topic Re: I'm new to this, looking for suggestions... in Credit Cards

I'm new to this, looking for suggestions...

Anonymous — Sun, 09 Sep 2018 12:14:18 GMT

So... I have a single card, an Amazon Prime Rewards Visa card through Chase.

According to Mint, my TransUnion credit score is currently 736, my credit age is 2.4yrs, I have 14 total accounts (I'm assuming, aside from my single credit card, that's referencing my student loans...), I have 0 hard inquiries in the last 2 years, and 0 derogatory marks. Unknowingly, I guess I've been gardening, as I literally just read about what that was...

Now, here's the difficult part... I don't have a job, I'm unable to work and only receive Supplemental Security Income which is currently $750/mo or $9,000/yr. Furthermore, my credit limit on my single Amazon Prime Rewards card is only $500 and I often find myself paying it off twice a month.

I'd definitely like to increase my credit limit as I have, on multiple occassions, ran into problems with trying to buy more expensive items. What should I do? Should I request a credit limit raise on my current card? Should I apply for 1 or more additional cards? I've held off, for the past 2 years, on requesting a larger credit limit or anything as I wanted to see where I'd land and figured I should learn more and decide if it'd be good to apply for another card at the same time or not.

I've been looking around and thought about applying for an Uber Visa, Citi Double Cash, Discover it Cash Back, or Discover it Miles card. Given my low income, I don't think I'd be interested in a card that has an annual fee.

Thanks

Re: I'm new to this, looking for suggestions...

Anonymous — Sun, 09 Sep 2018 12:28:07 GMT

Welcome to the myFICO forums!

I encourage you to get your actual Fico scores and AAoA (Average Age of Accounts). The scores on Credit Karma and Mint are useless. You can get your actual Fico scores for cheap here: https://www.creditchecktotal.com/

Based on your credit profile alone, I'd say you are good to go for another card, though your income is on the low end, which may get you denied credit.

Hopefully, others with more knowledge than I will chime in soon.

Re: I'm new to this, looking for suggestions...

Anonymous — Sun, 09 Sep 2018 12:32:39 GMT

@Anonymous wrote:
So... I have a single card, an Amazon Prime Rewards Visa card through Chase.

According to Mint, my TransUnion credit score is currently 736, my credit age is 2.4yrs, I have 14 total accounts (I'm assuming, aside from my single credit card, that's referencing my student loans...), I have 0 hard inquiries in the last 2 years, and 0 derogatory marks. Unknowingly, I guess I've been gardening, as I literally just read about what that was...

Now, here's the difficult part... I don't have a job, I'm unable to work and only receive Supplemental Security Income which is currently $750/mo or $9,000/yr. Furthermore, my credit limit on my single Amazon Prime Rewards card is only $500 and I often find myself paying it off twice a month.

I'd definitely like to increase my credit limit as I have, on multiple occassions, ran into problems with trying to buy more expensive items. What should I do? Should I request a credit limit raise on my current card? Should I apply for 1 or more additional cards? I've held off, for the past 2 years, on requesting a larger credit limit or anything as I wanted to see where I'd land and figured I should learn more and decide if it'd be good to apply for another card at the same time or not.

I've been looking around and thought about applying for an Uber Visa, Citi Double Cash, Discover it Cash Back, or Discover it Miles card. Given my low income, I don't think I'd be interested in a card that has an annual fee.

Thanks

Welcome to MyFICO

Unfortunately your income is going to prevent you from obtaining much more in terms of credit. I’d first try to get a CLI on your Amazon Visa. Did you get that card when you were employed? Usually Chase won’t give cards out for that income level. Still, I would ask for a CLI. It will be a HP but I think it’s your best chance to get more credit. Of the cards you listed, if you’re going to try for any, apply for the Discover It card. I don’t think your chances are good but another HP won’t hurt you at all.

One other note, that Mint score is not a FICO score but a Vantage score which almost no, if any, credit card company uses to grant credit. You probably should know at least one of your FICO scores. Quite a few places to obtain some version of them, including Discover and you don’t have to be a customer.

Maybe others can give you guidance but most creditors will not grant credit with incomes below or near $10k/year. Chase might give you some CLI based on your history with them. Good luck

Re: I'm new to this, looking for suggestions...

Anonymous — Sun, 09 Sep 2018 12:39:40 GMT

No, surprisingly, I was not employed when I applied for the Amazon Prime Rewards card - I was getting $735/mo ($8,820/yr) at the time.

Is there not a way to get your Fico scores for free? With my income, I can't really afford throwing away $20... I'm very particular about what I spend money on and tend to avoid doing so if at all possible. It seems a bit ironic, rather wasteful even, spending money in an attempt to improve my credit score... especially when my income is so low it's hard to get a card. :/

Re: I'm new to this, looking for suggestions...

Anonymous — Sun, 09 Sep 2018 12:44:21 GMT

@Anonymous wrote:
No, surprisingly, I was not employed when I applied for the Amazon Prime Rewards card - I was getting $735/mo ($8,820/yr) at the time.

Is there not a way to get your Fico scores for free? With my income, I can't really afford throwing away $20... I'm very particular about what I spend money on and tend to avoid doing so if at all possible. It seems a bit ironic, rather wasteful even, spending money in an attempt to improve my credit score... especially when my income is so low it's hard to get a card. :/

It actually costs $1, but the $1 is good for 7 days (you can rinse and repeat however many times you want, though -- just make sure to cancel before the 7 days are up). You can get your Experian score for free here: https://www.discover.com/free-credit-score/

Re: I'm new to this, looking for suggestions...

Anonymous — Sun, 09 Sep 2018 12:47:26 GMT

@Anonymous wrote:
No, surprisingly, I was not employed when I applied for the Amazon Prime Rewards card - I was getting $735/mo ($8,820/yr) at the time.

Is there not a way to get your Fico scores for free? With my income, I can't really afford throwing away $20... I'm very particular about what I spend money on and tend to avoid doing so if at all possible. It seems a bit ironic, rather wasteful even, spending money in an attempt to improve my credit score... especially when my income is so low it's hard to get a card. :/

There are lots of places, including the link for Discover that I provided, that will give you FICO scores for free.

Re: I'm new to this, looking for suggestions...

Anonymous — Sun, 09 Sep 2018 12:47:37 GMT

@Anonymous wrote:
No, surprisingly, I was not employed when I applied for the Amazon Prime Rewards card - I was getting $735/mo ($8,820/yr) at the time.

Is there not a way to get your Fico scores for free? With my income, I can't really afford throwing away $20... I'm very particular about what I spend money on and tend to avoid doing so if at all possible. It seems a bit ironic, rather wasteful even, spending money in an attempt to improve my credit score... especially when my income is so low it's hard to get a card. :/

Not in my opinion. Those of the low-income bracket are not exempt from taking advantage of rewards cards. It's just difficult getting approved a rewards card with low-income.

Is there any way you can report additional legitimate income (as in income you have access to)?

Re: I'm new to this, looking for suggestions...

Anonymous — Sun, 09 Sep 2018 12:52:08 GMT

Income I have access to? Are you referring to a significant other or household income? Currently, I'm living with my mother... I, personally, don't have any other income.

Thanks for the Discover link, according to it: "Your FICO® Score 8 based on Experian data 725"

Re: I'm new to this, looking for suggestions...

Anonymous — Sun, 09 Sep 2018 12:57:56 GMT

@Anonymous wrote:
Income I have access to? Are you referring to a significant other or household income? Currently, I'm living with my mother... I, personally, don't have any other income.

Thanks for the Discover link, according to it: "Your FICO® Score 8 based on Experian data 725"

Thanks! Your Fico score is good, and I assume your other scores are good as well. If you live with your mother and are over 21, you can legally include her income.

Re: I'm new to this, looking for suggestions...

Anonymous — Sun, 09 Sep 2018 13:03:27 GMT

Edit: Whoops, you responded before I had a chance... That image is helpful, thanks.

Do I have to specify that it's her income or anything?... I don't like referencing other people in things, so I'm a bit skeptical on this... Can you point me towards some sort of official documentation that states that I can include her income? No offense to you, but I always like to go to the source of the information on this sort of stuff, regardless of who's telling it.

Why am I allowed to include her income? Because we live in the same house? Because we're related? If I were paying her rent, does that change anything? Would I also include her fiance's income, which also lives in the same house?

Sorry for the barrage of questions, just want to make sure I don't give false information on something like this.

Re: I'm new to this, looking for suggestions...

FireMedic1 — Sun, 09 Sep 2018 13:02:07 GMT

Agree with the others 100%. But in a way you may have answered your own statement. "especially when my income is so low it's hard to get a card. :/" Sorry about your situation. As irish said. Maybe try discover preapproval or ask for a CLI w/Chase, or (this will get the gang going) maybe try Cap1 pre-qual for the Platinum just for padding.

Re: I'm new to this, looking for suggestions...

Anonymous — Sun, 09 Sep 2018 13:13:11 GMT

@Anonymous wrote:
Edit: Whoops, you responded before I had a chance... That image is helpful, thanks.

Do I have to specify that it's her income or anything?... I don't like referencing other people in things, so I'm a bit skeptical on this... Can you point me towards some sort of official documentation that states that I can include her income? No offense to you, but I always like to go to the source of the information on this sort of stuff, regardless of who's telling it.

Why am I allowed to include her income? Because we live in the same house? Because we're related? If I were paying her rent, does that change anything? Would I also include her fiance's income, which also lives in the same house?

Sorry for the barrage of questions, just want to make sure I don't give false information on something like this.

I am just like you.

CFFB: https://www.consumerfinance.gov/about-us/newsroom/the-cfpb-amends-card-act-rule-to-make-it-easier-for-stay-at-home-spouses-and-partners-to-get-credit-cards/

You do not have to specify whether it's her income. YMMV.

Re: I'm new to this, looking for suggestions...

Anonymous — Sun, 09 Sep 2018 13:16:26 GMT

@Anonymous wrote:
Edit: Whoops, you responded before I had a chance... That image is helpful, thanks.

Do I have to specify that it's her income or anything?... I don't like referencing other people in things, so I'm a bit skeptical on this... Can you point me towards some sort of official documentation that states that I can include her income? No offense to you, but I always like to go to the source of the information on this sort of stuff, regardless of who's telling it.

Why am I allowed to include her income? Because we live in the same house? Because we're related? If I were paying her rent, does that change anything? Would I also include her fiance's income, which also lives in the same house?

Sorry for the barrage of questions, just want to make sure I don't give false information on something like this.

You are allowed to include her income because you live with her. You do not have to be related. You can include her fiance's income as well if you reasonably have access to it.

Re: I'm new to this, looking for suggestions...

Anonymous — Sun, 09 Sep 2018 13:16:27 GMT

Seems this matter has been [ debated before ]... Interesting, to say the least...

Re: I'm new to this, looking for suggestions...

Anonymous — Sun, 09 Sep 2018 13:25:38 GMT

@Anonymous wrote:
Seems this matter has been [ debated before ]... Interesting, to say the least...

I am going to send you a private message with my personal thoughts on the issue.

Re: I'm new to this, looking for suggestions...

AverageJoesCredit — Sun, 09 Sep 2018 13:38:20 GMT

Though a long shot, you might try Amex.

Ive seen s poster get s 15k limit on 11k income. I myself am low income, though not as low as yourself, and it is possible to get credit. For sure there are lenders who ask for income you have access to as nd nothing illegal about it. Just look at stay at home moms or dads . Discover would be a great choice for you. Good luck op.

Re: I'm new to this, looking for suggestions...

CreditInspired — Sun, 09 Sep 2018 13:42:30 GMT

Welcome OP,

Yes, you can get all 3 credit reports free of charge every 12 months. Here is the link https://www.annualcreditreport.com/index.action.

Due to your fixed income status, I don't recommend CCT. In the beginning, CCT was easy peasy to get all 3 credit reports for $1 for 7 days free. However, now you have to almost climb Mt. Rushmore in order to get it cancelled. You call and call, and you email, and then they charge your credit card $29.99 only to have to credit it back to you blah blah blah. IMHO, the $1 is truly not worth the aggravation when one is on a fixed income, especially when you can get it free.

I suggest going to DiscoverIT or Capital One prequal page and see if you're qualified for any of their cards.

Also, you can ask your mom and/or her fiancee to make you an AU on their cards.

GL2U

Re: I'm new to this, looking for suggestions...

Anonymous — Sun, 09 Sep 2018 13:40:37 GMT

@AverageJoesCredit wrote:
Though a long shot, you might try Amex.

Ive seen s poster get s 15k limit on 11k income. I myself am low income, though not as low as yourself, and it is possible to get credit. For sure there are lenders who ask for income you have access to as nd nothing illegal about it. Just look at stay at home moms or dads . Discover would be a great choice for you. Good luck op.

I am also low-income and agree with AJC. I have read college students get approved an AMEX card. YMMV.

Re: I'm new to this, looking for suggestions...

Anonymous — Sun, 09 Sep 2018 13:43:27 GMT

@CreditInspired wrote:
Welcome OP,

Yes, you can get all 3 credit reports free of charge every 12 months. Here is the link https://www.annualcreditreport.com/index.action.

Due to your fixed income status, I don't recommend CCT. In the beginning, CCT was easy peasy to get all 3 credit reports for $1 for 7 days free. However, now you have to almost climb Mt. Rushmore in order to get it cancelled. You call and call, and you email, and then they charge your credit card $29.99 only to have to credit it back to you blah blah blah. IMHO, the $1 is truly not worth the aggravation when one is on a fixed income, especially when you can get it free.

I suggest going to DiscoverIT or Capital prequal page and see if you're qualified for any of their cards.

Also, you can ask your mom and/or her fiancee to make you an AU on their cards.

GL2U

Actually, you can now cancel online.

Re: I'm new to this, looking for suggestions...

Anonymous — Sun, 09 Sep 2018 13:47:46 GMT

Thanks for the replies...

Does it hurt me if I apply for one and get denied? Obviously there will be a HP, but is there anything else to be concerned about?

Also, if I get rejected for one, should I be hesitant to apply for another? How many HPs is considered bad?

Lasly, which AMEX, Discover, or other cards should I focus my attention on if I go for them? Are the ones I listed initially good ones to go for? A few of you have suggested AMEX and I've read other's saying Capital One is good for starters... Any specific card suggestions?