No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
So guys as per some of my previous posts, I was wondering if instead of going for a $500 secured BoA card, if I instead went for a First Premier Card and a Credit One card and kept them for about two years? I realize their up front and annual fees suck, but I'm willing to deal with those for a couple of years if it would drastically help my credit score if I were to be using them and paying in full regularly each month and would be having another card reporting instead of just the one. What do you guys think?
You're overthinking it.
All you need is one card , and a years time, to establish a good credit base starting from nothing. That is what I did, I had a secured card, $1000 limit, for exactly one year. the next year (2013), mostlly in the first half of that year, I obtained 8 more cards, and closed 2. Current total limits is $48400. And thats after closing a $4500 limit card.
My AAoA after the first spree went from 12 months down to 3 months, and its been pretty low all year. So i don't agree that you need to apply for alot of junk cards at first in order to establish credit, and you don't need to apply for other cards that you think are easier to qualify for, in order to later apply for the card you really wanted, etc.
@xXIDaShizIXx wrote:So guys as per some of my previous posts, I was wondering if instead of going for a $500 secured BoA card, if I instead went for a First Premier Card and a Credit One card and kept them for about two years? I realize their up front and annual fees suck, but I'm willing to deal with those for a couple of years if it would drastically help my credit score if I were to be using them and paying in full regularly each month and would be having another card reporting instead of just the one. What do you guys think?
MY advice is to stay away from them crooks
@xXIDaShizIXx wrote:So guys as per some of my previous posts, I was wondering if instead of going for a $500 secured BoA card, if I instead went for a First Premier Card and a Credit One card and kept them for about two years? I realize their up front and annual fees suck, but I'm willing to deal with those for a couple of years if it would drastically help my credit score if I were to be using them and paying in full regularly each month and would be having another card reporting instead of just the one. What do you guys think?
If you want a secured card i would go for the SDFCU secured card. It's easy to join
@Wade64 wrote:
@xXIDaShizIXx wrote:So guys as per some of my previous posts, I was wondering if instead of going for a $500 secured BoA card, if I instead went for a First Premier Card and a Credit One card and kept them for about two years? I realize their up front and annual fees suck, but I'm willing to deal with those for a couple of years if it would drastically help my credit score if I were to be using them and paying in full regularly each month and would be having another card reporting instead of just the one. What do you guys think?
MY advice is to stay away from them crooks
So I have heard from other online reviews. I guess I will probably stick with the $500 secured card with BoA.
@Themanwhocan wrote:You're overthinking it.
All you need is one card , and a years time, to establish a good credit base starting from nothing. That is what I did, I had a secured card, $1000 limit, for exactly one year. the next year (2013), mostlly in the first half of that year, I obtained 8 more cards, and closed 2. Current total limits is $48400. And thats after closing a $4500 limit card.
My AAoA after the first spree went from 12 months down to 3 months, and its been pretty low all year. So i don't agree that you need to apply for alot of junk cards at first in order to establish credit, and you don't need to apply for other cards that you think are easier to qualify for, in order to later apply for the card you really wanted, etc.
Ahh. So I should just use the BoA card and the Cap1 I already have and just use them until both of them are a year old and then try for better, unsecured cards?
@xXIDaShizIXx wrote:
@Wade64 wrote:
@xXIDaShizIXx wrote:So guys as per some of my previous posts, I was wondering if instead of going for a $500 secured BoA card, if I instead went for a First Premier Card and a Credit One card and kept them for about two years? I realize their up front and annual fees suck, but I'm willing to deal with those for a couple of years if it would drastically help my credit score if I were to be using them and paying in full regularly each month and would be having another card reporting instead of just the one. What do you guys think?
MY advice is to stay away from them crooks
So I have heard from other online reviews. I guess I will probably stick with the $500 secured card with BoA.
smart thinking
@xXIDaShizIXx wrote:
@Themanwhocan wrote:You're overthinking it.
All you need is one card , and a years time, to establish a good credit base starting from nothing. That is what I did, I had a secured card, $1000 limit, for exactly one year. the next year (2013), mostlly in the first half of that year, I obtained 8 more cards, and closed 2. Current total limits is $48400. And thats after closing a $4500 limit card.
My AAoA after the first spree went from 12 months down to 3 months, and its been pretty low all year. So i don't agree that you need to apply for alot of junk cards at first in order to establish credit, and you don't need to apply for other cards that you think are easier to qualify for, in order to later apply for the card you really wanted, etc.
Ahh. So I should just use the BoA card and the Cap1 I already have and just use them until both of them are a year old and then try for better, unsecured cards?
Yes that should be plenty good enough. Also use that time to try and work on anything on your credit report that might be negative. Even after 6 months with Cap One you should be able to ask for a better credit limit, and you can probably contact them now to ask for an upgrade to the Quicksilver so that you get cash back for your purchases. Just make sure you keep your balances low. Cap 1 will give you CLIs but not if you carry large balances on any of your accounts.
@xXIDaShizIXx wrote:So guys as per some of my previous posts, I was wondering if instead of going for a $500 secured BoA card, if I instead went for a First Premier Card and a Credit One card and kept them for about two years? I realize their up front and annual fees suck, but I'm willing to deal with those for a couple of years if it would drastically help my credit score if I were to be using them and paying in full regularly each month and would be having another card reporting instead of just the one. What do you guys think?
If anything, I'd steer clear of First Premier and Credit One. These cards may be "unsecured", but as you've already pointed out, their fees are high.
The security deposit comes back to you when you convert to an unsecured account, and if you can do without access to the security deposit for that time, the fees are much less.
There is some piece of mind in having two cards, perhaps a Visa and a Mastercard, for those times where one card can't be accepted, or if you used your card at a certain retailer and it becomes deactivated while they issue a replacement, etc.
I would think you''d be better off getting a secured offering with Bank of America, Capital One, Chase, etc... since these are major lenders that may actually have a published conversion program into becoming an unsecured customer.
Also be sure to check out credit unions you may be eligible for. While some are uber-conservative (PenFed), others can be welcoming of the opportunity to help their members start, or start over, with credit.
@notfancy wrote:
@xXIDaShizIXx wrote:
@Themanwhocan wrote:You're overthinking it.
All you need is one card , and a years time, to establish a good credit base starting from nothing. That is what I did, I had a secured card, $1000 limit, for exactly one year. the next year (2013), mostlly in the first half of that year, I obtained 8 more cards, and closed 2. Current total limits is $48400. And thats after closing a $4500 limit card.
My AAoA after the first spree went from 12 months down to 3 months, and its been pretty low all year. So i don't agree that you need to apply for alot of junk cards at first in order to establish credit, and you don't need to apply for other cards that you think are easier to qualify for, in order to later apply for the card you really wanted, etc.
Ahh. So I should just use the BoA card and the Cap1 I already have and just use them until both of them are a year old and then try for better, unsecured cards?
Yes that should be plenty good enough. Also use that time to try and work on anything on your credit report that might be negative. Even after 6 months with Cap One you should be able to ask for a better credit limit, and you can probably contact them now to ask for an upgrade to the Quicksilver so that you get cash back for your purchases. Just make sure you keep your balances low. Cap 1 will give you CLIs but not if you carry large balances on any of your accounts.
Right. And also plan what you need to apply for and when. Discover It was something I knew I would want, and from reading on myfico I realised it was fairly easy to obtain, so that was part of my initial app spree. Chase Freedom I knew would be difficult for me to get the limit increased since I would not be putting heavy usage on the card, so that was the last card I applied for, since I wanted a good shot at getting the Signature version, etc,. And I was only applying when I was sure I could get the card I was applying for, and was ready to stop applying any time I had a setback, like having to recon.
There is some luck involved, but mainly you make your own luck