topic Re: Looking for my third CC in Credit Cards

Looking for my third CC

Anonymous — Sat, 03 Feb 2018 17:43:55 GMT

I've been reading to get the most out of your points, it's recommended to have three cards. I currently have a Cap1($300) that's about two months old, DCU offered me their visa($2000) which I will likely accept, so I'm looking for my third cc. Nothing in particular but would be a plus if it's a cash back or travel points with no annual fee. My Fico 8 is EQ 689 TU 692 EX 742. Any recommendations for a great starter card with high approval ratings that I should look into?

Re: Looking for my third CC

HeavenOhio — Sat, 03 Feb 2018 17:53:29 GMT

If you have FICO scores, you must have accounts that are older than your credit cards. How old is your oldest account?

With the information at hand, I'd wait until the DCU reports as its $2,000 limit will likely work to your advantage. In addition to that, waiting three to six months will likely open up more options.

Keeping that in mind, I'd take a look at Discover. Avoid Chase until your Capital One card is at least a year old.

Re: Looking for my third CC

Anonymous — Sat, 03 Feb 2018 18:00:54 GMT

I am currently new at this stuff, but from all the posts that I have looked through a lot of people recommend Discover. I also see a lot of people recommend NavyFed, but unless you're qualified to join I don't think you can get one. The Citi DCB is pretty great imo.

Re: Looking for my third CC

Anonymous — Sat, 03 Feb 2018 18:02:16 GMT

Oldest account is a little over 11 years. EQ/TU AAoA is 5 yrs 8 months, EX AAoA is 6 years 10 months. I have not applied for new credit since '05/'08 until my Cap1.

Re: Looking for my third CC

Anonymous — Sat, 03 Feb 2018 18:05:05 GMT

Hey Jesse,
I'm new with the CC as well. Before applying for my Cap1, I read about Discovery IT but went with Cap1 due to the high approval ratings

Re: Looking for my third CC

Anonymous — Sat, 03 Feb 2018 18:05:12 GMT

Howdy!! I think it will honestly depend on what type of rewards you’re looking for. You will no doubt get more cards after this, so let’s pick a rewards structure you want. Some of the ones that come to mind that have no AF and are highly recommend cards could be:

Citi Double Cash - 1% cash back on on all purchases and 1% back after you pay (total of 2% back on cash). Works best if paid in full every month.

AMEX EveryDay or Blue Cash EveryDay - Both have a Welcome Offer of either 10K Membership Rewards Points or $150 back after a minimum spend of about $1K in the first 3 months. With Membership Reward Points you can use them for travel through the AMEX portal (they have good partners).

Capital One Venture One - This Card will get points that can be used for airlines, hotels or to remove a charge from you bill.

Capital One Quicksilver - You get 1.5% cash back on all purchases. No rotating catagories. You could be enrolled in the STEP program where you will automatically get credit line increases every 6 months.

All of these have no AF. There are more but, I am a little bias to AMEX and Capital One.

Good luck with your decisions. Let us know what you decide! ☺️

Re: Looking for my third CC

Anonymous — Sat, 03 Feb 2018 18:07:49 GMT

.... also, with the Capital One options, when you current card reaches a year, try to product change to either of those. If you have a good history and a decent limit, they will bump you over.

Re: Looking for my third CC

Anonymous — Sat, 03 Feb 2018 18:09:13 GMT

Share your opinion with AMEX and Capital One.

I'd love to have a BCE or an everyday card but reading reviews, they're very picky who they qualify.

Re: Looking for my third CC

SouthJamaica — Sat, 03 Feb 2018 18:13:55 GMT

wrote:
I've been reading to get the most out of your points, it's recommended to have three cards. I currently have a Cap1($300) that's about two months old, DCU offered me their visa($2000) which I will likely accept, so I'm looking for my third cc. Nothing in particular but would be a plus if it's a cash back or travel points with no annual fee. My Fico 8 is EQ 689 TU 692 EX 742. Any recommendations for a great starter card with high approval ratings that I should look into?

Personally I would advise you to wait a little. That will help your scores much more than adding a new card so soon.

The DCU is a great acquisition; you are already in the quality ranks.

You should let your 2 cards age for 6 months before thinking of applying for a third.

Re: Looking for my third CC

Anonymous — Sat, 03 Feb 2018 20:37:59 GMT

My advice would be to go ahead and get a 3rd card and let them age together, however I would wait until DCU reports, it may help with a better credit limit.

Re: Looking for my third CC

HeavenOhio — Sat, 03 Feb 2018 20:51:33 GMT

wrote:
I'd love to have a BCE or an everyday card but reading reviews, they're very picky who they qualify.

Your Experian score is your best, which is good news because that's the bureau that AMEX almost always uses. Along with that, your AAoA is good. Of course, your AoYA (age of youngest account) and number of new accounts are what they are. I think you may be in AMEX territory in about six months.

Re: Looking for my third CC

Anonymous — Sat, 03 Feb 2018 21:05:05 GMT

Better news than I expected! I'll let the DCU report to hopefully increase my credit limit once I apply for the third card. I've gained confidence and when I apply for a new cc, it would most likely be an AMEX.

Re: Looking for my third CC

Anonymous — Tue, 06 Feb 2018 20:56:20 GMT

I totally jinx myself, DCU membership was denied. They were not able to verify as to why but it was based on the documents I provided(DL, SS card, proof of address) so no DCU Visa and a wasted HP. I'll wait for the letter to get here see the exact reason. Should I go ahead and apply for the AMEX?

Re: Looking for my third CC

HeavenOhio — Wed, 07 Feb 2018 02:15:10 GMT

I'd let your recent inquires and new accounts age for about six months.

Re: Looking for my third CC

Anonymous — Wed, 07 Feb 2018 18:41:14 GMT

Reason I asked Because I had a recent inquiry that bumped my EX up 26 pts which is kind of odd, that brings my score to 742. Not sure if my next update will bring it down but thought maybe it's a good time to apply.

Re: Looking for my third CC

HeavenOhio — Wed, 07 Feb 2018 20:52:07 GMT

An inquiry wouldn't have bumped your score. Something else would have happened that wasn't alertable. The alert for the inquiry would have caused the score to update, and the "something else" would have been acknowledged by the new score.

I ran into something similar today. I received two alerts because my balance went up. The two scores updated; one was up by a point, and the other was up by eleven points. The balance change caused the alert, but it wouldn't have caused the score increases. The increases likely have to do with my youngest card becoming a year old and an inquiry becoming unscorable.

Re: Looking for my third CC

Anonymous — Wed, 07 Feb 2018 22:58:48 GMT

I currently have one(and only) CC account that reports on the 20-25th of every month. When that reported last month, It bumped me up 14 pts. Last week I had an auto loan inquiry, could it be due to an installment type of inquiry? Also, I read and been told DCU pulls EQ 5 but yet they pulled EX and for my membership they pulled EQ.

Re: Looking for my third CC

Anonymous — Thu, 08 Feb 2018 00:58:34 GMT

wrote:
I currently have one(and only) CC account that reports on the 20-25th of every month. When that reported last month, It bumped me up 14 pts. Last week I had an auto loan inquiry, could it be due to an installment type of inquiry? Also, I read and been told DCU pulls EQ 5 but yet they pulled EX and for my membership they pulled EQ.

I appled with DCU twice last year, the last time being Nov 2017 and both times they pulled EQ 5 mortgage scores. Maybe they have changed since then. Did they pull your EX mortgage score?

Re: Looking for my third CC

Anonymous — Thu, 08 Feb 2018 01:26:17 GMT

I didn't get a clear answer or know what score they pulled. One said vantage score, the other wasn't sure but both gave me a score of 740. My fico scores prior to the HP were either higher or lower but nothing in the 740s. My alerts show a DCU HP from EX and one from EQ.

Re: Looking for my third CC

Anonymous — Sun, 11 Feb 2018 01:28:33 GMT

I was didn't have any patience, applied for an Amex and got approved. Disappointed with my current credit line($500) but atleast I got approved. Any technique to get the most points with two cards?