topic Re: Recommended third CC in Credit Cards

Recommended third CC

Anonymous — Thu, 09 Mar 2017 03:16:46 GMT

I'm nearing my 6 month of credit history and I have two credit cards. C1 QS and BoA 321. Only 2 hard inquiries per report.

I am adamant about saving my 4th and 5th card for a CSP and either CF or CFU.

So I'm between an AMEX, Discover or NFCU card. I want something that will grow large, past 5k, before I attempt Chase around November.

I'm attracted to Discover for the 5% categories and the double rewards for the first year, and the SP CLI.

I like NFCU because they tend to start large and I do not belong to a CU yet.

Amex grows quickly, but I don't really want an AF so preferred cards don't feel like an option.

I can't seem to choose. Which would be wiser?

Re: Recommended third CC

mongstradamus — Thu, 09 Mar 2017 03:24:49 GMT

The one thing i would ask myself is do i "really" need another card. I personally would get discover if i needed to have another card, but if don't need new card i would just leave things the way they are now and just let your credit history grow with no additional HP.

Re: Recommended third CC

Anonymous — Thu, 09 Mar 2017 04:08:50 GMT

Sounds like you want the amex card more.if you are set on no AFs then id say go with the Amex Everyday card. I personally would go with the Gold Card from amex for the 1st amex card due to the benifits.

For your CSP card enjoy it but that card should be a stepping stone to better cards.

You might also look at hotel credit cards they are easier to get and usually come with a higher line of credit.

Discover is good also but some on here say that discover is harder to get.

Id app the CSP over the discover. But doing amex wouldnt hurt you.

Re: Recommended third CC

Anonymous — Thu, 09 Mar 2017 04:49:50 GMT

At 6 months of credit history I was approved for $1k with the Amex BCE on a student income. It's a great card, and AMEX loves thin, clean files, which sounds like is what you have. After 61 days hit the CLI button for $3k and most likely youll get it. Discover is also very good towards thin files. With Discover you can get $50 for signing up if you use a referral link, and 5% in rotating categories. Plus all of your rewards double at the end of your first year. Discover also grows very well.

Since youre looking at getting in with Chase in the future, then it wouldnt be AS important to start a history with Amex, so it's really up to you. But I would go for Amex BCE or Discover It.

Re: Recommended third CC

Anonymous — Thu, 09 Mar 2017 04:54:43 GMT

@Anonymous wrote:
I'm nearing my 6 month of credit history and I have two credit cards. C1 QS and BoA 321. Only 2 hard inquiries per report.

I am adamant about saving my 4th and 5th card for a CSP and either CF or CFU.

So I'm between an AMEX, Discover or NFCU card. I want something that will grow large, past 5k, before I attempt Chase around November.

I'm attracted to Discover for the 5% categories and the double rewards for the first year, and the SP CLI.

I like NFCU because they tend to start large and I do not belong to a CU yet.

Amex grows quickly, but I don't really want an AF so preferred cards don't feel like an option.

I can't seem to choose. Which would be wiser?

I'd get discover, starting limit could be low, but growth potential is well documented as long as you press that button at intervals suggested here.

Also it is not as effective later when you've got more "reward cards", as the double CB is time limited and even the 5% can conflict(same category for same quarter) with other cards later. I wouldn't have bothered with this card if I didn't get it early in the process (IIRC it was my 3rd card).

While something like Amex ED has a niche category bonus and no time limited boost so later is fine.

Re: Recommended third CC

austinguy907 — Thu, 09 Mar 2017 04:56:25 GMT

@Anonymous wrote:

I want something that will grow large, past 5k, before I attempt Chase around November.

I'm attracted to Discover for the 5% categories and the double rewards for the first year, and the SP CLI.

I like NFCU because they tend to start large and I do not belong to a CU yet.

Amex grows quickly, but I don't really want an AF so preferred cards don't feel like an option.

Well, that's an easy goal with all 3 of these options. Why not pick up all 3 of them and then sit in the garden for a couple of years growing them into respectable limits that Chase will envy when you come out of the 5/24 scenario? You would have 5 solid cards to anchor your credit future on and they'll age together. If later on you decide to close one of them it won't hurt as much since they're all going to be within 6 months of age of each other.

Re: Recommended third CC

Anonymous — Fri, 10 Mar 2017 01:49:59 GMT

@austinguy907 wrote:
@Anonymous wrote:

I want something that will grow large, past 5k, before I attempt Chase around November.

I'm attracted to Discover for the 5% categories and the double rewards for the first year, and the SP CLI.

I like NFCU because they tend to start large and I do not belong to a CU yet.

Amex grows quickly, but I don't really want an AF so preferred cards don't feel like an option.

Well, that's an easy goal with all 3 of these options. Why not pick up all 3 of them and then sit in the garden for a couple of years growing them into respectable limits that Chase will envy when you come out of the 5/24 scenario? You would have 5 solid cards to anchor your credit future on and they'll age together. If later on you decide to close one of them it won't hurt as much since they're all going to be within 6 months of age of each other.

Mainly because I'm a little impatient to try to get with Chase and I want to make sure I can get two of their cards. Then I'm done for a long time. I'll be gardening for years after that because really 5 is all I want. My strategy here is that I hear Chase doesn't want to be your first high limit card, so I want to get to a higher limit.

I might achieve that with BoA at my 6th month mark CLI, but they might only give me 2-3k and I'd be stuck.

Re: Recommended third CC

Anonymous — Fri, 10 Mar 2017 02:51:37 GMT

Those are 3 great choices. The thing with Chase is once you get one you can bypass 5/24 through their website when they have selected offers for you. So with that said what I would do is get Disco & Amex and make them grow for a bit. Then get one from Chase, then right after go for NFCU. Then you can pickup the other Chase card when they offer it to you.

That's just an example and one way of doing it. There are many roads to the forest. Do what's best for you of course. I don't know much about NFCU except that they are awesome of course, the only reason I said put them last is because I don't know how easily they throw those large limits out in relation to available credit. If you could get high limits on that off the bat then I'd get NFCU & Disco instead of Amex as I personally favor Discover's business practices to Amex and both are capable of growing high.

Although what Austinguy said is right and would apply to you if you don't plan to do anymore apping after those first 2 Chase Cards. Chase isn't known for being easy with CLI. A lot of people get chase cards early then app for more later and combine to get high limits. But if you want high limits right off the bat and that's it, then do what Austinguy said.

Re: Recommended third CC

newhis — Fri, 10 Mar 2017 02:40:06 GMT

Can you provide your current limits, FICO score (yet?) and income?

Check Amex pre-qual site. Sometimes you can get the BCE with $250 welcome bonus + 10% restaurants.

Check Chase pre-qual site every month or so, if they show the CSP is almost a sure thing.

For Amex you need to get it with at least 2K SL to get over 5K in a few months.

Discover is good but it will be hard to get above 5K, in a few months, if you start low.

Re: Recommended third CC

Anonymous — Fri, 10 Mar 2017 03:54:28 GMT

Capital One Quicksilver - $300 - Opened Oct 20th, 2016

Bank of America CashRewards - $1,000 - Opened Feb 18th, 2017

Income is $37,000.

I don't have a FICO score yet. I won't have one for a couple of months. My goal was to get a FICO score, get a SSL going for a good boost, then app for my third card.

I know it doesn't mean anything, but CK shows me at 706/701.

Re: Recommended third CC

Anonymous — Fri, 10 Mar 2017 04:57:07 GMT

I would get a few more cards. The more you have, the better and strong your credit becomes. I honestly never worry about someone closing my cards, I have too many to even care. On top of this, they all give me the flexiblity I want. I will say one little tid bit. Make sure to space out your 0% APR cards. If one card offers 18 months, make sure you can get a HIGH limit on it and wait 18 months before getting another one. I absolutely love 0% APR periods. They are a blessing but also the devil so be careful. Use what you have and not what you want. But yes, just apply to three that you like. You'll thank me later.

Re: Recommended third CC

Anonymous — Fri, 10 Mar 2017 05:06:55 GMT

I'd go for Discover, they have good customer service and can grow pretty well. I was wondering why you want a FU as you already have 1.5% from the quicksilver. I'm not saying that the FU is a bad card, I just think that it may not be a good fit for you, at least from the cashback perspective.

Re: Recommended third CC

Anonymous — Fri, 10 Mar 2017 05:33:59 GMT

I'd probably go with the CF for the 5% categories, you're right.

Re: Recommended third CC

red259 — Fri, 10 Mar 2017 05:46:28 GMT

@Anonymous wrote:
I'm nearing my 6 month of credit history and I have two credit cards. C1 QS and BoA 321. Only 2 hard inquiries per report.

I am adamant about saving my 4th and 5th card for a CSP and either CF or CFU.

So I'm between an AMEX, Discover or NFCU card. I want something that will grow large, past 5k, before I attempt Chase around November.

I'm attracted to Discover for the 5% categories and the double rewards for the first year, and the SP CLI.

I like NFCU because they tend to start large and I do not belong to a CU yet.

Amex grows quickly, but I don't really want an AF so preferred cards don't feel like an option.

I can't seem to choose. Which would be wiser?

You would need to check but you could look at the Amex BCP or Everyday preferred depending on if you want points or cash back. Check to see if they waive the AF for the first year. If so there is no harm in getting one of those cards and then downgrading to the non-AF version after one year. Amex will allow you to grow your credit line and if you like points the everyday card is a great card to have long term.

Re: Recommended third CC

red259 — Fri, 10 Mar 2017 05:50:24 GMT

@Anonymous wrote:
I'd go for Discover, they have good customer service and can grow pretty well. I was wondering why you want a FU as you already have 1.5% from the quicksilver. I'm not saying that the FU is a bad card, I just think that it may not be a good fit for you, at least from the cashback perspective.

OP indicated that they will eventually be going for the CSP which indicates they are interested in Chase UR points. It would make a lot of sense to get a FU card since you can earn 1.5 point sper dollar spent. If earning points and you can move them to travel partners this is much better than a 1.5% cashback card. If someone was just doing cashback then something like the citi doublecash would make more sense with the 2% back.

Re: Recommended third CC

newhis — Fri, 10 Mar 2017 14:21:28 GMT

@Anonymous wrote:
Capital One Quicksilver - $300 - Opened Oct 20th, 2016

Bank of America CashRewards - $1,000 - Opened Feb 18th, 2017

Income is $37,000.

I don't have a FICO score yet. I won't have one for a couple of months. My goal was to get a FICO score, get a SSL going for a good boost, then app for my third card.

I know it doesn't mean anything, but CK shows me at 706/701.

You have cards with low limit, don't expect to get new cards with high SL.

Why not get a SSL now, then wait 3 months so you can have a real FICO and better score thanks to the credit mix.

No need to rush things if you want the CSP. Wait until you have pre-qual or October/November, the minimum SL is 5K.

You may get an increase on your QS card in the next month or so.

If I were you:

- get SSL

- wait 3 months

- increase your QS limit

- get Discover or Amex

- wait until November to get a Chase card, I think CSP to start with 5K.

Good luck.

Re: Recommended third CC

precision — Fri, 10 Mar 2017 21:52:15 GMT

You honestly need to wait a couple of months until your FICO generates. If you get another card now you will get another toy limit.

Once your FICO score generates you will likely be at least in the low 700's. At which point I would get a NFCU membership and apply for one of their cards. If you are in the low 700's you will likely get at least a 10k line. Then (and I know you don't want to hear this) wait 3 more months. Then do the CSR/FU or CRS/F5 combo.

Nothing is guaranteed but this is your likely best path to achieve your goals.

Please be patient. I was in your boat just a few months ago and had no credit score. After my score generated I apped for a Citi Costco 5k, Chase F5 4.5k, and few others 2 months after that I apped for NFCU and got 14.3k. I should have did the NFCU app first.

In summary, be patient, app with a strategy to avoid toy limits, be patient, and be patient again. Just make sure you get in with NFCU as soon as you get scores. They will be the pry bar for larger limits for a thin file.

After you get decent Chase limits and have that decent NFCU line everyone else will start opening their coffers. If you go for them now you will end up with happy meal limits.

Re: Recommended third CC

Anonymous — Fri, 10 Mar 2017 23:11:18 GMT

I had planned to get the SSL after my fico score hit out of caution. If my 6 months mark hits and I have the full SSL reporting and not the sub 9% amount reporting, it would mess with my score. Do you think that's an issue worth worrying about?

I appreciate the advice on which cards to pick. I am still undecided on whether Amex or Discover is best. Amex may grow quicker so I'm leaning towards them.

Re: Recommended third CC

Anonymous — Fri, 10 Mar 2017 23:21:25 GMT

The thing with Amex is they are known for taking it away as fast as they give it if something along the way triggers their algorithms.

Re: Recommended third CC

Anonymous — Sat, 11 Mar 2017 01:34:34 GMT

@Anonymous wrote:
The thing with Amex is they are known for taking it away as fast as they give it if something along the way triggers their algorithms.

Can you ellaborate please? That's a bit disconserting. What could trigger them to decrease my CL?