topic 6 months of credit history. What card is possible for me to get? in Credit Cards

6 months of credit history. What card is possible for me to get?

luxlight — Thu, 01 Mar 2018 00:45:14 GMT

Hey guys, just recently found this forum and looking for some advice. I'm a college student looking to get more credit cards. I just recently reached 6 months history and got my first FICO scores. I have a 711 Transunion FICO 8 score and a 706 Experian FICO 8 score. I have a discover it for students credit card at $1,200 and asked and got a CLI to $2,200 a couple days after the start of my billing cycle. I have zero missed payments also. I've applied to the Citi Thankyou Preferred for students card twice and been denied for little credit history and high utilization. I also applied and was denied for the Capital One Journeys student card for insufficient income. I got denied today for the second citi card app and honestly don't know what else to do. I applied for Capital one journey card and citi card on same day and had 80% utlization that month and i understand that but i had 7% utilization this month and was still denied for the citi card. I only have one credit card and 2 student loans on my credit report and don't know how else to help out my thin file during applications. Any credit cards that i would be able to get that would be beneficial for me?

Re: 6 months of credit history. What card is possible for me to get?

Anonymous — Mon, 26 Feb 2018 05:03:17 GMT

Wait at least another six months, and keep that utilization below 8%! Seriously wait until you have a year of history. Based on the data provided there is nothing useful or approvable with good enough terms and limits to make taking more inquiries & killing your average age of accounts even further.

Bide your time & let inquiries age, keep utiliz low, use the "all but one card zero" method and keep making on time payments. The difference you'll see at 12+ months vs now will be significant. You'll only be hurting yourself by applying now. Keep reading the forums (maybe not the approval board ) and occasionally check prequals from chase, Citi and Amex. Most of all BE PATIENT AND WAIT!

Re: 6 months of credit history. What card is possible for me to get?

Anonymous — Mon, 26 Feb 2018 05:30:42 GMT

Considering your loans utilization must through the roof and assuming that you want credit cards to establish a strong profile i'd suggest a secured product if you don't like to wait to establish a stronger profile

Re: 6 months of credit history. What card is possible for me to get?

luxlight — Mon, 26 Feb 2018 05:44:46 GMT

I understand. Since im under 21, i can't get prequalified offers. Also ill just follow that, ill be at 3 inquiries on my two of my reports now

Re: 6 months of credit history. What card is possible for me to get?

luxlight — Mon, 26 Feb 2018 05:45:32 GMT

I should get a secured card even though i already have an unsecured discover it card?

Re: 6 months of credit history. What card is possible for me to get?

HeavenOhio — Mon, 26 Feb 2018 11:45:17 GMT

I'd sit tight. You've been denied for cards that people with your credit profile would typically get. But you have a good unsecured card with a decent limit, and your scores are good.

Periodically check in for CLI opportunities on your Discover card, and consider applying for another card or two once it becomes a year old. Stay away from secured cards; they'd only be a step backward. And once you're ready to apply, make sure your Discover card's balance is between $5 and 8.9% of its limit.

Re: 6 months of credit history. What card is possible for me to get?

SomewhereIn505 — Mon, 26 Feb 2018 12:14:10 GMT

You gotta learn how to play the game smarter so you can use your HP efficiently.

1. The prime lenders that you want to get in with generally prefers to see a year’s worth of current usage. That is why everyone is saying wait.

2. Are you using the prequal sites on those cards? A cold app (without checking prequal and not doing any research on the lender) is super risky.

3. Knowledge is power. Know what is on your report. Keep it clean of baddies - no collections, no late payments, no high utility. When you find a card your wanting, research it here and work on getting your report to be what they look for.

My last 2 cents. Think quality over quantity. If you garden the card you have for another 6 months, more prime lenders will open up to you. If you went with a secured card or a bunch of subprime lenders, yes you would have cards, but your profile will take a lot of hits and distance yourself from the lenders you want in with.

Re: 6 months of credit history. What card is possible for me to get?

HeavenOhio — Mon, 26 Feb 2018 12:47:30 GMT

In this case, the OP doesn't have any baddies. All he needs is time.

@SomewhereIn505's quality over quantity suggestion is spot on. You have quality right now. Let that card become a year old, and opportunities will open up. And definitely check here before applying. In the meantime, read the forum and ask questions to learn about your potential options.

Re: 6 months of credit history. What card is possible for me to get?

luxlight — Wed, 28 Feb 2018 02:24:50 GMT

The student loans aren't up to a year old. They're only 6 months old as well

Re: 6 months of credit history. What card is possible for me to get?

Anonymous — Wed, 28 Feb 2018 04:28:33 GMT

You also stated that you were denied because of insufficient income, this will be something you need to work on before applying again.

Re: 6 months of credit history. What card is possible for me to get?

luxlight — Wed, 28 Feb 2018 14:33:28 GMT

My capital one denial stated insufficient income as the reason. My Citi denial said insufficient history and high utilization was. But you are right. Looking for a way to substantially boost my income to a moderate level

Re: 6 months of credit history. What card is possible for me to get?

luxlight — Wed, 28 Feb 2018 17:11:27 GMT

I was denied my Capital One card for insufficient income however, for my Citi card denial, it was lack of history and high utilization on my discover card.

Re: 6 months of credit history. What card is possible for me to get?

Gregory1776 — Wed, 28 Feb 2018 23:04:25 GMT

Also keep in mind all these applications are going to make banks think twice..... foot off the gas, it’s a marathon, not a sprint. You may not want too many credit cards in college with a limited income, you could easily get yourself in trouble. ☹️

Re: 6 months of credit history. What card is possible for me to get?

BurgeoningHope — Wed, 28 Feb 2018 23:22:20 GMT

@Gregory1776wrote:
Also keep in mind all these applications are going to make banks think twice..... foot off the gas, it’s a marathon, not a sprint. You may not want too many credit cards in college with a limited income, you could easily get yourself in trouble. ☹️

...and even if you are smart and don't get yourself into trouble, on paper you look like an under-21 kid who is headed down that path.

You seem aware and like you have your head fastened firmly onto your shoulders - your job now is to get your paper looking the same way. Let what you have age gracefully, and let those inqs age off so that your appearance isn't of a young guy desperate for credit so he can go blow it all on Spring Break.

Re: 6 months of credit history. What card is possible for me to get?

luxlight — Wed, 28 Feb 2018 23:30:36 GMT

When you put it that way, i can see why the banks are suspicious of me lol. Honestly i feel like it’s an itch and getting more credit will help with that. Discover gave me a really good limit relative for my account age so I’ll just stick with them. I have a single inquiry on trans union and Equifax but 3 on Experian . That’s latest info from credit karma and Experian website

Re: 6 months of credit history. What card is possible for me to get?

Gregory1776 — Thu, 01 Mar 2018 00:04:37 GMT

No biggie. Year and they won’t matter too much, two and they’ll be gone. Add an account in a year, something that will be helpful for you.

Re: 6 months of credit history. What card is possible for me to get?

luxlight — Thu, 01 Mar 2018 00:21:49 GMT

The card that i ultimately want to get is the Chase Freedom card. You think after 12months of AAoA and ontime payments, i would be able to get it?

Re: 6 months of credit history. What card is possible for me to get?

HeavenOhio — Thu, 01 Mar 2018 00:31:32 GMT

I can see why you'd want to add a Visa or Mastercard to your wallet. Even if your income doesn't change, I can see where it might become less of a factor a few months down the road once your credit history ages. The main thing is to not apply for anything without checking here first. In the meantime, learn what you can, and ask questions.

Also, there's no harm in periodically checking in for limit increases on your Discover card. Simply realize that there's no rhyme or reason behind their CLI approvals or denials.

Re: 6 months of credit history. What card is possible for me to get?

luxlight — Thu, 01 Mar 2018 00:37:13 GMT

Oh yea definitely. Just found this forum on accident but it has been tremendously helpful. I've asked discover for a CLI 3 times now and they've granted two. Two were at 4 months and the other was at 6 months. Went from SL $750 to $1,200 and then to $2200 now. Should be very easy for me to maintain a low credit utilization now.

Re: 6 months of credit history. What card is possible for me to get?

BurgeoningHope — Thu, 01 Mar 2018 00:39:49 GMT

Do you have a banking relationship with Chase, or can you? Anecdotally, that's been suspected to increase the odds.