topic Re: Good to have different types of cards? in Credit Cards

Good to have different types of cards?

Anonymous — Fri, 13 Apr 2012 17:57:43 GMT

I got all of my negative info taken off but now instead of bad credit I have NO credit. I have a Cap One secured card with a $200 limit and an Unsecured Cap One card with a $500 limit both very new. So new a FICO score can't even generate. Should I attempt to get a store CC of some kind? I've heard it's good to have different types of cards...

Thanks.

Re: Good to have different types of cards?

webhopper — Fri, 13 Apr 2012 18:33:40 GMT

@Anonymous wrote:
I got all of my negative info taken off but now instead of bad credit I have NO credit. I have a Cap One secured card with a $200 limit and an Unsecured Cap One card with a $500 limit both very new. So new a FICO score can't even generate. Should I attempt to get a store CC of some kind? I've heard it's good to have different types of cards...

Thanks.

It is great to have different types of accounts, installments, Credit Cards, retail store cards... Before you app for a retail store card, I would consider a secured loan if you have cash on hand to put in a CD... installment loans are a better quality of credit than credit cards and retail cards alone can provide... If you'll wait 6 months or so, you'll have a Fico score to generate. Dont go overboard with apping for cards at this point... best to just manage what you have going for you! 2 cards is a great way to get started!

Re: Good to have different types of cards?

Anonymous — Fri, 13 Apr 2012 18:38:03 GMT

Right now, I'd suggest not applying for anything more until you have 6-8 months of history. You could then try a store card, if you shop at any stores that offer a decent card. You could also consider an Amex charge card, like the Zync. I got a Gold with only 8 months of history.