Hi all,
In early June I opened my first credit card account, a Discover IT Student card, and received a limit of $2k. I've been following advice I read on the forums and pay several times a month to drop utiliztion below 10%. Aside from the first month (when I didn't know the reporting date), I have reported under 10% each month.
I spent approx. $3500 the first month, $2500 the second month, and $1000 the third month on the card by paying and then charging again (I had some big life purchases I had been saving and planning for, like a computer, and wanted the points/I didn't just go nuts). Every time a statement cuts, I pay it off in full the following day. Question 1 is: Should I request a CLI from Discover, and for how much? I am not interested in spending more money, I just want to make it easier to keep utilization low and build a good profile.
I'd also like to expand to a second card to keep permanently to build out my base, and to provide padding for Chase 5/24 applications next summer and an eventual mortgage. My biggest expenses are restaurants, Amazon, and textbooks, although I do spend about $1-2k a year traveling for work/conferences. During the schoolyear, I spend maybe $300-500 a month on my credit/debit cards. I am very interested in the Wells Fargo Propel. Its almost perfect, but I don't know if I could get approved. My application will look like this:
FICO: 744 (according to Discover)
FAKO: 781 (TransUnion) 770 (Equifax)
Open Accounts: 2
Discover IT (3 months old)
BoA Bass Pro Card (Authorized User, 100% on time payments, dates back to 2002, ~35% utilization, Parent's card)
Inquiries: 2 (Chase denial and Discover, both in June)
Income: $25k per year, $38k if including scholarships
Rent: $400 a month
Since my score is artifically inflated by the Authorized User score, I'm at a loss as to what my actual score would be. I've considered the Amex PRG, but I don't want the annual fee. I'd like to keep my second card to build AAoA. The Wells Fargo Propel is ideal, like I mentioned, if I can get approved. I was also accepted into NFCU a few days ago, and plan on doing a Shared Secured Personal Loan. Their cards look interesting, but I'm not sure if their points are easy to use. What makes me think that NFCU may be the solution is their record of huge credit limits. I have to discipline to not use it, and I believe that a large NFCU limit may help me with Chase later.
So Question 2 would be: What card should I get (at either the 3 month or 6 month after Discover mark) to build out my base?
I'd be thankful for any advice. Thanks!
