topic Re: Helping GF Build Credit! in Credit Cards

Helping GF Build Credit!

drew11 — Fri, 13 Jul 2012 01:22:51 GMT

I'm trying to help my GF build her credit up as well. She has a Fidelity Visa ($2k) that is 1 year 1 month old and was just approved last month for a GECRB/TJ Maxx MasterCard ($1.2k). She applied for the Chase Freedom in February, at the same time as me, but was denied for too short of credit history (her Fidelity Visa was still under a year old). She would like to have a "prime" card, so I was wondering what should her next steps be. She is applying for a mortgage in almost 2 years from now so she basically would have a year to apply and be approved for a card to allow for the inquiries to not affect her score.

Her CreditKarma score is around 706 with no baddies and always PIF.

I was thinking of either trying again for a Chase Freedom now that she has a longer credit history and an additional card, an Amex Zync that would allow her to have backdating in the future if she were to ever apply for a BCE/BCP, or a Discover More card? Which card would be the best for her to aim for and when should that be?

Re: Helping GF Build Credit!

Anonymous — Fri, 13 Jul 2012 01:28:07 GMT

See my post in your zync thread

Re: Helping GF Build Credit!

Creditaddict — Fri, 13 Jul 2012 01:33:57 GMT

Zync first.

Check Pre-Approved for Discover and apply for that if offered.

I would do the Chase again if she REALLY wants Chase but I would let at least 1 of the 2 above report if you did apply and get approved for both.

I would probably go more Citi (freedom) because the Credit Lines are usually way higher then Chase and you can get CLI without HP ALL the time...

Re: Helping GF Build Credit!

Anonymous — Fri, 13 Jul 2012 01:44:43 GMT

Pc=product change. I am not sure on fidelitys policy regarding that. If she can do it with hp and not lose history (ie not have a new card with new open date), I would recommend it. Best way to find out is to call fidelity. As for zync or Citibank. I would recommend both. You are familiar with zync so I won't bore you. Look up Citibank forward card. Good 5pt categories for your age group. Btw, amazon counts as bookstore. The points can be turned into gift cards etc. won't get quite 1 cent per point on everything, but overall good return on those 5pt categories like restaurants, movies, bookstores etc. Citibank cli policies are more credit building friendly than chase. Also, the signup bonus is pretty decent.

Re: Helping GF Build Credit!

drew11 — Fri, 13 Jul 2012 01:50:22 GMT

@Anonymous wrote:
Pc=product change. I am not sure on fidelitys policy regarding that. If she can do it with hp and not lose history (ie not have a new card with new open date), I would recommend it. Best way to find out is to call fidelity. As for zync or Citibank. I would recommend both. You are familiar with zync so I won't bore you. Look up Citibank forward card. Good 5pt categories for your age group. Btw, amazon counts as bookstore. The points can be turned into gift cards etc. won't get quite 1 cent per point on everything, but overall good return on those 5pt categories like restaurants, movies, bookstores etc. Citibank cli policies are more credit building friendly than chase. Also, the signup bonus is pretty decent.

Ok I'll let her know to call Fidelity and find out if that would be possible. If the PC is not possible then I guess she should try and app for the Zync by the end of this year. Should she wait until December so by that time her TJX inquiry will have fallen off and her accounts will have aged even longer or does she not need to wait that long? I'm hoping to look up her EQ FICO score and get at least a CreditSesame Experian score tomorrow to see where she currently stands. If she gets denied for the Zync then we will definitely apply for the Citibank Forward, but if she gets approved should she still apply? I don't see why not, right?

Re: Helping GF Build Credit!

drew11 — Fri, 13 Jul 2012 01:53:59 GMT

Also which would be better to apply for the Citi Forward Student or just the regular Citi Forward? I understand the student might be easier to be approved for but don't CCCs usually hold back on CLs for student cards which wouldn't allow the card to grow with her over time?

Re: Helping GF Build Credit!

Creditaddict — Fri, 13 Jul 2012 01:57:21 GMT

no don't wait, apply for zync now

and don't apply for student when you have prime non student cards... I never understand why people do that.... Many Student cards max out at some point and I don't know if things have changed and different banks issue them but for years I read over and over getting out of school and "this bank" says I have to apply for new card and close student because they don't upgrade and it's at the max $1k CL!

Now for a student with no credit, student cards are a great in... but once you have Amex in your wallet, Student Cards are off my radar!

Re: Helping GF Build Credit!

drew11 — Fri, 13 Jul 2012 02:13:30 GMT

Ok her util is 14% right now so I'll make sure she gets that down to < 9% and then she'll apply for the Zync next month if you don't think it's too close to having just been approved for the TJX. If she were to hopefully get approved for the Zync then how long should she wait to apply for the Citi Forward in order to maximize her chances of being approved?

Re: Helping GF Build Credit!

webhopper — Fri, 13 Jul 2012 02:34:12 GMT

The zync definately.... and discover more

Re: Helping GF Build Credit!

drew11 — Fri, 13 Jul 2012 05:07:24 GMT

So I actually just pulled up her TransUnion report (freeannualcreditreport), Experian (Quizzle/CreditSesame), and Equifax (myFICO). The Equifax myFICO is stating that she has a 7% utilization which is the average for FICO High Achievers. So should I apply for the Zync today and, if so, should I apply for the Citi Forward right afterwards?

Her scores are the following:

7/12/12 Equifax FICO 726
7/12/12 Credit Karma (TU) 706
7/12/12 Credit Sesame (EX) 740

AAoA = 8 months

Oldest account = 1 year, 2 months ago

Re: Helping GF Build Credit!

Anonymous — Fri, 13 Jul 2012 05:21:05 GMT

Sorry is she a student or working stiff? How much is her income?

Re: Helping GF Build Credit!

Anonymous — Fri, 13 Jul 2012 13:05:45 GMT

Working stiff? I resemble that remark!!!

Re: Helping GF Build Credit!

jsickz32 — Fri, 13 Jul 2012 13:19:24 GMT

^LOL

Re: Helping GF Build Credit!

drew11 — Fri, 13 Jul 2012 14:14:12 GMT

lol she is in the same boat as me: 20 yrs old, in college, and working part-time making about ~$20k/year.

Re: Helping GF Build Credit!

webhopper — Fri, 13 Jul 2012 13:39:56 GMT

@drew11 wrote:
So I actually just pulled up her TransUnion report (freeannualcreditreport), Experian (Quizzle/CreditSesame), and Equifax (myFICO). The Equifax myFICO is stating that she has a 7% utilization which is the average for FICO High Achievers. So should I apply for the Zync today and, if so, should I apply for the Citi Forward right afterwards?

Her scores are the following:

7/12/12 Equifax FICO 726
7/12/12 Credit Karma (TU) 706
7/12/12 Credit Sesame (EX) 740

AAoA = 8 months
Oldest account = 1 year, 2 months ago

No, you should help her apply though

I don't see the point in waiting, honestly... I think she stands a good chance of approval were she to apply today.

She can look at adding an AMEX revolver in Jan 2013 if she is so inclined. I advocate Amex Zync application today, possibly Citi. If it were me, I'd tell her to hold out and apply for an Amex revolver in Jan and skip the Citi, but then I'm not a Citi fan...

Re: Helping GF Build Credit!

drew11 — Fri, 13 Jul 2012 14:31:28 GMT

@Anonymous wrote:
Sorry is she a student or working stiff? How much is her income?

Are you suggesting the Citi Forward Student as opposed to the regular Citi Forward?

Re: Helping GF Build Credit!

Anonymous — Fri, 13 Jul 2012 14:31:52 GMT

Btw, might want to consider citi forward for students over regular forward. Much more likely to get approved, but cl might be limited. I forget how to convert to regular forward if needed. Kind of personal choice which to go for.

Re: Helping GF Build Credit!

drew11 — Fri, 13 Jul 2012 14:38:25 GMT

If she's applying for Zync today should she also apply for citi afterwards or wait?

Re: Helping GF Build Credit!

Anonymous — Fri, 13 Jul 2012 14:42:54 GMT

App today. Forward for students if zync is rejected. If zync is successful, kind of person call which version to app for. If you go for regular version and get rejected, call for recon and tell them she meant to go for student version. Hard to say if that will work. Might be safer to get student version in first place. I forget how Citibank handles conversion if there is even one. Citibank may just give student one lower initial limit and wait until reported income goes up to give more.

Re: Helping GF Build Credit!

drew11 — Fri, 13 Jul 2012 14:57:22 GMT

@Anonymous wrote:
App today. Forward for students if zync is rejected. If zync is successful, kind of person call which version to app for. If you go for regular version and get rejected, call for recon and tell them she meant to go for student version. Hard to say if that will work. Might be safer to get student version in first place. I forget how Citibank handles conversion if there is even one. Citibank may just give student one lower initial limit and wait until reported income goes up to give more.

Not sure if this is a bad idea or not but what if she applied for the regular Citi forward, was denied, and then appleid for the Citi forward student? Would they perhaps use the same inquiry or would I be able to call up the credit bureau and get them to remove one of the inquiries and say it was a mistake?