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Valued Contributor
madmann26
Posts: 1,442
Registered: ‎08-30-2012
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Suggestions on CC

So, I'm at the point in my rebuild where I will be getting a CC. I need some suggestions on the best way to go.

 

I'm looking a 2, toy limit cards.

 

I've also read on the forum that often times it's better to go with a single, larger limit card over 2 cards with lower limits. Is there any truth/merit in this?

 

If I go the one card route (for now), it will be a Navy CU Secured.

 

Thoughts?


Starting Score: EQ 511 TU 552 EX 545 8/29/2012
Current Score: TU 705|EQ 690|EXP 698 (FICO)
What's in my wallet? Cap1 PLAT AU $1.25k; Cap1 Cash AU $2k; NFCU Siggy $23k; $4k WalMart DC; CFNA Firestone $2.2k; Amazon $2.1k; NFCU Cash Rewards $22K; AMEX BCE $18k; NavCheck $15k; Lowe's $10k; Citi DP $6.3k; AMEX ED $8.5k; Chase Freedom $4.5k
Goal Score: 700 across the board.
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Senior Contributor
youngandcreditwrthy
Posts: 6,242
Registered: ‎08-16-2012
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Re: Suggestions on CC

Do you have any credit at all?

If so, what is your score?

GECRB is great for building credit assuming you have just a little credit history....

 

they issue a lot of store cards, so maybe find a store you like and see if GECRB issues credit there?

 

or Cap One is good for building, but not known for growing with you as far as limits are concerned.

 

 

Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| Wmt Discover $12.5k | BR Visa $12.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Arrival $12.7k | Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Valued Contributor
madmann26
Posts: 1,442
Registered: ‎08-30-2012
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Re: Suggestions on CC

Long story short,

 

I have a ton of good installment accounts. My revolving credit is for the birds. My fault, I admit it and my score has suffered because of it.


Starting Score: EQ 511 TU 552 EX 545 8/29/2012
Current Score: TU 705|EQ 690|EXP 698 (FICO)
What's in my wallet? Cap1 PLAT AU $1.25k; Cap1 Cash AU $2k; NFCU Siggy $23k; $4k WalMart DC; CFNA Firestone $2.2k; Amazon $2.1k; NFCU Cash Rewards $22K; AMEX BCE $18k; NavCheck $15k; Lowe's $10k; Citi DP $6.3k; AMEX ED $8.5k; Chase Freedom $4.5k
Goal Score: 700 across the board.
Take the FICO Fitness Challenge
My Journey
Moderator
Revelate
Posts: 9,642
Registered: ‎12-30-2011
0

Re: Suggestions on CC


madmann26 wrote:

Long story short,

 

I have a ton of good installment accounts. My revolving credit is for the birds. My fault, I admit it and my score has suffered because of it.


From a pure FICO perspective, it's not worth getting one large limit card over two toy limit ones; however, when we're talking about secured cards that point is moot: get one pretty big limit one, and dump 99-300 into a small limit one.  

 

NFCU secured is an excellent choice, and since it's easy to add to the limit over time on that card, open up that card and one other (BOFA or Cap One are good / reasonable choices) at the minimum amount and go on with life would be my recommendation.

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Valued Contributor
madmann26
Posts: 1,442
Registered: ‎08-30-2012
0

Re: Suggestions on CC

Thanks Revelate.

Starting Score: EQ 511 TU 552 EX 545 8/29/2012
Current Score: TU 705|EQ 690|EXP 698 (FICO)
What's in my wallet? Cap1 PLAT AU $1.25k; Cap1 Cash AU $2k; NFCU Siggy $23k; $4k WalMart DC; CFNA Firestone $2.2k; Amazon $2.1k; NFCU Cash Rewards $22K; AMEX BCE $18k; NavCheck $15k; Lowe's $10k; Citi DP $6.3k; AMEX ED $8.5k; Chase Freedom $4.5k
Goal Score: 700 across the board.
Take the FICO Fitness Challenge
My Journey
Senior Contributor
Wolf3
Posts: 3,197
Registered: ‎01-24-2010
0

Re: Suggestions on CC


Revelate wrote:

madmann26 wrote:

Long story short,

 

I have a ton of good installment accounts. My revolving credit is for the birds. My fault, I admit it and my score has suffered because of it.


From a pure FICO perspective, it's not worth getting one large limit card over two toy limit ones; however, when we're talking about secured cards that point is moot: get one pretty big limit one, and dump 99-300 into a small limit one.  

 

NFCU secured is an excellent choice, and since it's easy to add to the limit over time on that card, open up that card and one other (BOFA or Cap One are good / reasonable choices) at the minimum amount and go on with life would be my recommendation.

 


+1.      IMO, it is more important to end up with large deposit/CL at the end of the secured card life.   That is when you will being unsecuring and or applying.    Toy limits tend to stay toy limits.  


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