topic Re: Card recommendation for a semi starter in Credit Cards

UPDATED AMEX ZYNC BCE APPROVED!! Card recommendation for a semi starter

SwiftTone — Thu, 05 Jul 2012 23:22:21 GMT

Hi all, I am posting this for my DGF who has only started her credit journey less than 2 years ago. She received her first credit card with Bank of America in 09/2010 with a measley $300 CL, and added to her portfolio a Capital One Cash Rewards with a $2000 CL in 04/2012. After seeing my interest in credit, and relative sucess in the past few months, she's asked me to help her build up her portfolio. She, like many Asian immigrants, was using strictly cash/debit for most of her transactions. But after seeing her semi-wealthy relative denied a mortgage and requiring a co-signer, she has decided that that is not the way she wants to go for her credit future.

Anyways, we looked at her myfico EQ report back in April and she scored a 675 before the addition of her Capital One. I'd guess she is a few points higher now due to an addition of a 2nd credit account. I'm not too familiar with early stages of building credit so I'm looking for help. She did miss a payment with BoA by 1 day due to making a payment after 5PM. I'm not sure at the moment if it actually got reported to the CRBs but maybe we'll check the reports later.

Can someone suggest some cards for her? I think getting in with AMEX with ZYNC is a good idea for the future, but is it too early considering her file? Chase Freedom may get a low CL that would be tougher to grow. Or maybe now is not a good time to app and she needs to garden a bit.

We're just looking for suggestiions so any would be appreciated. Thanks!

Re: Card recommendation for a semi starter

Ron1 — Sun, 24 Jun 2012 19:29:10 GMT

Walmart card is also good to build credit. Old Navy Card is also good one.

Ron.

Re: Card recommendation for a semi starter

webhopper — Sun, 24 Jun 2012 19:36:04 GMT

I would recommend Zync and one Store card, somewhere that she likes to shop that is backed by GECRB.

also, don't overlook the impact that a secured installment loan will make, installment loans are viewed at as more favorable accounts to have. something as small as a 1k installment secured loan with monthly payments of $92 would help her tremendously in building installment history, which would help in car buying and in mortgages

Re: Card recommendation for a semi starter

Revelate — Sun, 24 Jun 2012 20:24:20 GMT

To add to the good suggestions posted, PC that BOA card to a rewards one: they're doing it for secured cards now, no reason they wouldn't tack it on for an unsecured starter card I suspect... and it turns it into a pretty nice card all things considered for the credit strata. A CLI since she's had it 18+ months might be possible too, but it'll undoubtedly be a HP to do so.

Re: Card recommendation for a semi starter

Repo-ed — Sun, 24 Jun 2012 20:45:41 GMT

Walmart, Amex Zync, Barclay Visa, and a store card from GE from where you might shop.

Re: Card recommendation for a semi starter

SwiftTone — Mon, 25 Jun 2012 13:13:22 GMT

Ah, we completely forgot she has a Macy's card. She used it once when she opened it maybe 1.5 years ago. Is that backed by GE?

We may ask for a CLI with BoA which is already an rewards card but I don't want her to put too much faith in BoA as I see them take AA against many members on this forum.

I think we will app for a ZNYC. Probably won't for the Wa-Mart card because we don't shop there often, maybe once every few months. Isn't Barclay inquiry sensitive? She just got the Capital One 2 months ago so the inquiry is still fresh.

Re: Card recommendation for a semi starter

BrokaToe — Tue, 26 Jun 2012 03:49:00 GMT

The Macy's credit card is issued by Department Stores National Bank ("DSNB").

I've heard of many folks having good results with CLI on the BOA card through the luv button on the online banking site. Usually 6 months is about when you could be eligible with BOA. And from what I understand Barclay's is very sensitive to Inquiries. You would probably be more likely to see AA from Barclay's then BOA IMO.

Re: Card recommendation for a semi starter

Anonymous — Tue, 26 Jun 2012 06:28:09 GMT

@SwiftTone wrote:

Can someone suggest some cards for her?

Maybe think of getting a card from each network: a Mastercard, a Visa, an Amex (Zync is an excellent idea) and a Discover. Also, don't forget about building a relationship with a Credit Union. These are all things you can do building upon her existing BOA and Cap One cards. Also, I think its a good idea to check her FICO® score again. After you get done getting some more cards, I would seek a much larger credit limit on that BOA card.

I wish you well!!!

Re: Card recommendation for a semi starter

SwiftTone — Sun, 01 Jul 2012 21:27:26 GMT

We pulled her report and FICO score today by signing up for quarterly monitoring.

Per TU, her FICO is 698. 1 late payment on BoA 4/2011. AAoA 1 year, 5% utilization and 1 inq from Capital One in 4/2012. We're kind of surprised that BoA reported her as late because she was only a couple days late, due to forgetting. She paid it to $0 couple days later when she remembered then setup autopay. Bad habbit of hers I guess.

So ZYNC is on the table, and so is Discover. Any other suggestions??

Re: Card recommendation for a semi starter

SwiftTone — Thu, 05 Jul 2012 23:18:13 GMT

We just applied for AMEX ZYNC and INSTANTLY approved for NPSL. Then, after reading that if we apply for charge and credit card on the same day may result in only 1 HP, we applied for BCE. It gave us one of those 7-10 days message. I googled "AMEX application status" and entered in her information. The screen pops up and BAMMM, APPROVED FOR BCE.

Called a few minutes later hoping to get what the CL is, but they said we have to call back in at least 24 hours because they don't know yet.

Should we app for Discover before these accounts start reporting?!?!

THANKS EVERYONE!!

Re: Card recommendation for a semi starter

Revelate — Thu, 05 Jul 2012 23:21:25 GMT

@SwiftTone wrote:
We just applied for AMEX ZYNC and INSTANTLY approved for NPSL. Then, after reading that if we apply for charge and credit card on the same day may result in only 1 HP, we applied for BCE. It gave us one of those 7-10 days message. I googled "AMEX application status" and entered in her information. The screen pops up and BAMMM, APPROVED FOR BCE.

Called a few minutes later hoping to get what the CL is, but they said we have to call back in at least 24 hours because they don't know yet.

Should we app for Discover before these accounts start reporting?!?!

THANKS EVERYONE!!

Congrats! If she wants the Discover tradeline, then yes, do it immediately before the other tradelines report is my suggestion, otherwise wait a year or probably more as the Disc. More really isn't a top tier card anymore and she may move past it at that point.

Re: Card recommendation for a semi starter

SwiftTone — Fri, 06 Jul 2012 12:53:50 GMT

@Revelate wrote:
@SwiftTone wrote:
We just applied for AMEX ZYNC and INSTANTLY approved for NPSL. Then, after reading that if we apply for charge and credit card on the same day may result in only 1 HP, we applied for BCE. It gave us one of those 7-10 days message. I googled "AMEX application status" and entered in her information. The screen pops up and BAMMM, APPROVED FOR BCE.

Called a few minutes later hoping to get what the CL is, but they said we have to call back in at least 24 hours because they don't know yet.

Should we app for Discover before these accounts start reporting?!?!

THANKS EVERYONE!!
Congrats! If she wants the Discover tradeline, then yes, do it immediately before the other tradelines report is my suggestion, otherwise wait a year or probably more as the Disc. More really isn't a top tier card anymore and she may move past it at that point.

I w
If we could get more suggestions on what else she should apply for that would be great. Maybe a Chase Freedom? But they also pull EX. hmmm

We still couldn't get her CL. Kept on telling us to wait for the letter/call later. Funny that the anticipation is killing me more than her lol.

Re: Card recommendation for a semi starter

Anonymous — Fri, 06 Jul 2012 13:04:01 GMT

Freedom loves to match CL's. Don't get one unless she has a higher CL she wants it to match, that's already visible for them.

Last thing you want is for her to be stuck with a $500 Freedom.

I'd echo the sentiment for a Discover.

Re: Card recommendation for a semi starter

SwiftTone — Fri, 06 Jul 2012 13:23:42 GMT

@Anonymous wrote:
Freedom loves to match CL's. Don't get one unless she has a higher CL she wants it to match, that's already visible for them.

Last thing you want is for her to be stuck with a $500 Freedom.
I'd echo the sentiment for a Discover.

Not too sure what you mean by that?

I agree regarding the Freedom. I guess we'll see what her CL is first. Right now her highest is $2000 w/ Capital One

Re: Card recommendation for a semi starter

Anonymous — Fri, 06 Jul 2012 13:25:19 GMT

Echo sentiment = App for Discover

Re: Card recommendation for a semi starter

SwiftTone — Fri, 06 Jul 2012 13:35:17 GMT

Whats the lowest CL they give on the BCE? I can't imagine lower than $1000.

I am still shocked that she basically got instantly approved for both!! Her income is only $20k also

Re: Card recommendation for a semi starter

Anonymous — Fri, 06 Jul 2012 13:35:33 GMT

$1,000 is the lowest I've heard.

61 days later, that could be $3,000.

The foot in is the hardest part with a revolver.

Re: Card recommendation for a semi starter

SwiftTone — Fri, 06 Jul 2012 13:37:06 GMT

Is it too late to cancel the ZYNC? We only applied for it because I was really sure she would be borderline for that, but that wasn't the case

Re: Card recommendation for a semi starter

Anonymous — Fri, 06 Jul 2012 13:40:04 GMT

Too late as in "If we cancel it, she won't have a HP for the Zync"?

Personally, I'd keep it. With an AF of only $25 and some nice packs to go along with it, it's a nice card.

Plus, tell her it's pretty. Her friends will be jealous.

Are the Zync and BCE her only cards?

Re: Card recommendation for a semi starter

SwiftTone — Fri, 06 Jul 2012 13:45:55 GMT

@Anonymous wrote:
Too late as in "If we cancel it, she won't have a HP for the Zync"?

Personally, I'd keep it. With an AF of only $25 and some nice packs to go along with it, it's a nice card.
Plus, tell her it's pretty. Her friends will be jealous.

Are the Zync and BCE her only cards?

I'm just concerned about her AAoA. Her AAoA right now is 1 year.

I told her it's really pretty(from what I've read) but after looking at the pictures, she likes the Blue look better haha.

It's her first 2 AMEXes. But she has a Macy's, BoA $300 limit, and Cap 1 rewards $2000 CL