Need advice...Credit cards

[Anonymous]

I am looking for some advice on getting some new credit cards to help my overall util. I have a cap one sec with the 200 CL , I use it for gas and coffee and pay it off every 2 weeks. I would like to get my foot in the door with discover, or citi, but I really dont want the HP. I have been to the pre qual sites for each and discover doesn't say either way. I want to get the good TLs and then hit the garden for the rest of the year with them. The problem is I dont know what CC use which CRA . Any input would be awesome!! TIA.

[Anonymous]

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@Anonymous wrote:

I am looking for some advice on getting some new credit cards to help my overall util. I have a cap one sec with the 200 CL , I use it for gas and coffee and pay it off every 2 weeks. I would like to get my foot in the door with discover, or citi, but I really dont want the HP. I have been to the pre qual sites for each and discover doesn't say either way. I want to get the good TLs and then hit the garden for the rest of the year with them. The problem is I dont know what CC use which CRA . Any input would be awesome!! TIA.

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I'm looking at your scores and thinking you aren't ready to apply for Citi and maybe not even Disco.  I think you should try Cap One pre-qualifier and when it pre-quals you for QS1, go for it.  Until it does, keep paying everything on time and patiently wait.

[Anonymous]

Looking at the scores you currently have. I would suggest waiting and clean up anything that is bad on your report and wait for your scores to improve a bit before applying. You probably want to look at a Cap1 unsecured once you wait a bit and clean up your report of any baddies. And look for pre-qualifier for Cap1 like nikjames87 said

[Anonymous]

I second what everyone else is saying. 

I'd have all scores above 620 before even thinking about any cards with the more choosey providers

Cap One Quicksilver One is your best bet, in my opinion. Cold App that one and I think you might be surprised. I opened a Cap one Sec in Nov 2014 and I was  apped/approved for QS1 in March of 2015. 

I'm not 100% sure where the whole theory behind "building a relationship" with card providers originated but I think it needs to be squashed hard. There is some merit in using a segway card (I did this with Amex), however; I digress: I think the mindset of "wanting to build a relationship" creates this false feeling like you're doing something for them. You're not. They're making money off you. You're their customer. Make them build a relationship with YOU.

I had that mindset when I started out but in hindsight it really was not the best theory to operate from.

When you're in the rebuilding stage you're proving yourself by building a thick positive credit file and building a history 

It's a slow burn getting things going but patience will pay off. 

[Anonymous]

I think the best way to think of it is that you're building a relationship with your credit and the various accounts you establish along the way are just a byproduct of that growth with your credit file. 

[rmduhon]

Discover wouldn't touch my hubby until he hit 680 even with clean reports. Of course, YMMV.

[Anonymous]

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@Anonymous wrote:

I am looking for some advice on getting some new credit cards to help my overall util. I have a cap one sec with the 200 CL , I use it for gas and coffee and pay it off every 2 weeks. I would like to get my foot in the door with discover, or citi, but I really dont want the HP. I have been to the pre qual sites for each and discover doesn't say either way. I want to get the good TLs and then hit the garden for the rest of the year with them. The problem is I dont know what CC use which CRA . Any input would be awesome!! TIA.

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Take the HP. Citi is harder to get than Discover, but both will unsecure with responsible use and cleaner credit after 12-18 months. My scores were in the 500's when I got my discover secured card. I put $1000 on it and the cash back has been great.

Inquiries aren't the monsters people make them out to be. Banks just want to know what you were looking for credit for and what you did with that credit. I have 52 inqs on my Experian report and I've not seen a denial in a while. 

[Anonymous]

Thank you all for the input, as exciting as all the score increases have been, I think will slow down and wait and let my creidt age before I get anymore. Of course any advice is welcome. You don't know what you don't know.

[Anonymous]

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@Anonymous wrote:

Thank you all for the input, as exciting as all the score increases have been, I think will slow down and wait and let my creidt age before I get anymore. Of course any advice is welcome. You don't know what you don't know.

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I would keep in mind that it's better to have 3, 2 reporting a 0 balance and 1 reporting less than 10% balance. If you get them at the same time, they will age together, and by the time you get to where you want to apply for credit that is necessary (auto, mortgage, large installment), you'll be ready to do so.

There are other secured methods of credit you can get (though I highly recommend the Discover card), you could also get a credit builder loan (it is also secured with a CD). Credit unions also usually have secured cards you can get.

One card will help, but the HPs will be overshadowed by the positive history you build. My Mortgage Broker is only looking at the most recent 4 months for inquiries, and even then, he doesn't seem to care about them, as I have good reasons for the requests for credit.