01-25-2014 08:47 PM
Right now I have a secured cap one to help with rebuilding my credit. What card or cards should I apply for once my credit score increases. I see some people like certain cards for certain perks such as air miles. For me I don't travel much besides through michigan so my cards would be used for gas, merchandise and occasionally a hotel. Outside of the card I have I would eventually like to have 2 or 3 more cards. Any recommendations on cards and where my score should be before I apply would be great. Thanks
01-26-2014 07:57 AM
I applied for a secured card in Jan 2012 and used it lightly, paying in full every month, until Jan 2013.
My Income in Jan 2013 was about 58K, when I then applied for 3 cards and closed the secured card. My score started at 732.
I ended up applying for a total of 8 cards in 2013, although I closed one of the new cards already. So I currently have 7 open and 2 closed cards.
I would suggest carefully looking for the best cards for the spending categories you spend the most money in, and targeting those. Remember that if you jump the gun and get really low credit limits, that you will need to keep wasting your HP's trying for credit limit increases, so do try to be patient (but not TOO patient). On the other hand, don't be afraid to use a HP occasionally to get the increases you want/need.
In my case, I value cash back, so you can see some of the best cards for that in my signature. You can't get the Priceline.com 2% card anymore, so consider the Fidelity Amex instead of the Priceline. And look through this web site for good ideas of what spending categories exist, and what cards are best for those categories:
Discover says my TU score is back up to 736 now. Income is now $60k
01-26-2014 08:06 AM
Thanks for the input, I'm in no hurry for a card as the one I have suits me fine for now. I'm going to wait until all the negatives fall off which will be over the course of the next 12 months. Thankyou
01-26-2014 08:11 AM
Two or three more cards.
After 6 - 12 months on your secured, I'd apply for the following:
1) AmEx PRG with first year fee waived and sign-up bonus.
2) Chase Freedom or Discover
3) Barclays Arrival or Sallie Mae
Apply for them all at the same time. AmEx will pull Ex, Chase and Discover may pull Eq (depending on where you are), and Barclays will pull TU. Go with the Arrival if you value the $400 signing bonus, but the Sallie Mae has better onging rewards.
01-26-2014 09:01 AM
Thanks for the line up of cards, I'll read up on them and see what may work best
These responses are not provided or commissioned by FICO. Responses have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.