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Member
Posts: 24
Registered: ‎08-15-2012
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New to Credit- Any tips

Hi, I´m new to the whole credit system and was wondering if anyone had any tips for me. I have a HH Greg charge card with a $3000 Cl that i opened up a year ago and a Wells Fargo Secured card with a $600 Cl that i opened up 4 months ago. Experian ¨possibly fako score is 723¨and my equifax is 681. Anways my debt is at 48% to credit because of my HH account which i used to buy a tv. I am studying abroad during the spring and am hoping to have enough credit to get a card without a froeign transaction fee. Before this i will have paid off the HH remaining balance. Any advice what to do/ what card to get. As always any general advice on how to improve my score.

thanks

Mega Contributor
Posts: 15,442
Registered: ‎04-09-2011
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Re: New to Credit- Any tips


Prodr222 wrote:

Hi, I´m new to the whole credit system and was wondering if anyone had any tips for me. I have a HH Greg charge card with a $3000 Cl that i opened up a year ago and a Wells Fargo Secured card with a $600 Cl that i opened up 4 months ago. Experian ¨possibly fako score is 723¨and my equifax is 681. Anways my debt is at 48% to credit because of my HH account which i used to buy a tv. I am studying abroad during the spring and am hoping to have enough credit to get a card without a froeign transaction fee. Before this i will have paid off the HH remaining balance. Any advice what to do/ what card to get. As always any general advice on how to improve my score.

thanks


Get your overall utilization down below 9% and call in to GE (hhgregg) and request a CLI on that card. It will be a SP. I would app for a Cap1 card the offer no FTF's but it will almost certainly cost you 3 HP's. Go for the cash rewards card for average credit.

 




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
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Valued Contributor
Posts: 2,153
Registered: ‎09-16-2011
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Re: New to Credit- Any tips

[ Edited ]

CapOne is the easiest card with no foreign transaction fee. Its 3 hard pulls and most likely won't have any credit limit increases after the first one. 

There starter/rebuilder cards have good rewards but a anual fee. Perhaps you can get in with chase or citi but there low end cards have foreign transaction fees. 

 

 

Cards: Chase Southwest 20k & CSP 10k & Freedom 6.6k & Amtrak 4.6k, FNBO DISC 14.9k Oregon Duck 5k, & AMEX BCP 15k & Hilton Surpass 7.5k & Delta Gold 6k & Zync NPSL, Fidelity AMEX 12k Sally Mae5k Sams Club MC 10k, Paypal Extras MC 6k, CapOne Venture 15k, QS 2.5k, QS 750, Amazon 5k, Walmart 10k, Citi Simplicity 7k, HHonors Gold 1k (moved 5k CL to Simplicity), Discover IT 8.5k and a nice stack of store cards.
Last APP/HP 4/22/2015
Member
Posts: 24
Registered: ‎08-15-2012
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Re: New to Credit- Any tips

Thanks, Appreciate it. My whole idea is to get a Cap 1 because it seems like its the best choice no FTF´s and then try to get and american express zync. While the Wells Fargo card has been beneficial in helping get a credit score. It makes little sense to have a card where i need to have a certain amount of money in it as collaterall. Hopefully when i come back from my study abroad trip i can apply for a zync. Get rid of my wells fargo while having a revolver like Cap1. I feel like it would be a very good possible outcome for the position im in.

Frequent Contributor
Posts: 272
Registered: ‎12-28-2011
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Re: New to Credit- Any tips

To the best of my knowledge, there aren't too many cards offering no FTF. I have some of them as I spend huge amount of time abroad, but other cards have pretty huge FTFs, unfortunately. 

 

So, my list of 0 FTF cards (not exhaustive obviously) is the following: 

1) Capital One cards - as far as I know, all of them have 0 FTF

2) Bank of America BankAmericard Travel Rewards - has 0 FTF and chip and pin technology, that is very useful in Europe

3) Discover cards - as they state on their website, they don't charge FTFs, but you should keep in mind, that generally Discover is not as widely accepted outside the US as MC and Visa (and even Amex) are.

4) Some other high level cards, that might seem not to be for you now, like Amex Platinum, Chase Sapphire Preferred and others of the same league 

 

 

I think you should be fine getting 1 (maybe, not Venture or other high-end cards) and 3, especially if you lower your overall util. If you are a student, Discover More for Students might be a good option IMHO.   

In my wallet now: Amex PRG NPSL, Amex BCE $15k $17k (thanks to recent CLI), Chase Freedom 11k, CSP $6k, Chase United ME $5k, Citi Dividend $5.6k, Discover It $4.5k and a handful of other cards...
TU Dec 2013 - 752Sep 2013 - 764 - new all time maximum

Obsolete data &colon:smileywink: Current TU - probably around ~750. I am now applying only for cards I can have fat sign-up bonuses on, repay them right away and close before next year. That's why BKLSBNKDELAWARE probably blacklisted me long ago, LOL...
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