What am I waiting for?

[Anonymous]

I currently only have one TL reporting (student Discover More card).  I PIF every month and have never been late.  It's been opened since Jul, 2011.  I also don't have any negatives/derogs or inquires, and my util is currently 1%.  I have a 770 (TU98) and a 746 (EQ).  I was playing with 0% util and 1% util, and with 0% util my TU98 is 798 and my EQ is 742.  I really don't know which looks better.

Is there any point in me waiting to apply for anything?  Since FICO rounds down for AAoA, I would need to wait another 11 months before I got any type of boost (assuming I even got one).  Other than that, my util is already at 1%, which is really the only thing that could fluctuate my score at this point.

I'm interested in AMEX Zync and Chase Freedom (or perhaps the Amazon Visa), and possibly the iTunes Visa Barclaycard.  Do you think I have a decent chance at getting accepted?

On a side note, is there a point in applying for a regular Discover More card? I've heard numerous different answers from reps saying there is no such thing as a student Discover More card, they're all considered the Discover More card (only the apps are different).  At the same time, I've had several reps confirm my account is showing up as a student Discover More and won't change unless I graduate or increase income (which I have done since opening the account).  Part of my wants to apply for a regular More or it card, then close the original account (I don't care about the 1 year loss of history).

Any and all input is welcome!

[jamesdwi]

The one issue I see is that you have only 1 card, most prime lenders want a minimum of two cards with 6 months to  a year history. I would recomend you look into getting a second student card, perhaps Chase. You would probably get in with AMEX zync, if your income is good enough. After 6 months with the Zync and your 700+ scores you should be in an amex revolver or chase freedom,  Having more income will help with Credit Limits, I would advise waiting till after you have full time employment, you will get a much better limit with 40k a year income as oposed to  12k a year.  Its easier to start out with high limits than get low limit cards and have to request credit limit increases to get to the same point where you started with a good income. Getting Zync sets your membership now so you will be back dated with revolvers. 

Closing your card doesn't afftect your AAoA, a closed card will report for 10 years.  If you are given a second card when you graduate under manual review you can tell the underwriter that it was a student card that graduated. 

[Anonymous]

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@jamesdwi wrote:

The one issue I see is that you have only 1 card, most prime lenders want a minimum of two cards with 6 months to  a year history. I would recomend you look into getting a second student card, perhaps Chase. You would probably get in with AMEX zync, if your income is good enough. After 6 months with the Zync and your 700+ scores you should be in an amex revolver or chase freedom,  Having more income will help with Credit Limits, I would advise waiting till after you have full time employment, you will get a much better limit with 40k a year income as oposed to  12k a year.  Its easier to start out with high limits than get low limit cards and have to request credit limit increases to get to the same point where you started with a good income. Getting Zync sets your membership now so you will be back dated with revolvers. 

Closing your card doesn't afftect your AAoA, a closed card will report for 10 years.  If you are given a second card when you graduate under manual review you can tell the underwriter that it was a student card that graduated. 

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Thanks for the reply.

I'm pretty confident I could get a Zync like you said.  My income is also around $21k.

The reason I threw in the Amazon Visa card is because I actually have a few friends that have no TLs whatsoever, and were approved for the Amazon Visa with decent limts.  I suppose I'll have to think about that one.

[tylaw13]

I say go for the freedom. If they decline you they are really good with recons lately. I have a number of a very nice lady in the executive office if you are declined. Since you have no baddies just a thin file you could tell them that you would like to start using chase for your main card because you have heard Chase is a great company yada yada. I say you have a good chance. i had 1 CC and 1 store card plus a 6 month old auto loan when i applied last month. At first i was denied but after recon approved. Also i had a collection from 2011 when i applied. Its gone now thank god i might ask for a CLI

[Razeus]

Go for the freedom card.

[improvingmycredit]

You are in a delicate position in your credit journey. You definitely need to build up some reporting active trade lines but you should take care and plan your apps carefully. First off- do you intend to make any large purchases in the near future? Mortgage or auto? I look forward to your reply to determine a great plan of attack to get you to a healthy start with your new cards. Any new apps and new credit lines will lower your score for sure with only one active trade line showing so if you plan a big purchase- I'd wait. If no big purchase is on the horizon, then I'd recommend 2 or 3 new cards all at once and then garden.

[improvingmycredit]

Forgot- not just any cards but cards that will grow with you and set you up for future success.

[Anonymous]

Thanks for all the replies everyone.

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@improvingmycredit wrote:
You are in a delicate position in your credit journey. You definitely need to build up some reporting active trade lines but you should take care and plan your apps carefully. First off- do you intend to make any large purchases in the near future? Mortgage or auto? I look forward to your reply to determine a great plan of attack to get you to a healthy start with your new cards. Any new apps and new credit lines will lower your score for sure with only one active trade line showing so if you plan a big purchase- I'd wait. If no big purchase is on the horizon, then I'd recommend 2 or 3 new cards all at once and then garden.

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I don't have any plans for any major purchases any time soon.  I'm currently a full-time college student (no loans though), and make like I said about $21kish, might be closer to $25k after some bonuses, etc.

I also have a decent amount in savings for what it's worth, although I don't think that factors in too much for approvals.

I was thinking about apping for a standard Discover More card, American Express Zync, and Chase Freedom, and possibly the iTunes Barclaycard.  The only reason I want the Barclaycard as well is because I might be upgrading my phone once the iPhone 5 comes out, so I could put the purchase on the card to earn points, plus I make small but consistent purchases on iTunes.

I want the Discover More card because I think I have a good chance at getting a higher initial limit, plus future CLIs, as my current card is classed as a student card, and I don't know if it will necessarily grow with me.  I know it's possible to convert, etc., but I'd honestly rather just open a new card and possibly close my first card if approved unless it will drastically hurt me credit-wise, which I don't think it will.  I've been with Discover for a little over a year now, never late, always PIF, and have never asked for a CLI (did, but it required a HP so I said no)..

I wanted the Zync to get my foot in the door with AMEX, and also use it to replace my debit card.  The Freedom mainly again to get in the door with Chase, but it's also a really good card, one that I would most likely keep for the rest of my life.

Thanks again.

[improvingmycredit]

Well, your scores are good enough but your AAoA is very low.  This is why I think you, being so young, should go ahead and take the plunge with a couple of apps at once and let them age together.  The problem with this plan is that it really will sink your AAoA and thus lower your score until you get some age on your accounts.  With this said,  any future apps could and probably will lead to a denial.  

I understand your concern with Discover, but really, it is in your best interest to request a PC to a non student card like IT for example.  Discover will grow with you and you already have an "in".

With regards to your apping Zync and Freedom, I think you are a go for approval with the Zync and probably the Freedom.  Expect a not so great limit with the Freedom but it will get you in with Chase and this card will also grow with you in time.

Now Barclays... The Apple financing VISA is a good product for purchasing Apple products and I suspect that if you are denied, you will be able to recon a fairly good starting limit with them.  I will say however that they do like to see at least a couple of years experience with credit and been told this by an analyst personally when helping my neice recon her denial.

What is your limit with Discover now and  what is your AAoA according to MyFICO?

I know seeing all these approvals for high limit cards is enticing so it's hard to remember that credit is a long journey.  You probably won't start out with the limits you want but if you get in with Amex, there is a reasonably quick way to get to some limits that are easier to deal with.  Mind you.. when I say quick... I'm thinking 6 month to a year.

[Anonymous]

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@improvingmycredit wrote:

Well, your scores are good enough but your AAoA is very low.  This is why I think you, being so young, should go ahead and take the plunge with a couple of apps at once and let them age together.  The problem with this plan is that it really will sink your AAoA and thus lower your score until you get some age on your accounts.  With this said,  any future apps could and probably will lead to a denial.  

I understand your concern with Discover, but really, it is in your best interest to request a PC to a non student card like IT for example.  Discover will grow with you and you already have an "in".

With regards to your apping Zync and Freedom, I think you are a go for approval with the Zync and probably the Freedom.  Expect a not so great limit with the Freedom but it will get you in with Chase and this card will also grow with you in time.

Now Barclays... The Apple financing VISA is a good product for purchasing Apple products and I suspect that if you are denied, you will be able to recon a fairly good starting limit with them.  I will say however that they do like to see at least a couple of years experience with credit and been told this by an analyst personally when helping my neice recon her denial.

What is your limit with Discover now and  what is your AAoA according to MyFICO?

I know seeing all these approvals for high limit cards is enticing so it's hard to remember that credit is a long journey.  You probably won't start out with the limits you want but if you get in with Amex, there is a reasonably quick way to get to some limits that are easier to deal with.  Mind you.. when I say quick... I'm thinking 6 month to a year.

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Thanks for the reply.

My limit with Discover is $1k.  My initial limit was $750, and then I received an auto CLI to $1k a month or two in, and it's sat there ever since.  Like I said, I called in regarding a CLI, but never submitted the request because they said it would require a HP.  I've had the card open for about 1y 1m, so FICO scoring has me at 1 year AAoA since it's also my only TL reporting.

In regards to the low limits, that is totally fine with me.  I'm not looking for giant limits, I'm just looking for some quality cards that I'll be able to use down the road (mainly just for gardening right now).  I don't have any major purchases or anything, I usually run about $400-700 through my Discover at the moment and pay it down to 1% before statement closes.

I was actually looking at the iTunes Apple Visa as well, not the financing Visa, mainly just because I always pay everything off when I buy something, so I don't need the 6/12 mo 0% APR.  I'd rather earn the points for a iTunes gc, however meager it might be, haha.