topic Re: BEST CARD FOR ME? in Credit Cards

BEST CARD FOR ME?

Anonymous — Thu, 17 May 2012 02:27:06 GMT

I have been working really hard at improving my credit - my scores are 727 Equifax, 734 Transunion and 711 Experian. I currently do not have any credit card debt.

I am an authorized user on 2 acccounts, one with a 15k line, and about 600 on it, and the other 2 have a zero balance. So, soon, I would like to get a card on my own, wondering what I could get . I have been getting offers for the Discover Card, and a CIti card - Thanks. Any ideas of a good place to start. I do not want to ding my credit by applying for a card and being denied. Any idea how much of a line I would be offered?

Thanks!

Re: BEST CARD FOR ME?

Anonymous — Thu, 17 May 2012 02:32:59 GMT

What kind of card are you looking for? Low interest rate or rewards? What type of rewards, cashback or travel points? Do you want any benefits with the card? With those scores, assuming you have some history and a decent average age of accounts from you authorized user accounts with some income, you could qualify for a good number of cards. It depends on what you are looking for?

Re: BEST CARD FOR ME?

Anonymous — Thu, 17 May 2012 02:37:35 GMT

wow. These threads come up a lot.

First off, where are you getting your scores? Since you quoted scores from all three credit bureaus, I am assuming your credit scores are FAKOs and not FICO scores. You need to get a real FICO score (EQ from myfico is best).

2nd, are you saying your only credit lines are AU lines? If that is so, I think you will find that while your FICO is decent, you will get a lot of rejections given your FICO.

Let us know your FICO and answer to 2nd question and might be able to give you more advice.

Re: BEST CARD FOR ME?

Anonymous — Thu, 17 May 2012 02:46:01 GMT

Good point. Forgot that I can't assume scores are FICOs. You should definitely pull atleast one FICO from here, if those aren't FICOs.

Re: BEST CARD FOR ME?

Anonymous — Thu, 17 May 2012 02:47:34 GMT

These are true Fico score pulled from my morgage broker (in midst of refinance and when that is complete will apply for a card).

Yes, currently that is the case, however, I have had credit cards in the past, just none open now, and only authorized user cards.

Re: BEST CARD FOR ME?

Anonymous — Thu, 17 May 2012 02:49:27 GMT

Also, I have a income of 96K, does that help? Do they look at that?

Re: BEST CARD FOR ME?

Anonymous — Thu, 17 May 2012 02:52:10 GMT

Income matters, how much varies by lender. Also some cards will require a minimum credit limit of, say, atleast $5,000, so even with a good credit report you'll have to have the income to back that up.

Re: BEST CARD FOR ME?

Anonymous — Thu, 17 May 2012 02:55:32 GMT

Thank you. So any suggestions? I guess since I do not have any credit cards to transfer, interested in Cash Back...

Re: BEST CARD FOR ME?

mmduluth — Thu, 17 May 2012 02:58:16 GMT

I say research credit unions. I joined Alliant for a savings account (they have the highest interest rate I can find) and they have been great so far. I don't know much about their credit products but CUs tend to give out large limits. Also, a credit union will probably be better for you because it's not just a computer that looks at your report and approves or denies you. A lot of credit unions require income verification and look at your report manually so that might definitely help you out as you have a good income.

Re: BEST CARD FOR ME?

Anonymous — Thu, 17 May 2012 03:00:52 GMT

thanks!

Re: BEST CARD FOR ME?

Anonymous — Thu, 17 May 2012 03:52:00 GMT

I definitely agree. While your FICO is good, you might get low CLs or get more rejections than your FICO deserves. A manual review will help you I think given your credit score. If you can get one issuer to give you significant credit line, your credit file will be in great shape. Best bet is to get 2 credit cards with significant limits and maybe a store/gas card or maybe charge card. Then your AU accounts won't look out of place.

Have you had a AMEX before? Please tell us yes

Re: BEST CARD FOR ME?

Anonymous — Thu, 17 May 2012 03:55:02 GMT

Cool. I will try that. I would love am AMEX. What are my chances?

Re: BEST CARD FOR ME?

Anonymous — Thu, 17 May 2012 03:59:09 GMT

Was asking if you have had an AMEX before? If you haven't, you shouldn't apply until you get the other 2 revolving credit lines and let them maturre for 6 months or so. To be safe that is

Re: BEST CARD FOR ME?

Anonymous — Thu, 17 May 2012 04:01:32 GMT

Okay. Should I apply for a Citi Thank you card, they have preappoved me and keep sending me offers every week. Same with Discover.

I will also see about the Credit Union deal.

Re: BEST CARD FOR ME?

Anonymous — Thu, 17 May 2012 04:26:18 GMT

@Anonymous wrote:
Okay. Should I apply for a Citi Thank you card, they have preappoved me and keep sending me offers every week. Same with Discover.
I will also see about the Credit Union deal.

I wouldnt yet. well that depends. are there any closed tradelines from before reporting or are the only credit cards on your reports the ones you are an au on? just because a company sends you an invite there is no guarantee for approval

Re: BEST CARD FOR ME?

Anonymous — Thu, 17 May 2012 04:35:30 GMT

@Anonymous wrote:
@Anonymous wrote:
Okay. Should I apply for a Citi Thank you card, they have preappoved me and keep sending me offers every week. Same with Discover.
I will also see about the Credit Union deal.

I wouldnt yet. well that depends. are there any closed tradelines from before reporting or are the only credit cards on your reports the ones you are an au on? just because a company sends you an invite there is no guarantee for approval

I agree. They only see your FICO score but not the underlying reason for the score. Citibank also has started using XX08 FICO models at times and XX08 Fico scoring discounts AU cards if it considers it piggybacking. Not sure if you answered this already, but where are your AU accounts from?

Re: BEST CARD FOR ME?

Anonymous — Thu, 17 May 2012 11:16:45 GMT

Chase Freedom, Macy's, AMEX

Re: BEST CARD FOR ME?

Anonymous — Thu, 17 May 2012 11:26:01 GMT

Hi, there are Six closed tradelnes, and the three authorized user accounts. HSBC, 2 capital one, GE, Sears, PNC And the three AU accounts --- I know I have to be patient but it's never going to change until I get a card in my name, correct? What is my best bet to get approved....any idea? My score has been in the mid 700s true Fico since December but have been waiting because of refi. I am being added to financing so mortgage will be showing on my report soon as well.

Re: BEST CARD FOR ME?

Anonymous — Thu, 17 May 2012 16:06:45 GMT

Police, I meant whose accounts are you au on? Also, don't worry given your score and credit situation, you will quickly be able to get most cards, but the initial cards going to be important. Tell me about the closed revolving tls. What cl showing on credit report and when we're they closed. Also where do you live. Going to look up some nice cu's as might be best bet to start. Finally, where did you get mortgage from. Basically looking for issuer, if they don't like the au only thing, who will give you good manual review and get you back to where your credit card lines should be.

Re: BEST CARD FOR ME?

Anonymous — Thu, 17 May 2012 17:33:12 GMT

Hi I am an AU on my mothers accounts, the Chase Freedom and the Macy's and also on my husbands card, an AMEX Blue....

The Closed CLs are HSBC closed 12/2011, Capital One closed 1,2010, Capital One closed 8/2003, PNC Closed 8/2002 and Sears Closed 4/2003

All closed at my request..... I am in NYC.... The mortgage is going to be with Chase.....

thanks you so much!! So sounds like my best bet is a credit union.