topic Re: Help with what to do next (19 Years Old) in Credit Cards

Help with what to do next (19 Years Old)

Anonymous — Fri, 11 Apr 2014 21:05:24 GMT

Hello all, I am a 19 year old university student. I've been on this site a lot, just reading, and I decided to make an account here for some advice.

I currently only have one credit card, a Discover IT card with a $650 limit, with a 713 credit score from Discover's provided score tracker (so it's a TU fico score). I applied for and received this card last year in August, with my first statement covering September to October. I have 7 statements from Discover reported to all three credit bureuas, each with utilization ranging from 4%-9%. I haven't looked up my score with annualcreditreport.com yet, as my credit is too new (less than a year old). I've heard that around the 6th month of opening your first credit card, it's a good idea to apply to more.

So along with my Discover IT, I've been wanting to apply additionally for Citi Dividend for Students, Capital One Journey (because I heard after about a year of letting Journey report, you can upgrade/ask for it to be upgraded to the Quicksilver card with 1.5% cashback), Chase Freedom (after I've built credit for like 1 year to 1.5 years, or until all my inquireies fall off), and a credit card from a credit union (probably Lake Michigan, because I can't get into the Fort Knox credit union).

So my question is: Should I apply right now for just one credit card (Citi being my first one I'd apply for)? Or should I apply on the same day for both Citi and Capital One? I wanted to wait until a little later to open a Chase credit card since they don't like people with really new credit accounts, and I am going to wait a little for the credit union one as well.

P.S. I have student loans being used since I am attending a university. Right now, they amount to around $4000. Will this really affect me since I am still in school? They are all subsidized loans. Do loans ever affect credit card applications once they reach a certain point?

EDIT: The only inquiries on my account are for Discover IT from last year. If student loans count as inquiries, then that'll be on there too, but nothing else. No mortgages, car loans, etc.

Re: Help with what to do next (19 Years Old)

Creditaddict — Fri, 11 Apr 2014 21:09:49 GMT

I would skip both cards you are talking about... I would bet you could skip ahead to. Some of your 1.5 year mark cards!!

i would go to chase.com and check through the pre-qual they offer and see if you get offer for freedom.

i would do same for capital one

and even American Express you might be able to qualify for blue everyday or cash everyday, depending what might be useful.

i would also check discover for a sp cli but wouldn't do hp with the until after you get some other cards and then ask them for a nice big cli

Re: Help with what to do next (19 Years Old)

Anonymous — Fri, 11 Apr 2014 21:31:22 GMT

So how do pre-qualified offer checks work? Does it just check their database to see if I meet the requirements for the card, or does it check their system to see if they were going to send me an offer anyway? Does my data get saved for future applications, or is it just a one time check to see if I qualify? Do these checks count as an inquiry to my account?

Re: Help with what to do next (19 Years Old)

Creditaddict — Fri, 11 Apr 2014 21:31:24 GMT

@Anonymous wrote:
So how do pre-qualified offer checks work? Does it just check their database to see if I meet the requirements for the card, or does it check their system to see if they were going to send me an offer anyway? Does my data get saved for future applications, or is it just a one time check to see if I qualify?

It may pull sp to see if you qualify now or check current offers out for you.

i find the chase, capitalone, Barclay, citi to be pretty accurate offers and chances of approval.

just looks for a congrats type message not hey no offers but you might like the following!

Re: Help with what to do next (19 Years Old)

Anonymous — Fri, 11 Apr 2014 21:41:12 GMT

I applied for my discover it card in June of last year got a $750 Credit limit and then applied for the Amazon store card in August for $400. Applied to toe Amex Blue cash everyday card in November for $1k and then the amazon visa Card for $500 in Feburary. Also asked for Credit limit increases ( Amazon store card was a soft pull ) for Amazon store card to $700 and Discover card to $1k so it would match my Amex ( I wasn't Greedy but figured bringing it up to $1k was fair). I also have a lot of Hard pulls on my Credit report mostly from Last year going on 2 sprees and i believe i have like err 15-20 lol ( Credit Karma says 12) and then 1 from T-mobile Which doesn't show up on my Experian one. Chase like 1 yr plus from what i heard and Citi won't take me simply because of the amount of inquires ( says so on the rejection letter) I have also ranged in Utalization from 1% to 60% and currently around 13% paying off a balance on my Discover card since i have a 0% APR and had to buy a new TV. I would look at all the Pre-qualified offers you can find and if you are sign up for those. I was pre-qualified for my Discover since it was a mail in form but I winged it on the other cards i have

Re: Help with what to do next (19 Years Old)

Anonymous — Fri, 11 Apr 2014 22:06:05 GMT

I just tried the prequalification with Capital One, American Express, & Chase, with all of them saying that there are no available cards for me. Any suggestions with my previous ideas?

Re: Help with what to do next (19 Years Old)

Creditaddict — Fri, 11 Apr 2014 23:34:44 GMT

@Anonymous wrote:
I just tried the prequalification with Capital One, American Express, & Chase, with all of them saying that there are no available cards for me. Any suggestions with my previous ideas?

I would apply for an American Express preferred rewards gold charge card.

check pre-qual on citicards.com

Re: Help with what to do next (19 Years Old)

Anonymous — Fri, 11 Apr 2014 23:47:55 GMT

It was a no go on the Citi site as well. No pre qualified cards for me either. I like American Express, but am opposed to getting it, due to the $175 annual fee after the first year. I guess I can just stick with my original plan of applying for Citi Dividend for Students and maybe Capital One Journey.

Do you think I should apply to both at the same time so that the inquiries wear off at the same time?

Re: Help with what to do next (19 Years Old)

Anonymous — Fri, 11 Apr 2014 23:50:29 GMT

Get the blue cash card no annual fee and if they accepted me why not you?

Re: Help with what to do next (19 Years Old)

Creditaddict — Sat, 12 Apr 2014 00:04:15 GMT

@Anonymous wrote:
It was a no go on the Citi site as well. No pre qualified cards for me either. I like American Express, but am opposed to getting it, due to the $175 annual fee after the first year. I guess I can just stick with my original plan of applying for Citi Dividend for Students and maybe Capital One Journey.

Do you think I should apply to both at the same time so that the inquiries wear off at the same time?

I would risk a couple inquiries to go after a blue cash or the new every day Amex and a chase freedom or amazon before a capital one!

if declined both (I doubt) then back to cap1 journey idea

Re: Help with what to do next (19 Years Old)

Anonymous — Sat, 12 Apr 2014 00:05:54 GMT

I do like the Blue Cash Everyday, however I'd like to know what the average credit score & AAoA is for individuals that applied. I don't want to waste an inquiry on a credit card.

How old are you? What's your credit score? Limits on cards?

Do you (along with other members) think I'd be accepted? Would I have a much higher chance going for the Capital One Journey & the Citi Dividend for Students, or are those just a waste of time for me?

Re: Help with what to do next (19 Years Old)

Creditaddict — Sat, 12 Apr 2014 00:10:13 GMT

@Anonymous wrote:
I do like the Blue Cash Everyday, however I'd like to know what the average credit score & AAoA is for individuals that applied. I don't want to waste an inquiry on a credit card.

How old are you? What's your credit score? Limits on cards?

Do you (along with other members) think I'd be accepted? Would I have a much higher chance going for the Capital One Journey & the Citi Dividend for Students, or are those just a waste of time for me?

i see it all the time, people more concerned about inquiries then good credit... You are getting your mind flogged by it... Cap1 pulls ALL 3 reports!!!

i much rather be declined Amex after applying then go after a student citi card that's practically worthless later on because you don't want to risk the denial and 1 inq.

and we have seen post after post talking about Amex being the 1st and 2nd cards for people!

Re: Help with what to do next (19 Years Old)

Anonymous — Sat, 12 Apr 2014 00:15:43 GMT

Oh wow, okay. So I knew that capital one did the 3 HQs, but does Amex & Chase only do one each?

Also, I know Discover has my TU credit score at 713. I know they report to all three credit bureaus, but with my history of only this card and nothing else being on my report, would you expect my credit scores from EX and EQ to be very similar?

Do you know which bureau Amex and Chase like to pull from? Do either of them prefer TU, or are they like a lot of other companies that prefer EX/EQ?

Re: Help with what to do next (19 Years Old)

Anonymous — Sat, 12 Apr 2014 00:19:01 GMT

When I applied in November my discover card didn't show my fico score so didn't know but I was around 715 in January but dipped down to 650 since I had a few hard pulls and high utilization (40%) so it could of been anything back when I applied. I am 23 and started with credit back last June as a 22 year old.
In my opinion you'll get a Amex blue cash card or capital one before citi bank card

Re: Help with what to do next (19 Years Old)

Creditaddict — Sat, 12 Apr 2014 00:19:56 GMT

@Anonymous wrote:
Oh wow, okay. So I knew that capital one did the 3 HQs, but does Amex & Chase only do one each?

Also, I know Discover has my TU credit score at 713. I know they report to all three credit bureaus, but with my history of only this card and nothing else being on my report, would you expect my credit scores from EX and EQ to be very similar?

Do you know which bureau Amex and Chase like to pull from? Do either of them prefer TU, or are they like a lot of other companies that prefer EX/EQ?

Amex will pull EX

chase usually is EX too and if you recon might be EQ

discover uses TU for hp cli

i would expect them to be close to same score

Re: Help with what to do next (19 Years Old)

Anonymous — Sat, 12 Apr 2014 00:22:06 GMT

I am pretty sure Amex pulled my ex when I applied which I also believe is my highest

Re: Help with what to do next (19 Years Old)

Anonymous — Sat, 12 Apr 2014 00:25:45 GMT

Okay. I am wanting to apply for both the Blue Cash & Freedom. Should I apply in the same day? Will both companies see that I applied for eachother when they look at my report? Are the reported HPs instantaneously added to my report? Do you think I should apply for both at the same time, or wait to see if one of them either accepts or declines my application and apply to the other later?

Re: Help with what to do next (19 Years Old)

myjourney — Sat, 12 Apr 2014 00:36:03 GMT

@Anonymous wrote:
Okay. I am wanting to apply for both the Blue Cash & Freedom. Should I apply in the same day? Will both companies see that I applied for eachother when they look at my report? Are the reported HPs instantaneously added to my report? Do you think I should apply for both at the same time, or wait to see if one of them either accepts or declines my application and apply to the other later?

Chances are yes the 2nd lender will see the first since in most cases it's a EX pull for Amex and Chase

I'm a firm believer in same day apps so they age together and HP's fall off the same time

Re: Help with what to do next (19 Years Old)

Anonymous — Sat, 12 Apr 2014 00:43:20 GMT

Okay, that's what I was thinking. Do you think with me only ever having Discover as my other credit inquiry (which got accepted), that applying to both of them would affect my chances at getting either? For example, if I just applied for Blue Cash and waited for a response, while I hold off on the Freedom for the day after, do you think I'd have a higher chance of getting accepted for Blue Cash, or does it not really matter?

Re: Help with what to do next (19 Years Old)

myjourney — Sat, 12 Apr 2014 00:47:28 GMT

@Anonymous wrote:
Okay, that's what I was thinking. Do you think with me only ever having Discover as my other credit inquiry (which got accepted), that applying to both of them would affect my chances at getting either? For example, if I just applied for Blue Cash and waited for a response, while I hold off on the Freedom for the day after, do you think I'd have a higher chance of getting accepted for Blue Cash, or does it not really matter?

Doesn't matter if CR's are in order it won't make a difference in apping within a 24 hour period