Where and when to go from here?

[SCF]

Hey all,

I'm a year out of college, carrying about $18,000 in student loan debt (Federal Consolidation Loan with Citibank, deferred, nearly $10k of that will vanish next July thanks to benefits from my "job" ) and working as a national volunteer (AmeriCorps*VISTA if you're curious) making approximately $10k a year. I receive subsidized housing and food, so while I am not making out by any means, I do OK. I fully intend to keep low balances and PIF every month.

My folks went through a bad bankruptcy when I was about 3. I get lots of credit horror stories, so I'm trying to do this right. My vital stats: Experian score = 749, others unknown. I have a local credit union auto loan that I pay extra and early every month. I've also had a $1000 credit line at US Bank for 6 years. My MyFICO report seems to think I've used a credit card recently, which is interesting because I have never touched that $1000. There are no other accounts on my report, anyone have any idea where that's coming from? I use my checking cards as credit cards sometimes, but that doesn't count, does it?

On to my main question though, as I've learned here in the past few days, credit cards are key to credit health. A month or so ago, I applied for a Wells Fargo Platinum Visa just because the terms looked all right and I do my checking mostly with them now. They denied me due to low income. Just today, I gave in and applied for an Amazon VISA from Chase, approved with a temporary credit line of $500, yay! Where do I go from here? I would prefer not to use the US Bank credit, since to do so, I think I have to cash advance into my checking account and pay fees. Should I pick up another card now, or can I get a student card when I start grad school? Will a student card grow better and convert to a "normal" card when I graduate? Any suggestions on cards that will grow well with me as my income increases but which I can get now with the very little money that I make? I think Discover and Amex are out as options because they aren't accepted anywhere in probably a 250 mile radius (look up Sidney, MT on Google Maps, I'm quite a ways from anywhere. Most places would still rather have my check than my debit card, much less an Amex...)

Your advice is much appreciated!

[Anonymous]

What kind of USBank card do you have? I started with their student card 4 years ago with a low CL, but I used it every now and then and now I have auto-CLI. They 'graduated' me to a Platinum Rewards card when I finished college, and I'm up to a $11,250 limit now. By the way, I'm in grad school and make a max of $15,000 a year, and I've got $14,500 in SL right now so we're similar in that department (oh, and my EQ in April '08 was 751, so similar there too). I guess I would call USBank and ask them for a CLI since $1000 seems pretty low. As for the Wells Fargo - did you ever call them for a recon to see why you were denied? The denial kind of surprised me - do you have any baddies on your report?

I'm a newbie so I'm probably not much help. But I can testify to the power of these boards: in the past month, I've apped and been approved for BoA Platinum Plus MC w/Worldpoints (CL $2000), Chase Freedom Platinum Visa (CL $2000) and Citi Dividend AmEx (CL $6600). Since our scores, income and loan history (with the exception of your auto) are so similar, I would think you'd be able to get some pretty good cards.

[SCF]

The US Bank credit line is essentially excessive overdraft protection, I don't think the rates on it are any good and its not a credit card per se. I have to use my checking card to access it and I can't actually get at those funds until I've drained my checking account, so I'm not going to use it on a regular basis. I may call about an increase though, as more unused balance is a good thing right?

As to the Wells Fargo card, they sent me a terse but polite letter informing me that I "do not meet minimum income requirements." They also sent me another pre-qualification for the card in the mail today and will not leave me alone about it every time I log into my online banking. I figured that something like a minimum income requirement was not negotiable, maybe I'm wrong though. I have zero baddies period, never touched the US Bank line and the car loan is my very first credit that I've actually had to make payments on, so I'm clean as a whistle *knock on wood.* I do all of my banking with them and get along with the folks at the local branch very well, should I make an appointment?

Thanks for listing the cards you have pez478, that's actually very encouraging. I was worried that I would be stuck with a less than ideal card until I actually had some income, but I think I may have better luck with some other banks.