No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Hello,
I am scheduled to close on my first home 10/12 (yay!) & I'm looking to upgrade my CC portfolio. I currently have 3 CCs & am listed as an AU on another card.
My cards are as follows:
CC1: Lane Bryant charge card (WFNNB), limit: $400, reported balance $32 (but since paid in full). Opened 5/2007, no AF. I received a CLI back in May, not planning to close CC. Clean history.
CC2: Capital One Platinum Visa, limit: $500, reported balance $0. Opened 9/2007, no AF. Haven't received a CLI since three months after account was opened, tried calling but think this rebuilder card has reached its max limit. Not planning to close, just SD. Clean history,
CC3: Best Buy RewardZone Gold MC, limit: $650, reported balance $0. Opened 10/2007, AF $79 (ouch, although I have earned more than that in rewards certficates for the year). Used to get regular CLIs but haven't received one since 11/2009 (automated or by request). Ready to kick this card to the curb before the AF hits in November. Clean history.
AU CC: Chase (WaMu -> Providian) Visa, limit: $4900, reported balance $0. Opened 4/1998, AF $39. This is my mother's account, but she VERY RARELY uses it. I normally use it for my larger planned purchases & PIF ASAP. Not removing, but want my own card for this purpose.
My scores are in my siggy & my credit blemishes are listed below:
Student loan single 90 day late (no preceding 30- or 60- day late) from March 2005. Clean history before & since then. Only showing on TU. Student loan opened 6/2001.
No COs, CAs, public records, etc.
Recently opened car loan 7/2010, clean history.
Inquiries: EX 3 (1 auto, 2 mortgage), EQ 2 (1 auto, 1 mortgage), TU 13 (One hits the two year mark two days after I close. 9 auto, 2 mortgage, 1 insurance).
Creditors burned in past (all aged off CRs):
Bank of America (MBNA), CO
Citibank (Gateway CC), CO
Discover, CO & had judgement that was vacated due to improper service. Settled w/Discover back in June & case has been dismissed with prejudice.
I'm trying to decide what card(s) to go for after I close. I think I'll try my employee CU (already have a savings that has been open since 11/2006 with regular deposits). I checked the myFICO credit card center & it came up with the Capital One No Hassle Rewards Cash CC. However, I know Capital One pulls all 3 reports & from recent postings no longer allows you to combine CCs. Not sure if I want to take a 3-report hit for one card. Besides, I'd like to "diversify" my credit portfolio.
From things I've read (rewards & service), I think I'd like to get in good again with Discover. I'm also considering AMEX, but I would want a card that allows flexible payments over time (not charge card). Do you think I'd be able to qualify for a flexpay AMEX (Blue, Blue Sky, Blue Cash) right off the bat? I've read that they are particularly sensitive to inquiries, so I guess it depends on which report they hit.
Any suggestions? Thanks!
I would not apply for anything until your mortgage is a done deal. Forget Amex, Discover Cap One or any major bank. I would get a CU CC since they offer better rates and better CLs. I avoid doing business with major banks and just deal with my local CU. Also I would avoid revolving CC debt unless it is at 0%.
You might consider co-branded store cards at stores you shop at. For those handled by Citi, wait until next year when GEMB takes them over.
I'd be careful overall with new credit after buying a home. I qualified for my mortgage but then as a homeowner started charging at Home Depot, furniture stores etc. and got jammed up after a year or so. When the news talks about people losing their homes because they can't pay their mortgage, it isn't always because they bought more home than they could afford--it's because their mortgage payments were being used to pay other and newly acquired creditors. I was surprized how many new credit offers I received once I was officially a homeowner.
As I mentioned, I'm considering my CU's CC, but there are a couple issues I have with it:
1.) The introductory rate is 2.9% for 12 months, which I know is still low. However, it isn't 0%.
2.) The CC is a Visa, so if I get this card & close my MC (due to the AF), I will only have Visa-branded cards (including my debit card). I've encountered locations in my area (such as Sam's Club & the Secretary of State's office) that do not accept VIsa. That is why I want to "diversify." Sure, I can (at least at Sam's Club) use my debit card for payment. However, if it is a larger purchase, I'd prefer to put it on a CC for cardmember protections as well as to not have my bank account in limbo if something goes wrong.
Thanks for all the advice so far & keep it coming!!!
I would do your CU and Amex Zync or one of the other charge cards.
@Creditaddict wrote:I would do your CU and Amex Zync or one of the other charge cards.
Why an AMEX charge card instead of an AMEX revolving credit card?
Qualification is easier for AMEX charge cards. Better to have 6 months or more with charge card before applying for revolving credit card.
Update:
First of all...YAY!!! I CLOSED!!!!! WOOT!
I applied for & was approved for the following CCs:
AMEX Blue Sky: $2K (was holding my breath on this one)
CU Visa: $3K (intro 2.9% APR)
Citi Diamond Preferred MC: $4800 (with 0% intro APR, was holding my breath and crossing my fingers)
With the good luck I had with Citi, I was tempted to apply for a Discover card to get back in their good graces. However, I think that I have plenty of credit for now & will proceed with credit gardening. Interestingly, the Citi MC was the last one I applied for, but was the first one to report. I haven't even gotten the card yet!
Thanks again everyone!
Congrats!
You've come a long way in the past year! Super!!!!