Going into consulting but can't get a credit card
So I just graduated from an elite university and come from an underprivileged background. As a result, I'm going to be starting at an MBB firm in a large city. Unfortunately, I've been rejected by all of the must have credit cards that everyone here touts.
I'm wondering what would be my best option to make the most out of all hotels, flights, and food I'll be reimbursed for as a consultant. In particular, I'm looking into signing up for rewards membership for my corporate card (if I pay a fee, I can keep the points I rack up on my corporate card), and I'm also looking for cards that are easier to get with decent rewards (so no SPG or Chase Sapphire).
Please don't tell me to build up my credit with a shitty card since I'm not planning to stay long in consulting and just want points. Any helps or tips will be appreciated.
At my MBB every consultant gets a cc supplied by the office. Are you sure your office doesn't offer that?
Yes, we get a corporate amex, but you have to pay around $100 order to get points on that card. I could also try to upgrade that to a gold or platinum card. But it seems that most consultants I've talked to don't pay the $100, and instead use other cards for their big purchases.
Since I can't get the SPG and Chase Sapphire cards, I'm wondering what my best options are. I'm hoping that someone who has been through a similar situation can help out since all the consultants I've talked to have either the SPG or Sapphire cards.
Look, I get it. Your credit, for whatever reason, is terrible. Mine was once too, and I did it entirely to myself by making stupid decisions. You may be in the same boat or it may be a function of your background and no fault of your own, but it doesn't matter. Your credit is bad and you can't get credit cards. I'm sorry and that sucks, but it is what it is.
From the title I thought your issue was that you were unable to get any credit card, which would indeed be a big problem. But it seems that's not the case. Instead, the issue is that you "just want points" and you're not satisfied with the American Express Membership Rewards program.
You seem to be under some delusion that credit card points bonuses are something you are entitled to. They are not. Yes, free points are a nice perk, but they are in no way a guaranteed benefit. Your situation means you unfortunately can't have them. Other consultants can easily find themselves in the same situation for different reasons -- for example, you might be staffed on a case that doesn't have a flight in a city without a chain hotel.
Take the opportunity to build your credit back up (which the Amex will let you do, for free), pay the $100 if you want the Amex MR points and be grateful.
see what you can get once you start work. Surprised you can't get one now...usually able to use an offer letter. But once you have a couple pay stubs, you should be able to get a card, albeit with a very low limit. You'll have to keep paying it off after any large purchase.
Could you please elaborate on this? How do you get a card by showing people your offer letter or pay stubs? All the applications I've filled out didn't have a place to submit this. I don't mind the low limit, I just really need a card.
For one specific card I applied to, they asked me for specific tax forms, which I can't provide. Any guidance would really help!
Are you not American? The card that I got when i first got my SSN (right after starting grad school) was a Discover and they just asked for a confirmation of income, which I showed using a letter from my graduate school department that stated how much our stipend was.
Dude, just get a shitty card to build some credit so you can get a decent rewards card in the future. Use the corporate Amex in the meantime. You're going to need to fix that situation at some point when you want to buy a home.
This.
Sign up for a secured credit card that has no annual fee. Use it for a year, never miss a payment, and then try applying for unsecured CCs again.
You should be able to get a chase freedom pretty easily, even with shitty credit. Then, get a Sapphire Preferred a few months later and voila, the points transfer from the Freedom to Preferred. Yes, once you get the premium Chase cards freedom points transfer over, I've done it multiple times.
The freedom will also help build your credit and establish you as a good customer with Chase.
6/10
Capital One generally accepts applicants with lower FICO scores, try them.
I'll take a look at that. Thanks! How's their rewards system?
Did you not put down your income when you applied for the cards? I had a terrible credit rating and got approved because I put down my employer/salary number even though I hadn't started yet. This is what I was told to do by the other consultants I knew at my office.
I did put them down for all my applications. Still got rejected or had them ask for tax forms :(
Could you tell me which cards you got by just putting down your salary and company?
Chase Sapphire Preferred. I didn't even receive a call to confirm salary, although I did get a reference from another employee. Try to see if you can get someone to refer you, people are usually willing to do it because they get points from it.
I grew up pretty poor too and had no issue building up my credit. I feel like you messed up your credit score by not paying your bills, and you're trying to deflect blame.
A good card that nets you 2% avg. in rewards w/ no annual fee versus the AMEX corporate (1% w/ $100 annual fee for points) on a spend of ~$100k ($2k/wk, 50 wks a yr) will come out to about $1k in value.
I'm probably underestimating the average points per dollar you'd earn on a good card, but at the end of the day worst case scenario if you can't get one and end up using your AMEX is the equivalent to ~1% of your salary.
TLDR; not a huge deal if you don't get the card, calm down.
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