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Hello, Everyone!
I am an 18-year-old student (long time lurker) and thanks to many of you I got my first credit card with no history whatsoever. I got the Discover IT Chrome for students in August 2015 and now am looking at adding some more cards. It's been 6 months and I have no baddies and my Discover FICO score with TU is 734. Credit Karma reports my FAKO scores at 672 and 696 for TU and EQ respectively. I have no loans and no other forms of credit other than my Discover card. I recently got a CLI to $750, but the CLI has yet to report. I thought I would have to settle with a secured card but ended up getting a Discover with great benefits! I love my Discover card but would like to continue to grow my credit history and get a little more variety. I eventually would like an AMEX, Chase Freedom, Citi DC and possibly QS and a few others, but those are my goals at the moment. To give a short summary of my situation: I have one account open with a $750 limit low util, only one inquiry on my TU score from Discover 6 months ago (approved), no baddies, I always pay on time. The only negatives are that I only have one account open and my AAOA is only 6 months. I would be reporting an income of around $12,000 if I can't include scholarships, stipend etc if that's included I'm around $38k. My question is what is your personal credit card evolution from your first card to what you have now and maybe that'll offer some insight as to what I should do next.
Take your time and use your cars wisely and you will be in great shape. I am sure other members will have ideas for a second card. Perhaps Capital One?
I'll put my two cents in -- don't overextend. Don't buy more than what you can pay for. Avoid carrying balances. Don't buy the significant other a TV -- if you're like me, a year later no significant other, no TV and you're still paying the bill.
Hit the prequals up and see what they are offering from banks you know you already want
And remember 3 credit cards is all you need in revolving credit to get the best score, and honestly 3 cc is a lot to deal with on their own when you are new to all of life's bills.
@Anonymous wrote:Hit the prequals up and see what they are offering from banks you know you already want
And remember 3 credit cards is all you need in revolving credit to get the best score, and honestly 3 cc is a lot to deal with on their own when you are new to all of life's bills.
3? meh I have like 20 opened ones and I use around 5-6 every day and about 2-5 more at least monthly. I do rotate some around though.
@Anonymous wrote:
3 is still plenty for most
my main question is why is there a need for another right now? 6 months is still very very new and honestly idk if you can use grant money or not. where i work that isn't income.
Depends on the lender. I know for a fact that Citi allows you to include scholarships/grants. The general rule of thumb I used is that if it's on my 1098-T, I'll count it. But it's best to check with the lender you applying to.
Anyway, to answer your question, I started out with a Citi Forward as my first card. My second card was a Chase Freedom, which I got around 11 months later I think. I stuck with those two for a good 1.5 years, then I found this site, and, well, the rest is history!
As others have said, stick to cards you plan to keep longterm.
@Chris679 wrote:
Don't apply for anything you don't want to keep long term. We see a lot of people applying for every store card under the sun then later they are closing them all. You can include any income that you have access to and I would build slowly, 1-2 accounts per year.
+1.
I would personally wait a little longer to apply for anything else, unless you're really in need of another CC.
Amex generally like to see at least 1 year of credit, and I also applied for an Amex and was approved after having roughly 13 months worth of credit history total (I had only 1 secured card at the time).
This way you're establishing a long term relationship with a great bank like Amex you can keep for life. And I think they would be a great second step in your credit journey, I purposefully waited just over a year to apply after receiving the same advise I am giving you now.
Third steps for me were other bank cards at around the 18 month mark.
At this point your scores should be a lot higher, then try to aim for cards to maximize rewards, this is where the fun starts!
AAoA's I don't think matter as much as everyone thinks, my AAoA's when applying for the CSP and Freedom were also 6 months, and I was approved for my Citi Prestige with only 5 months!
Just keep your payment history clean and your utility percentage LOW.
Good luck
@Anonymous wrote:Hello, Everyone!
I am an 18-year-old student (long time lurker) and thanks to many of you I got my first credit card with no history whatsoever. I got the Discover IT Chrome for students in August 2015 and now am looking at adding some more cards. It's been 6 months and I have no baddies and my Discover FICO score with TU is 734. Credit Karma reports my FAKO scores at 672 and 696 for TU and EQ respectively. I have no loans and no other forms of credit other than my Discover card. I recently got a CLI to $750, but the CLI has yet to report. I thought I would have to settle with a secured card but ended up getting a Discover with great benefits! I love my Discover card but would like to continue to grow my credit history and get a little more variety. I eventually would like an AMEX, Chase Freedom, Citi DC and possibly QS and a few others, but those are my goals at the moment. To give a short summary of my situation: I have one account open with a $750 limit low util, only one inquiry on my TU score from Discover 6 months ago (approved), no baddies, I always pay on time. The only negatives are that I only have one account open and my AAOA is only 6 months. I would be reporting an income of around $12,000 if I can't include scholarships, stipend etc if that's included I'm around $38k. My question is what is your personal credit card evolution from your first card to what you have now and maybe that'll offer some insight as to what I should do next.
Your score is good enough that you don't have to worry about evolving, you're already at a point that you can probably get a decent card.
But if you wanted to play it safe, I'd say go for a Capital One or a Barclay Rewards card.
I would not be shocked if you applied for and got the Chase Freedom or Citi DC or Amex Everyday.