Newbie To Forum and Need Credit Advice

[Anonymous]

Well, this is my first post to the myfico forums and I'm looking for a little bit of advice and where to go from here.  I've been reading on the site over the past 4 or 5 months and now I'm looking for some opinions relating to my situation.

Basically, my personal credit situation has been a train wreck since my early college days and throughout my twenties.  Just when everything was basically cleaned up, wham...divorce and more credit troubles.  

Now to the present, my credit based upon my current scores is good to excellent.  Boy, I never thought I would see the day...but I have.

My main issue is that I have 1 current TL reporting to the bureau's and that's a CAP1 $300 CL that's been open  since late August and should have a CLI within the next month based upon the Credit steps.

A Car loan that was paid off in 2006 and always paid on time is showing as a paid account.

My scores through Myfico are as follows:

EQ= 785

Old= 19 yrs (from college, shows being open, but I haven't used account in years, don't even have card)

AAoA= 9

INQ=2

TU= 736

Old= 9.9

AAoA= 5

INQ=1

I receive offers all the time for Amex Gold Rewards, Continental One Pass, Southwest Airlines, etc...  I haven't applied for any of these cards to date.  Just wondering what cards should I apply for and who would approve me?

[DI]

Welcome to the forums!

[Anonymous]

Thank you

[danisgods]

I'd say do not go with Orchard Bank or Capital One , your scores are quite higher for you to go with those , anyways i thought i'd say...

As for recomendations, it depends on what you need a credit card for, in my opinion , i would go for a Discover More card, and Amex Clear.

Also as for who'd approve you , its complicated as it involves more than just good scores...

Welcome man, this forum is amazing....

[TheCreditKid]

Welcome!

Your scores are pretty good, I don't see why any company would decline you. IMO I would start off with another revolver with Chase/Citi/BofA/AMEX. Also, check out the Zync from AMEX, it's a pretty good card. The chances of you being approved are pretty high because of your great CR.

Keep up the great work & keep us updated!

[danisgods]

---

@TheCreditKid wrote:

Welcome!

Your scores are pretty good, I don't see why any company would decline you. IMO I would start off with another revolver with Chase/Citi/BofA/AMEX. Also, check out the Zync from AMEX, it's a pretty good card. The chances of you being approved are pretty high because of your great CR.

Keep up the great work & keep us updated!

---

Hey there kid?! hey man ,dont take me wrong but what is there of  "pretty good" about the Zync card?

i have it and i just dont see anything at all in it, besides the fact that it is an Amex, those packages are useless and cost extra if you want to build your own , and rewards are saddly poor, my best buy RZMC gives me way more than my Zync.

[Anonymous]

---

@danisgods wrote:

---

@TheCreditKid wrote:

Welcome!

Your scores are pretty good, I don't see why any company would decline you. IMO I would start off with another revolver with Chase/Citi/BofA/AMEX. Also, check out the Zync from AMEX, it's a pretty good card. The chances of you being approved are pretty high because of your great CR.

Keep up the great work & keep us updated!

---

Hey there kid?! hey man ,dont take me wrong but what is there of  "pretty good" about the Zync card?

i have it and i just dont see anything at all in it, besides the fact that it is an Amex, those packages are useless and cost extra if you want to build your own , and rewards are saddly poor, my best buy RZMC gives me way more than my Zync.

---

I tend to agree.  I think Zync is good for really only 2 purposes:

  1) To get your foot in the door with Amex, with the intention of obtaining a revolving card in the future.

  2) To raise your AAoA by resurrecting an old "Member Date" from a past relationship with Amex.

[danisgods]

---

@Anonymous wrote:

---

@danisgods wrote:

---

@TheCreditKid wrote:

Welcome!

Your scores are pretty good, I don't see why any company would decline you. IMO I would start off with another revolver with Chase/Citi/BofA/AMEX. Also, check out the Zync from AMEX, it's a pretty good card. The chances of you being approved are pretty high because of your great CR.

Keep up the great work & keep us updated!

---

Hey there kid?! hey man ,dont take me wrong but what is there of  "pretty good" about the Zync card?

i have it and i just dont see anything at all in it, besides the fact that it is an Amex, those packages are useless and cost extra if you want to build your own , and rewards are saddly poor, my best buy RZMC gives me way more than my Zync.

---

I tend to agree.  I think Zync is good for really only 2 purposes:

  1) To get your foot in the door with Amex, with the intention of obtaining a revolving card in the future.

  2) To raise your AAoA by resurrecting an old "Member Date" from a past relationship with Amex.

---

1+

[android01]

I am of the belief that AMEX charge cards are a really bad idea for people just getting back into the credit game, as the OP is, or for those just building or rebuilding a credit history.  Your options are very limited when it comes to the frequent need to spend more than you can pay off immediately.  From my own experience, in the course of one month I had to purchase a new furnace, a new set of tires, a new refrigerator, and the majority of an emergency dental bill that my insurance didn't cover.   

Granted, this scenario doesn't happen every month, but I would have been in trouble if the only card I had was an AMEX charge (Zync, Green, Gold, Platinum, etc.) as I would have had to pay the entire thing off in one month.  A revolving card gave me the flexibility to not draw on savings, cash in investments, etc.  Credit card usage can get people into a lot of trouble, but the use of charge cards for the "uninitiated,"  or if it is the only TL available, can bring folks down faster than fast when the unexpected happens.   

IMO, the OP would do best to to obtain a MC, Visa, or Discover from a prime lender.  It should be easy at just about any good bank or credit union, and he'd likely get a decent CL - if the info he provided is accurate.  An AMEX revolver wouldn't be out of the question either. 

[danisgods]

---

@android01 wrote:

I am of the belief that AMEX charge cards are a really bad idea for people just getting back into the credit game, as the OP is, or for those just building or rebuilding a credit history.  Your options are very limited when it comes to the frequent need to spend more than you can pay off immediately.  From my own experience, in the course of one month I had to purchase a new furnace, a new set of tires, a new refrigerator, and the majority of an emergency dental bill that my insurance didn't cover.   

Granted, this scenario doesn't happen every month, but I would have been in trouble if the only card I had was an AMEX charge (Zync, Green, Gold, Platinum, etc.) as I would have had to pay the entire thing off in one month.  A revolving card gave me the flexibility to not draw on savings, cash in investments, etc.  Credit card usage can get people into a lot of trouble, but the use of charge cards for the "uninitiated,"  or if it is the only TL available, can bring folks down faster than fast when the unexpected happens.   

IMO, the OP would do best to to obtain a MC, Visa, or Discover from a prime lender.  It should be easy at just about any good bank or credit union, and he'd likely get a decent CL - if the info he provided is accurate.  An AMEX revolver wouldn't be out of the question either. 

---

interesting! 1+