topic Re: I want one major card before hitting the garden. Suggestions? in Credit Cards

I want one major card before hitting the garden. Suggestions?

Anonymous — Wed, 29 Mar 2017 07:05:57 GMT

I'm 4 months into my credit journey. No FICO, 580 FAKO, but simulators show an opening score next month around 650 with a new installment loan, single digit utilization, and a $1500 Alaska Air Visa Signature showing up by then.

The only type of card I wouldn't want is a travel card since I like Alaska Air. I don't need balance transfers. All other merits should be considered - rate, rewards, etc. Of course, the most important factor is getting approved followed by getting a good SL.

Further info:

Inquiries: 8 EQ, 3 TU, 4 EQ.

3 tax liens released in 2015.

No collections or lates.

4 bank cards 1-3 months old (CapOne $300, CreditOne $300, CreditOne AU $300, BOA Alaska Air $1500)

Fingerhut $800

4 Comenity cards (Wayfair $3000, Overstock $1800, Williams-Sonoma $1500, Brylane Homes $500)

Good income.

I'll obviously use the pre-qualify sites, but what one major unsecured would you go for before hitting the garden if you had this profile with which to work? I only have one other credit task to do at that point... a car. I already have DCU checkings and savings and will use CapOne as my backup. Otherwise, I'd love to get one major card before taking my year-long credit sabbatical.

Re: I want one major card before hitting the garden. Suggestions?

Anonymous — Wed, 29 Mar 2017 12:18:43 GMT

I'd suggest Discover. Great company, lots of positive feedback on them if you read this forum and the first year with the card is super solid with the cash back match. They are known to approve those without much credit history and many have grown their card limit several times over in the first year

Re: I want one major card before hitting the garden. Suggestions?

CreditInspired — Wed, 29 Mar 2017 12:19:51 GMT

IMHO, with only 4 mos into your credit journey with a low FAKO score, store cards, and several inquiries -- this will not appeal to a major CCC. And IMHO, I believe even if you did succee in getting a major CC, the SL would most likely be a toy limit. I suggest going into the garden FIRST, at least for a year, to let your AAOA age on all those new accounts and maybe two years to let those inquiries drop off. I also suggest removing yourself as an AU on CreditOne. Then, I believe your chances of acquiring a major CC with a decent SL will be successful.

Re: I want one major card before hitting the garden. Suggestions?

Anonymous — Wed, 29 Mar 2017 13:31:57 GMT

The first set of unsecured cards I received when building were from Amex and Discover. Both are great to use while building imo. Keep in mind that Disco matches your first year of cash back and can grow very quickly with SP CLI. One thing to keep in mind with both of these credit cards though is the acceptance. I have only once not been able to use Discover but many times my Amex has not been accepted.

You can alternatively pick a secured card from a good lender and use it until it unsecures. You have a better chance of avoiding a denial if you do this but you must be patient.

Be sure to check my sig if you decide to try Disco.

Re: I want one major card before hitting the garden. Suggestions?

mkhan1093 — Wed, 29 Mar 2017 13:38:21 GMT

I agree with the others in that the Discover it Secured might be your best bet

Re: I want one major card before hitting the garden. Suggestions?

Anonymous — Wed, 29 Mar 2017 15:13:26 GMT

I actually agree with CreditInspired above that gardening would be the way to go for a while, at least 6 months, prior to apping for anything else. Just because I recommended Discover above doesn't mean I agree with the decision to app right now, I just got the impression from your thread title and original post that you had already made the decision that you were going to app for something regardless, which is why I recommended Discover. I think waiting about 6 months though would be the smarter move as it would increase your chances of approval and chances of receiving a favorable, more usable SL.

Re: I want one major card before hitting the garden. Suggestions?

SecretAzure — Wed, 29 Mar 2017 15:32:23 GMT

@Anonymous wrote:
I actually agree with CreditInspired above that gardening would be the way to go for a while, at least 6 months, prior to apping for anything else. Just because I recommended Discover above doesn't mean I agree with the decision to app right now, I just got the impression from your thread title and original post that you had already made the decision that you were going to app for something regardless, which is why I recommended Discover. I think waiting about 6 months though would be the smarter move as it would increase your chances of approval and chances of receiving a favorable, more usable SL.

I also agree with this. If you can wait, wait. Though I would hit up Amex ED or Amex BCE instead of Discover. The reason being that Amex grows considerably faster than any other card for people with slim profiles. Discover and Amex both like thin profiles but you have a few inquiries, I'd wait until a year of age on your new credit card and then apply for one of these Amex cards. Discover might approve you now but the limit would definitely be a toy limit as others have said.

Re: I want one major card before hitting the garden. Suggestions?

Anonymous — Wed, 29 Mar 2017 20:03:58 GMT

I'd throw AMEX in the mix with discover.