What would you want in your credit card resume

[Anonymous]

Ive read more bad than good about WF... I have no interest in their products at all. Ive read better things about McD's... Just sayin'. LOL

[Anonymous]

Is this WF's new tactic since they figured out opening accounts without the customer's consent or knowledge is against the law? I guess so!

[iced]

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@Anonymous wrote:

I would like to know which credit card companys do you guys prefer to have in your credit card portfolio ?

I know that all credit card companies are not created equil and I am interested in your opinions on this topic.

Which companies look the best to potential creditors ?

A Loan officer at Wells Fargo recently told me that (Wells Fargo) credit cards are like eating at an expensive resturant,

and that Capital One credit cards were like eating at Mcdonalds !

What companies would you put at the top of your list to have in your wallet if you were putting together a resume !

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No bank has more prestige than another from a merchants perspective. I've seen plenty of Centurion cards at restaurants and the waiters treat them with as much apathy as they do a Venture. Only once have I had a clerk comment on a metal card, and it wasn't "ooh, nice card", it was "wha? Why does this not feel right?" When Citi did the stripe on the front experiment a few years back....now THAT drew attention - negative attention. Clerks would swipe the card several times in frustration only to find the stripe was on the wrong side.

From a creditor/loan officer standpoint, all credit card companies (excepting sub primes like Credit One) are equal. You were fed salesmen garbage.

That said, your card resume should be with cards YOU like. I personally like Chase, but not because they have some prestige. They have the benefits I desire.

[longtimelurker]

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@Anonymous wrote:

Is this WF's new tactic since they figured out opening accounts without the customer's consent or knowledge is against the law? I guess so!

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Yes, given the choice between getting staff to talk up mediocre offerings vs making decent products that people will actually want, well, first is much eaiser!

[Anonymous]

That loan officer has no idea. I would take Capital One over wells fargo any day. Wells Fargo is the worst bank I have ever dealt with. Will never have an account of any kind with them again. Capital One has been excellent to work with. Great customer service, easy to use website, I've never had an issue.

Everything I want is in my sig, but Chase Amazon, Sapphire, and Freedom are what I currently use most for regular spending. I feel Discover is under rated. Discover offers all kinds of unusual perks and I would consider them by far the best service.

[Anonymous]

I'm actually not a big fan of credit cards. I've carried around a $300 Capital One card for years until just a few years ago and typically pay for my items in cash. Since a housing crisis last year, I finally realized how important healthy credit is, so I've been opening up to them lately.

I've had BoA, Cap, Discover, NFCU, Citi, Synchrony, Barclays, Comenity and that dreadful CreditOne!

So far, I really, really like the Discover family and NFCU. Since I'm not a CC fan nor a big spender, I evaluate who I want based on their customer service and willingness to see their customers as numbers and people.

With that being said, I've heard great things about Amex's CS. Hopefully later on this year I'll be in the club. 

[Anonymous]

Someone told me that credit cards from your local credit union are great for your portfolio and that creditors especially like this. I have not actually been able to verify this though. Any thoughts?

[iced]

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@Anonymous wrote:

Someone told me that credit cards from your local credit union are great for your portfolio and that creditors especially like this. I have not actually been able to verify this though. Any thoughts?

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Creditors like good credit reports much more. Your relationship with the CU likely weighs more than whether you picked up a card from said CU.

[longtimelurker]

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@Anonymous wrote:

Someone told me that credit cards from your local credit union are great for your portfolio and that creditors especially like this. I have not actually been able to verify this though. Any thoughts?

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Seems very unlikely to me.   Certainly the most important part is the overall CR, do you always make payments on time etc.  Then, it's certainly possible that underwriters might have, individually or as part of corporate policy, some "ranking" of issuers, so that having been given credit from issuer X is especially good, and more impressive than having a card from Y.   But this can't scale to "llocal credit unions", there are so many it would be impossible for an underwriter to have much of an opinion about how difficult/easy it is to get approved by Little Credit Union In the Woods of Nowheresville ND.    And I don't know why "local" would matter, and how a UW 2000 miles away would know if that CU is that local to your address anyway.

[happypill]

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@Anonymous wrote:

Someone told me that credit cards from your local credit union are great for your portfolio and that creditors especially like this. I have not actually been able to verify this though. Any thoughts?

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I think this might only be a factor if there is some kind of manual review.  Many local credit unions tend to be conservative and are more relationship based, so if you've got a card with a high limit from them, it could be a positive indicator.  Even if this is the case, it would be very minor compared with actual score & credit history that appears in normal reports, and again would only be a factor under manual review.