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Frequent Contributor
codimom
Posts: 395
Registered: ‎09-08-2010
0

Re: FIrst Credit Card?

Cap one serves a purpose, you just need to know what you are getting from the start.  You get a lender that tends to cater to those starting out or rebuilding.  You get a lender that will charge you an annual fee, rarely waives it, and will give you credit line increases sparingly, if at all.  Sounds awful?  not always.  IF you accept the terms, use the card well and wisely, pay in full every month... Cap 1 may not grow with you, but it will help fatten up your credit file, and make you look good to other lenders. 

 

The one to truly stay away from is First Premier.  They charge massive fees, and prime lenders look at them like the plague on your report.

 

If you have a local credit union, growing a relationship there is always a good plan..from credit cards to car loans... usually a good deal.

Back in the garden!
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Contributor
JustinNguyen
Posts: 99
Registered: ‎10-20-2012
0

Re: FIrst Credit Card?

Chase is good. But with secured credit card to turn to unsecured bank of America is better. 100% you can change to unsecured aget request your money back after 1 year on time payment!

Established Contributor
distantarray
Posts: 2,112
Registered: ‎09-25-2011
0

Re: FIrst Credit Card?

[ Edited ]

JustinNguyen wrote:

Chase is good. But with secured credit card to turn to unsecured bank of America is better. 100% you can change to unsecured aget request your money back after 1 year on time payment!


besides Bank of America has NO grace period on their credit cards where Good card companies like Amex has a 25 day grace period on purchases. Meaning with Bank of America interests are charged from day 1. and Bank of America is so hungry they're always looking to make new fees with even redefining "grace period" even for mortgages.

 

http://redtape.nbcnews.com/_news/2011/01/19/6345493-b-of-a-redefines-grace-period-with-new-fee?lite

 

Due to their purchase of Country wide the company that gave most the loans out in the housing bubble they're deep underwater, they're looking for every new way possible to charge new fees. The $5 plan to charge for debit fees was with Bank of America in the captain's chair. They're hurting. BAD. they need to please their stock holders that's why they wanted to charge me $12+ dollar just for a cashiers check from them, even though I had over $50,000 in accounts with them at the time. It's ridiculous.

 

Go get a good solid local bank Chase is great cause it has great sign up bonuses ($200 right now with  a coupon ebay if you have to) and DCU digital credit union is a company that'll grow with you. Bank of America is the largest subprime bank imo. I'm not going to wait while they make up new fees to charge me cause of their mistake with country wide.  


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Contributor
JustinNguyen
Posts: 99
Registered: ‎10-20-2012
0

Re: FIrst Credit Card?

[ Edited ]

WeWas talking about how to buildcup credit. Not for garden people. Does Amex 100% . Can change secured to unsecured after 1 year pass?dcu is the best choose too. 

Valued Contributor
nicholasyud
Posts: 1,737
Registered: ‎08-13-2012
0

Re: FIrst Credit Card?

With your credit score I think you might consider Discover too.....my buddie had 640 Fico score and got approved for 1.7k........you might try but remember whatever you want to apps do it now maybe 2 or 3 and let them age.......


Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
Goal Score: 800


Walmart: 10k |Usaa: 8k|BCE: 13k| Amex: NSPL|Dis: 9.4k|Cap: 5.5k|CAP: 2k|CSP: 13.4k| Pen:4.5k

Member
FIcohelp007
Posts: 14
Registered: ‎10-29-2012
0

Re: FIrst Credit Card?

the thing with Chase is, i dont have a local branch anywhere near me.  I think I will head over to my Local credit union and try to get a card with them.

 

I may not understand what a grace period is, on the BOA site for the secured card it says "Your due date is at least 25 days after the close of each billing cycle. We will not charge you any interest on purchases if you pay your entire balance by the due date each month" 

 

So DCU is a good card to try also? I'll check them out now, Don't think ive ever heard of them.

 

Maybe my best bet is to just get a card from my local credit union (that im a member of) and DCU.

Established Contributor
ccnewcc
Posts: 560
Registered: ‎09-29-2012
0

Re: FIrst Credit Card?

I'm not keen on store cards at all.  I would never ever get one myself and I would never ever advise anyone else to get a store card.

Established Contributor
distantarray
Posts: 2,112
Registered: ‎09-25-2011
0

Re: FIrst Credit Card?


JustinNguyen wrote:

WeWas talking about how to buildcup credit. Not for garden people. Does Amex 100% . Can change secured to unsecured after 1 year pass?dcu is the best choose too. 


I know he was talking about rebuilding but I wouldn't recommend bank of America to ANYONE I'm so glad I fired them yesterday

 

Number 1 choices for secured credit

 

1. DCU (free Equifax EQ as a benefit

2. PSECU (Free Experian EX as benefit if your resident of PA)

3. Navy Federal and USAA if your in military banking

 

Also local credit unions are usually a win, just go in and inquire about their programs, you want something that'll graduate and grow with you, not something you'll outgrow quickly.


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Established Contributor
distantarray
Posts: 2,112
Registered: ‎09-25-2011
0

Re: FIrst Credit Card?


FIcohelp007 wrote:

the thing with Chase is, i dont have a local branch anywhere near me.  I think I will head over to my Local credit union and try to get a card with them.

 

I may not understand what a grace period is, on the BOA site for the secured card it says "Your due date is at least 25 days after the close of each billing cycle. We will not charge you any interest on purchases if you pay your entire balance by the due date each month" 

 

So DCU is a good card to try also? I'll check them out now, Don't think ive ever heard of them.

 

Maybe my best bet is to just get a card from my local credit union (that im a member of) and DCU.


If your already a member of a local credit union I HIGHLY recommend that route, and DCU is probably one of the most popular credit unions if not the best across any credit repair / credit websites for rebuilders.   DCU.org stands for digital credit union. They're based out of Massachusetts but they'll let you in for a small $10 donation to a charity. 


DCU gets a lot of attention on boards cause of free Fico score which would save you $240 a month, it just helps that they're one of the best credit unions around.

 

I fired bank of America yesterday, Now I have 5 bank accounts LOL (but two are Navy and USAA and if you qualify with them.... you pretty much have to have them)

I'll probably fire my local credit union soon even though they have been VERY good to me, I can't keep having so many banks spreading out my money too thin lol!


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Valued Contributor
injustifiiable
Posts: 1,867
Registered: ‎03-30-2012
0

Re: FIrst Credit Card?

Some people give Capital One a bad rap. I'd still try to get a card with them. The limit will be lower and you will maybe get one (2 if lucky) increases within the year, but at that point you should definitely be able to get better cards.

 

Don't expect too much out of CapOne and you'll be okay...people just seem to want oh-so-much from them and should realize that they are there for one reason and one reason only...to build or rebuild.

Scores 6/17/2014: TU FICO: 643 | EQ FICO: 675 | EX AMEX FICO: 666

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