So i have recently graduated college and am looking for a job. Right now if i get a 25k yearly income job, what credit card do you recommend i apply for. My top choice is chase freedom, but i do not want to get rejected. I also have 28k in loans as of right now( I paid 4k off while in school).
Chase hates to be your first lender for CCs.
Go get 3 secured cards (Capital One, Discover and a third prime bank like CITI or BoA) and age them for 6-12 months. Then apply for Chase using their prequalified offers page.
First of all, congrats on graduating! I hope you can get a great job in the future!
As the previous post has said, unless you bank with Chase, they will mostly likely deny you for your first card. They like to see at least a year of experience, if I recall correctly.
Your best option would be to scrounge up the money for a BOA secured card. BOA is very generous with graduating and offering good CLIs once it does unsecure.
If you can't do that, since you are fresh out of school, I'd look into a local CU and establishing a relationship with them. They'll most likely start you off with a 500 unsecured card. CUs are more understanding and lenient, on most occasions, then the big banks. Although, you could ask who you bank with, they may have a credit card offering for you as well.
Why I don't recommend CapOne and Discover as your first cards, but your YMMV so consider that:
1.) CapOne will give you a high APR and often buckets people depending on when they applied (on experience, income, etc.) They do have the potential to grow, but it's slow. They do offer the ability to combine accounts should you try again and get a bigger SL on the second, but then you might end up with the old, high APR. Their secured card may or may not graduate.
2.) Discover often starts people with no credit with 500 and I've read anecdotes when they do that they are often stuck at that amount. Discover likes thin files and will give you your first card, but you are in a better position to apply when they are your second or third card. You'll get a much lower rate and a larger SL. They're a great company though, so, I wouldn't knock them off your list. You could try a Discover secured card, but there has been issues of it graduating, so, I'm leery to recommend this either.
As someone who has started with the CapOne Journey card as a current student, if I had to do it again, I'd definitely would have gone with BOA or a local CU instead. Or both! Treat it/them well for a year and that will open the doors for a Freedom. Best luck to you!
Thanks for the kind words, I currently have a BofA account and have some money (not much at all). Should I try for their secured card or can I jump to the rewards cards?
With your loans and not having a job yet, I'd probably go into the branch and talk with someone first. Maybe with your banking history they'll work out something for you and start you off with an unsecured card.
1. I'd go to your local branch and talk to them. They might be able to get your an unsecured rewards card with a low limit. That would be my first option if I was in your shoes.
2. I got my first card right after I graduated college too. Actually applied 2 weeks after graduation. I didn't know what I was doing and applied for a few cards and always got declined. Then a few friends mentioned the Capital One Journey. I applied and was approved with a $300 limit. Got an auto increase to $500 after a few months of on time payments. Then requested an increase around 12 months and got bumped up to $1500. Then got an auto increase about 12 months after that to $4500. Then last month (2 years and 11 month mark since opening the account), I requested and got my limit up to $7500. Not great growth compared to other people and other cards I've seen on this site, but it was good enough for me. I've been very happy with it. It was my first card and my only card up until this month. I loved it and have nothing bad to say about it. 1.25% cash back could be better, but it's not bad. Of course there are better cards out there, but this one gets the job done.
If you go to your local branch and can't get the BoA rewards card, I'd highly recommend the CapOne Journey. Good luck.