Student Cards vs Regular Cards

Phaseshift · ‎08-30-2014

So I'm 27 and going to college working on my bachelors, I make 90k a year with AT&T however the average of my scores are 574, with TU at 591. I'd like to apply for another credit card. With my scores, is it easier to get approved if applying for student cards vs regular cards?

Anonymous · ‎08-30-2014

@Phaseshift wrote:
So I'm 27 and going to college working on my bachelors, I make 90k a year with AT&T however the average of my scores are 574, with TU at 591. I'd like to apply for another credit card. With my scores, is it easier to get approved if applying for student cards vs regular cards?

Did you have any negative records such as bankrupty or collection? Otherwise how can your score be 574 and 591 (assuming it's FICO)

youngandcreditwrthy · ‎08-30-2014

Depends on your definition of easy.

From what I can gather, the student cards just get approved with lower incomes (less than 10-12k per year)

with your income being that high, I would not suggest applying for any student cards as they come with lower limits typically and are capped out credit limit wise. You shold qualify for regular cards, but with those scores, you prob can't get many prime cards.

With 90k of income, how do you have such low credit scores?? Are you my mom???? lol

jk.

good luck. I'm sure others can chime in too.

Phaseshift · ‎08-30-2014

@Anonymous wrote:
@Phaseshift wrote:
So I'm 27 and going to college working on my bachelors, I make 90k a year with AT&T however the average of my scores are 574, with TU at 591. I'd like to apply for another credit card. With my scores, is it easier to get approved if applying for student cards vs regular cards?
Did you have any negative records such as bankrupty or collection? Otherwise how can your score be 574 and 591 (assuming it's FICO)

I have 6 collections mostly because of my stupidity when I was younger and I have no bancruptcy. Recently got promoted with AT&T and a year ago I picked up 3 secured cards made payments on time. A year ago my average score was 450, its gone up over 100+ points and now I'm close to 600 FICO

Anonymous · ‎08-30-2014

@Phaseshift wrote:
@Anonymous wrote:
@Phaseshift wrote:
So I'm 27 and going to college working on my bachelors, I make 90k a year with AT&T however the average of my scores are 574, with TU at 591. I'd like to apply for another credit card. With my scores, is it easier to get approved if applying for student cards vs regular cards?
Did you have any negative records such as bankrupty or collection? Otherwise how can your score be 574 and 591 (assuming it's FICO)
I have 6 collections mostly because of my stupidity when I was younger and I have no bancruptcy. Recently got promoted with AT&T and a year ago I picked up 3 secured cards made payments on time. A year ago my average score was 450, its gone up over 100+ points and now I'm close to 600 FICO

You probably want to wait until those fall off ...

youngandcreditwrthy · ‎08-30-2014

CONGRATS on the hard work. That is quite comendable.

imo, i would work on resolving the collection accounts with your newfound income. I would get them resolved based on dofd (date of first delinquency). Resolve newest ones first.

If they are all 2-3-4+ years old, it prob isnt worth it to mess with them. if, however, some are recent, or the collection agencies are illegally re-aging them and adding them to your reports to make them appear like a recent default- THAT's illegal.

If you don't agree with some of the debts or believe they are fraudulent (ie NOT YOURS) you need to dispute them. There's a lot that goes into keeping your credit good and getting it there.

You can do more research online if you want to know what needs to happen. I think getting the collections off your credit reports is going to help you more than anything though.

My point, if you can pay any of those, ONLY agree to pay them IF they REMOVE THE TRADELINE COMPLETELY from your report. Get all agreements in writing. Regardless of a whether a collection is PAID or UNPAID, it still reflects negatively. I think in the next 6-12 months, you can likely get to a 650+ FICO. Once you have reached that, then I would attempt to gain more credit cards.

joltdude · ‎08-30-2014

If you have that kind of income, you might want to go for *yes* another Secured card (yes I like that BOA secured card, esp if they offer you the 99$/500 offer).... or make sure theres a decent CLI on the secured cards you have... by raising up the CLIs (yes it will probably cost you an additional DEPOSIT)... to at lest 1k, or 2k... manual review of your accounts stop looking like secured cards when they have the higher security deposits.. But you really need to look at trying to get those baddies taken care of..

Ignorance is bliss untill someone calls you out... And right now.. going for another card.. unless its an additional secured card, is not a good idea..