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:
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
(Their scorecard said TU? Fico 739)
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.
Thanks so much! I really appreciate it. Y'all are great.
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).
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.
Super Congrats on your Cap One, Discover and BOA approvals!!!
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.
Congrats again on your success. Thanks so much for sharing!
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.
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.