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Data pts: Thin file, Student loans, Homemaker, Low income / Cap 1, Disco, BOA

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Established Member

Data pts: Thin file, Student loans, Homemaker, Low income / Cap 1, Disco, BOA

I can't thank the people on this board enough, and I mean that. Taking time to share what you know with others like me. I've been searching this board since May, because I have no credit cards and wanted to get one. I was specifically searching for data points for someone who is a homemaker and has nothing on their credit report but student loans. I didn't even know that I had a Credit Score from the student loans, but here goes:

 

Profile:

homemaker

low income (just mine, not husband) under $30,000

Student loans on IBR so, payment due=$0. All showing payed as agreed.

No credit cards

I don't know AAoA, but the student loans are from 8-3 years ago. So oldest acct 8 yrs.

 

May: Applied for CAP 1 platinum without checking for a credit score.

Instant approval: $1,000. 

Pulled all 3 CB

Email saying $500 increase after 5 on-time payments.

After 60 days they increased by $100.

After third statement PU to Quicksilver.

 

Then I noticed I get a free "Equifax 5" Credit Score from my bank. It was 737 after opening Cap 1. Cited age since last acct opened and number of installment loans as negatives.

 

Read on here 3 cards are best to diversify so last week app'd

 

Discover It:

(Their scorecard said TU? Fico 739)

Pulled EXP

Instant Approval: $6,300

(They wanted copies of DL and SS card, but I called and verified, no prob.)

 

 

Monday app'd BOA:

 

Cash Rewards for groceries/gas.

Went into pending. No credit pull showing. 3 a.m. this morning got alert EXP pulled.

Just got approval email, but no limit info.

 

I wanted to specifically say for people with nonstandard income, that I was honest and put homemaker or other. And I told my honest meager income.

 

My credit files are back frozen and I'm done. Off to pay off these student loans, but at least I don't have to use my debit card whenver I shop. 

 

Thanks again every one who posts here.

 

 

 

Message 1 of 12
11 REPLIES 11
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Valued Contributor

Re: Data pts: Thin file, Student loans, Homemaker, Low income / Cap 1, Disco, BOA

Congrats on your approvals! Being a homemaker is nothing to sneeze at, I actually think it may be harder to do that then a job!


Scores - All bureaus 756 +
TCL - Est. $275K
Message 2 of 12
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Established Member

Re: Data pts: Thin file, Student loans, Homemaker, Low income / Cap 1, Disco, BOA

Thanks so much! I really appreciate it. Y'all are great.

Message 3 of 12
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Valued Contributor

Re: Data pts: Thin file, Student loans, Homemaker, Low income / Cap 1, Disco, BOA

Wow! Great post, H, and thank you for sharing some of your credit journey & useful stats. Your post will surely help many many others.

And Congrats! on three fine CCs (and don't forget to get you some Disco CLI luv waiting just down the road a bit).

Starting Score: (5/24/2018) -- FICO 08 EXP: 643; FICO 08 TU: 642; FICO 08 EQ: 677
Current Score (03/3/2020): FICO 08 EXP: 749; TU: 758; EQ: 761
2019 Goal Score: 800 across the board


Take the myFICO Fitness Challenge
Message 4 of 12
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Community Leader
Mega Contributor

Re: Data pts: Thin file, Student loans, Homemaker, Low income / Cap 1, Disco, BOA

Big congratsSmiley Happy. You say under 30k income, thats very broad and implies uou do make income so much easier to obtain then you think. Im a true LIE'r, 30k for me would be like me driving a Benz lol. Many homemakers only can list their signigicant others income and thats fine too if permitted by whom you are applying. Enjoy your outstanding Discover sl. And i agree, homemakers are the glue for many familiesSmiley Happy
Message 5 of 12
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Established Member

Re: Data pts: Thin file, Student loans, Homemaker, Low income / Cap 1, Disco, BOA

James-A and AvgJC, your posts helped me a lot while I was searching. Thanks! The BOA CL was $1500. I knew it would be conservative compared to Disco, but I also learned from your posts that it can grow, so that's great. 

Message 6 of 12
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Community Leader
Mega Contributor

Re: Data pts: Thin file, Student loans, Homemaker, Low income / Cap 1, Disco, BOA

Fantastic. In reality those limits are great for us but hey , a little rewards for your spend goes along way from having no rewardsSmiley Happy slow and steady now, you know how addictive it can get if you read enough hereSmiley Happy
Message 7 of 12
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Frequent Contributor

Re: Data pts: Thin file, Student loans, Homemaker, Low income / Cap 1, Disco, BOA

@Homemaker

 

Super Congrats on your Cap One, Discover and BOA approvals!!! Smiley Very Happy

 

Funny you should mention that your bank sent you a free Equifax FICO 5 after your

Discover approval. FICO 5 is normally used for mortgage lending. Would you mind

sharing which bank that is? I know that USAA uses Experian FICO 3 for lending decisions,

and EX FICO 3 is an older scoring version just like EQ FICO 5.

 

You were smart to refreeze your accounts. You got the credit you wanted,

and now you're happy. At least for now. So like you said, you can focus on

paying your student loans and gardening your new cards for proper care and feeding. Smiley Very Happy

 

Congrats again on your success. Thanks so much for sharing! Smiley Very Happy

Message 8 of 12
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Established Member

Re: Data pts: Thin file, Student loans, Homemaker, Low income / Cap 1, Disco, BOA

I bank with a credit union in the town where I live, so it wouldn't be recognizable elsewhere. They have modern websites and everything, but they're as tight with credit as you can possibly get. They checked my credit score exactly two days after I opened my Cap1, and I don't even have credit with them, just savings and checking. They use Equifax Fico 5, and there's no such thing as pre-approval or approval without manual review and paper verification of every single thing. Like 1985.

 

I asked them for a small credit card back in 2015 and they told me "Not with that income."  (lol) I assumed everyone would say no until I came here.

Message 9 of 12
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Established Member

Re: Data pts: Thin file, Student loans, Homemaker, Low income / Cap 1, Disco, BOA

After reading about different Fico's on here, I had a feeling EQ Fico 5, was odd for credit cards. But that's what they use. They say it when I log in.

Message 10 of 12
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