topic Re: What Should my Second CC be? in Credit Cards

What Should my Second CC be?

real_madrid09 — Thu, 15 Sep 2011 07:48:06 GMT

Hello Everyone,

I recently (about 3 months ago), got my first CC (secured card from a local bank). I've been making full payments every month. My FACO EXP score is 720ish (can't get FICO score since I don't have at least 6 months of credit history).

I'm thinking it's about time I get a new credit card to expand my portfolio. After that, I'll likely go gardening for about 6 months. Just want to check if you guys/gals have any recommendations on a very easy card to get? Do you think Best Buy (their store card) would accept me?

Thanks in advance!

Re: What Should my Second CC be?

flyingmd — Thu, 15 Sep 2011 10:08:04 GMT

Most Prime cc are going to want to see at least 12 months of credit history before even considering you. I would continue to do just what you are doing and have patience and wait a year. You don't say what your income or status is or whether or not you are in school. Only makes a difference as some cc are geared to college students or those with very limited historys. When I first started, I got a secured card from BoA and over the next 12 months did nothing but pif and twice increased my cl by adding additional deposit. After the first year, called and got it unsecured, then waited 4 months before applying for anything else. I would strongly suggest a strategy along similar lines.

Re: What Should my Second CC be?

Anonymous — Thu, 15 Sep 2011 13:49:32 GMT

Re: What Should my Second CC be?

UFGuy2006 — Thu, 15 Sep 2011 14:45:33 GMT

@flyingmd wrote:
Most Prime cc are going to want to see at least 12 months of credit history before even considering you. I would continue to do just what you are doing and have patience and wait a year. You don't say what your income or status is or whether or not you are in school. Only makes a difference as some cc are geared to college students or those with very limited historys. When I first started, I got a secured card from BoA and over the next 12 months did nothing but pif and twice increased my cl by adding additional deposit. After the first year, called and got it unsecured, then waited 4 months before applying for anything else. I would strongly suggest a strategy along similar lines.

Agreed. WAIT at least 6-12 months before going APP happy... you want to land a prime card with a prime limit; not a subprime card with a toy limit. In due time!

Re: What Should my Second CC be?

Anonymous — Thu, 15 Sep 2011 16:32:35 GMT

Are you just starting out with credit or do you have a secured card for another reason?

My daughter is a college student.

Her first card was Cap1 student Journey. Cap1 was the only CCC that would give her a card at all. She was a credit ghost.

yes...the student card was a toy CL ($500). 6 months later they increased her to $750.

She charged one item every month and paid in full to establish history and a FICO score.

After 4 months, she applied for Zync and was approved.

After 6 months, she added Citi Forward (student) , and Discover More. She is at a 2-year college so Discover would not approve her for the student card. However, they did approve her for the regular More card with a $1000CL. If I am not mistaken, this is in prime territory now. Student limits are usually under $1000.00.

If you are a student, you could probably apply for a student card now. If you are not a student, I would say that you wait 6 months if you are just establishing credit, and at least 1 year if you had to obtain a secured card for other reasons (baddies). If you have a secured card due to credit mishaps in the past, then it could take longer to obtain an unsecured card.

Citi is very good with credit limit increases. You may want to consider one of their cards. They can certainly grow with you.

Cap1 hands out cards a little easier. The downfall is that you may be stuck with a toy limit for a very long time. However, your best shot may be with Cap1 so long as you do not have any negative history with them.

Chase will NOT consider anyone with less than 1 year history. In my experience, they are a much tougher bank. You will get rejection with Chase.

Bestbuy store card- NO! I do not recommend that you apply and take a hit. Their store card is actually harder to get then the MC (the MC has an annual fee). I actually just closed my account.

If you want a recommendation on easy store cards, I would have to say the easiest cards are those with GEMB, Macys or Target.

Everyone starts somewhere. The toy limit is perhaps to be expected at first. There is nothing wrong with that IMO. It paves the way for better credit limits and better cards.

I think baby steps are best. Since you have a secured card now, the next step is to get an unsecured card.

If you go to the Cap1 website, you can see if you are pre-approved for any of their cards. I believe you can do the same with Amex. Orchard bank also has a pre-approval site. Orchard, however, is not a prime bank.

Re: What Should my Second CC be?

castlefox — Thu, 15 Sep 2011 18:22:04 GMT

Even if you are paying it in full every month also make sure 20% or less of your CL gets reported every month.

Store/gas card would easer to get than a bank credit card,.... but I would suggest you look into gettting a credit card from a credit union instead of a bank next.

Re: What Should my Second CC be?

wmarat — Thu, 15 Sep 2011 22:12:12 GMT

@real_madrid09 wrote:
Hello Everyone,

I recently (about 3 months ago), got my first CC (secured card from a local bank). I've been making full payments every month. My FACO EXP score is 720ish (can't get FICO score since I don't have at least 6 months of credit history).

I'm thinking it's about time I get a new credit card to expand my portfolio. After that, I'll likely go gardening for about 6 months. Just want to check if you guys/gals have any recommendations on a very easy card to get? Do you think Best Buy (their store card) would accept me?

Thanks in advance!

Would wait at least 6 mos.

Check Credit Unions.

Re: What Should my Second CC be?

Anonymous — Thu, 15 Sep 2011 22:20:53 GMT

Amex. If you get declined you'll at least get an EX score

Re: What Should my Second CC be?

real_madrid09 — Thu, 15 Sep 2011 23:47:14 GMT

Thanks for all the suggestions, I really appreciate it!

To answer some of your questions, no, I'm not a student. I started my own business about 1.5 years ago, and I chose to stay with my business (which is going very well), instead of attending College. I have no baddies at all on my credit report. I just started buiding my credit history by getting a secured card a few months ago.

My #1 goal is to get the Amex Plum Card, which is pretty tough. It would really help my business out, and it'll help keep track of business expenses.

I'll get a 2nd card so I'll have two tradelines after 6 months. I'll pay in full every month on one card, and keep a 9% UTI on the other card (found out here that this is a very good formula for improving your score After that, I'll likely apply for the Zync Charge Card.

Re: What Should my Second CC be?

Guava — Fri, 16 Sep 2011 00:17:41 GMT

Good plan! And passing on college to open your own business? That takes major balls, way to go and best of luck to you!

Re: What Should my Second CC be?

Anonymous — Fri, 16 Sep 2011 02:29:41 GMT

Did you try the Cap1 pre-approval to see if you qualified for any of their cards?

Zync is the prob the easiest AMEX card to obtain.

Re: What Should my Second CC be?

Anonymous — Fri, 16 Sep 2011 02:34:30 GMT

PS. there are a couple of good links out there that may help you out.

whogavemecredit is a nice site because you can see who was approved based on credit score, etc.

creditcardtuneup is great because you can put in the dollar amount of areas that you regularly spend in, and it will show you cards that fit your profile.

Re: What Should my Second CC be?

Anonymous — Fri, 16 Sep 2011 04:00:04 GMT

Thank you to the previous poster who recommended the websites. I note, however, that the whogavemecredit website is not very current. All the information I saw there was from back in 2004. The creditcardtuneup site was interesting, it kept recommending the Gold Delta Air Miles card from AMEX, a card that costs $95 a year, that's not very attractive!

I am anxious to see what other recommendations are made to the OP because we are just getting back into the CC game after MANY MANY years of not having any.

Re: What Should my Second CC be?

real_madrid09 — Fri, 16 Sep 2011 17:22:33 GMT

Regarding 'WhoGaveMeCredit' you have to go to the bottom for the recent ones.

I did try the pre-approval, I only got pre-approved for the Secured Card from Orchard Bank. I might bite the bullet and apply for a Capital1 credit card soon.....

Re: What Should my Second CC be?

Anonymous — Fri, 16 Sep 2011 12:49:22 GMT

@real_madrid09 wrote:
Regarding 'WhoGaveMeCredit' you've gotta go to the bottom for the recent ones.

I did try the pre-approval, I only got pre-approved for the Secured Card from Orchard Bank. I might bite the bullet and apply for a Capital1 credit card soon.....

Cap1 is a good place to start. Good luck!!!!

Zync is a great card to get your foot in the door with AMEX. Since you are generating an EX FAKO already, you may have a shot at it.

I have the Business Gold. Great card.

Re: What Should my Second CC be?

Anonymous — Fri, 16 Sep 2011 12:52:34 GMT

@Anonymous wrote:
Thank you to the previous poster who recommended the websites. I note, however, that the whogavemecredit website is not very current. All the information I saw there was from back in 2004. The creditcardtuneup site was interesting, it kept recommending the Gold Delta Air Miles card from AMEX, a card that costs $95 a year, that's not very attractive!

I am anxious to see what other recommendations are made to the OP because we are just getting back into the CC game after MANY MANY years of not having any.

creditcardtune up will show the top card recommendation. It kept coming up with venture for me and I do not travel. HOWEVER, it lists the cards in order from best card to worst cards for rewards based on your spending. I chose the second best recommendation, which was the Forward card. It actually does fit into my profile perfectly. Most of my spending is for meals, entertainment and Amazon. I get 5x points in those catagories.

Re: What Should my Second CC be?

real_madrid09 — Fri, 16 Sep 2011 17:57:48 GMT

Apped for the Cap1 cc, and got this error message:

We're sorry, but due to technical difficulties, we can't process your application right now. Please come back at a later time to submit a new application. Again, we apologize for the inconvenience and hope to have this issue fixed shortly.

......

Re: What Should my Second CC be?

real_madrid09 — Fri, 16 Sep 2011 23:38:50 GMT

Update:

Was denied for their rewards card, but I got their Secured card. So, I now have two tradelines......time to go gardening for 5 months, and then I'll apply for an Amex.

Re: What Should my Second CC be?

bobebob — Sat, 17 Sep 2011 14:01:33 GMT

@real_madrid09 wrote:

. . . I'll get a 2nd card so I'll have two tradelines after 6 months. I'll pay in full every month on one card, and keep a 9% UTI on the other card (found out here that this is a very good formula for improving your score After that, I'll likely apply for the Zync Charge Card.

I just want to point out that if you let a balance post on your statement, it will be considered in your util. I used to pay off my AmEx every month and wondered why my Util was still 30%. Best way to lower util is to pay off card just before statement comes out.

It took me looking through a lot of old posts to understand that. Just wanted to save you some time.