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A good next step in CCs

Regular Contributor

A good next step in CCs

Okay. I am about at the end of my rebuilding journey. I have one credit card that is a BoA Preferred Visa =$2100 CL. It is paid to 9% util. What kind of card should I apply for? I guess the cash back would be great. Keep in mind that I am not going to apply right away. I plan to secure my mortgage first. Which leads to my next question. How soon after closing should I apply?
Message 1 of 16
15 REPLIES
Regular Contributor

Re: A good next step in CCs

I read another thread of someone asking a very similar question. Think I have an idea about my next steps just unsure of the specific cards that would be best to apply for.
Message 2 of 16
Super Contributor

Re: A good next step in CCs

Do you have any idea of your scores? any baddies on your report at all? 

Message 3 of 16
Valued Contributor

Re: A good next step in CCs

with only one card you aren't quite to the end of your journey most prime lenders want a year experience with at least 2 credit cards. You may want to try for a store card  Walmart store card ( from GE Money Bank) offers free monthy TU fico scores is good with CLI's every 4 months if you use the card. Higher CL's breed Higher CL's.  A CapOne card is another decent choice though may hit  you with a $39 AF and 3 HP's you may get the credit steps program good for 1 or 2 auto-CLI's but then don't expect any more wack the card after you get prime accounts established.  Perhaps an AMEX zync if your reports are clear enough and your income is high. After six months with 2 cards reporting  income doesn't matter they are getting quite easy to get the ZYNC.

 

 

 

 

 

Cards: Chase Southwest 20k & CSR 10k & CSP 10k & Freedom 6.6k & Amtrak/Freedom 4.6k, FNBO DISC 25.1k Oregon Duck 5k, & AMEX BCP 15k & Hilton Surpass 7.5k & Delta Gold 6k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 10k, Paypal Extras MC 7.5k, CapOne Venture 15k, QS 2.5k, QS 750, Amazon 5.9k, Walmart 10k, Citi Simplicity 9k, Discover IT 16k and a nice stack of store cards.
Last APP/HP 5/15/2017 Marcus Loan. 30k
Message 4 of 16
Valued Contributor

Re: A good next step in CCs

We need to know more about your files - baddies, AAoA, etc, before better direction can be given.

5/2012: 560 credit scores across the board
12/2014 750+
3/2017 780+
5/2017 800+
Message 5 of 16
Regular Contributor

Re: A good next step in CCs

I am getting tons of offers from Cap 1. Like ..... Every other day. I just don't know if this is a good one with all I read here. I have also received others that I just trash. I don't even want to think about applying right now. In due time. I am not out to conquer the credit world, and it isn't a favorite pasttime of mine to sit and watch my credit scores (it stresses me out).  I have done so becausen I needed to clean up the trash. So my goal isn't to see how high I can fly (I don't expect to get the most prestigious card right out of the gate), I genuinely want a good card that will serve life's daily incidentals and bring me the most benefit. That is all I'm asking if anyone can help. Waiting for a SW update in the next few days before I will know exactly where I stand. SEVERAL things are scheduled to take place that is sure to create a change in my scores. I figure in a couple of months I will be ready to apply for more cards. I am just seeking guidance on which companies/cards are the biggest bang for my buck.

Message 6 of 16
Valued Contributor

Re: A good next step in CCs

The problem you have is that you don't have enough history with multiple credit cards for the prime banks. They won't lend to you until you have at least 1 year of history with 2 cards.

I would suggest applying for a Cap1 and also a Walmart card. If your scores and credit are good enough when you apply for the Walmart card they will automatically bump you up to the Walmart/Discover card. Actually that would be a good gage of how lenders see your credit, if you get bumped up to the Walmart/Discover you are golden.

 

You need to have 3 CC to maximize your scores. Your scores won't climb very high or very fast until you have 3 cards reporting. Now is NOT the time to sit on your hands! You need to take this step!

 

Apping for cards is WAY easier than fighting CAs to get baddies removed! You can do it!

 

Don't fear rejection!

 

Good luck!


Starting Score: EQ 653 6/21/12
Current Score: EQ 703 8/5/17 - EX 743 8/5/17 - TU 731 8/5/17
Message 7 of 16
Regular Contributor

Re: A good next step in CCs


jamie123 wrote:

The problem you have is that you don't have enough history with multiple credit cards for the prime banks. They won't lend to you until you have at least 1 year of history with 2 cards.

I would suggest applying for a Cap1 and also a Walmart card. If your scores and credit are good enough when you apply for the Walmart card they will automatically bump you up to the Walmart/Discover card. Actually that would be a good gage of how lenders see your credit, if you get bumped up to the Walmart/Discover you are golden.

 

You need to have 3 CC to maximize your scores. Your scores won't climb very high or very fast until you have 3 cards reporting. Now is NOT the time to sit on your hands! You need to take this step!

 

Apping for cards is WAY easier than fighting CAs to get baddies removed! You can do it!

 

Don't fear rejection!

 

Good luck!


Thank you Jamie123! That is exactly what I am asking for. I just wanna know what cards are best to begin with. That helps me.
Message 8 of 16
Regular Contributor

Re: A good next step in CCs

Well I have to share .. .  I did some shopping today at Sam's.  When I was checking out - even before the cashier told me my total - she said - congratulations - you have been preapproved for a Sam's Club Discover card - Type 2 - with a $3000 credit limit.  There were also some other deals with with it, but I was very SURPRISED!!!  I didn't do it ONLY BECAUSE I plan to apply for a mortgage next week.  I was PROUD just to be given the opportunity.

Message 9 of 16
Moderator Emeritus

Re: A good next step in CCs

No one can help you without knowing your scores.

If you are above 650ish I would try for amex zync. It is a good card for newbies... and its prime but not uber prime.

Stay away from cap 1 as I'm sure you have other options. Walmart discover seems like a good option as well. I would apply after you close on the mortgage but before it reports.

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



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Message 10 of 16