topic Re: Newbie here ;) in Credit Cards

Newbie here ;)

Anonymous — Sat, 18 Aug 2018 16:49:47 GMT

What’s a good starter charge card with Amex??
I have the everyday credit card already

Re: Newbie here ;)

Anonymous — Sat, 18 Aug 2018 17:16:13 GMT

Welcome!
If I may ask, and it will help the MyFico big brains to give sound advice, what are your stats and is there a reason you want a charge card as opposed to another revolver? Additionally, what kind of spending do you normally do and what are you goals (reward, miles, cash back, etc.)?

Re: Newbie here ;)

Anonymous — Sat, 18 Aug 2018 17:42:31 GMT

Thxs!!! For Replying Back Stats? Lost (lol) I’ve been working on my credit for a year got to too Wear it’s fair/good... I was approved for my 1st Amex last week $5000 and the NFCU green rewards card 15,000 a few days ago I have the discover secured card for 8 months hopefully that was graduate soon🤞🏽 Just trying too have a nice mix of positive accts!!! So I was just wondering about the Amex charge cards

Re: Newbie here ;)

Anonymous — Sat, 18 Aug 2018 18:17:40 GMT

Having a charge card is not going to add anything to the credit mix as far FICO is concern, your choice of future cards should be based on matching rewards with your spending habits. If you want to expand your credit mix, search and read about share secured loan technique.

Re: Newbie here ;)

Anonymous — Sat, 18 Aug 2018 18:48:12 GMT

Ok thank you

Re: Newbie here ;)

Anonymous — Sat, 18 Aug 2018 19:21:26 GMT

No problem, sorry I was in a bit of rush with the first post.

Here is the main thread that describes why and how SSL work, read the first page then hop over to this Navy SSL thread since you're already in with Navy Fed. Keep in mind that this will only help you if you don't already have an installment loan like, personal loans, car loans or mortgage...etc..

Re: Newbie here ;)

Anonymous — Sat, 18 Aug 2018 23:05:33 GMT

Thanks OldMan. The principal feature of charge cards is that they have annual fees. Our OP should rethink why it might be that he wants to pay an annual fee when thousands of credit cards are out there with sign up bonuses, rewards packages, and no annual fees.

Re: Newbie here ;)

Anonymous — Sat, 18 Aug 2018 23:27:29 GMT

I have Self Lender!! Which is a installment loan can I still do one with navy federal

Re: Newbie here ;)

Anonymous — Sat, 18 Aug 2018 23:49:23 GMT

Here are two excerpts from the first thread OldMan gave you:

Who will benefit from this technique?
The people who will benefit the most are people who have no installment loans, open or closed, on their credit report. People who will also benefit (but not as much) are people who do have a closed installment loan but who have no open installment loans.

Who will not benefit from this technique?
* People who already have an open installment loan.
* People who need to improve their score very fast (e.g. < 60 days)
* People who do not have $510 to open a new savings account.
* People who hope for some magic bullet, something that will raise their score a huge amount.
These people should NOT use this technique. They will be disappointed.

Re: Newbie here ;)

Anonymous — Sun, 19 Aug 2018 10:02:50 GMT

Sorry it says secured loan not installment loan is that the same still!! Be fore I try for a pleadge loan at navy federal credit union

Re: Newbie here ;)

gdale6 — Sun, 19 Aug 2018 18:04:58 GMT

@Anonymous wrote:
Sorry it says secured loan not installment loan is that the same still!! Be fore I try for a pleadge loan at navy federal credit union

Any loan that has fixed monthly payments over its life or fixed amounts followed by balloon payment is an installment loan.

Re: Newbie here ;)

Anonymous — Sun, 19 Aug 2018 18:28:21 GMT

Ok I’ll wait for 90 days for navy fed

Re: Newbie here ;)

xaximus — Sun, 19 Aug 2018 18:33:56 GMT

I would add another card like Disco. They work well with thin files. An Amex charge card may not be a good idea unless you can justify the AF (annual fee). Since you have already been approved for an Amex already, I would use that and build that one up. Since you do have a thin file, keep your inqs low as your AAoA is low as well. Give it some time, let your credit age a bit and better cards will become available over time.

Re: Newbie here ;)

Anonymous — Sun, 19 Aug 2018 23:09:31 GMT

Ok!! Thanks for the information I have Discover Secured already 8 months will be on the 24th hopefully there be Un Securing it Soon