21 yr old college student needs advice on applying for additional credit card

[K-in-Boston]

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@Anonymous wrote:

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@K-in-Boston wrote:
I would also suggest the American Express Blue Cash Preferred for your spend and for getting cash back rewards. They also have frequent 10% statement credit offers for cell phone bills.

The CreditKarma scores are Vantage scores not true FICO scores, but you can get a free monthly Experian FICO 08 score from Discover too at creditscorecard.com That is the score Amex will use (and give you if you open an account).

For best scoring (although your scores are likely fine right now) you should have 3 revolving credit cards, but there’s no rush. Best of luck and welcome to the forums!

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My Discover Scorecard reads  FICO 768 as of Nov 8. My Discover CC Statement says 766 as of Nov 6.  Not sure how to get true TU EX EQ scores that I see everyone posting other than paying for them, is that correct>

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I'm sorry, but I'm a little confused with Discover Scorecard since they recently changed the one given with the account and now also call it Scorecard. LOL  If the 768 score is from Discover's creditscorecard.com site, that is a true EX score (EX FICO 08 to be exact).  The 766 on your Discover statement is a true TU score (TU FICO 08 to be exact).  Those are fantastic scores, particularly given your thin credit history. As for Equifax scores, they're a little harder to get without paying if you don't have one of a handful of accounts that provide them for free.  You can do a Credit Check Total trial for $1 and get all 3 scores (and daily EX updates) for a week, but then there is a monthly fee if you do not call to cancel.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

I too am a college student. If I were in your position what I would do is apply for the Amex Blue Cash Preferred, and open a checking account with US Bank. Based on your spending, you will make more cashback (even after deducting the annual fee) with the preferred rather than the everyday. Also opening the checking account with US Bank will allow you to more easily get in the door with them. I would wait three months between opening a checking account with US Bank and applying for a credit card. For US Bank you should apply for the Cash Plus, which allows you to choose two different 5% categories (such as cell phones and fast food) and one 2%. Also as much as I wish Sallie Mae still existed, the card is long gone and has been replaced by the very mediocre commence card. Lastly, if you're curious of Amex approval odds, you can check your prequals with them.

Amex Prequal Site: https://www.americanexpress.com/us/credit-cards/check-for-offers/

US Bank Cash+ Categories: https://cashplus.usbank.com/categories/index?quarterId=44

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Thank you for your response and advice - If I were to open a US bank account today and put 2K in it. Do you think I could still apply for a card in 3 months if I apply for AMEX BC and Chase FU this week?

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No problem! In all honesty you don't even have to put that much in the account, when I opened my US Bank account I only put a couple hundred in it, as I wasn't planning on using it as my primary checking account. Since you're a college student, you can opt for the no-fee student checking account. I think that if you decide that you want to apply for the Cash+ in a few months, then it would be best to only app for one card right now. Besides, the Cash+ currently gives 1.5% on everything for the first year anyways, so there would be little benefit to the FU in the short-run, unless you plan on getting one of Chase's travel cards later on (the CSP/CSR give you a bonus when redeeming points towards travel.) I was able to get approved for a $5K Cash+ after having a checking account with them for 3 months, even though my highest limit at the time was $2300. 

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

I too am a college student. If I were in your position what I would do is apply for the Amex Blue Cash Preferred, and open a checking account with US Bank. Based on your spending, you will make more cashback (even after deducting the annual fee) with the preferred rather than the everyday. Also opening the checking account with US Bank will allow you to more easily get in the door with them. I would wait three months between opening a checking account with US Bank and applying for a credit card. For US Bank you should apply for the Cash Plus, which allows you to choose two different 5% categories (such as cell phones and fast food) and one 2%. Also as much as I wish Sallie Mae still existed, the card is long gone and has been replaced by the very mediocre commence card. Lastly, if you're curious of Amex approval odds, you can check your prequals with them.

Amex Prequal Site: https://www.americanexpress.com/us/credit-cards/check-for-offers/

US Bank Cash+ Categories: https://cashplus.usbank.com/categories/index?quarterId=44

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Thank you for your response and advice - If I were to open a US bank account today and put 2K in it. Do you think I could still apply for a card in 3 months if I apply for AMEX BC and Chase FU this week?

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No problem! In all honesty you don't even have to put that much in the account, when I opened my US Bank account I only put a couple hundred in it, as I wasn't planning on using it as my primary checking account. Since you're a college student, you can opt for the no-fee student checking account. I think that if you decide that you want to apply for the Cash+ in a few months, then it would be best to only app for one card right now. Besides, the Cash+ currently gives 1.5% on everything for the first year anyways, so there would be little benefit to the FU in the short-run, unless you plan on getting one of Chase's travel cards later on (the CSP/CSR give you a bonus when redeeming points towards travel.) I was able to get approved for a $5K Cash+ after having a checking account with them for 3 months, even though my highest limit at the time was $2300. 

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THANK YOU!! 

[K-in-Boston]

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@Anonymous wrote:

No problem! In all honesty you don't even have to put that much in the account, when I opened my US Bank account I only put a couple hundred in it, as I wasn't planning on using it as my primary checking account. Since you're a college student, you can opt for the no-fee student checking account. I think that if you decide that you want to apply for the Cash+ in a few months, then it would be best to only app for one card right now. Besides, the Cash+ currently gives 1.5% on everything for the first year anyways, so there would be little benefit to the FU in the short-run, unless you plan on getting one of Chase's travel cards later on (the CSP/CSR give you a bonus when redeeming points towards travel.) I was able to get approved for a $5K Cash+ after having a checking account with them for 3 months, even though my highest limit at the time was $2300. 

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Absolutely fantastic advice!  Also, since @Anonymous already has a Discover it card with the selectable categories each quarter that could be a great companion to maximize the 5% back.

[Anonymous]

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@K-in-Boston wrote:

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@Anonymous wrote:

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@K-in-Boston wrote:
I would also suggest the American Express Blue Cash Preferred for your spend and for getting cash back rewards. They also have frequent 10% statement credit offers for cell phone bills.

The CreditKarma scores are Vantage scores not true FICO scores, but you can get a free monthly Experian FICO 08 score from Discover too at creditscorecard.com That is the score Amex will use (and give you if you open an account).

For best scoring (although your scores are likely fine right now) you should have 3 revolving credit cards, but there’s no rush. Best of luck and welcome to the forums!

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My Discover Scorecard reads  FICO 768 as of Nov 8. My Discover CC Statement says 766 as of Nov 6.  Not sure how to get true TU EX EQ scores that I see everyone posting other than paying for them, is that correct>

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I'm sorry, but I'm a little confused with Discover Scorecard since they recently changed the one given with the account and now also call it Scorecard. LOL  If the 768 score is from Discover's creditscorecard.com site, that is a true EX score (EX FICO 08 to be exact).  The 766 on your Discover statement is a true TU score (TU FICO 08 to be exact).  Those are fantastic scores, particularly given your thin credit history. As for Equifax scores, they're a little harder to get without paying if you don't have one of a handful of accounts that provide them for free.  You can do a Credit Check Total trial for $1 and get all 3 scores (and daily EX updates) for a week, but then there is a monthly fee if you do not call to cancel.

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I was confused as well...so Thank you for explaining it to me. I know my score is going to drop but any ideas on how much it will drop will drop when I apply for the 2 cards.  Is the Credit Check total a hard pull on my credit?

[HeavenOhio]

It's a soft pull whenever you check your own credit.

[Anonymous]

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@HeavenOhio wrote:

It's a soft pull whenever you check your own credit.

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Thank you, not just for your response but for not getting frustrated with my lack of knowledge of this whole process. I appreciate every contributor that has taken the time to respond and give their advice. I am sure my responses and lack of knowledge have been entertaining and frustrating to some of the individuals reading them....I am just glad those of you who have chosen to take the time to respond have all been understanding and so very helpful.

[simplynoir]

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@Anonymous wrote:

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@HeavenOhio wrote:

It's a soft pull whenever you check your own credit.

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Thank you, not just for your response but for not getting frustrated with my lack of knowledge of this whole process. I appreciate every contributor that has taken the time to respond and give their advice. I am sure my responses and lack of knowledge have been entertaining and frustrating to some of the individuals reading them....I am just glad those of you who have chosen to take the time to respond have all been understanding and so very helpful.

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Pretty sure a majority of us have been in your shoes one time or another. Don't ever feel bad for asking questions/clarification otherwise how else would you learn, you know.

[Shooting-For-800]

Cap One QuickSilver would be my choice.  

Check the prequal site.

[K-in-Boston]

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@Shooting-For-800 wrote:

Cap One QuickSilver would be my choice.  

Check the prequal site.

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OP did not have a prequalification from CapOne.  A QuickSilver approval would be more likely than not, though.  I'll refrain from any disparaging remarks about CapOne.  I know they treat some customers (you, for example) well.