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No negatives, the scores are both just from the deferred loans reporting, before my credit card reported. Now I have 2 months of the Wells Fargo reporting with good history so far. I had a very small balance report then was paid the first month, and PIF the second month ($0 reported). Not sure what my scores would be now, but the FAKOs are 690-710ish for what it's worth.
I would apply for the student versions of Citi Forward or Discover More if I do take the plunge for either, just a bit wary, with my limited history and limited income as well. In addition to the debt-to-income that might scare them off because of the deferred loans, but I do really want to get a second card reporting right now.
loans in deferral should not count against your dti unless they have a deferral end date listed on your report and that date is within 6mos (some lenders) to a year (many lenders).
Thanks again,
The loans are all through the federal Direct Loan program, they're deferred until after I graduate, as far as I know.
CreditKarma lists my Average Age of Open Credit Lines at 1 yr 8 mos, with a total of 11 accounts. Note that my only credit card account is the newest, with only 2 (soon to be 3) months.
Total debt at about $22,000 now it lists on CreditKarma. and I have the two hard inquiries total from my two past apps, only one of which was successful. That, the limited history, along with income, are my reasons for being concerned about applying for Citi, Discover, etc. even for the Student versions of these cards.
@Cdnewmanpac wrote:loans in deferral should not count against your dti unless they have a deferral end date listed on your report and that date is within 6mos (some lenders) to a year (many lenders).
cd: please correct me if I'm mistaken but don't many lenders impute this regardless, as technically the consumer could take the loan out of deferrment at pretty much any time as I understand it?
Rev: I spoke with at least 15 loan officers during my original mortgage hunt. At that time, I had about 20k in deferred loans, all reporting deferral through 2014. Just about the only thing those guys agreed on was that my loans would be excluded from dti because the deferral was through the next year. While a consumer COULD start paying at any time, they are not obligated to, which is the criterion used for DTI. Since most cards are approved by computer, I would be shocked if any were counting deferred loans (which are coded differently on CRs). Private loans, maybe. But federally guaranteed loans I would really doubt.
@Cdnewmanpac wrote:I agree with revelate that you should apply now for a 2nd card. You wil have a much better file in a year with one more inquiry, but also one more card.
I disagree as to which card. You don't need your TU score unless you are applying for a mortgage soon. Your credit limit really doesn't matter at this point, as you are a student and have a very thin file. In my opinion, which others are free to agree or disagree with, you will get more VALUE from a student forward, chase freedom or discover student than you will with a walmart card. Those cards will grow with you over the next 20 years. Those lenders have products that will be much more useful to you in 3-5 years and they are very generous to people who they have a history with.
I would do the forward, since I think most college/new grads spend more on amazon and restaurants than they do at Kohl's (to use a recent 5% category as an example), but it really doesn't matter. Any of the three will be more useful to you over the next 5 years than a tu score and a few CLIs will be.
Either way, you should try to add one more card. Citi is the most inquiry-sensitive, so if that is a card you want, I'd start there.
Good luck
That may be true but the OP only has a history of loans in their credit file that have been deferred for 4 years due to school. Applying for a card like a Chase Freedom, Discover, etc...they like to see at least six months to one year of history with a credit card and the OP only has 3 months of history with a credit card. I think a Walmart card would be a good edition b/c it can grow with you and has the chance of being upgraded to the Discover version. Plus you can't beat free monthly FICO.
@Cdnewmanpac wrote:Rev: I spoke with at least 15 loan officers during my original mortgage hunt. At that time, I had about 20k in deferred loans, all reporting deferral through 2014. Just about the only thing those guys agreed on was that my loans would be excluded from dti because the deferral was through the next year. While a consumer COULD start paying at any time, they are not obligated to, which is the criterion used for DTI. Since most cards are approved by computer, I would be shocked if any were counting deferred loans (which are coded differently on CRs). Private loans, maybe. But federally guaranteed loans I would really doubt.
Thanks dude! The clarification is much appreciated.
Thanks for the info maiden_girl, those were some of the thoughts and concerns I had.
Do you think GE is pretty conservative too, i.e. should I wait 6 mos to a year before trying out even for the Walmart card? I'm just trying my hand at anything that may be good to open up now. If not, perhaps I'll just wait until next November before I try anything else.
@dhon55 wrote:Hi all,
Right now I have a very thin file, two inquiries (one 8/2012 from CapOne on all 3 - but rejected, one 9/2012 - Wells Fargo on EX).
I got my Wells Fargo College Card ($1,600 CL) in 10/2012 and it's been reporting since 11/2012. I only have this card, with multiple deferred student loans. I'll be graduating this May and then will go on to graduate school part-time and hopefully get a full-time job after I graduate.
I've been telling myself to wait until my inquiries clear (next October) to apply for more credit, but it's killing me to think that by then I'll still only have one card reporting.
I've been thinking about the Walmart card which is tempting me because of the free TU report and the CLI every 4 mos. However, I'm not so sure it would be a good idea to apply with the limited history I have. I've also considered applying for Chase Fredom, Discover More Student, and Citi Forward Student on a mini-app spree once my inquiries clear next October.
Thoughts on any of these cards, or any advice on what to do at this point? I just want to get my history established, but not sure whether I should wait some time or try to move on with more cards now.
Thanks for all your help on these forums!
The CLI is with GE every 4 mos is not a guaranteed thing. I actually prefer the amazon store card over walmart and they are both backed by GE. The TU score from walmart is just a number and even though its a FICO nobody that I know of uses the model so its purpose right now is just a number.
Stick to your plan waiting till next oct to app for freedom, discover and citi.
You should be in a good position to app for walmart
Okay thank you for the info.
I'll wait to apply for the others, but am still nervous to apply for Walmart. Perhaps I'll take the plunge once my third statement from Wells Fargo closes this week or next week. Is Amazon any harder to get than Walmart, or are they about even do you think?