Getting a credit card

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doughnutty

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Hey all, so I just became an intern and went to apply for the sapphire preferred card at Chase and was quickly declined due to my student loans from medical school (credit is good, no other loans). Does anyone have any experience/advice on how to get a decent credit card with a resident salary and student loans? Seems a little crazy that I wouldn't qualify - this job is pretty stable and will be high paying soon enough. Thanks for your help in advance!

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Capital One cards can be easier to qualify for with student status, and once you show reliability in using it/paying on time you will usually be offered increased credit limits, or also be able to qualify for a card like the Sapphire. It will take 6-12 months to establish your good record with your beginning card.
Another source could be the bank you use. If they have known you as a customer for years who has not overdrawn their account, they could give you the benefit of the doubt and issue a credit card to you.
 
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Capital One cards can be easier to qualify for with student status, and once you show reliability in using it/paying on time you will usually be offered increased credit limits, or also be able to qualify for a card like the Sapphire. It will take 6-12 months to establish your good record with your beginning card.
Another source could be the bank you use. If they have known you as a customer for years who has not overdrawn their account, they could give you the benefit of the doubt and issue a credit card to you.

I had a discover student credit card during medical school that I automatically paid for four years, I was just looking for a credit card that actually gives me some benefit now. I'll check out capital one, thanks!
 
I had a discover student credit card during medical school that I automatically paid for four years, I was just looking for a credit card that actually gives me some benefit now. I'll check out capital one, thanks!
Good, I thought you might be getting your first credit card now. I did as an intern and was foolishly outraged that it was so hard to get one. "I've always paid cash for everything! Isn't that a good statement of my character?" hahaha. Older and wyser now.
Not all places accept Discover cards so it will probably benefit you to get a MC or Visa type.
 
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Hey all, so I just became an intern and went to apply for the sapphire preferred card at Chase and was quickly declined due to my student loans from medical school (credit is good, no other loans). Does anyone have any experience/advice on how to get a decent credit card with a resident salary and student loans? Seems a little crazy that I wouldn't qualify - this job is pretty stable and will be high paying soon enough. Thanks for your help in advance!
You can always call them and they will discuss your rejection with you. If you have a good reason why you should qualify for the card, they are generally willing to listen to you and may change their mind.

That said, the comment of "this job is stable and will be high paying soon enough" isn't the approach to take. They don't care if you can afford the card in 3 years. They care if you can afford it now. Depending on your credit score (generally need to be 720+ for a CSP) and your debt/income ratio there might not be anything you can do about it. Also, Chase is very strict about the 5/24 rule (you can't open more than 5 cards in a 24 month period or else you get auto-rejected), though it doesn't sound like you're running into this issue.

I had a capital one quicksilver card as a resident which gives 1.5% cash back on everything and has a very low barrier to entry. Didn't get my CSR until I was an attending.
 
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I think I used the 2% fidelity cashback card during residency. I got my Chase Sapphire Reserve in fellowship.

You could try calling them for a second chance. The Chase reconciliation line for non-business cards to talk to a real human is 1-888-270-2127. If you just discuss how you're doing IBR and have plenty of cash flow and if you have a decent credit score otherwise, you have a decent chance.

Otherwise, if you don't have much of a credit history, you're not getting a CSP as a first card regardless. If you want to stick with chase, i'd get a Freedom or Freedom Unlimited and get the CSP or CSR in a year or so. Capital One isn't a bad option either - and I do like the Fidelity 2% back on everything as an option (though you need to have a brokerage account open with them to get the benefit, you don't actually need any money in the brokerage account).
 
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I think I used the 2% fidelity cashback card during residency. I got my Chase Sapphire Reserve in fellowship.

You could try calling them for a second chance. The Chase reconciliation line for non-business cards to talk to a real human is 1-888-270-2127. If you just discuss how you're doing IBR and have plenty of cash flow and if you have a decent credit score otherwise, you have a decent chance.

This was the issue - it was showing my monthly payments were way off. Adjusting it and I should be good, thanks for your help!!
 
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This was the issue - it was showing my monthly payments were way off. Adjusting it and I should be good, thanks for your help!!
Yeah, the best advice when you get those automated denials is google around to find the reconciliation line, because often with manual, human review, you can get approved.
 
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I got a PayPal 2% cash back MasterCard from Synchrony Bank while I was still in med school, and believe me, I have loans. I think I saw the promotion on the PayPal site and applied there.
 
Not quite sure what you mean by "decent" credit card but Discover is long-regarded as being very friendly towards first-time CC applicants and will probably approve you for a card with $2500 credit limit right off the bat. Other banks like Capital One and Bank of America are also first-timer friendly but don't expect initial credit limits to exceed $750 even with stellar credit rating.

I also bought a laptop a year ago and didnt wanna pay cash so I applied for the Best Buy CC which I was approved for although I had to apply in-store which was kind of a hassle. But they gave me a $2,000 initial limit which was nice.
 
Unfortunately the advice of "just call them to ask for a second chance/review" did not apply to my experience. Having been stuck with my lame starter credit card for years, every time I tried to speak with someone about why my application for a "pre-approved" credit card failed they told me the same thing: "Sorry, the algorithm is company policy. There is nothing we can do for you."

Game changer for me was Petalcard. I have no connection to them outside of being very happy with them. It's an "online only" credit card that seemed to be more forgiving. It looked primarily at my credit score and approved me for a ~$4,000 VISA. After 6mos of using it they expanded me to $6,000. I forgot counting how high I am now, but it's much higher. I also get pretty decent cash back perks with it too.
 
Random advice

For those with kids, make sure to add them as an authorises user on your cards to help build their credit
 
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Random advice

For those with kids, make sure to add them as an authorises user on your cards to help build their credit
This doesn’t help as much as people think tbh. When my wife and I went to apply for cards I was denied for stuff due to lack of history and she ended up being our primary cardholder.

Source: parent is MD and was an authorized user on their card
 
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Random advice

For those with kids, make sure to add them as an authorises user on your cards to help build their credit
If you're doing things right, relying on credit should have little value in one's life as a physician.
 
The kids are not physicians.

Ok you got me there.
I didn't have a credit card until after college. Didn't affect me one bit.
Teaching kids to be little consumers and starting into adulthood asap isn't the answer imho.
 
Ok you got me there.
I didn't have a credit card until after college. Didn't affect me one bit.
Teaching kids to be little consumers and starting into adulthood asap isn't the answer imho.

Because the toddler and infant are probably big spenders. I don’t think you understand what making a kid an AU does.
 
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Ok you got me there.
I didn't have a credit card until after college. Didn't affect me one bit.
Teaching kids to be little consumers and starting into adulthood asap isn't the answer imho.

They don’t actually spend the $… unless there’s a 2 yo genius walking around. 😏
 
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Ok you got me there.
I didn't have a credit card until after college. Didn't affect me one bit.
Teaching kids to be little consumers and starting into adulthood asap isn't the answer imho.
I shred the cards when they arrive. It really just helps their future length of credit history. May make it easier to get a credit card that doesn't suck once they have an income. No real downside since they don't have physical hold of the cards themselves.
 
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I too didn’t have any credit prior to turning 18. Because I grew up economically disadvantaged with parents who made bad financial and life decisions. My first credit card was a student card with a limit of $500 because that was all I could get. It was a lot of fun to buy some of my used textbooks and college needs, pay off the card, and go back a few days later for the rest.

I don’t have any debt. But I do travel mostly on the points I accrue from everyday spending on good credit cards. I wish I had been able to do that sooner.

Nothing wrong with parents who have the means setting kids up for financial success.
 
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