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New Contributor
CardinalRules
Posts: 69
Registered: ‎06-27-2012
0

college student seeking advice

[ Edited ]

Thanks for everyone who shares experiences, and advice here. I've learned a lot. I've been lurking, but decided to register and I'd really appreciate some advice regarding how to proceed with my credit future.

 

I'm a 19 year old college student. I live on the east coast, and go to college in California. I'm looking to get a card that can help me with travel/rewards. Trying to get in early with AMEX as well as another prime company. My credit score via creditsesame was 723, and the myFico estimate was 715 - 765. Not sure where I can get a free official one without doing a hard inquiry.

 

I've had a Wells Fargo College Cash Back card for a year now. I always pay on time and more than the minimum, but I've mostly carried a balance. Should have been PIF, which I now do. I had a $500 CL, but got an increase to $1100. I work part time year round and make about $8,000.

 

My plan now is to try for AMEX Blue Sky/Chase Freedom, and if I get denied, then try for AMEX Zync/Citi Forward.

 

Is this a solid plan? Thank you!

AMEX SPG - $8k
Citi AA Visa - $6.5k
Walmart Discover - $5.5k
Citi Forward - $3.9k
Discover More - $2.5k
Wells Fargo Cash Back - $1.9k
Valued Contributor
rootpooty
Posts: 1,757
Registered: ‎10-28-2011
0

Re: college student looking for some advice

i would def apply for citi forward student version. fyi its not a hard pull to get your credit reports. your better off pulling your true fico scores from this site instead of wasting your money on fako scores

NFCU plat 5k | NAVCHECK 5k | NFCU cashrewards 3k | BOFA 123 3k |
Chase Freedom 1.5k | Amazon 1800 | Walmart 1450 | Buckle 300

On the prowl for Chase Sapphire Preferred!
scores 7/14 647 622 630 (85%util)
scores 8/14 767 760 758 Boom! finally in the 700 club
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Excelsior
Posts: 10
Registered: ‎06-22-2012
0

Re: college student looking for some advice

To echo what rootpooty said, I would recommend the citi forward student. I applied for the citi forward student and the discover more student after having a Bank of America student card for 6 months. I was approved for both cards after verifying my student status which was pretty painless. The Discover customer service was very nice so I would recommend them too if the More card appeals to you.

741 TU08 (4/13) 690EQ (3/13)724 EX(3/13)
Goal: 750

Amex BSP - 6k, Amex BCE - 2k, Amex Delta Skymiles Gold - 2k, Amex Hilton - 2k, Amex PRG - NPSL, Barclays NFL Extra Points - 0.5k, Barclays US Air - 1k, Chase MileagePlus Explorer - 5k, Chase Airtran A+ - 5.2k, Chase British Airways - 5.7k, Chase Freedom - 1.3k, Citi Forward Student - 3.5k, Citi Hilton - 4k, Discover More Student - 2.25k, BOA Travel Rewards - 1k
Established Contributor
Cdnewmanpac
Posts: 767
Registered: ‎01-16-2012
0

Re: college student seeking advice

Question: why blue sky? Amex revolvers are amongst the harder to get cards, reward structure designed for frequent flyers. Since you plan to pif, why not the zync? No preset limit, restaurant pack means double points on food, the thing college students typically spend the most on, great Amex purchase protection, use doesn't count towards your utility on fico. Like others above, I think the student forward is a great student card. Citi is very good about credit limit increases over time. My wife started with them in college and is now at 40k credit limit with zero interest offers all the time.
In wallet: Ink Plus 10k, AMEX TE 25k. In bag: CSP 16k, USAA WMC 15k, Hyatt 13k, United MPE 12k, AMEX HHonors 3k. In SD: Cap 1 QS 5k, Discover IT 7k. FICO 08 says my EQ is now 844, was 510 in 2010.
Moderator Emeritus
webhopper
Posts: 7,230
Registered: ‎09-16-2011
0

Re: college student seeking advice


Cdnewmanpac wrote:
Question: why blue sky? Amex revolvers are amongst the harder to get cards, reward structure designed for frequent flyers. Since you plan to pif, why not the zync? No preset limit, restaurant pack means double points on food, the thing college students typically spend the most on, great Amex purchase protection, use doesn't count towards your utility on fico. Like others above, I think the student forward is a great student card. Citi is very good about credit limit increases over time. My wife started with them in college and is now at 40k credit limit with zero interest offers all the time.


I agree with applying for Zync, but don't be surprised if you're declined or approved with a hard limit. They are fairly sensitive to income.


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



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Valued Contributor
Crashem
Posts: 3,098
Registered: ‎01-26-2012
0

Re: college student seeking advice

Echoing advice already given. Go for student cards right now and Amex zync. Getting in with Amex early is good. Probably wont qualify for most Amex revolvers. If you really want Amex revolver, then go for zync and then app for Amex revolver assuming you got approved. Also remember to include any scholarships and such in any income calculations.
               LIMITS IN CARD DESCRIPTIONS
Frequent Contributor
Dadaluma83
Posts: 364
Registered: ‎08-23-2011
0

Re: college student seeking advice

The best advice? Forget about any kind of prime card like Blue sky or chase freedom. No matter your score you will be denied most likely so don't waste the inquiry.

 

Go for the AMEX Zync, and one student card of the Citi Forward or Discover More. Then 6 months later try for a second student card to round out your credit profile.

 

Don't apply for any more cards after that until you graduate. You will still take inquiries for cell phone plans, apartments, utilities maybe but otherwise garden credit card wise until you graduate and have a steady job. Then with a steady job plus the history of your cards you get now you will have a great credit score and be able to get prime travel rewards cards right then.

 

Rewards are nice, sure, but at this point in your life you should be best concerned with building a positive history so you can get prime rewards cards after you graduate. Above all never be late on a payment and build a positive history now so you are set up nicely later.

FICO Scores: TU: 768 (Jan 2012), EQ: 755 (Jan 2012 Lender pull)
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FrugalRican
Posts: 2,876
Registered: ‎02-02-2012
0

Re: college student seeking advice

AMEX Zync.

Discover Student.

Chase Checking Account.

 

I'd just do that. Forget the Sky and Freedom for now. You have time to go for that in a year or two or three.

I'd open the Chase checking just to establish some sort of relationship with them. It DOES help, or at least has with me, to do that. They can let you know eventually if you are pre-approved for a Freedom.


The problem with apping the Freedom now is you MIGHT get approved.... for $500 and then be stuck at $500 forever unless you want to eat HP's for CLI's.

Follow my financial journey: http://www.frugalrican.com


EQ FICO (01/16/2012): 656 - EQ FICO (02/16/2012): 743 - EQ (02/24/2012): 760 - EX (04/28/2012): 739 - GOAL 2013: 800+

AMEX BCE (0/10K) --- BOA 1-2-3 (0/15.9K) --- Discover More (0/6K) --- Chase Freedom Visa (0/1.4K) -- Hyatt Visa Sign. (0/5.8K) -- Barclay's NFL Card (0/7.5K) -- Chase Sapphire Preferred (0/5K)

New Member
a1hildeb
Posts: 14
Registered: ‎05-22-2012
0

Re: college student seeking advice

if you have loans the best advice i can give you is shift your focus from a cc to paying off your loans while in school. Dont bother getting a cc, If i knew then what I know now I can't speak enough to the students in school right now. Pay that $#!7 off ASAP.
New Contributor
CardinalRules
Posts: 69
Registered: ‎06-27-2012
0

Re: college student seeking advice

Thanks for all the advice. I'm going to hold off on the Blue Sky, but will give the Freedom a try with a little more history. I'll also try the Forward, and Zync.

AMEX SPG - $8k
Citi AA Visa - $6.5k
Walmart Discover - $5.5k
Citi Forward - $3.9k
Discover More - $2.5k
Wells Fargo Cash Back - $1.9k

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