topic Re: Secured card for a 1 1/2 years.. Should i open a another credit card? in Credit Cards

Secured card for a 1 1/2 years.. Should i open a another credit card?

Anonymous — Sun, 31 Mar 2013 01:59:12 GMT

Hi, i've had my Wells Fargo secured card for 11/2 years now, ive paid my balance in full as soon as they show up, my credit score is currently 759.

I wanted to get a second card to better my credit in the long run, and lower the utilization a bit, im not worried about maxing or late payments because its never been close to that point.

My only question is, should i even apply for a credit card without income? i have ways of making money, and money saved up, i just don't know if i will be accepted for a credit card with no income, but a score of 759.

if anyone knows or have/had the same situation please give me some info. Thanks. =)

Re: Secured card for a 1 1/2 years.. Should i open a another credit card?

LS2982 — Sun, 31 Mar 2013 02:09:30 GMT

Yea that might be a problem. It wouldnt be wise to fib on your Income because eventually it comes back to haunt you. Are you a student?

Re: Secured card for a 1 1/2 years.. Should i open a another credit card?

Anonymous — Sun, 31 Mar 2013 02:11:25 GMT

yeah, i am currently a student, i mean, i have money, its just i don't have a job, so no proof of income, but i do want a 2nd credit card to better my long-term credit.

im not sure if its a exactly a problem or if i will be declined.

Re: Secured card for a 1 1/2 years.. Should i open a another credit card?

webhopper — Sun, 31 Mar 2013 02:15:33 GMT

You used to be able to get cards without income; however; the CARD act prohibits this now. Best advice; add money to your secured card and increase the limit on it as much as you can. This will help you get high limit cards when you eventually have an income.

Re: Secured card for a 1 1/2 years.. Should i open a another credit card?

Anonymous — Sun, 31 Mar 2013 02:16:13 GMT

@Anonymous wrote:
yeah, i am currently a student, i mean, i have money, its just i don't have a job, so no proof of income, but i do want a 2nd credit card to better my long-term credit.
im not sure if its a exactly a problem or if i will be declined.

apply for a college card. most college cards are okay with you not having income as long as you can prove you're getting money from parents / scholarships / grants / sponsorship.

discover, wells fargo, citibank have college cards. I think BofA has one too but I'm not entirely sure on that.

Re: Secured card for a 1 1/2 years.. Should i open a another credit card?

Anonymous — Sun, 31 Mar 2013 02:17:18 GMT

There are cards specifically aimed at students. I think Discover has one.
Try chase as well to see if they have a Student card.
Heck walk right into a branch and tell them the truth and show the lending person your credit report. (Bring one with you).
I'd be amazed if you don't get something.

Re: Secured card for a 1 1/2 years.. Should i open a another credit card?

HiLine — Sun, 31 Mar 2013 02:22:19 GMT

Sounds like the perfect candidate for a student credit card. I would take a look at the Citi Forward Student, Discover It Student, and Bank of America BankAmericard Cash Rewards Student.

Re: Secured card for a 1 1/2 years.. Should i open a another credit card?

Anonymous — Sun, 31 Mar 2013 02:25:11 GMT

yeah, ive been trying to get my secure card graduated and wells fargo told me they only review twice a year and if i didn't get approved then i should wait for the next rewiew.

they offered me to apply for a unsecure credit card with them, but im thinking i should get the second card with someone else. better to not have all eggs in one basket.

what do you guys think?

Re: Secured card for a 1 1/2 years.. Should i open a another credit card?

HiLine — Sun, 31 Mar 2013 02:28:08 GMT

Wells Fargo is terrible for credit cards. You made the right call.

Re: Secured card for a 1 1/2 years.. Should i open a another credit card?

Anonymous — Sun, 31 Mar 2013 02:33:02 GMT

yeah, i noticed that when they kept putting off graduating me with me never having a late payment for over a year, and my score being at 759.

what do you suggest i get for me second credit card?

Re: Secured card for a 1 1/2 years.. Should i open a another credit card?

Anonymous — Sun, 31 Mar 2013 02:35:26 GMT

Great blog btw. Gonna follow.

Re: Secured card for a 1 1/2 years.. Should i open a another credit card?

scenery_guy — Sun, 31 Mar 2013 02:49:05 GMT

Not sure how close you are to graduating and getting a job but a 759 is pretty nice. If you don't NEED another credit card don't get one. Finish school. Get a job. Get established then the doors to some pretty prime lenders will be open... as long as you don't do anything to lower that score! I bet there are countless people here (myself included) that wished we had a score like that right out of school.

Re: Secured card for a 1 1/2 years.. Should i open a another credit card?

Anonymous — Sun, 31 Mar 2013 02:54:46 GMT

im actually in my first year of college, about to be in my second year. i started late by a year. im gonna be majoring in accounting. im looking to get a job this fall though. so i might wait until fall to get my second card instead.

Re: Secured card for a 1 1/2 years.. Should i open a another credit card?

HiLine — Sun, 31 Mar 2013 02:57:23 GMT

I love Bank of America and Discover, so I would suggest BofA Cash Rewards for Student and Discover It for Student. I review the regular version of the former on my blog.

Thanks for following my blog!

Re: Secured card for a 1 1/2 years.. Should i open a another credit card?

HiLine — Sun, 31 Mar 2013 03:00:23 GMT

Oh and btw, when you are asked for income, normally you can declare household income, which should be non-zero

Re: Secured card for a 1 1/2 years.. Should i open a another credit card?

Anonymous — Sun, 31 Mar 2013 03:00:38 GMT

yeah, ive been thinking of BoA for my second card. do i need to be banking with them before i get a credit card?

Re: Secured card for a 1 1/2 years.. Should i open a another credit card?

dodgerslv — Sun, 31 Mar 2013 03:07:34 GMT

@Anonymous wrote:
yeah, ive been thinking of BoA for my second card. do i need to be banking with them before i get a credit card?

no you dont. I have 2 credit cards with them (one secured, one unsecured) and dont have either a savings/checking with them.

Re: Secured card for a 1 1/2 years.. Should i open a another credit card?

HiLine — Sun, 31 Mar 2013 03:08:18 GMT

Not at all! If you have a credit card with them they may send you a promotion in the future for opening a checking account with them.

Re: Secured card for a 1 1/2 years.. Should i open a another credit card?

Anonymous — Sun, 31 Mar 2013 03:10:55 GMT

sounds like BoA will have my business for my second credit card then. i really want an Amex card. LOL. hmmm, should i wait for that or have it as my 3rd. choices choices.

Re: Secured card for a 1 1/2 years.. Should i open a another credit card?

dodgerslv — Sun, 31 Mar 2013 03:14:56 GMT

@Anonymous wrote:
sounds like BoA will have my business for my second credit card then. i really want an Amex card. LOL. hmmm, should i wait for that or have it as my 3rd. choices choices.

you definitely wanna wait until you have proof of income to get in with AMEX...they may do a "financial review" on you which will require you to send them proof of income and even your taxes.