topic Re: 18 Year Old Student with some credit history, recommendations? in Credit Card Applications

18 Year Old Student with some credit history, recommendations?

Anonymous — Wed, 04 Feb 2015 16:02:30 GMT

Hey there. I look over these forums often but decided to sign up today.

I'm 18, will be 19 in a couple months, and I am going to college.

I currently have a Wells Fargo college card with a $500 limit which I was approved for right when I opened my bank account with them. I have had it coming on 8 months now, no late payments. I also applied for a Capital One Student card last month, got denied and called the EO. She let me know today that I was approved for a $300 card. Not great but better than nothing.

I have 4 hard inqs on my credit report (2 from the cards above, other two from Comcast and T-Mobile, so not sure if lenders look at those.)

I was wondering what are some good options to look for next? I am pretty responsible with my cards, just looking to build up my credit so I have a pretty solid history by the time I'm done with school.

Thank you!

Re: 18 Year Old Student with some credit history, recommendations?

Anonymous — Wed, 04 Feb 2015 16:17:34 GMT

@derginia,

Welcome to the forum.. Since you have a pretty thin file what are your FICO scores? Do you know them? Also, look into Discover also as they have some student cards..

Re: 18 Year Old Student with some credit history, recommendations?

Anonymous — Wed, 04 Feb 2015 16:31:11 GMT

Hey, I don't know my FICO score, but according to Credit Karma, Transunion and Equifax are at 678.

And I was actually looking at the Discover student card. I want to apply, but I was going to wait until I researched some more.

Re: 18 Year Old Student with some credit history, recommendations?

Anonymous — Wed, 04 Feb 2015 16:45:10 GMT

Discover is a terrific recommendation right now. They love fresh clean files.

Then after 6 months of on time payments, put in for Amex.

Re: 18 Year Old Student with some credit history, recommendations?

Anonymous — Wed, 04 Feb 2015 17:01:37 GMT

That sounds good then. Looking around I've seen some good things about them, I think I will apply.

Re: 18 Year Old Student with some credit history, recommendations?

Anonymous — Wed, 04 Feb 2015 17:03:07 GMT

Welcome, welcome...

I'd say you're doing pretty well so far. 18yo and two cc's with good payment history and score. I think the thing holding you back is probably income. Your file is thin, but rightfully so for your age. I've seen 19 year olds with their own 8k cards; I've even seen an 18yo with a 25k credit limit, but I can't be certain he/she wasn't an authorized user on the account. If you have any solid income you can report, it would likely help you along with qualifying for new credit. If not, just keep paying your bills and you'll be fine in the long run- and probably in the short run, too.

Re: 18 Year Old Student with some credit history, recommendations?

chalupaman — Wed, 04 Feb 2015 17:15:26 GMT

@Anonymous wrote:
Hey there. I look over these forums often but decided to sign up today.
I'm 18, will be 19 in a couple months, and I am going to college.
I currently have a Wells Fargo college card with a $500 limit which I was approved for right when I opened my bank account with them. I have had it coming on 8 months now, no late payments. I also applied for a Capital One Student card last month, got denied and called the EO. She let me know today that I was approved for a $300 card. Not great but better than nothing.
I have 4 hard inqs on my credit report (2 from the cards above, other two from Comcast and T-Mobile, so not sure if lenders look at those.)

I was wondering what are some good options to look for next? I am pretty responsible with my cards, just looking to build up my credit so I have a pretty solid history by the time I'm done with school.

Thank you!

I'd go for an Amex revolver to establish your MSD. If you come across that 50k MR point, 1k spend offer on the PRG, you can also app for that charge card the same day you go for the revolver and they'll use the same HP. Discover might be good but if you're looking for CLs that are gonna grow quickly, they're not really as big on that sort of thing IMO.

Get in with Chase when you've had 11-12 months of credit history. Barclays also likes to see roughly a year and really work with WF and you might be able to get one of their Propel cards with enough time.

Re: 18 Year Old Student with some credit history, recommendations?

chalupaman — Wed, 04 Feb 2015 17:17:47 GMT

@Anonymous wrote:
Welcome, welcome...
I'd say you're doing pretty well so far. 18yo and two cc's with good payment history and score. I think the thing holding you back is probably income. Your file is thin, but rightfully so for your age. I've seen 19 year olds with their own 8k cards; I've even seen an 18yo with a 25k credit limit, but I can't be certain he/she wasn't an authorized user on the account. If you have any solid income you can report, it would likely help you along with qualifying for new credit. If not, just keep paying your bills and you'll be fine in the long run- and probably in the short run, too.

I'm only 20 and actually had a card with a $17k limit and now have two cards with an $8k limit (I give Sams Club a lot of credit for that one). It is doable depending on how long you've had credit and how giving the lender can be. It's different for every lender. There's even a guy on here who's younger than I am but recently got his Amex up to the double digits.

Re: 18 Year Old Student with some credit history, recommendations?

Anonymous — Wed, 04 Feb 2015 17:24:56 GMT

@chalupaman wrote:
@Anonymous wrote:
Welcome, welcome...
I'd say you're doing pretty well so far. 18yo and two cc's with good payment history and score. I think the thing holding you back is probably income. Your file is thin, but rightfully so for your age. I've seen 19 year olds with their own 8k cards; I've even seen an 18yo with a 25k credit limit, but I can't be certain he/she wasn't an authorized user on the account. If you have any solid income you can report, it would likely help you along with qualifying for new credit. If not, just keep paying your bills and you'll be fine in the long run- and probably in the short run, too.
I'm only 20 and actually had a card with a $17k limit and now have two cards with an $8k limit (I give Sams Club a lot of credit for that one). It is doable depending on how long you've had credit and how giving the lender can be. It's different for every lender. There's even a guy on here who's younger than I am but recently got his Amex up to the double digits.

good job!

Re: 18 Year Old Student with some credit history, recommendations?

Anonymous — Wed, 04 Feb 2015 17:28:01 GMT

Thanks for the suggestions guys. I just applied for the Discover it, I wasn't given an answer instantly since I had to submit proof of enrollment but I hope that they get back to me with good news soon!

Yeah I probably won't be getting any big limits soon since I most likely won't be working til I'm done with school, I make money online and in person selling my art, but thats mostly just a side thing. But you never know, if I can find a job that works out with my hours I may go for it.

@popamode72

Those are some nice limits. I hope I'm able to get up there in a couple years For now I'm just happy building it up.

Re: 18 Year Old Student with some credit history, recommendations?

Anonymous — Wed, 04 Feb 2015 17:37:46 GMT

You can do it! my credit is only 7 months old and look where I'm at! granted, I have a good income. but it can be done. good luck!

Re: 18 Year Old Student with some credit history, recommendations?

chalupaman — Wed, 04 Feb 2015 17:39:29 GMT

@Anonymous wrote:
@chalupaman wrote:
@Anonymous wrote:
Welcome, welcome...
I'd say you're doing pretty well so far. 18yo and two cc's with good payment history and score. I think the thing holding you back is probably income. Your file is thin, but rightfully so for your age. I've seen 19 year olds with their own 8k cards; I've even seen an 18yo with a 25k credit limit, but I can't be certain he/she wasn't an authorized user on the account. If you have any solid income you can report, it would likely help you along with qualifying for new credit. If not, just keep paying your bills and you'll be fine in the long run- and probably in the short run, too.
I'm only 20 and actually had a card with a $17k limit and now have two cards with an $8k limit (I give Sams Club a lot of credit for that one). It is doable depending on how long you've had credit and how giving the lender can be. It's different for every lender. There's even a guy on here who's younger than I am but recently got his Amex up to the double digits.
good job!

Thank you. I only started out with a $1k Forward card from Citi and never imagined that I could have any of these higher limit cards but reading this place a lot and other CC forums really helped a lot.

Re: 18 Year Old Student with some credit history, recommendations?

kdong1996 — Wed, 04 Feb 2015 21:19:33 GMT

Also, if you ever get a chance try calling the number on the back of your Wells Fargo card and ask for a soft pull CLI (Don't take it if they ask for a hard pull). I presume you got the Capital One Journey? Use it heavily and they'll likely give you a higher increase than what they said on the Credit Steps document. Convert it to the Quicksilver via Live Chat after you get your increase too. Good luck!

Re: 18 Year Old Student with some credit history, recommendations?

Gunnar419 — Wed, 04 Feb 2015 22:14:29 GMT

@Anonymous wrote:
@chalupaman wrote:
@Anonymous wrote:
Welcome, welcome...
I'd say you're doing pretty well so far. 18yo and two cc's with good payment history and score. I think the thing holding you back is probably income. Your file is thin, but rightfully so for your age. I've seen 19 year olds with their own 8k cards; I've even seen an 18yo with a 25k credit limit, but I can't be certain he/she wasn't an authorized user on the account. If you have any solid income you can report, it would likely help you along with qualifying for new credit. If not, just keep paying your bills and you'll be fine in the long run- and probably in the short run, too.
I'm only 20 and actually had a card with a $17k limit and now have two cards with an $8k limit (I give Sams Club a lot of credit for that one). It is doable depending on how long you've had credit and how giving the lender can be. It's different for every lender. There's even a guy on here who's younger than I am but recently got his Amex up to the double digits.
good job!

Yeah, really, that's amazing. Nice work.

OP, I can second the recommendation above, Discover student card now, six months of golden credit habits, then the Amex of your choice. At that point you should be able to qualify for a revolver without going through those charge cards unless you really want a charger.

Oh, I see you already apped. Good luck!

Re: 18 Year Old Student with some credit history, recommendations?

twist7d7 — Wed, 04 Feb 2015 22:23:02 GMT

@Anonymous wrote:
Discover is a terrific recommendation right now. They love fresh clean files.

Then after 6 months of on time payments, put in for Amex.

+1 thats how I started about a year and a half ago

Re: 18 Year Old Student with some credit history, recommendations?

twist7d7 — Wed, 04 Feb 2015 22:26:50 GMT

@Anonymous wrote:
Thanks for the suggestions guys. I just applied for the Discover it, I wasn't given an answer instantly since I had to submit proof of enrollment but I hope that they get back to me with good news soon!

Yeah I probably won't be getting any big limits soon since I most likely won't be working til I'm done with school, I make money online and in person selling my art, but thats mostly just a side thing. But you never know, if I can find a job that works out with my hours I may go for it.

@chalupaman
Those are some nice limits. I hope I'm able to get up there in a couple years For now I'm just happy building it up.

I think when this happens you are approved they just want to verify. I can recall it happening to several of my friends, me included.

Re: 18 Year Old Student with some credit history, recommendations?

Anonymous — Wed, 04 Feb 2015 22:31:19 GMT

@chalupaman wrote:
I'd go for an Amex revolver to establish your MSD. If you come across that 50k MR point, 1k spend offer on the PRG, you can also app for that charge card the same day you go for the revolver and they'll use the same HP. Discover might be good but if you're looking for CLs that are gonna grow quickly, they're not really as big on that sort of thing IMO.

This guy gets it! I'd grab any Amex revolver that I could. I suggest one of the Everyday, Blue Cash Everyday, or if you're a Costco shopper then the True Earnings card. The PRG signup bonus is nice, but I doubt you want to be spending $175 per year as a student for a credit card.

Re: 18 Year Old Student with some credit history, recommendations?

Anonymous — Wed, 04 Feb 2015 23:17:29 GMT

@kdong1996 wrote:
Also, if you ever get a chance try calling the number on the back of your Wells Fargo card and ask for a soft pull CLI (Don't take it if they ask for a hard pull). I presume you got the Capital One Journey? Use it heavily and they'll likely give you a higher increase than what they said on the Credit Steps document. Convert it to the Quicksilver via Live Chat after you get your increase too. Good luck!

I actually called them about a week ago and recieved the letter yesterday, unfortunately they said I didn't really have enough in my checking account to be able to give me an increase. I generally keep cash, guess I should put more in.

Yes, the student journey card. Great, the lady on the phone told me it would increase to $500, but I'm glad that theres a chance that it will be more. Thanks for the advice!

@twist7d7

Thats great news. I was a little nervous since I don't like having hard pulls on my credit for nothing, but I'm glad theres a very good chance it's a go!

Thanks for the tips guys, I'll definitely look into the AMEX cards in around 6 months. Credit is exciting, haha.

Re: 18 Year Old Student with some credit history, recommendations?

wche — Wed, 04 Feb 2015 23:35:23 GMT

When my 18 yo cousins applied for their first cc w/ no history, they got the discover it student after submitting verification documents like you did. best of luck! Keep a look out for emails/check application status on their website.

Re: 18 Year Old Student with some credit history, recommendations?

chalupaman — Thu, 05 Feb 2015 00:14:46 GMT

@Anonymous wrote:
@chalupaman wrote:
I'd go for an Amex revolver to establish your MSD. If you come across that 50k MR point, 1k spend offer on the PRG, you can also app for that charge card the same day you go for the revolver and they'll use the same HP. Discover might be good but if you're looking for CLs that are gonna grow quickly, they're not really as big on that sort of thing IMO.
This guy gets it! I'd grab any Amex revolver that I could. I suggest one of the Everyday, Blue Cash Everyday, or if you're a Costco shopper then the True Earnings card. The PRG signup bonus is nice, but I doubt you want to be spending $175 per year as a student for a credit card.

The AF is waived the first year so the OP can cancel the card before the AF is due or downgrade to the Green and transfer the MR points to the ED card.