Current credit cards you are the primary account holder of: Discover it ($1500 credit), Amazon Prime ($1000), QuicksilverOne ($400)
FICO Scores with source: 689 (Transunion - CreditSesame)
Number of personal credit cards approved for in the past 6 months: 2 cards and only 6 months of credit/banking history
Annual income: $7000 (part-time) + $40,000 (tuition + living allowance from parents)
PURPOSE
Pay university tuition with the card (approx. $4k per month) to increase credit score. I can pay it back immediately. (Edit: no additional fee involved)
Does your university allow you to pay tuition without a credit card processing fee? That’s going to be the most important thing here. I know your goal isn’t cashback, but the fees can add up and there are other ways to improve your score.
@LewisMark3
Same case, but my total fee is around 7000 per semester, but my college allows paying tuition fee with credit card with almost 30-50 fee. I have a credit score of 739 in Credit Karma and 729 FICO score. Can you also suggest me some cards?
@garveytom
That’s a less than 1% processing fee. Put it on any card that gets cashback and you’ll make back some money. Credit limits are usually based on your individual profile, not the card itself.
LewisMark3 said: @garveytom
That’s a less than 1% processing fee. Put it on any card that gets cashback and you’ll make back some money. Credit limits are usually based on your individual profile, not the card itself.
Like me and my friends have the same income but they usually get higher limits. Why is that? He and I applied for capital one; he got a 2000 limit and I got 300, and he applied for Blue Cash Everyday; he got 5000. I want to apply for Blue Cash, but I am scared I might get 1000. Should I apply or wait a few days and ask Chase for a credit limit increase?
@LewisMark3
Would a BILT work here? I know they provide routing and account numbers to landlords to pay rent in case of fee/landlord not accepting credit cards.
kain said: @LewisMark3
Would a BILT work here? I know they provide routing and account numbers to landlords to pay rent in case of fee/landlord not accepting credit cards.
Would a Bilt card help with making payments more than my credit limit, with BiltProtect?
Chase Freedom Unlimited would be good for you. If you put 50k as an approximate income, you’ll more likely get a monthly limit of $2000. My first card was Discover IT with $1000 monthly credit when I was a grad student. Got my first score 750 after six months and maintained it around 740 and then got my second card from Chase with a $3k limit when I got my full-time job earning $60k.
That’s why a $5k limit is gonna be tough at your score and income. You may get $5k if your income is $80-90k.
Pay university tuition with the card (approx. $4k per month) to increase credit score. I can pay it back immediately. (Edit: no additional fee involved)
Just saying, but this won’t actually increase your credit score. Your credit score is based on a lot of things, but whether you actually use the card is basically a non-factor. The only exception would be if you had a long period of inactivity and the bank closed your account (generally at least a year).
Ode said:
Amex Platinum would probably be a good start.
Absolutely not. I don’t understand why people blanketly suggest premium travel credit cards. On top of it being $8k spend, it’s also might not be accepted by the processor. He’s in college; there’s no need for a $700 card. If you suggest Amex for the higher limit, sure, go with the Amex Blue Cash Everyday or BCP. But not a card that earns MR points.