topic Re: 2 Part Question in Credit Cards

2 Part Question

Anonymous — Mon, 08 Jun 2009 20:52:57 GMT

I have a 769 Experian Score, 771 Equifax, 768 TransUnion. I only have 2 cards. American Express Blue Cash and Best Buy store card. Balances on them are both 0. My amex has a limit of 29,000 and my BB Store card has a 9,000 limit. I am wanting a rewards card to build up some kind of travel points. I will spend about 25-35,000 a year on the card. Our household income is 150,000. What card would you recommend?

2nd Question: My wife has a fair credit score (675, 668,679 for Eq, TU, and Experian). She had one KD on her report for a mixup with the electric company that was their error. We already paid the debt and its marked as paid on the report but we did not negotiate to get it removed (silly us, we didnt know). So it may stay on there. She has hardly anything else on her report (she is an authorized user on my AMEX). She has no loans, no cards, or anythign on her report. What unsecured card could she apply and possibly get to help build her credit?

Re: 2 Part Question

Creditaddict — Tue, 09 Jun 2009 00:15:51 GMT

Spending 25k, your blue cash should be nice.

but if you really want a new card, I would look for the 2% earners like the one broker firm (forget name right now, sorry)

for wife, try bank of america pre qual, if not offered anything, might have to lower sites to like Cabelas, Kroger, Capital One

or even better go with Alliant Credit union

3 out of 4 I gave you pull EQ only and capital one pulls all 3.

Re: 2 Part Question

Anonymous — Tue, 09 Jun 2009 00:42:25 GMT

We just tried the BoA pre qual. My wife did not have any BoA prequalified offers. So we tried the CapitalONE prequal. Same thing, no prequalified offers but they told us to apply for the Capital One Orbitz Visa Platinum. We applied for that and she got approved. Is it smart for her to get a couple of cards or just start with the capital one for now?

Re: 2 Part Question

Creditaddict — Tue, 09 Jun 2009 00:44:16 GMT

I'm a big believer in 3.

Maybe a Macy's or whatever department store you all currently shop at.

if Macy's is something you would use, apply in store not online!

Re: 2 Part Question

Anonymous — Tue, 09 Jun 2009 00:52:16 GMT

You say she has no cards on her report...your Amex should show up there if she is an authorized user. You might also make her an AU on your Best Buy card. This should increase her score enough to be approved for most credit cards.

Along with trying Alliant CU you might have her apply for a Citibank card.

When I decided to apply for new cards I did all 3 in a couple of days. The best strategy is to apply for the hardest to qualify for first, and then try to choose cards that check different credit reports so that not all inquiries end up on the same report.

Re: 2 Part Question

Anonymous — Tue, 09 Jun 2009 00:57:10 GMT

Also, how old is the electric company collection? The older it is, the less effect it has on her scores and her ability to obtain credit.

Also, if you wait a bit, there will be lots of folks chiming in with their rewards cards suggestions! Myself, I haven't a clue.

Re: 2 Part Question

Anonymous — Tue, 09 Jun 2009 01:04:15 GMT

@Creditaddict wrote:
but if you really want a new card, I would look for the 2% earners like the one broker firm (forget name right now, sorry)

You must be referring to the Schwab Bank Invest First Visa Credit Card.

Re: 2 Part Question

Creditaddict — Tue, 09 Jun 2009 01:05:55 GMT

thank you, yes!

Re: 2 Part Question

Anonymous — Tue, 09 Jun 2009 01:11:56 GMT

We applied for a Citi Platinum Select Mastercard for her yesterday and were denied. I just want one or two prime cards for her to start building credit. We wont be carrying a balance, we dont really care about specific reward programs, we just need something that reports reliably to the buereus so that she can build her credit back up. For the record she will maily be using it for gas, groceries, and misc purchases at places like kohls target etc.

Her KD from the electric company was in August of 2007. It was paid in February 09.

You are correct the Amex did show up. Just no cards of her own. She got approved today for the Capital One Orbitz Card. So we just need 1 more prime card for her. Anymore suggestions?

Re: 2 Part Question

Creditaddict — Tue, 09 Jun 2009 01:14:41 GMT

then have her get a Kohls card.

it's backed by Chase, so once your in good with that card, you would probably be able to get a Chase Visa

Re: 2 Part Question

Anonymous — Tue, 09 Jun 2009 01:18:41 GMT

You can only use that at Kohls thought right? We shop there very rarely. Wouldnt it be more beneficial to get something that you could use more often?

Re: 2 Part Question

Creditaddict — Tue, 09 Jun 2009 01:20:47 GMT

oh yes

Re: 2 Part Question

Anonymous — Tue, 09 Jun 2009 01:23:14 GMT

Is capitlone considered a prime card? Since she already listed as an AU on my amex should we go for another brand besides capitalone/amex since we already have those?

Re: 2 Part Question

Creditaddict — Tue, 09 Jun 2009 01:25:47 GMT

capital one can be prime but a lot of times they end up not being. i would be interested for a follow up of the limit.

I would really consider a store card, she has a better chance of getting that.

if you don't care about limits or rewards and just want another card, householdbank would for sure approve and they have a pre qual also

Re: 2 Part Question

Anonymous — Tue, 09 Jun 2009 01:29:23 GMT

Are store cards considered prime?

Re: 2 Part Question

Creditaddict — Tue, 09 Jun 2009 01:31:46 GMT

I would say Macy's and the Chase backed cards, Kohls, Pier 1, etc.

the GE backed once not so much usually

Re: 2 Part Question

Anonymous — Tue, 09 Jun 2009 01:35:42 GMT

I will look into those and see if there are any other prime cards around that we would have more options with. We just dont shop at any store regularly enough for a store card. Except maybe costco.

Re: 2 Part Question

Anonymous — Tue, 09 Jun 2009 01:49:38 GMT

When you paid the electric company collection it changed the last activity date to Feb. 09, effectively making it appear newer and costing her more points on her credit score. Even though a paid collection looks better on a manual review, none of us knows how this might be "seen" in an online application being handled by computers.

Unless you have a special need for another card right now I would add her as an AU to your Best Buy card and then just sit back and wait. AUs benefit from the history and credit limits of any card showing up on their reports. Give the paid CO and her new card time to age. Then apply for a new card when she can get a good card that she'll want to keep forever.

Re: 2 Part Question

Anonymous — Tue, 09 Jun 2009 02:20:49 GMT

Creditaddict, Whats your reasoning behind being a firm believer of 3 cards? And do you like to have the 3 from different credit card companies? eg. Amex, Mastercard, and Visa?

Message Edited by Hawnted on 06-08-2009 09:20 PM

Re: 2 Part Question

Creditaddict — Tue, 09 Jun 2009 02:23:06 GMT

because with 3 accounts, auto or personal loan, credit card, store card(no visa store card) you are maximizing all the different types of credit which helps with score.

so if you don't need a personal loan or car loan, i say just another credit card.

visa, mc, amex, discover, does not matter.