topic Re: suggestion in applying for 2nd CC ? in Credit Cards

suggestion in applying for 2nd CC ?

HI-ALL — Sat, 05 Jan 2008 22:56:54 GMT

hi frnds

I got my first CC(boa 7k CL) on 12/01/07, my credit history is just a month old.

does n't have any baddies or negative things.

want to apply for a couple of cards so can u guys suggest me?

what are the best suitable CCs for my case.

Message Edited by HI-ALL on 01-05-2008 05:56 PM

Re: suggestion in applying for 2nd CC ?

haulingthescoreup — Sat, 05 Jan 2008 23:33:24 GMT

Is your credit history essentially empty, or are there any problems on your reports? (late payments, etc.)

Re: suggestion in applying for 2nd CC ?

HI-ALL — Sat, 05 Jan 2008 23:38:35 GMT

no no,its just empty.I have only 1 CC with my name ie.boa CC with 7k CL.I got it on 12/01/07.

but I am an AU(add on) to some of DW's CCs.

want to apply 1,2 CCs now

donno exactly to whom should I apply

I am new to this Credit History system.

Message Edited by HI-ALL on 01-05-2008 06:38 PM

Re: suggestion in applying for 2nd CC ?

CreditDrama85 — Sat, 05 Jan 2008 23:40:53 GMT

apply for a capital one card and a discover card

Re: suggestion in applying for 2nd CC ?

haulingthescoreup — Sat, 05 Jan 2008 23:49:36 GMT

I think it's a bit to early to apply for Discover, but there are good Capital One cards (as well as some terrible ones.) If you travel overseas, Cap 1 has good exchange rates. Wait, I don't think that's the correct term, but it's good for international travelers.

You can go to the Cap 1 site and see which cards you might qualify for, without getting a hard inquiry:

https://cardfinder.capitalone.com/CapOne/findMyOffer.do

Just because they match you with a card doesn't mean that you can get it, but it's a guide to what might be a good fit. Once you have two cards and some good history on them (6 months or so), your scores will rise and you will qualify for more cards. You already have a good start with that nice CL on the Bank of America Visa. Hope that helps!

Re: suggestion in applying for 2nd CC ?

HI-ALL — Sun, 06 Jan 2008 03:22:57 GMT

hi frnds

thank u very much,just now i have opened cap 1 link

yeah i am an international traveller but not very frequently.

actually how its gonna be work?

will they send any pre approval offer something?

Re: suggestion in applying for 2nd CC ?

HI-ALL — Sun, 06 Jan 2008 03:46:14 GMT

how much CL can I get with cap 1 CC??

Re: suggestion in applying for 2nd CC ?

JayToo — Sun, 06 Jan 2008 04:09:13 GMT

I think it would really benefit you to get at least one of your fico scores (and I'm not saying this because we are on this site!! :) ). Your 7k BofA would be the highest I've ever seen with someone w/1 mo credit hx, even with a high income. I suspect you have fairly high scores from being an AU on DW's CCs and have a hx a lot longer than 1 month. If so, I would apply for a Chase Freedom card, possibly Discover + Citi, maybe a good CU. Your credit limit relates to your income, and I believe that higher CLs on your credit report lead to higher CLs on new cards.

Asides: Be careful of "hard inquiries" if you two are going to apply for a mortgage anytime soon; also, I would really stress the importance of learning about this whole system. It really is important to many areas of your financial life beyond credit: incl insurance, employment, etc, and will only become more utilized. Also, read up on how "FICO08" will alter the AU picture. Best of luck on your fico journey!!!

Re: suggestion in applying for 2nd CC ?

HI-ALL — Sun, 06 Jan 2008 04:53:56 GMT

thanks jaytoo

yeah my AU accounts might be benefited me in getting my first boa CC with a 7k CL.

i will pull my scores from SW.

if u know any specific CC for newbies(for credit history) can u suggest me???

Message Edited by HI-ALL on 01-05-2008 11:53 PM

Re: suggestion in applying for 2nd CC ?

JayToo — Sun, 06 Jan 2008 05:27:23 GMT

Hi HI-ALL, Before I/others answer the "specific CC for newbies" question, I'm really curious about your fico score from SW; please let us know when you get it. Also, if you don't know the following, you can check your credit reports (not scores for free) for free from annualcreditreport dot com. You can check all 3 once per year. Roughly what are your DW's fico scores and how long ago did she open those CCs to which you are AU? If they were awhile ago, you may find on your credit report that you have acct(s) with considerable age on them (I'm hoping this for your, that'd be great), look for "date opened". In this case, I'd go for the absolute best cards you can get, it will benefit you/your scores/reports.

Incidentally, looking ahead: note your SW score is a true Fico score, not a "fako" score. For important matters, you want to rely on true Fico scores [I'm *really* not paid by fico, altho' Barry, if you want to work something out.... :) :P ] Hi-all, please let us know your score and age of accts. I'm crossing my fingers for ya!

Re: suggestion in applying for 2nd CC ?

HI-ALL — Sun, 06 Jan 2008 06:09:50 GMT

hi jaytoo

thanks for ur info & suggestion.

just now i try to pull my EQ from SW but got some identification problem

i need to speak to the CS on monday.

mistakenly i created another id with myFICO & gave CC details,address

might be that was the probs.(having 2 login ids with myfico).

i did it in a hurry...

anyhow i will let u know once i pull from FICO scores from SW.

gud night

Re: suggestion in applying for 2nd CC ?

JayToo — Sun, 06 Jan 2008 06:34:43 GMT

Oh, apologies Hi-All, I just saw your post about your wife's scores. I really have no idea what your scores will be, but check them and do look over your credit reports carefully to see if there are any baddies/inaccuracies which you can correct. If your DW has baddies, I don't know if these will be reflected in your score as AU. If your score ends up being around 650-660, do bump your other thread, you'll get a lot more great advice.

You may also want to consider a local credit union where you can go in and explain your particular situation. I have a good friend from Germany who had probs getting credit b/c of his thin file/low scores (he is a phd, great credit in Germany, real good income here, but no luck with the big banks). He went to a local CU and they were great to his particular situation which didn't fit the usual formulas. Good luck!!

Re: suggestion in applying for 2nd CC ?

haulingthescoreup — Sun, 06 Jan 2008 12:42:19 GMT

On AU accounts: if you are the authorized user, you will receive the history, good and bad, only on the accounts that you share. If those are clean, and there are problems elsewhere in the primary cardholder's history, you are not affected. So for example:

Card A: clean, 10 years history
Card B: clean, 2 years history
Card C: 2 30-day, 1 60-day late, 12 years history

Card A would be wonderful for AU --long history, no derogs. Card B would be useful for those in Hi-All's position: clean with short history, but longer than his. Card C would be dreadful, long history or not. Going on Cards A or B as AU would not expose you to the credit history issues resulting from Card C. Hope that makes sense! :P

Re: suggestion in applying for 2nd CC ?

HI-ALL — Sun, 06 Jan 2008 13:09:26 GMT

hi jaytoo&haulingthescoreup

thanks for ur valuable info.I don't have any baddies/negatives in my AU accounts.they are perfectly already no derogs....more over paying in full & in time.

DW had 1,2 other CCs with some derogs,I am not an AU to those accounts.

When DW was doing her masters, she missed some payments.....

as per as my knowledge there is no baddies in my history.

Message Edited by HI-ALL on 01-06-2008 08:09 AM

Re: suggestion in applying for 2nd CC ?

HI-ALL — Sun, 06 Jan 2008 18:17:13 GMT

hey jaytoo&haulingthescoreup

my FICO score is 710-740 from a free link in this forum.

I have got all 'A+' except in Age & Type of Credits category.

anyhow I will check it tomorrow from myFICO,that will b the perfect n accurate score as we all know.

so suggest me abt this score n abt my future cards and is this score accurate or not?

Re: suggestion in applying for 2nd CC ?

haulingthescoreup — Sun, 06 Jan 2008 18:39:50 GMT

HI-ALL wrote:

hey jaytoo&haulingthescoreup

my FICO score is 710-740 from a free link in this forum.
I have got all 'A+' except in Age & Type of Credits category.
anyhow I will check it tomorrow from myFICO,that will b the perfect n accurate score as we all know.
so suggest me abt this score n abt my future cards and is this score accurate or not?

Sounds like the Score Estimator --that's not carved in stone, but it's very encouraging! I've always said that college students and others brand new to credit with no derogatories would start out somewhere around 700.

You don't have to wait for customer service to pull your scores --it's just as easy to do it yourself if you like. First go online and Google FICO coupon and FICO discount code to get at least 10% off (you can probably find higher), and then click on the Products tab at the top of this page. I think FICO Credit Complete is your best bet --it pulls all three scores (a one-time pull), and you get the score simulator for your EQ and TU scores, which predicts future score changes as you do different things. That's a bit more targeted to where you are than the estimator, but again, it's no guarantee of what will happen. At any rate, there will be a space to enter the discount code, I think toward the bottom of the second screen when you're ordering.

As to the best cards, you're in the same situation as other newcomers to the US, with the advantage of having some AU status. So I don't know if you can just proceed in selecting credit cards as if all your history were your own, or if creditors would treat things a bit differently since only one account is all yours, and it's very new. When you pull your new scores, I would try starting a new thread, listing your BofA plus the AU cards, what your three scores are, the fact that you're brand new with a very short but clean history, and ask for advice from there. Can't wait to see what you find out!

Re: suggestion in applying for 2nd CC ?

JayToo — Sun, 06 Jan 2008 20:28:33 GMT

Great info above about the AUs. I've never been an AU on any acct, but I've only really thought about the positives with it, not the negatives. Very good to learn. :)

Hi-all, definitely great advice from hauling. The forty-something dollars for the 3-in-1 would be money well spent; I would see it as "investing in my future". :) Also, for future reference, you would know where you started. Plus, you could do it now and end our curiosity!!! :P I look forward to the new thread with your true scores. Fingers still crossed! :)

Re: suggestion in applying for 2nd CC ?

HI-ALL — Sun, 06 Jan 2008 20:33:36 GMT

haulingthescoreup

thank you very much for ur valuable info.

the thing is, yesterday i have registered for SW with a different user id with the same details and address, so i got a msg like " need to verify identification ......". asked me to contact the CS.

so waiting for the monday.

just now got a 25% copuon in google.

can I cancel that yesterday's SW membership & pull with FICO complete??

Re: suggestion in applying for 2nd CC ?

haulingthescoreup — Sun, 06 Jan 2008 21:53:51 GMT

Oh, that's right, I'd forgotten about your "dual identity."

I don't know how that all gets untangled, but when I first joined and lived in confusion, I found the myFICO CSR's very helpful (certainly more so than the CRA CSR's, lol.) So you're right, looks like you'll have to wait until tomorrow. I think they're on Pacific time, so their 6 a.m. is 9 a.m. Eastern.

I have ScoreWatch, plus I pull all three scores way too often. I have kept ScoreWatch going. Even though it hits flat periods where I don't seem to get any updates, it has been really useful at other times, especially when I was adding an account, trying to get things to report correctly, and so forth. It's also nice that when you do get an alert, the score report is cheaper (once you've burned up your freebies.

I think it's a 30-day free trial, so there might not be any hurry in dropping it. Up to you, of course!

Re: suggestion in applying for 2nd CC ?

Timothy — Sun, 06 Jan 2008 22:12:19 GMT

HTSU-

If you have scorewatch you can always get EQ FICO and report for $10.95

"It's also nice that when you do get an alert, the score report is cheaper (once you've burned up your freebies)."