topic Re: College Student Credit Questions in Credit Cards

College Student Credit Questions

Anonymous — Wed, 14 Aug 2013 09:15:20 GMT

Hi All!

This is my first post on here but have been reading up on posts for the past few months. I just had a few questions in hope to find some advice from others who have/are going through my path. Just a little background about me, I'm about to start my junior year of college and i'm looking to raise my credit score. My goal is to reach 750+ by the time i graduate college if possible. I have a WF college card with a 1k limit on it and an auto loan through usaa originally for $13,500 but has a remaining balance of $11,200. I got the credit card back during my freshman year of college and the auto loan was back in January. I work for WF so i get a little bit of insight on some credit features from my banker. My card is almost maxed out though and has been over the summer due to some issues with my jeep, but it will be fully paid off by the 25th of August. I pulled my credit report and scores from WF's Identity Protection plan that members use and as of today it shows EX: 696, EQ: 614, TU: 661. I ran the simulator that's provided and after I pay off my CC and wait a month my scores will be about EX: 716, EQ: 708, TU: 712. Once that month is passed I'm looking to either open a line of credit with WF or apply for other credit cards in order to have a larger open credit availablity. Should I apply for just the line of credit or should I go with the credit cards? Or should I apply for both in the same day? If I do both in the same day will I have a better chance of getting approved as opposed to trying to the line of credit and for some reason getting declined, then trying for the credit cards?

Any and all advice is welcomed.

Thanks everyone!

Re: College Student Credit Questions

Anonymous — Wed, 14 Aug 2013 09:18:19 GMT

Also if anyone could tell me what cards are easiest to get approved for by employed college students with 700 scores that would be great!

Re: College Student Credit Questions

Anonymous — Wed, 14 Aug 2013 09:50:31 GMT

I assume the only inquiries you have are from the auto loan, and maybe Wells Fargo if its still on your CR?

Assuming you paid down the balance and that has reported to the CRAs, your chances for a lot of cards should be fairly high. The only cards you should maybe avoid for now are the 5k minimum CL cards, though you definitely still have a shot at getting them, but just slimmer chances. Other than that, you pretty much can have your pick of what you want!

Re: College Student Credit Questions

colinstu — Wed, 14 Aug 2013 11:42:37 GMT

Don't bother with a personal line of credit, just go with a CC.

Capital One Journey Student Rewards CC

Citi Forward for college students

Discover IT Student

Once you pay off your card(s), try applying for these. You should be able to get at LEAST a $500 CL per card. I applied for the Journey two years ago and was given a $500 limit, it was auto CLId to $750 after 6mo and I applied for the Forward and was given a $1500 CL (I never carried a balance on my Journey card). I applied for a Discover IT (non-student version) and was given a $500 CL. I think you should be able to make it as long as you have no baddies on your report and that your util isn't too high.

The Journey is a 1% cashback card,

the Forward is a 1x points back card (5x points on Restaurants and Entertainment... and I think some bonus points when you pay on time),

and the Discover IT is also a 1% cashback card (and has 5% rotating categories that you must sign up for (it's easy)).

The Journey has no mimimum for using your rewards for paying your balance. The Discover and Forward can be linked to Amazon and reward balance can be used anytime there too.

Re: College Student Credit Questions

CREDITSURFER — Wed, 14 Aug 2013 12:12:09 GMT

@colinstu wrote:
Don't bother with a personal line of credit, just go with a CC.

Capital One Journey Student Rewards CC
Citi Forward for college students
Discover IT Student

Once you pay off your card(s), try applying for these. You should be able to get at LEAST a $500 CL per card. I applied for the Journey two years ago and was given a $500 limit, it was auto CLId to $750 after 6mo and I applied for the Forward and was given a $1500 CL (I never carried a balance on my Journey card). I applied for a Discover IT (non-student version) and was given a $500 CL. I think you should be able to make it as long as you have no baddies on your report and that your util isn't too high.

The Journey is a 1% cashback card,
the Forward is a 1x points back card (5x points on Restaurants and Entertainment... and I think some bonus points when you pay on time),
and the Discover IT is also a 1% cashback card (and has 5% rotating categories that you must sign up for (it's easy)).

The Journey has no mimimum for using your rewards for paying your balance. The Discover and Forward can be linked to Amazon and reward balance can be used anytime there too.

I think Discover IT would be your best choice.

Re: College Student Credit Questions

Anonymous — Wed, 14 Aug 2013 13:42:53 GMT

Need one or two more revolving accounts to max out your FICO given your current situation. The college cards are likely approvals but expect little CLs and they only kind of grow with you. Non student cards, you are probably a decent shot for them but it is a little risky.

Personally, I would consider looking at AMEX charge card (which I think you would get approved for if you are over 1 year AAoA) and 6 months-1 year go for the revolver. Charge card is nice as "limit" will grow quickly. But be aware there are no AF charge cards. I would have recommended Zync if it was still around.

2nd card: Pick whatever you want. However if you get approved for the Amex Charge card, think about apping for Amex revolver right away as you shouldn't take another HP if denied (and if you do, call Experian to get it removed).

Also, consider a Walmart card as well. They will pull TU. Walmart is good for the free TU 08 FICO score and GEMB has a soft inquiry based CLI policy.

Re: College Student Credit Questions

CBTS — Wed, 14 Aug 2013 15:33:46 GMT

If you have history of never late payments of more than a year on your current CC and an installment loan, I'd say you have a good shot at Chase Freedom, Discover IT, or even the BCE (ofcourse after you pay down the balance and let it update on your CR). If your income is not too low, I wouldn't recommend going for any of the student versions, as they never seem to grow with you.

Re: College Student Credit Questions

Anonymous — Wed, 14 Aug 2013 16:03:49 GMT

hey op i am also a junior in college with roughly the same scores provided by your simulation and I was able to pick up a BankAmericard Platinum Visa, Discover It, and Amex BCE.

Re: College Student Credit Questions

Anonymous — Wed, 14 Aug 2013 17:00:34 GMT

My vote is for Discover it and Walmart.

Re: College Student Credit Questions

Anonymous — Wed, 14 Aug 2013 17:21:11 GMT

I am a firm believer in credit cards from your bank or credit union.

Re: College Student Credit Questions

Anonymous — Wed, 14 Aug 2013 19:20:49 GMT

So it sounds like I should stay away from the LOC route and go with the CC route. I really appreciate your guy's input in these options. Once my card is paid off in a week and it reports on my CR should I apply one by one or should I just go on a spree all in one day? If so is there any specific order in which I should apply for these cards?

Re: College Student Credit Questions

Anonymous — Wed, 14 Aug 2013 19:32:17 GMT

Hi Tkeod,

I just recently graduated from college and also started with a WF College card. I would reccomend that once you pay off your balance you call WF and request a credit limit increase as this will give you greater credit availability without affecting your AAoA. I have requested an increase from WF several times and they have always been soft pulls, not hard pulls, however I would confirm with WF when you call them.

At our age, it is more important that we are not paying interest on our purchases, rather than accumulating rewards. Therefore, if you are planning on holding a balance in the future I would reccomend applying for the Chase Slate. It has no annual fee, allows free balance transfers for the first 60 days, and has 0% interest for the first 15 months the card is open. Remember, this card is primarily to help pay off large purchases without paying interest, but does not offer rewards. The slate can definitely come in handy when an unexpected purchase, for example car troubles, occurs and we are unable to pay off the entire balance right away!

Re: College Student Credit Questions

lhcole77 — Wed, 14 Aug 2013 19:37:20 GMT

@Anonymous wrote:
Hi All!

This is my first post on here but have been reading up on posts for the past few months. I just had a few questions in hope to find some advice from others who have/are going through my path. Just a little background about me, I'm about to start my junior year of college and i'm looking to raise my credit score. My goal is to reach 750+ by the time i graduate college if possible. I have a WF college card with a 1k limit on it and an auto loan through usaa originally for $13,500 but has a remaining balance of $11,200. I got the credit card back during my freshman year of college and the auto loan was back in January. I work for WF so i get a little bit of insight on some credit features from my banker. My card is almost maxed out though and has been over the summer due to some issues with my jeep, but it will be fully paid off by the 25th of August. I pulled my credit report and scores from WF's Identity Protection plan that members use and as of today it shows EX: 696, EQ: 614, TU: 661. I ran the simulator that's provided and after I pay off my CC and wait a month my scores will be about EX: 716, EQ: 708, TU: 712. Once that month is passed I'm looking to either open a line of credit with WF or apply for other credit cards in order to have a larger open credit availablity. Should I apply for just the line of credit or should I go with the credit cards? Or should I apply for both in the same day? If I do both in the same day will I have a better chance of getting approved as opposed to trying to the line of credit and for some reason getting declined, then trying for the credit cards?

Any and all advice is welcomed.

Thanks everyone!

Welcome to the forum!

I, too, have a WF card and have successfully been able to get CLI on it with only a SP. Have you called to request one?

Re: College Student Credit Questions

Anonymous — Wed, 14 Aug 2013 19:40:46 GMT

@Anonymous wrote:
Hi Tkeod,

I just recently graduated from college and also started with a WF College card. I would reccomend that once you pay off your balance you call WF and request a credit limit increase as this will give you greater credit availability without affecting your AAoA. I have requested an increase from WF several times and they have always been soft pulls, not hard pulls, however I would confirm with WF when you call them.

At our age, it is more important that we are not paying interest on our purchases, rather than accumulating rewards. Therefore, if you are planning on holding a balance in the future I would reccomend applying for the Chase Slate. It has no annual fee, allows free balance transfers for the first 60 days, and has 0% interest for the first 15 months the card is open. Remember, this card is primarily to help pay off large purchases without paying interest, but does not offer rewards. The slate can definitely come in handy when an unexpected purchase, for example car troubles, occurs and we are unable to pay off the entire balance right away!

Yea, I went off roading in my Jeep and bottomed out on a gnarly rock so I needed to replace a few things.... really wish I had more cards so I didn't have to put it all on my WF card. x__x But we all make mistakes. My friend in my fraternity is a teller at Chase so I'll ask him how the approval rates are for that card and which his banker prefers. Shoulw I stick with my Cash Back College card from WF or should I try to apply for a better card from WF? Besides this little hiccup I like to pay my balance off in full every month, but if i get some more cards i'll look at leaving a little bit of revolving credit as well to see how that works with my scores.

Is it out of my reach to try and 750+ scores across the board by the time I graduate in two years?

Re: College Student Credit Questions

Anonymous — Wed, 14 Aug 2013 19:47:14 GMT

I haven'y requested on lately since my card is in high ult... but I plan on it when i pay it off

@lhcole77 wrote:
@Anonymous wrote:
Hi All!

This is my first post on here but have been reading up on posts for the past few months. I just had a few questions in hope to find some advice from others who have/are going through my path. Just a little background about me, I'm about to start my junior year of college and i'm looking to raise my credit score. My goal is to reach 750+ by the time i graduate college if possible. I have a WF college card with a 1k limit on it and an auto loan through usaa originally for $13,500 but has a remaining balance of $11,200. I got the credit card back during my freshman year of college and the auto loan was back in January. I work for WF so i get a little bit of insight on some credit features from my banker. My card is almost maxed out though and has been over the summer due to some issues with my jeep, but it will be fully paid off by the 25th of August. I pulled my credit report and scores from WF's Identity Protection plan that members use and as of today it shows EX: 696, EQ: 614, TU: 661. I ran the simulator that's provided and after I pay off my CC and wait a month my scores will be about EX: 716, EQ: 708, TU: 712. Once that month is passed I'm looking to either open a line of credit with WF or apply for other credit cards in order to have a larger open credit availablity. Should I apply for just the line of credit or should I go with the credit cards? Or should I apply for both in the same day? If I do both in the same day will I have a better chance of getting approved as opposed to trying to the line of credit and for some reason getting declined, then trying for the credit cards?

Any and all advice is welcomed.

Thanks everyone!
Welcome to the forum!

I, too, have a WF card and have successfully been able to get CLI on it with only a SP. Have you called to request one?

I haven't lately since my card is in high ult, but I plan on it when I pay it off.

Re: College Student Credit Questions

Anonymous — Wed, 14 Aug 2013 19:57:11 GMT

Definitely keep the WF college card open as it is your first credit card that established your credit history. WF is an issuer that is fairly conservative and doesn't offer a wide array of credit card choices, so if you apply for another card I would reccomend one from a different issuer such as Chase, Citi, Amex, etc. When I received the Slate I had a high utilization and a credit score around 690, so if you reduce your utilization and apply I believe you have a good chance of being approved. I am not sure if it is possible to attain your desired score in that time frame, however remember that you should obtain credit to help you acheive your financial goals, not simply raise your score. In the future when you are applying for mortgages, etc. it will be much more important that you have a strong history of paying your bills on time. If you are going to be paying your balance in full every month, another card to consider is the Chase Freedom as it has 5% cash back on revolving categories and 1% cash back on all other purchases.

Re: College Student Credit Questions

Anonymous — Wed, 14 Aug 2013 20:11:27 GMT

@Anonymous wrote:
Definitely keep the WF college card open as it is your first credit card that established your credit history. WF is an issuer that is fairly conservative and doesn't offer a wide array of credit card choices, so if you apply for another card I would reccomend one from a different issuer such as Chase, Citi, Amex, etc. When I received the Slate I had a high utilization and a credit score around 690, so if you reduce your utilization and apply I believe you have a good chance of being approved. I am not sure if it is possible to attain your desired score in that time frame, however remember that you should obtain credit to help you acheive your financial goals, not simply raise your score. In the future when you are applying for mortgages, etc. it will be much more important that you have a strong history of paying your bills on time. If you are going to be paying your balance in full every month, another card to consider is the Chase Freedom as it has 5% cash back on revolving categories and 1% cash back on all other purchases.

Well I'm trying to build my credit and lines of credit by the time I graduate because I want to be ready for when I decide to move. My plan is to work for WF until i graduate and then transfer to a branch out in california. I know the cost of living is higher there as opposed to living here in AZ, so I want to be financially ready

Re: College Student Credit Questions

Anonymous — Wed, 14 Aug 2013 21:30:36 GMT

Understandable, I would reccomend this order of actions:

1) Pay off your WF credit card, keep it open

2) Request a CLI (credit limit increase) on the WF CC, confirm it will be a soft pull

3) Apply for either a 0% Interest for X months (ex. Slate) if you are planning to hold a balance, or a Rewards card (ex. Freedom or others mentioned) if you plan to pay in full each month

4) After a minimum of 3 months apply for another card when util on others is low (again your choice of type)

5) Keep making payments on time, keeping util low, and requesting CLI's every 6 months (try to get soft pull or let increases occur by themselves). Let the cards age so that your AAoA increases.

At our age, I am definitely a fan of less cards but more CL on each! This should get you well on your way to acheiving your credit goals

Re: College Student Credit Questions

lhcole77 — Wed, 14 Aug 2013 22:02:41 GMT

@Anonymous wrote:
I haven'y requested on lately since my card is in high ult... but I plan on it when i pay it off

YAY! I've been so stoked on my WF card. They were the first to offer me a card back on New Year's Eve 2012 (my TU score was 598 then) and they have been good to be ever since (sitting at TU score of 730 now)

Re: College Student Credit Questions

bluesnowman — Wed, 14 Aug 2013 22:38:04 GMT

TK- Like you, I am going into my Junior uear of college and I think your doing good so far. If I were you, let your scores come into the 700+ range before apping. How old is your WF card and how long is your history? What does your income look like? I ask because I really wanted a travel card and prime cards from all the major issuers and fortunately for me as you can see in my sig I have been able to accomplish it all thus far. What is your goal with the cards you want? Do you want to travel? Cashback? Miles and points? Balance Transfers or 0% cards? I think your doing well so far. Do you drive a lot? eat out a lot? As far as getting a college student card, I have the Citi Forward card and it is wonderful (I really want the AAdvanatage card in a year or so because I fly every now and then with AA and Southwest.) My last card that I want by the end of the year is the BCE. Like I said, It depends on what you really want and need in terms of cards.