The fact that this card has a $3k limit surprises me much, especially considering that it is the student version with the $50/$100 SUB. I was really anticipating the terrible bucket treatment and a $300 limit after I applied. I’m sorry to anyone who experienced that result.
Fico Score: 749 (Source: Equifax, California)
Income: ~$12,000
Rent: $0
All I have on my past credit record are three AU balances from my parents’ cards.
Citi Double Cash (April 20, 2006)
Discover It Cash Back (June 4,1999)
Apple Card (Sept 9,2021)
Since I already have a catch-all and a rotating category card and will be moving to college, I firmly feel that this card was an excellent fit for me. (I can receive 2.2% back because my father also has a Rewards+). Since the Apple Card has a $100 transaction limit, I don’t use it. I want to apply for a CFR/CFF, WF AC, or Discover it CB of my own within the next year.
That’s a fantastic credit card approval! Considering your credit history, income, and the card’s reputation for being conservative with limits, this is a welcome outcome.
Key Factors Behind Your Approval
Established Credit History: Having credit dating back to 1999 significantly strengthens your profile, reflecting responsible management over the years.
Strong FICO Score: A FICO score of 749 is impressive and indicates low credit risk to lenders.
Clean Credit Report: The absence of any negative marks is a major advantage.
Low Credit Utilization: Your low utilization, likely due to AU accounts, played a positive role in your approval.
Next Steps
Your plan to apply for cards like the Chase Freedom Unlimited/Flex, Wells Fargo Active Cash, or Discover It Cashback is a sound approach. Given your solid credit standing and success with the Citi Custom Cash, you’re in a good position for these applications.
A Few Tips:
Continue Building Credit: Keep managing your credit responsibly to further improve your score.
Monitor Utilization: Keep your credit utilization low to maintain a healthy score.
Consider Authorized User Opportunities: Being an authorized user on cards of those with excellent credit can provide a boost.
Avoid Overapplying: Minimize applications to avoid unnecessary credit inquiries that could impact your score.
Your chances could be hampered by the fact that you have no credit history. Even though the file is thin, it’s possible that C1 is targeting students who already have a history, but if you have none at all, they might prefer you start with a protected card.
Instead, I would advise applying for and receiving pre-approval for the DiscoverIT Student Cash Back card, as they are quite adept at accepting applicants without credit history and offer an amazing cashback match for the first year. It was the first card I obtained after turning eighteen, and I believe I was approved for a $1,500 SL, which I found astounding since I had no credit history at all. Once a year, after one year