Student with a thin file

[newhis]

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@Anonymous wrote:

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@Anonymous wrote:

That's strange how it reported double. My score (712) also came in a few days ago as well. Decided to app for the Discover It and was approved with a 1k limit. I think now would be a good time to start thinking about a second card. 

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Does anybody think Chase Freedom would be a good idea? I do have a decent part time income but I know Chase is a bit harder to get into. Thanks all!

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Well it all depends. You may get approved with a small limit if you don't have 1 year history and other cards with good limits.

If you want good limits with Chase, you have to wait at least 12 months from your first card report and have other cards with 5K limits.

If I have to start again, I'll wait for Chase 12 months, then go for CSP (minimum 5K), then PC to Freedom before AF. Chase always gives me less SL than other cards and higher APR.

[joltdude]

Really would wait on the Chase... they like a year.... Yes you probably can get it in 6 months but its easy to get in Low Limit Hell if you get approved.....

Chase was my second card... but i had a CU card for close to 2 years (think i may have been a month shy of it) that had a 5K CL....... and you know how much chase gave.... 5200....  and no CLI yet...

though i did get the 15mo0% apr and the 14.24 rate afterwards..

Wait on Chase

Wait on Citi

Seriously if you want a card now... go for the secured BOA.. yes theres a fee..but this is the norm for these cards and you will be able to get it removed at or shortly after graduation..but you should be able to get the 99$/500 offer which will mitigate the AF...

Cap one is sometimes an option but if your not pre approved... i wouldnt... again wait for the cards you have to start generating a FICO score, not a FAKO score

it takes roughly 6 months of activity.. I know.. i had to wait...

-J

[Anonymous]

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@newhis wrote:

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@Anonymous wrote:

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@Anonymous wrote:

That's strange how it reported double. My score (712) also came in a few days ago as well. Decided to app for the Discover It and was approved with a 1k limit. I think now would be a good time to start thinking about a second card. 

---

Does anybody think Chase Freedom would be a good idea? I do have a decent part time income but I know Chase is a bit harder to get into. Thanks all!

---

Well it all depends. You may get approved with a small limit if you don't have 1 year history and other cards with good limits.

If you want good limits with Chase, you have to wait at least 12 months from your first card report and have other cards with 5K limits.

If I have to start again, I'll wait for Chase 12 months, then go for CSP (minimum 5K), then PC to Freedom before AF. Chase always gives me less SL than other cards and higher APR.

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I've only had my disco for 6 months (Reported Jul-Dec). That is my only card and it does report as secured. I think I'll wait until the one year mark with Chase.

Does anybody think the Capital One Journey for Students is a good idea? I would hope for an approval and hopefully a decent CLI in the steps program. Would a PC to QSR be likely after 6 months or so of even low usage? Just a thought. Note that this is the card I applied for back in July. Obviously I'd need to suffer another HP since at the time I had zero history.

Thanks!

[Anonymous]

It seems like you would like to increase your arsenal of CCs but I think waiting is for the best...

I started off with a secured BofA card (my finanical institution at that time) that unsecured after a year. Maybe make a goal of having your Discover unsecure before applying for other cards?

You will get there but it takes some patience and rejection. I was rejected from Discover and Capital one journey before the BofA secured card.

I would take a break from this forum also. There is a wealth of information but at this point, all the discussion about rewards and credit cards will only make you want to apply for cards.

Edit: Good luck and congrats on getting the Discover card!

[newhis]

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@Anonymous wrote:

I've only had my disco for 6 months (Reported Jul-Dec). That is my only card and it does report as secured. I think I'll wait until the one year mark with Chase.

Does anybody think the Capital One Journey for Students is a good idea? I would hope for an approval and hopefully a decent CLI in the steps program. Would a PC to QSR be likely after 6 months or so of even low usage? Just a thought. Note that this is the card I applied for back in July. Obviously I'd need to suffer another HP since at the time I had zero history.

Thanks!

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I read a lot of people that get Discover unsecure in 7 months.

Give Amex a try. Both cards, Discover and Amex, can grow with SP CLIs.

[Anonymous]

This might sound strange but I adore my walmart card and I would HIGHLY reccomend it to anyone especially college students. Why you ask? You should privately message me and I can explain how USEFUL this card has been for me. I'm a college student as well and this thing has come in handy during my early years of college when I had no job!! Also, your credit score will jump like crazy now that you've been approved. And it will keep going up after every card you're approved for and with every credit limit increases. But please, don't go on a huge app spree. Apply to maybe 2-4 cards within the next 2 years and you'll be fine. 

[Anonymous]

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@Anonymous wrote:

It seems like you would like to increase your arsenal of CCs but I think waiting is for the best...

I started off with a secured BofA card (my finanical institution at that time) that unsecured after a year. Maybe make a goal of having your Discover unsecure before applying for other cards?

You will get there but it takes some patience and rejection. I was rejected from Discover and Capital one journey before the BofA secured card.

I would take a break from this forum also. There is a wealth of information but at this point, all the discussion about rewards and credit cards will only make you want to apply for cards.

Edit: Good luck and congrats on getting the Discover card!

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Yup I was off the forum for a couple months and now I come back and want to apply again! 

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@newhis wrote:
I read a lot of people that get Discover unsecure in 7 months.
Give Amex a try. Both cards, Discover and Amex, can grow with SP CLIs.

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 I confirmed with a CSR that review starts for the 7th month -- that will be next month for me. Keeping my fingers crossed! I was considering Amex but it has the same "not accepted everywhere" issue of Disco.

[Anonymous]

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@Anonymous wrote:

This might sound strange but I adore my walmart card and I would HIGHLY reccomend it to anyone especially college students. Why you ask? You should privately message me and I can explain how USEFUL this card has been for me. I'm a college student as well and this thing has come in handy during my early years of college when I had no job!! Also, your credit score will jump like crazy now that you've been approved. And it will keep going up after every card you're approved for and with every credit limit increases. But please, don't go on a huge app spree. Apply to maybe 2-4 cards within the next 2 years and you'll be fine. 

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I was thinking about the Walmart and Amazon store cards. Both Synchony IIRC. At this time I'd rather try to get a Visa with my next HP since I've already racked up a few that won't fall off for another 18 months.

[newhis]

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@Anonymous wrote:

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@newhis wrote:
I read a lot of people that get Discover unsecure in 7 months.
Give Amex a try. Both cards, Discover and Amex, can grow with SP CLIs.

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 I confirmed with a CSR that review starts for the 7th month -- that will be next month for me. Keeping my fingers crossed! I was considering Amex but it has the same "not accepted everywhere" issue of Disco.

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I hope you can get it unsecured next month. About Amex, I got my first Amex at 7th month. Started at 2K and 9 months later it was 15K. I recommend the Amex no AF, is a good card that can grow fast without HP. I think good limits help getting other cards that can't grow without HP start with good limit. Amex have other promotions like $25 back on HULU if you spend $25 in next 4 months, so I got almost free service for 3 months, I got free Sam's membership and some extras thanks to Amex too.

Yes Amex will not be the last card that you will apply, my recommendation to get the card is to help you get a thicker file with cards with no AF that can get higher limits. Maybe wait until next month, unsecure your Discover and get Amex. Grow the limits for the next 6-9 months, then get all the Visa/Mastercards that you want.

The 'rule' for best score with your profile is having 3 cards (or more), let 1 report a small balance and $0 the rest. Having a loan with less than 9% balance helps a lot too, around 30 points. You can get a small secured loan for 5 years to boost your FICO 08. Good luck.

[BronzeTrader]

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@Anonymous wrote:

Long time reader first time caller so here it goes...

I'm a student. Never had any loans and never been an AU on a card or anything else.

July 2016. Applied at Chase and BofA and instantly declined because "no history". Ok bad start. I did more research. Applied for the Cap1 Journey Student card with reasonable hope... and declined instantly because "no history". That led me to Discover. I applied directly for the secured card and was approved instantly. Did a $600 CL.

Fast forward to today. Obviously FICO won't give me a score with only one 3-month old account. My FAKO (VantageScore) is 665. I've been keeping my Discover card utilization below 20% (Only popped over once and that was still well under 30%). Only three cycles are done: July - Sep are reported as current.

I guess I really have two questions. First, is 665 -- albeit a FAKO -- any good? My only baddies are the 3 hard pulls it lists.

Second, I would like to get an unsecured Visa ASAP but I do not want to risk an unfruitful hard pull. Looking at the WF student card although I don't especially want to deal with them. Are there any better suggestions? (Waiting is a valid suggestion too, of course.)

Thank you!

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Some students here hold the Ritz Carlton metal card! 

Anyhow, several banks have student CCs, such as BofA, Citi. Even AmEx will give you a chance with a $500 CL. I think you should wait a little before you get any meaningful credit history.

The best way to get credit history is to get on your parent's CC as an authorized user. Even if you do not use the CC. 

Good luck.