Might have been too ambitious applying for my first CC

[Anonymous]

Hey guys, recently graduated college (3 months ago) so I figured it was about time I join the CC world and ditch the debit card. I have only been doing research for a few hours this morning and got excited about the prospects of the CSP after checking my scores on credit karma, but after looking into it more in the last few hours I'm thinking that was a bad idea and that I'm definitely going to get rejected.

I got the message that they need more time to consider me and I should hear back within 30 days, but for some info about my credit history: authorized user on parents card that I have been using for some expenses last 3-4 years and some student loans that were already paid off. Credit scores on CK were 790 and 788, one of them dropped to 783 after I submitted the CSP app. I make around $73k a year. I also have a bank account with Chase, not sure if that matters, but I have been reading on here that they hate being the first CC for people, which I wasn't aware of earlier.

Is all of the info about my AU card relevant at all to new CC applications? The credit history on CK shows up as 15 years with a 24k limit but thats not really my information, right? Assuming I'm rejected for the CSP, are there any recommendations for a more realistic first CC with my credit history? I'm hoping the Cap1 VentureOne card might be more obtainable for me, and I would really like some sort of travel rewards if possible. 

[Anonymous]

First, I agree that your shot at CSP was probably too aggressive. Chase does not like a thin file and your AU status isn’t going to help with them. Your CK scores are of virtually zero valu, as they are Vantage scores that no lender uses. We’re your loans held by you and paid by you or were they parent loans in your name? Why a Cap 1 Venture One? You seem to be focused on travel cards, but as a recently graduated student of 3 months making a good $73K salary, are you really going to be taking that much travel time off this early in your career? Everyone here can offer much better advice if you can give better detail on your typical spend, what benefit you’re looking for in a cc, and you really need to get true FICO scores, which you may not even have yet based on your thin history.

[Anonymous]

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@Anonymous wrote:

Hey guys, recently graduated college (3 months ago) so I figured it was about time I join the CC world and ditch the debit card. I have only been doing research for a few hours this morning and got excited about the prospects of the CSP after checking my scores on credit karma, but after looking into it more in the last few hours I'm thinking that was a bad idea and that I'm definitely going to get rejected.

I got the message that they need more time to consider me and I should hear back within 30 days, but for some info about my credit history: authorized user on parents card that I have been using for some expenses last 3-4 years and some student loans that were already paid off. Credit scores on CK were 790 and 788, one of them dropped to 783 after I submitted the CSP app. I make around $73k a year. I also have a bank account with Chase, not sure if that matters, but I have been reading on here that they hate being the first CC for people, which I wasn't aware of earlier.

Is all of the info about my AU card relevant at all to new CC applications? The credit history on CK shows up as 15 years with a 24k limit but thats not really my information, right? Assuming I'm rejected for the CSP, are there any recommendations for a more realistic first CC with my credit history? I'm hoping the Cap1 VentureOne card might be more obtainable for me, and I would really like some sort of travel rewards if possible. 

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Welcome to the forum.

You certainly did not do enough research if you're relying on Credit Karma scores.  Those scores are based on Vantage Score 3.0 model and not FICO which is used by major lenders.  You need to know your FICO scores from all three credit reporting agencies before applying randomly.

Why the CSP anyway?

[xaximus]

Welcome OP.

I think the CSP was a bit too aggressive as well. I would step back and analyze where your spending is going to be, getting a better idea of what your scores are and building up. CSP is a higher tier card and Chase likes atleast 1 year of history, plus other things like 5k CL's and up already.

I would step back and not go for the high-tier cards as you'll probably get denied. Being an AU probably wont help much, nor will CK. I suggest signing up for Discover's free Fico score. Atleast having one will help.

Also - for a thin CR file - I would go for either Disco or Amex. The flashy/nice cards will come down the road.

[Anonymous]

Ah I see, I was not aware of the distinction between Vanguard scores and the actual FICO scores this morning. I will look into pulling my actual FICO scores from somewhere, thanks. Like I mentioned above, I am taking a large step back before applying again and will do singificantly more research this time, just was bored at work and got overly excited.

As to the point about why I want a CSP, I find the travel rewards attractive because I have a lot of friends living around the country that I like to visit on weekends/breaks and I am big into travelling in general. I also have to travel a decent amount for work, so I thought it made sense to have a card that would reward me for doing so. The VentureOne card came to mind because a friend of mine who is in a nearly identical situation just got approved for one and the rewards seemed decent to me. 

Unfortunately, I think the student loans were in my name but paid by my parents, so perhaps I actually have no or extremely minimal FICO scores at all, so I am in a very different position than I thought I was. 

In terms of spending, rent is around 1200, grocery expenses varied too much in my first few months to give an accurate estimation but I would say around $50 a week plus some eating out for lunch and other entertainment on the weekends. I think I will try to monitor costs a bit more over the next few months and then maybe reassess, but I also want to be building up some credit history in the short term which is why I acted so quickly this morning. 

[Anonymous]

You can get your FICO Scores by signing up for the $1 trial offer from CreditCheckTotal.com.  Just be sure to cancel before you're hit with the monthly fee after the trial runs out.

[Anonymous]

OP—I think with your situation and spend, Discover with the rotating 5% categories and Amex (maybe BCE) would be great places to start. Once you’ve got 6 months of credit experience reporting in your name, Real FICO scores will be generated. Then after about another 6 months, depending on your scores, will be in a much better position for something like a Cap 1 Venture (2x versus Venture One 1.5x). It’s a marathon, so research, ask questions, research more before pulling the trigger.

[Anonymous]

Thanks for all the help and advice guys, I appreciate it. Definitely a new world but its very interesting to me. Per the advice you guys gave me, I just got my three Fico Score 8 scores from CreditCheckTotal.com, and they are 734 for Experian, 767 for Transunion, and 775 for Equifax. 

Again, assuming I'm rejected for the CSP, how long should I wait before applying for a card more suited to a starter to have the best chances of getting a card I want? Thanks again for the help. 

[Anonymous]

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@Anonymous wrote:

Thanks for all the help and advice guys, I appreciate it. Definitely a new world but its very interesting to me. Per the advice you guys gave me, I just got my three Fico Score 8 scores from CreditCheckTotal.com, and they are 734 for Experian, 767 for Transunion, and 775 for Equifax. 

Again, assuming I'm rejected for the CSP, how long should I wait before applying for a card more suited to a starter to have the best chances of getting a card I want? Thanks again for the help. 

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Those are excellent scores; the concern would be that you appear to have a "thin" file.   How many inquiries did CCT report?

Have you checked under "My Offers" of your Chase online account for any credit card pre-approvals?  Also, you could check www.chase.com/prequalified and see if any pops up.

[Anonymous]

Unfortunately I don't have any offers under the My Offers tab on my chase account, and nothing is offered when I try the pre-qualification either so I will likely have to look elsewhere for the time being. There are 3 inquiries for Experian (one being from the CSP app), 2 for TU (again, one is chase), and only one for Equifax, which I guess chase didn't pull from.