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Sorry for another post everyone, I'm such a newb when it comes to credit and everytime I reach an answer, more questions pop up.
So earlier I had asked you guys the chances of getting approved for the Discover IT card with no credit history and the overall answer was that I would be denied and I would be better off with a secured card.
I knew my options were bleak and that I would have to apply for a secured credit card in order to build my credit. However, I have been talking to my universities financial aid officer and I will owe every academic year $3500 in a federal direct subsidized loan, $2000 in a federal direct unsubsidized loan, $2000 in a federal perkins loan, and possibly $3,000 in a student loan I'd have to find elsewhere (if I choose to live on campus). All these loans are throwing big numbers at me and I'm getting pretty stressed!
BUT! I realized that somewhat of a good thing has come out of this and that I will be able to build my credit through these loans instead of a secured credit card (which I would rather not have). (and if I can't build credit through federal loans please notify me, I'm such a newb).
So, would these student loans be sufficient in order to build my credit for a Discover IT card? Or should I still be looking at secured credit cards?
(and I know this is a bit off-topic and that there is a specific sub-forum for this but if you could tell me of any dangers regarding the loans I listed above please tell me. I would rather not sign my financial life away)
Thank you everyone.
@09Lexie wrote:
SLs will be deferred in your case. Also, some lenders require rev cc not installment loans for prior history.
What are the negatives of having a student being deferred when dealing with credit?
and thank you for the tips.
@Jungook wrote:Sorry for another post everyone, I'm such a newb when it comes to credit and everytime I reach an answer, more questions pop up.
So earlier I had asked you guys the chances of getting approved for the Discover IT card with no credit history and the overall answer was that I would be denied and I would be better off with a secured card.
I knew my options were bleak and that I would have to apply for a secured credit card in order to build my credit. However, I have been talking to my universities financial aid officer and I will owe every academic year $3500 in a federal direct subsidized loan, $2000 in a federal direct unsubsidized loan, $2000 in a federal perkins loan, and possibly $3,000 in a student loan I'd have to find elsewhere (if I choose to live on campus). All these loans are throwing big numbers at me and I'm getting pretty stressed!
BUT! I realized that somewhat of a good thing has come out of this and that I will be able to build my credit through these loans instead of a secured credit card (which I would rather not have). (and if I can't build credit through federal loans please notify me, I'm such a newb).
So, would these student loans be sufficient in order to build my credit for a Discover IT card? Or should I still be looking at secured credit cards?
(and I know this is a bit off-topic and that there is a specific sub-forum for this but if you could tell me of any dangers regarding the loans I listed above please tell me. I would rather not sign my financial life away)
Thank you everyone.
There's a silver lining in everything!
I received a pre-qualified offer in the mail and was approved for a Discover It Student this summer after completing my first year of college and having my federal loans on my report for about 8 months. I also had 4 months worth of on time payments with my 1st Financial Bank USA Visa on my report, but other than that I had nothing.
I'm sure others will chime in, but I just wanted to share my experience in the hopes that it might help
@Luscher wrote:
federal loans do show up on your CR and will help you. They will show up as paying as agreed/deffered. I have 3 CC's and some federal student loans. and my report says 10 accounts open. Because I have 7 federal loan accounts
Is there any benefit of having federal loans show up as agreed compared to deferred?
and congratz on those credit cards, those are exactly the same three that I would like to have in my own arsenal one day. Could you maybe explain how you were able to attain those cards? A quick post or direct message would be great. Thank you.
@09Lexie wrote:
There is not a negative to having them in general. Chase, for one will not count it as a rev cc. If your loan amt is high that might be a reason for denial as well.
I see. So keeping my loan ammounts low even though I don't pay interest for some of my loans is key. Thank you Lexie.
@sergi0wned wrote:
There's a silver lining in everything!
I received a pre-qualified offer in the mail and was approved for a Discover It Student this summer after completing my first year of college and having my federal loans on my report for about 8 months. I also had 4 months worth of on time payments with my 1st Financial Bank USA Visa on my report, but other than that I had nothing.
I'm sure others will chime in, but I just wanted to share my experience in the hopes that it might help
Thank you for your input. How would I go about in receiving a pre-qualified offer? Do I sign up with Discover somehow?