CREDIT PLAN
Prepared by
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:
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•
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$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.