Inexplicable, but exciting CL with low income

SCF — Mon, 07 Jul 2008 15:23:42 GMT

I lurk here a lot, and see this question occasionally, so I thought I'd share this (as I'm also quite excited.) I'm a recent college grad doing a volunteer program that pays about $10k a year, and decided to pick up some credit cards because I may want to you know, buy a house or a real car or something some day and I wanted my credit in order. I tried the MyFico trial and figured out that my EQ score was 749 and all of my other reports showed the same info: 1 $1000 credit line from US Bank at 6 years old, ~$20k in student loans from Citibank over the past 4 years, and a $3k car loan from this year, 0 baddies.

Here's how apping went for me:
06/08 Wells Fargo Platinum - Denied, income too low
06/08 Chase Amazon - $500 and 19.99% APR
06/08 BoA Platinum (to carry a balance for a few months if I absolutely need it) - $1k and 7.99%
07/08 Citi Dividend Platinum Select (2% rewards at the only place I have money to spend - gas and grocery? sign me up! Also, I picked 4 cards as my "magic number" based on reading here, and I figured if I got it, I'd have credit with four major banks and I'd be in very good shape) $4300! 10.99%

Total credit available, well over 50% of my income, silly gooses. I could get myself in a world of hurt, but between my folks and you guys, I won't. Say it with me now, PIF PIF PIF. I never would have continued applying without support from around here, so as way of giving back, if you have low income, apply anyway, good things can happen.

Message Edited by SCF on 07-07-2008 08:23 AM

Re: Inexplicable, but exciting CL with low income

MidnightVoice — Mon, 07 Jul 2008 15:36:23 GMT

Great story - and it sounds like you have a good solid plan and understand how the game is played.

Congrats

Re: Inexplicable, but exciting CL with low income

Anonymous — Mon, 07 Jul 2008 15:42:32 GMT

Congrats on the high CL, as well as the Citi approval. Citi is uber, uber prime.

Re: Inexplicable, but exciting CL with low income

Anonymous — Mon, 07 Jul 2008 15:44:03 GMT

Why weren't you my roommate 18 years ago? Around that time my roomie and I were maxing out our credit cards buying boxes of sports cards so we could open all the packs and find the premium cards. Could have used your advice back then, but good job!

Ryan

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Inexplicable, but exciting CL with low income

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Re: Inexplicable, but exciting CL with low income

Re: Inexplicable, but exciting CL with low income