topic ADVISE NEEDED FOR A NEW CREDIT CARD!! in Credit Cards

ADVISE NEEDED FOR A NEW CREDIT CARD!!

damindaw — Tue, 09 Jan 2024 16:43:04 GMT

Good morning all,

A bit of background first,

EXPERIAN - 691

EQ- 665

TRANSUNION- 655

I ONLY HAVE 1 CURRENT CREDIT CARD FROM WELLSFARGO THAT WAS OPEN IN 2014 AND ITS IN GOOD STANDING AS OF NOW. 0% USAGE LIMIT $10,000

4 EX INQUIRIES

1 EQ INQ

1 TU INQ

I HAVE A SELFLENDER ACCOUNT THAT IS CLOSED BUT ITS REPORTING 1 LATE PAYMENT

NEED ADVISE WHAT CARDS I SHOULD APPLY NEXT AND OTHER ADIVSE

THANK YOU

Re: ADVISE NEEDED FOR A NEW CREDIT CARD!!

ptatohed — Tue, 09 Jan 2024 16:59:43 GMT

With the all-caps and 2 exclamation marks, you must really need a new card.

Re: ADVISE NEEDED FOR A NEW CREDIT CARD!!

CYBERSAM — Tue, 09 Jan 2024 17:00:02 GMT

Welcome to the Forum.

Can you list other negatives that is showing in your report?

To have one old CC and one late, your score should be higher then that! This would make a difference when you applying for new CCs.

Also report a small balance on your CC and have it paid in full on statement balance. Showing no activity on your CC is going to negatively effect your score.

Re: ADVISE NEEDED FOR A NEW CREDIT CARD!!

damindaw — Tue, 09 Jan 2024 17:18:14 GMT

Thanks for the response!

No other negatives showing in ym report. Just 1 late payment of a closed account which I'm already in process of disputing to be removed.

I have 4 inquires on EX

Re: ADVISE NEEDED FOR A NEW CREDIT CARD!!

tjwgolfs — Wed, 10 Jan 2024 04:57:58 GMT

My advice (also my first post), is to determine your highest spend category (last 90 day, or better yet, YTD), and get yourself a no annual fee cashback card that can maximize your rewards, say 5% on that top category.

if youre like most adults then maybe grocery is a high or highest spend category, it is for me at about $8k per year, so chase freedom flex, gets me 5% for the first year (which is up in feb, then i'll switch over to my citi custom cash which i'll use exclusively for grocery to maximize that category)

On the other hand, a good 2% card may be a good starting point to use across the board if you don't want to worry about categories, or want to graduate to category management later. Be sure to pick a card with a sign up bonus like the WF active cash ($200SUB)

Many members here will use multiple cards to max rewards. I specifically focus on cashback (or statement credit) with no annual fees:

My Current rotation:

Quarterly rotating categories 5%: Discover and Chase Freedom Flex compete against each other but sometimes they have similar categories which can be a downside.
Restaurants $5k spend per year: US Bank Altitude GO 4% (my Discover trumping this category this quarter)
Grocery $8k spend: Chase Freedom Flex 5% (for the first year and for 2024Q1)
Online Purchases (Amazon included) $6k spend: Amex Blue Cash Everyday 3%
Gas $3k spend: Citi Custom Cash 5%
Mobile wallet 5% via Kroger MC which I use exclusively for my incesent golf habit which is about $3k spend a year (works perfectly since Kroger maxes the 5% cash back on the first $3k spend per year)
Travel: WF Propel/Now Autograph 3%
Everything else: WF Active Cash and Paypal MC for my wife, 2%

Now all of this is subjective, others my agree or disagree, but this is simply my advice and where my credit card path has led me and is the advice i would give my younger self.

Hope this helps guide you down the right path

Re: ADVISE NEEDED FOR A NEW CREDIT CARD!!

damindaw — Wed, 10 Jan 2024 08:15:06 GMT

Thanks for your input. I just dont know what cards to apply next since I have a thin history with just 1 card on file and 1 late

What card companies will accept me

Re: ADVISE NEEDED FOR A NEW CREDIT CARD!!

gorgon — Wed, 10 Jan 2024 15:36:24 GMT

@damindaw wrote:
Thanks for your input. I just dont know what cards to apply next since I have a thin history with just 1 card on file and 1 late
What card companies will accept me

https://www.capitalone.com/credit-cards/preapprove/

Re: ADVISE NEEDED FOR A NEW CREDIT CARD!!

SouthJamaica — Wed, 10 Jan 2024 15:56:15 GMT

@damindaw wrote:
Good morning all,

A bit of background first,

EXPERIAN - 691
EQ- 665
TRANSUNION- 655

I ONLY HAVE 1 CURRENT CREDIT CARD FROM WELLSFARGO THAT WAS OPEN IN 2014 AND ITS IN GOOD STANDING AS OF NOW. 0% USAGE LIMIT $10,000
4 EX INQUIRIES
1 EQ INQ
1 TU INQ

I HAVE A SELFLENDER ACCOUNT THAT IS CLOSED BUT ITS REPORTING 1 LATE PAYMENT

NEED ADVISE WHAT CARDS I SHOULD APPLY NEXT AND OTHER ADIVSE

THANK YOU

You might want to consider a Discover IT cash back card or American Express Blue Cash Everyday card as your next card. Probably the BCE is your best bet, since Amex seems to usually pull Experian.

Re: ADVISE NEEDED FOR A NEW CREDIT CARD!!

CYBERSAM — Thu, 11 Jan 2024 17:05:23 GMT

@gorgon wrote:
@damindaw wrote:
Thanks for your input. I just dont know what cards to apply next since I have a thin history with just 1 card on file and 1 late
What card companies will accept me
https://www.capitalone.com/credit-cards/preapprove/

I would not go with Cap1, OPs score and file are very likely going to get approve for a bucketed card. Discover and AMEX is much better as they can grow.