I'm currently looking to apply for a second credit card. Opened a Bank of America Cash Rewards card as my first card two months ago and already reached the sign up bonus. I'm currently working a summer internship and spending a decent amount of money on daily commute and I am looking to put this spending towards another card's bonus, hopefully.
I was looking into options for my second card and I am interested in a Chase Freedom, Chase Freedom Unlimited, or a Uber Card based on their bonuses and my current spending habits.
I am concerned that I may be rejected due to my short credit history (I have only had this one card for two months as I still a college student). However, based on Credit Karma and my Experian report, it says the Average Age of my Accounts is 1 year old. This is due to the student loans I have open from my freshman year. Do these loans actually count towards my credit history or do credit card companies only consider the revolving accounts age? Do I have a shot at being approved?
Other stats: 703 FICO score 8, 697 TU & Equifax, 3% utilization, no late payments
Unwritten rule is that Chase wont approve you if your credit hiatory is < 1 year. Youre in trouble here
Did you try Discover prequal site?
I was prequaled from Discover for the two student cards. However, I was hoping to get something with a signup bonus that will be useful long term.
Start with their prequal tool and go from there
Personally, I like cash back
My student loans from 12 years ago are doing wonders for my credit. I got 2 student loans back in 2006 and just never paid them. One was garnished from tax returns and the other I was able to rehab and have been current on for the past 3 years. All the negative stuff like late payments was removed due to it being over 7 years, but I still have the history of the loan which shows that I've had "credit" for 12 years. It's the oldest account I have and I'll finish paying it off in the next year or two.
So, yes, the loans absolutely count towards your history and they will remain on your report and continue to add to your history even after they're closed. Most closed accounts stay on your report for ~10 years, but YMMV.