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Valued Member
Posts: 102
Registered: ‎01-14-2014
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What cards should I get when credit is better?

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

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Starting Score: 595
Current Score: 595
Goal Score: 650


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Valued Contributor
Posts: 2,385
Registered: ‎04-04-2013
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Re: What cards should I get when credit is better?

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:

 

http://boardingarea.com/frequentmiler/2012/11/09/best-category-bonuses/

 

Discover says my TU score is back up to 736 now. Income is now $60k


Valued Member
Posts: 102
Registered: ‎01-14-2014
0

Re: What cards should I get when credit is better?

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

Seedling:


Starting Score: 595
Current Score: 595
Goal Score: 650


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Senior Contributor
Posts: 4,694
Registered: ‎02-23-2011
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Re: What cards should I get when credit is better?

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.

Valued Member
Posts: 102
Registered: ‎01-14-2014
0

Re: What cards should I get when credit is better?

Thanks for the line up of cards, I'll read up on them and see what may work bestSmiley Happy

Seedling:


Starting Score: 595
Current Score: 595
Goal Score: 650


Take the myFICO Fitness Challenge



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