Soon to be veteran seeking advice!!!!

[Anonymous]

Hello Everyone!

So I am getting out of the Marine Corps in 3-6 months on a medical retirement and want to make sure I am going in the right path towards building credit and buying a house.  I was in some credit card trouble recently.

1)  Had Navyfed Credit Card maxed out at 17500

2)  Had Star Card maxed at 3500

3)  Had Bestbuy Card Maxed out at like 3000 something

4)  Had BOA card maxed out at 4700

5)  Had SSFCU card maxed out at 4600

I recently got approved for a consolidation loan at 12 percent for 27,500 dollars with a 66 month term so I thought that was exciting to know in 5 years I will be debt free of both my loan and my car.

I am now looking to getting one credit card for now to use for gas and food and bills and pay it off at the end of every month because I don't want to just not have any credit cards...

Any advice on what card I should be looking at?? Score according to navyfed was like 680 range I believe....

[Anonymous]

---

@Anonymous wrote:

Hello Everyone!

So I am getting out of the Marine Corps in 3-6 months on a medical retirement and want to make sure I am going in the right path towards building credit and buying a house.  I was in some credit card trouble recently.

1)  Had Navyfed Credit Card maxed out at 17500

2)  Had Star Card maxed at 3500

3)  Had Bestbuy Card Maxed out at like 3000 something

4)  Had BOA card maxed out at 4700

5)  Had SSFCU card maxed out at 4600

I recently got approved for a consolidation loan at 12 percent for 27,500 dollars with a 66 month term so I thought that was exciting to know in 5 years I will be debt free of both my loan and my car.

I am now looking to getting one credit card for now to use for gas and food and bills and pay it off at the end of every month because I don't want to just not have any credit cards...

Any advice on what card I should be looking at?? Score according to navyfed was like 680 range I believe....

---

Thank you for your service.

You might want to take a look at the Sallie Nae credit card from Barclays  or the Citi Double Cash card.  These are both revolving credit cards so you're going to have to have discipline not to max them out like what you did with your current cards.

[Anonymous]

---

@Anonymous wrote:

---

@Anonymous wrote:

Hello Everyone!

So I am getting out of the Marine Corps in 3-6 months on a medical retirement and want to make sure I am going in the right path towards building credit and buying a house.  I was in some credit card trouble recently.

1)  Had Navyfed Credit Card maxed out at 17500

2)  Had Star Card maxed at 3500

3)  Had Bestbuy Card Maxed out at like 3000 something

4)  Had BOA card maxed out at 4700

5)  Had SSFCU card maxed out at 4600

I recently got approved for a consolidation loan at 12 percent for 27,500 dollars with a 66 month term so I thought that was exciting to know in 5 years I will be debt free of both my loan and my car.

I am now looking to getting one credit card for now to use for gas and food and bills and pay it off at the end of every month because I don't want to just not have any credit cards...

Any advice on what card I should be looking at?? Score according to navyfed was like 680 range I believe....

---

Thank you for your service.

You might want to take a look at the Sallie Nae credit card from Barclays  or the Citi Double Cash card.  These are both revolving credit cards so you're going to have to have discipline not to max them out like what you did with your current cards.

---

Two good cards.  I'll throw in the Chase AARP for if you eat out more often than you cook.

[Anonymous]

Irish80 gives excellent advice but I just wanted to extend a thank you for your service as well.

[Bman70]

Of course there are the VA mortgages and related programs which are very worth looking into. Don't forget almost everywhere you go, you can get a veteran's discount.. Lowes and Home Depot are 10%, most steakhouses are 10% or more, hotel rooms and car rentals often do as well. 

Depending on your monthly budget, Sallie Mae is a great cash back maker. Between that and Amex BCP, I really have my expenses covered at a great cashback rate. 

What state do you live in? If it's CA, I can tell you about some other benefits. 

[Bman70]

Oh p.s. join USAA as well while you're still active. Easier than waiting until you're a vet. 

[Fox342]

Maybe I missed something...but what did you do with the credit cards you already have?

As for not wanting to be without a credit card...  You maxed out your credit cards pretty good, now you have a consolidation loan so it feels like you don't have any credit card debt...and you probably have a better monthly payment now too.  Don't confuse that feeling with being out of debt.  Paying off that loan as quickly as possible will help you more than getting a credit card, I think.  

I think you should stick with a debit card for now so you don't get into trouble again.  And when you buy your house...make sure you can afford it.  Some people have a tendency to buy too much house just because they can "qualify" for the payment.

Good luck!

Fox

[Anonymous]

---

@Bman70 wrote:

Oh p.s. join USAA as well while you're still active. Easier than waiting until you're a vet. 

---

I found it pretty easy to join and I was out of the service for over 35 years when I signed up.