CREDIT PLAN MATTHEW T. LING Prepared by Cody Tam Summary Golden Rules to Follow 1). Always PAY IN FULL and ON TIME. 2). Spend as you normally do. Don’t go batshit crazy. 3). Treat a credit card like cash and remember, it is the bank’s money, NOT yours. 3). ONLY sign-up for a card if you can meet the welcome bonus. Always get the bonus.* 4). Always use a referral link from family or friends. Free money for both parties. The Card: Discover IT Student Cash Back Benefits: • • • $20 annual statement credit for good grades. (3.0+ GPA) 5% cashback on rotating quarterly categories. 1% on everything else All cashback is doubled in Year 1. 5% becomes 10%. 1% becomes 2%. Rotating Quarterly Categories for 2022: How to Apply 1. Go to the website 2. Enter your basic information – Name, address, D.O.B., year in college. 3. Enter financial information – Housing/Rent, Gross Income. a. Note: Income should always be higher than rent. These guys are trying to use an algorithm to figure out if you are “safe” to lend money to in the form of a credit card. Doesn’t make sense for rent to be higher than income. b. Note 2: Do not lie on your credit application. Do be flexible in what constitutes as income. If you have lower income, use household income OR your income + spouse income. For those who received a job offer and have not yet started their job, put your expected income. 4. Enter any other required information 5. Done! You should be approved or you will get a delayed approval via e-mail or snail mail. If you have been rejected, we will have to try a secured credit card, but because you are an authorized user on your parents’ card, I doubt that will happen. The Bigger Picture Discover IT BILT Mastercard • Earn 5% on rotating categories • Build your credit history. Use for couple months before applying for another • 1% Cashback on RENT. This is a GAME CHANGER!!!! • TX fee to pay rent is WAIVED • $1,600*12=19,200 points! That is a FREE roundtrip ticket to Hawaii!! • Only approved if approved for <=5 cards within last 24 months. (Chase 5/24 rule) Chase Cards • Chase ecosystem extremely versatile and one of the best out there.
