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Advice on next step (college student)


Advice on next step (college student)

Hi, this is my first post so bear with me. If I need to post more info just let me know.


I am a college student, I'll be 21 in October and I have a yearly income of around $22,000 (working part time while in school). I currently have the following:


LGE Credit Union Visa: $500 (just over 2 years old)

Citi Forward Visa: $1500 (2 years old)

Chase Slate Mastercard: $500 (Around 6 months old)

Auto-loan of $5000 with around $3600 remaining



Never had a late payment or anything like that. I just am wondering what should I take as my step. I was thinking about asking for a CLI on my credit union card (to either 1000 or 1500) and applying for a new card in the next few months (had been looking at the discover it/discover it student or chase freedom).


Should I ask for a CLI on both my credit union and slate card, and if so to what? What new card should I apply for? 


THANKS so much for your help!


EDIT: I plan on paying off all my cards by next month to drop my utilization.

Message 1 of 19
Moderator Emerita

Re: Advice on next step (college student)

Message 2 of 19
New Contributor

Re: Advice on next step (college student)

I'd shoot for the Chase Freedom. The revolving categories have been helpful to me (I'm also a college student) and should be to you as well since they include restaurants and gas. If you are able, I'd go for both the Discover It and the Chase Freedom to capitalize on all the categories they offer.


It seems like you'd get approved for both of them.

Age: 20 | AAoA: 1.1 Years | TU Fico: 725 | EX Fico: 719 | EQ Fico: 693
Last App: 12/09/2013
Message 3 of 19
Frequent Contributor

Re: Advice on next step (college student)

Have you pulled any of your scores to know where you stand? 

Message 4 of 19

Re: Advice on next step (college student)

Might I recommend the Sallie Mae Mastercard? As far as rewards, it really can't be beat. 5% gas, groceries, and bookstores (including Amazon). Sure, there's a $250 cap on each category per month, but if you're a college student, you probably aren't spending more than that anyway.

     $1500            $1500             $2500             $2500             NPSL         
Starting EQ: 646 - Current EQ: 693 - Goal EQ for 12/2013: >720
Gardening from 7/2013 until 1/2014
Message 5 of 19

Re: Advice on next step (college student)

I was waiting to pull unroll I paid off my balances. It should be around 730 after that. Should I apply for the new card or the CLIs first
Message 6 of 19
Frequent Contributor

Re: Advice on next step (college student)

How many inquiries do you have right now?


I'm pretty sure Chase will require a HP for a CLI, not sure about your CU.

Message 7 of 19
Moderator Emerita

Re: Advice on next step (college student)

Pay down your util, ask for CLI, let those report - then pull your reports


You are correct- Chase is a HP 99% of the time.
Message 8 of 19
Established Contributor

Re: Advice on next step (college student)

Chase all the way for you.


No need to open new cards with a 22K annual income.  Thats just more minimum monthly payments to worry about when you already have to tools in your tool box.


Chase is your best card imo.  They also have a awesome recon department.  They are also Inquiry sensitive.  As such start there imo:

Call the recon line and see if you can finesse a nice CLI via a CP.  I say call the recon line because the front line CS is going to follow the playbook verbatim whereas the recon folks are a lot more understanding and flexible.  The worst they can say is "nope" and even then you won't lose anything by asking.


Then ask about a Freedom card.  The freedom has some nice bonuses and 0% for the first 15 months, which for you is probably your best benefit right now.  NO INTEREST! Smiley Happy Smiley Happy


If that works out, Garden them all for 6 months and don't sweat the other small cards. 


Stay away from the incoming invitations from First Premeire and Credit One.  You are past them already.


Good luck.  Less is more I think for you, right now.


EDIT:  And NEVER EVER app without having your current and most up to date Reports from ALL three bureaus in your hand,

NFCU #1 Fan!! NO MOAR APPS TIL 10/13 Minimum!!
TU -746, EX - 721, EQ -745
Cards:NFCU Flag Visa Sig $10000, CSP $8500, AMEX BCP $2000 Freedom $3500, Disc IT $5000, Cap 1 Green $2100, Credit 1 CLOSED! AU on Amex Green, Discover $2000, Cap One Plat $1000
Message 9 of 19

Re: Advice on next step (college student)

Wow, thanks for all the responses! I really appreciate all the feedback. I plan on paying all my debt within the next month and then will speak to chase and my CU. This has been very helpful for me!


In your opinion, what would you ask Chase to increase my CL to from the $500 its at now? Is $1000 a good shooting point, or too high/low? I've only ever had my citicard raised (800->1500) and that was online without a HP.  I was thinking of asking my CU to up it to a similar amount as well. And then after that I'll decide whether or not to inquire about the Freedom card.

Message 10 of 19