in 6 months, get a Discover Student Card, then cancel the CapOne, I'm a big fan of getting rid of builder cards early, and not keeping them around for "age" as some suggest.

My guess is with a college income, you'll probably get $800-$1,500 for a limit on the Citi, but mine started at $1,200 with a college income, and a year later it's $5,000, Citi grows with you, very well.

[vish1]

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@Anonymous wrote:

So I recently applied for the capital one MTV credit card, and got approved, my credit limit was $300. Recently I received a preaproved letter from citi bank that I am approved for the Citi Dividend card. Should I apply for this card? or should I wait for a better offer from another bank, or do you think one credit card is enough for now. Thank you.

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With citi, don't trust their pre approvals at all. IMHO, they send out the weakest pre approvals. Their pre approvals may not even be backed by a soft pull, its more like a marketing brochure.

Most other banks are decently robust on pre approvals.