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Which Credit card?

Moderator Emeritus

Re: Which Credit card?


vish1 wrote:

 So in that case, this is what he should do. Hold tight for about 3 months and then get a store card. GEMB will be the best for him as of now. From that point, he should wait for the cap1 to hit 1st anniversary and then he can take any decent card like chase freedom.

 

Don't get trapped into any orchard/FP or any other AF cards. GEMB cards are easy to get approved once you have any 2-3 month old card and grow pretty well in the beginning.


There's no particular value in a store card - in and of itself.  If there's a merchant card that works well for you (i.e. great discounts, etc). then it may be worth considering. 

It's very good advice to wait for the first anniversary before apping for additional revolving. 

To best know which cards, and when to apply for them, Pull at least one FICO score here.  The report will tell you how you look to potential lenders, along with "What's Hurting Your Score" and "What's Helping Your Score".  Google "myFICO discount code" to save a few bucks.   When he's built up his FICO score, then it's a good time to determine what your best next move will be.

 

Best step right now is to perfectly manage the secured card and let it age.

 

btw, when that Cap One card reports - you should see a significant FICO score jump.  DH saw 28 points when opening his first, and I saw 20.  You will not see that type of jump when adding additional cards.  FICO looks to see if you have a bank/national cc revolving account - and you only need one to keep FICO happy on this reason code.

Just puttin' syrup on something, don't make it pancakes.
Message 11 of 17
Valued Contributor

Re: Which Credit card?

 


beamMEup wrote:

vish1 wrote:

 So in that case, this is what he should do. Hold tight for about 3 months and then get a store card. GEMB will be the best for him as of now. From that point, he should wait for the cap1 to hit 1st anniversary and then he can take any decent card like chase freedom.

 

Don't get trapped into any orchard/FP or any other AF cards. GEMB cards are easy to get approved once you have any 2-3 month old card and grow pretty well in the beginning.


There's no particular value in a store card - in and of itself.  If there's a merchant card that works well for you (i.e. great discounts, etc). then it may be worth considering. 

It's very good advice to wait for the first anniversary before apping for additional revolving. 

To best know which cards, and when to apply for them, Pull at least one FICO score here.  The report will tell you how you look to potential lenders, along with "What's Hurting Your Score" and "What's Helping Your Score".  Google "myFICO discount code" to save a few bucks.   When he's built up his FICO score, then it's a good time to determine what your best next move will be.

 

Best step right now is to perfectly manage the secured card and let it age.

 

btw, when that Cap One card reports - you should see a significant FICO score jump.  DH saw 28 points when opening his first, and I saw 20.  You will not see that type of jump when adding additional cards.  FICO looks to see if you have a bank/national cc revolving account - and you only need one to keep FICO happy on this reason code.


 

The only reason I said that was that he has only 1 credit line and many CCCs like to see more than 1 revolving accounts and getting a easy to approve store card like GEMB may be the only AF free way to get 2 lines on the CR and can also help util (can ve very difficult to maintain util % with only 1 secured card).

 

I do know for sure that you know much more than me, I am just trying to state my point of view and if you think this is not correct, I will trust your thoughts more than my thoughts.

Citi Hilton Reserve 22.3K | Citi Thank You 8.2K | CSP 15.5K | Chase Freedom 10K | Chase BA 15K | Chase United 8.5K | Chase Marriott 5K | Discover IT 9K | Club Carlson 13K | Amex SPG 20K | BofA Cash Rewards 11K | BofA Cash Rewards 50K
Message 12 of 17
Established Member

Re: Which Credit card?


vish1 wrote:

 


HopeLives wrote:

vish1 wrote:

 

 

IMO, this is no great advice. Why advice people sub prime AF cards like orchard without even knowing what keeps his scores at 657?


Because YOU don't think they are good cards, does not mean the advice does NOT suit their situation. My score is very similar; she is looking for an UNsecured card for her husband.

 

I not only did NOT give advice, I said what *I* have done... and is working for me, as well as my future, immediate plans.

 

Lrn to read Smiley Wink


 

Where in her post did she say unsecured?

 

This was the question:

OP: ...Which cards do yu guys recommend for him to apply to?

 

This is your answer:

Orchard.  I have their gold card, unsecured....

 

This is read as advice followed by a reasoning for the advice unless my english is totally screwed up.

 

You need to learn to read. Smiley Happy


Splitting hairs here - I generally do not give advice, I tell what *I* have done to obtain cards and thereby, increase my scores (presuming they are PIF, blah blah blah).  My score is similar, my student loan situation is similar; in addition I have the bk and foreclosure... so, I'm telling her what I did to increase my portfolio.

 

She can choose to do what she wants, obviously...

 

What the eck is GEMB?


Starting Score: 588
Current Score: 645
Goal Score: 700+


Take the FICO Fitness Challenge
Message 13 of 17
Valued Contributor

Re: Which Credit card?

 


HopeLives wrote:

vish1 wrote:

 


HopeLives wrote:

vish1 wrote:

 

 

IMO, this is no great advice. Why advice people sub prime AF cards like orchard without even knowing what keeps his scores at 657?


Because YOU don't think they are good cards, does not mean the advice does NOT suit their situation. My score is very similar; she is looking for an UNsecured card for her husband.

 

I not only did NOT give advice, I said what *I* have done... and is working for me, as well as my future, immediate plans.

 

Lrn to read Smiley Wink


 

Where in her post did she say unsecured?

 

This was the question:

OP: ...Which cards do yu guys recommend for him to apply to?

 

This is your answer:

Orchard.  I have their gold card, unsecured....

 

This is read as advice followed by a reasoning for the advice unless my english is totally screwed up.

 

You need to learn to read. Smiley Happy


Splitting hairs here - I generally do not give advice, I tell what *I* have done to obtain cards and thereby, increase my scores (presuming they are PIF, blah blah blah).  My score is similar, my student loan situation is similar; in addition I have the bk and foreclosure... so, I'm telling her what I did to increase my portfolio.

 

She can choose to do what she wants, obviously...

 

What the eck is GEMB?


GEMB is GE Money Bank. I am not trying to pick on you or anything like that, I am just trying to say that though you did not intend to advice, your post may be read as one. In addition to this, we should understand that scores may or may not mean anything. 657 with a bk is not even closely similar to 657 due to a thin file.

 

Citi Hilton Reserve 22.3K | Citi Thank You 8.2K | CSP 15.5K | Chase Freedom 10K | Chase BA 15K | Chase United 8.5K | Chase Marriott 5K | Discover IT 9K | Club Carlson 13K | Amex SPG 20K | BofA Cash Rewards 11K | BofA Cash Rewards 50K
Message 14 of 17
Valued Contributor

Re: Which Credit card?

GEMB issues a lot of store cards like JCP etc

Citi Hilton Reserve 22.3K | Citi Thank You 8.2K | CSP 15.5K | Chase Freedom 10K | Chase BA 15K | Chase United 8.5K | Chase Marriott 5K | Discover IT 9K | Club Carlson 13K | Amex SPG 20K | BofA Cash Rewards 11K | BofA Cash Rewards 50K
Message 15 of 17
Established Member

Re: Which Credit card?


vish1 wrote:

GEMB is GE Money Bank. I am not trying to pick on you or anything like that, I am just trying to say that though you did not intend to advice, your post may be read as one. In addition to this, we should understand that scores may or may not mean anything. 657 with a bk is not even closely similar to 657 due to a thin file.

 


So, hijacking this (maybe it will help??):

 

apparently, 657 with bk > 657 thin??   I was not considered for secured card only unsecured.  Read: I applied for SECURED and received UNsecured.  with a bk/foreclosure < 1 year.


Starting Score: 588
Current Score: 645
Goal Score: 700+


Take the FICO Fitness Challenge
Message 16 of 17
Highlighted
Contributor

Re: Which Credit card?

If this is a thin file situation, then Citi Forward could be had.

 

Otherwise, I was just approved for Sony Card (Cap1) and they approved me based on a 650 (EX) score.  I've also had a serious app spree within the last 52 weeks.

 

Caveat:  If he doesn't pay in full, then these are not the cards for him.

Message 17 of 17