Second Student Card

Anonymous · ‎12-31-2015

Hi all, this is my first time on these forums!

I am currently a senior in college and come this January I will have had my Discover It card for 1 year. I have paid the card off in full each month and started off with a credit limit of $800. I recieved an automatic credit line increase to $1050 after 5 months. My current credit score according to Discover's free number is 746. I have no other sources of credit (no loans, joint accounts, etc.).

I am looking for some advice on getting a new credit card for the new year. I want to know which cards I should be looking at. I am interested in travel rewards and would ideally like a card that I can use abroad but I have also heard that rewards from cashback cards might be better used to pay for travel with. One slightly complicated matter is that I am unemployed right now and don't start full time employment until next August. Because of my lack of income, I worry that most cards will turn me down depsite my credit history. I also don't want to wait until next august to apply for another card because I will need to use the card to help pay for moving expenses, etc.

Any advice will help me! I am very new to this whole world of credit!

Anonymous · ‎01-01-2016

@Anonymous wrote:
Hi all, this is my first time on these forums!

I am currently a senior in college and come this January I will have had my Discover It card for 1 year. I have paid the card off in full each month and started off with a credit limit of $800. I recieved an automatic credit line increase to $1050 after 5 months. My current credit score according to Discover's free number is 746. I have no other sources of credit (no loans, joint accounts, etc.).

I am looking for some advice on getting a new credit card for the new year. I want to know which cards I should be looking at. I am interested in travel rewards and would ideally like a card that I can use abroad but I have also heard that rewards from cashback cards might be better used to pay for travel with. One slightly complicated matter is that I am unemployed right now and don't start full time employment until next August. Because of my lack of income, I worry that most cards will turn me down depsite my credit history. I also don't want to wait until next august to apply for another card because I will need to use the card to help pay for moving expenses, etc.

Any advice will help me! I am very new to this whole world of credit!

Do you have any sources of income? One of the fields you need to fill in for applying for a credit card is your annual income. I would fill in what you earned last year; however, as a student, I'm not expecting that to be very high, which will limit what you might be able to get from CCCs.

If you're dead set on getting a card, I think I would apply for CapOne. You might get a QS1 or a secured card. CapOne cards generally have 0% foreign transaction fees, so they're good for use abroad and are more accepted than Discover in other countries.

Anonymous · ‎01-02-2016

I would estimate my income for this year was ~30k as a student but starting next fall I will be making well over triple what I earned this year. I am now heavily considering the Quicksilver card but I also just looked on Chase and I am prequalified for Freedom and Sapphire Prefered (I have had a checking account with them for >7 years). I guess I just am looking for advice on what combination of cards I should get. I am looking for no more than 4 cards total and so I want to choose wisely as I don't plan on applying for other cards for several years.

I have Discover It and I do use the rotating categories. Next year I will be spending alot on groceries but I also am in need of a card that I could use abroad with no transaction fee that is widely accepted. What card/cards should I be looking at getting?

Any advice?

Anonymous · ‎01-02-2016

The Quicksilver is a good overall card. It's 1.5% cash back on all purchases, no AF, no Foreign Transaction fee, and is a Visa so it is widely accepted. (This was the card I used when I was in Europe a couple of months ago, didn't have any problems). Also, your Discover It also has no Foreign Transaction fees, but Discover in general is not as widely accepted. (IMO, don't get rid of this card. It is a good card, and it is your first, and therefore, oldest card)

Groceries: the Amex Blue Cash Preferred would offer you the most cash back at 6%, but that carries a $75 Annual Fee. The lesser of the Amex BCP would be the Blue Cash Everyday, which has 3% cash back on groceries, but with no AF. If you expect to spend more than $50/week on groceries then that will offset the $75 AF on the BCP. If not, then I would go with the BCE. *These cards do charge a Foreign Transaciton fee, so you would not be using it overseas.

There are a wide range of travel rewards CC's. How much traveling do you expect to do?

In general, figure out how you normally spend your money and then find a card that best fits those spending habits and needs. It's hard for us to determine what you need, only you can determine that. Good luck!

Anonymous · ‎01-02-2016

I received a mail offer from Capital One for the Quicksilver but it does not come with the bonus spending offer.

Should I do a regular application or use the mail offer?

Anonymous · ‎01-02-2016

@Anonymous wrote:
I received a mail offer from Capital One for the Quicksilver but it does not come with the bonus spending offer.

Should I do a regular application or use the mail offer?

That's odd. Personally, that's the first I've heard of that happening. Perhaps one of the other members can chime in.

I would do the pre-qualify on Capital One's website to find out what offers they have for you. Doing the pre qual does not affect your credit score in any way (as it will clearly state on the website). You can, and should, do this with all of the other CCC's that you are looking into as well. Good luck! Let us know how it goes.

Anonymous · ‎01-02-2016

Hey there,

Congrats with your success with discover.

I would say your next step is acquiring a general spend car. You already have a categories card. I would recommend a 2% card (so maybe citi dc) or the QS as aforementioned.

Also, I see no problem with you reporting income you will have access to in the future. I remember a citi rep saying it's fine to do so (over the phone). I'm assuming you have savings too?

Anonymous · ‎01-03-2016

@Anonymous wrote:
Hey there,

Congrats with your success with discover.

I would say your next step is acquiring a general spend car. You already have a categories card. I would recommend a 2% card (so maybe citi dc) or the QS as aforementioned.

Also, I see no problem with you reporting income you will have access to in the future. I remember a citi rep saying it's fine to do so (over the phone). I'm assuming you have savings too?

I'm not sure a job that you're starting in 6-9 months is reasonable to include. With mortgages, the rule is 60 days. I'd expect something similar with credit cards. However, the 30k that you made last year should be sufficient for many of these cards.