10-05-2013 01:20 AM
10-05-2013 02:44 AM
Since you're pretty new to credit, I would proceed slowly. Don't do anything silly like go on an app spree. I recently found out my TU Fico score is 799, and I still wouldn't. Anyways, one more card would not be a bad idea. A good student rewards card is the Citi Forward, or based on your score, you have a decent shot for the ever popular Chase Freedom. Of course, you would need a minimal level of income for either. It sounds like you're doing a great job and are on your way to getting whatever card you want later on.
10-05-2013 02:47 AM
I would suggest Comenity and GE Cards to you. For best reporting, according to the info PDF at myFICO, you need 3-4 lines reporting for best results.
The concept behind this is that it takes more skill to manage more than 2 accounts. Basically you get rewarded for being able to budget your money better.
Another aspect to consider is the AAOA (average age of accounts) and this means that the longer it is, the better you have proven the relationship. Starting now it means that the sooner you have accounts, the better they can build and age. This is important later for the better cards and companies at the best rates. AAOA is important for a higher score. Basically now you need to get some cards and not worry about the APR if you always PIF. Don't plan on closing any account unless you must! (I have and I both regret and feel good about it.) For this reason you should only apply for cards that you will use often and have no fee.
Comenity and GE can be easier to get and both are fairly good about CLIs. I got a Walmart card at one point because of this. It comes with a FICO score which updates every month, so this can be a good thing! I think it started out with a $500 CL and is now at $2500 and I can probably get it up to much more if I try. A gas card can be good because in many situations it will later become a Visa or MC and if you PIF each month and don't go inside the store to buy junk then you can probably get it built up fast. Since it is something you use all the time and if you pay it off weekly then you can maintain your budget and give them good reason to increase the limit.
You should make a list of three places you shop at a lot and 5 banks you want a major card from, try to be realistic and a little optimistic. You should apply for the store cards first. Better chance of approval. The app spree and try first for the bank cards you think you can get. Then the harder ones. When you are done rest, relax and be happy. Remember some products at some companies have harder restrictions for different cards. Barclays and CapOne are known for this. You might be able to find a good card from Barclays based on your credit profile.
Make a six month plan, a one year plan, and a two year plan. Try and stick to it. I was a little hasty in my plan, but I got lucky and I was also strategic. I did apply for some cards that I would probably have been better off if I had applied later. Now I do know a bit about the error of my ways and the luck I had! I also knew what to do to recon apps which weren't successful. Build it up and do the right thing.
Good Luck. Remember take it in steps. It took me a total of 7 years to get what I have now. Others have had a much easier time because of clean reports, but I still pretty darn good! After leaving my secured card as the only card reporting for about 3 years I got Capone. I then got Household and Marathon and Comenity Cards. I then got Barclays, Walmart, and a few others. Then I got Compass, Discover, and Chase. Then I got Amex, PNC, and CapOne Signature card. A little wave here in the pond, a little wave there, and while I am not at the best cards with the best rates, I know that will come.
10-05-2013 03:00 AM
10-05-2013 12:44 PM
10-05-2013 12:59 PM
I am also big fan of Costco card 2% cash back on restaurants and travel isn't bad at atll
10-05-2013 01:02 PM
10-05-2013 01:06 PM - edited 10-05-2013 01:07 PM
That's what I'm wondering too. I got approved and set up my account. But I don't see the credit limit anywhere. The account is not yet accessible for at least 24 hours. Is this normal? Or the limit will come with the card in the mail?
Once you are approved, you can call in to get your credit limit
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