Student with a summer job, income near 10k, what cards to apply for?

[Anonymous]

Hi all, I am a student, have some income coming in and looking to apply for a new credit card. Last post I made here is when I had only around $500 annual income (gift money, selling stuff on eBay etc) and people told me to wait to do any more apps. All the relevant info below.

Current cards

Discover It Student $500 SL, never got any increases, opened Jul 10, 2019 per Experian. Experian reporting 100% on time payments Jul 2019 to Jun 2020. Unsure why Experian has a payment for this month, I just paid it after checking this data on Experian with my cash back and it should post soon (this month's payment shouldn't be reported to bureaus yet?). Highest monthly balance $120, pay in full every month.

CreditKarma says my last payment was April for both TU and EQ, no history after that for some reason. Experian has current history. Not sure if this is a bureau or CreditKarma issue.

Just applied for a CLI (no hard pull) with my new income (rounded down to 9k) and was denied, don't have the letter yet to know why.

Chase Authorized User card, 100% payments on time Jul 2013 to Jun 2020. CL $2500, opened 2003. This is my parents' card and anything I put on it I pay them for (just in case stores don't take Discover or they need me to buy something). This is an AU card but my credit score fluctuates 10 pts or so depending on that card's balance.

Inquiries

Before going to college summer 2018 I made a ton of inquiries and got declined on them all, these 2018 inquiries are set to fall off my reports on Jun 30 in 3 days.

Experian: 13 inquries, 6 falling off on Jun 30, 1 falling off Jul 1. Of the others 5 are from 2019, 1 is from 2020.

TU via CreditKarma: 8 total, 4 from Jun 30 2018 (should fall off Jun 30 but CreditKarma isn't telling me that?), 4 from 2019

EQ via CreditKarma: 6 total, 2 from Jun 30/Jul 2 2018, 4 from 2019 (one of these was my Discover approval, another was for my Schwab checking account)

Credit scores

EX: 727 FICO 8 (via free Experian account), TU: 738 FICO 8 (via Discover), TU: 729 VantageScore3 (via CreditKarma), EQ: 729 VantageScore3 (via CreditKarma)

My CreditKarma scores are down 37 points from last month, not sure why, I haven't changed my spend patterns at all. My FICO scores as reported by Experian and Discover are much more consistent.

With all of the information out of the way here are my goals.

I currently have a summer job, lucky enough to be at a great employer who kept my summer internship going through COVID. My income coming in for the summer is a little bit over 9k, could be 10k depending on how companies want it rounded. With that in mind I want to apply for 1 or 2 new unsecured cards (Visa or MC preferably) to build my credit file. Not planning to put much of anything on these, just get credit, be responsible, and lower my overall utilization. Even just getting 2 new cards with a 1000 SL each should work really well for my utilization based on my spend pattern (usually 50 a month, 100 rarely).

With that in mind, given my hard pulls and age of my Discover account, should I be looking at applying now, and if so for what cards? This is pretty much when I have to get cards before my income goes down again (though I am saving nearly everything I earn from this job). My Discover is coming up on 1 year age of account which should open some doors based on what I've heard here. Looking to get in with Chase if possible (think they require 1 yr min age) as well as First Tech (my primary CU). However First Tech previously said that they didn't want to lend to me with a lower summer income from an internship so I will need to call and see if it's worth applying through them.

[blindambition]

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@Anonymous wrote:

Hi all, I am a student, have some income coming in and looking to apply for a new credit card. Last post I made here is when I had only around $500 annual income (gift money, selling stuff on eBay etc) and people told me to wait to do any more apps. All the relevant info below.

Current cards

Discover It Student $500 SL, never got any increases, opened Jul 10, 2019 per Experian. Experian reporting 100% on time payments Jul 2019 to Jun 2020. Unsure why Experian has a payment for this month, I just paid it after checking this data on Experian with my cash back and it should post soon (this month's payment shouldn't be reported to bureaus yet?). Highest monthly balance $120, pay in full every month.

CreditKarma says my last payment was April for both TU and EQ, no history after that for some reason. Experian has current history. Not sure if this is a bureau or CreditKarma issue.

Just applied for a CLI (no hard pull) with my new income (rounded down to 9k) and was denied, don't have the letter yet to know why.

Chase Authorized User card, 100% payments on time Jul 2013 to Jun 2020. CL $2500, opened 2003. This is my parents' card and anything I put on it I pay them for (just in case stores don't take Discover or they need me to buy something). This is an AU card but my credit score fluctuates 10 pts or so depending on that card's balance.

Inquiries

Before going to college summer 2018 I made a ton of inquiries and got declined on them all, these 2018 inquiries are set to fall off my reports on Jun 30 in 3 days.

Experian: 13 inquries, 6 falling off on Jun 30, 1 falling off Jul 1. Of the others 5 are from 2019, 1 is from 2020.

TU via CreditKarma: 8 total, 4 from Jun 30 2018 (should fall off Jun 30 but CreditKarma isn't telling me that?), 4 from 2019

EQ via CreditKarma: 6 total, 2 from Jun 30/Jul 2 2018, 4 from 2019 (one of these was my Discover approval, another was for my Schwab checking account)

Credit scores

EX: 727 FICO 8 (via free Experian account), TU: 738 FICO 8 (via Discover), TU: 729 VantageScore3 (via CreditKarma), EQ: 729 VantageScore3 (via CreditKarma)

My CreditKarma scores are down 37 points from last month, not sure why, I haven't changed my spend patterns at all. My FICO scores as reported by Experian and Discover are much more consistent.

With all of the information out of the way here are my goals.

I currently have a summer job, lucky enough to be at a great employer who kept my summer internship going through COVID. My income coming in for the summer is a little bit over 9k, could be 10k depending on how companies want it rounded. With that in mind I want to apply for 1 or 2 new unsecured cards (Visa or MC preferably) to build my credit file. Not planning to put much of anything on these, just get credit, be responsible, and lower my overall utilization. Even just getting 2 new cards with a 1000 SL each should work really well for my utilization based on my spend pattern (usually 50 a month, 100 rarely).

With that in mind, given my hard pulls and age of my Discover account, should I be looking at applying now, and if so for what cards? This is pretty much when I have to get cards before my income goes down again (though I am saving nearly everything I earn from this job). My Discover is coming up on 1 year age of account which should open some doors based on what I've heard here. Looking to get in with Chase if possible (think they require 1 yr min age) as well as First Tech (my primary CU). However First Tech previously said that they didn't want to lend to me with a lower summer income from an internship so I will need to call and see if it's worth applying through them.

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Do you bank at Chase? If you go in branch, a rep can tell you if you have any pre-approvals. They also have a student card. You can only apply in branch.

Cap One Platinum is a possibility. Not sure if there's a min income. That would be a 3 HP app.

[Anonymous]

Got any loans yet? If not, SSL with a credit union is very good, underrated IMO, especially for newer profiles. I'd probably rather pick up one or two of those than some cards ATM.

Lenders loveeeee installment loan history.

I think many people here would advise against bank cards with that income/credit in this current economic state.

I'd only go for student cards like BoA in particular, or credit union cards, which are based on DTI. Since you're currently being paid, proof of income shouldn't be an issue with credit unions.

[Anonymous]

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@blindambition wrote:

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Do you bank at Chase? If you go in branch, a rep can tell you if you have any pre-approvals. They also have a student card. You can only apply in branch.

Cap One Platinum is a possibility. Not sure if there's a min income. That would be a 3 HP app.

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Never banked with Chase but I'd like to get in with them for CC. I am with First Tech (primary CC), Alliant (secondary, mainly used for savings) and Schwab Bank.

[Anonymous]

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@Anonymous wrote:

Got any loans yet? If not, SSL with a credit union is very good, underrated IMO, especially for newer profiles. I'd probably rather pick up one or two of those than some cards ATM.

Lenders loveeeee installment loan history.

I think many people here would advise against bank cards with that income/credit in this current economic state.

I'd only go for student cards like BoA in particular, or credit union cards, which are based on DTI. Since you're currently being paid, proof of income shouldn't be an issue with credit unions.

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I have 2 federal student loans, currently in deferment. Not sure what SSL is but I think I remember asking about that on an older post, and someone said it was unnecessary since I have student loans on my file.

Re. credit cards in general, I'm not looking to run up debt on these, just add to my overall credit (personal - not AU) though I understand banks may be hesitant to approve/ start lending due to the pandemic. My spend patterns have been consistent as a student so far (100 a month max, mostly) and won't change.

Any reason to go for student cards? Do regular cards look for factors other than DTI?  Alliant I believe their lowest CC starting limit is $1000, First Tech who I'm also with is $500 min SL pretty sure, but they didn't want to approve me before on around a $4000 summer job income. (I think they said before, that they don't want to give a CC to someone with a temporary/internship type job but will call and ask again)

[Anonymous]

@Anonymous 

Bank lending standards are already tightened up

Student cards are typically easier to get for low income earners and weaker profiles, so it'd make more sense to apply for those

Try Amex pre-qual page, though, that'd be a very good pickup 

Credit unions are typically more generous on SLs than big banks. Sometimes you can speak with their lending/UW and just ask how much they're willing to give you, AOD being an example.

[M_Smart007]

"Try Amex pre-qual page, though, that'd be a very good pickup"

That was going to be my suggestion as well ...

Also could check Discover Pre-qualify after your current card is one years old. (For a second Disco card)

[Anonymous]

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@Anonymous wrote:

@Anonymous 

Bank lending standards are already tightened up

Student cards are typically easier to get for low income earners and weaker profiles, so it'd make more sense to apply for those

Try Amex pre-qual page, though, that'd be a very good pickup 

Credit unions are typically more generous on SLs than big banks. Sometimes you can speak with their lending/UW and just ask how much they're willing to give you, AOD being an example.

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Will call my CUs and ask directly if possible. Will look into student cards for sure.

Amex prequalify page gave me Platinum (550 annual fee [!]) and Green (150 annual fee) with my 9k income. Maybe I could get approved for a no fee card.  Not sure how well those prequal pages work since I'm under 21, some have expressly said I can't get anything from them because of age / law restrictions.

[Anonymous]

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@M_Smart007 wrote:

"Try Amex pre-qual page, though, that'd be a very good pickup"

That was going to be my suggestion as well ...

Also could check Discover Pre-qualify after your current card is one years old. (For a second Disco card)

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AmEx prequal came up with Platinum (550 annual fee) and Green (150). Will try the Discover page also.  Is it safe to do that Jul 10 exactly when it is one year old or should I wait a few days after that?

[M_Smart007]

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@Anonymous wrote:

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@M_Smart007 wrote:

"Try Amex pre-qual page, though, that'd be a very good pickup"

That was going to be my suggestion as well ...

Also could check Discover Pre-qualify after your current card is one years old. (For a second Disco card)

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AmEx prequal came up with Platinum (550 annual fee) and Green (150). Will try the Discover page also.  Is it safe to do that Jul 10 exactly when it is one year old or should I wait a few days after that?

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"Amex prequalify page gave me Platinum (550 annual fee [!]) and Green (150 annual fee) with my 9k income. Maybe I could get approved for a no fee card. Not sure how well those prequal pages work since I'm under 21, some have expressly said I can't get anything from them because of age / law restrictions."

I would wait a few days after the 10th just to be safe.

@K-in-Boston, Would be better on the Amex answer, He'll chime in when possible.

ETA: I forgot @Anonymous , Welcome to myFICO forums