topic Re: Is Military Star Card a major cc? in Credit Cards

Is Military Star Card a major cc?

Anonymous — Fri, 21 Mar 2008 02:32:26 GMT

It looks good to have a major cc on your credit report, right? Does the Military Star Card count?

The *only* cc my husband has is the Military Star Card. And I grew up with it ingrained on my heart to never, ever, EVER have credit cards, so I have NO credit cards on my report. My parents display me like a treasure because I've followed their rule of "buy everything cash so you don't get in trouble..."

Is that, ummm, wrong? I'm thinking it is?? If so, what's a good $500 limit or so card we can each get to buy groceries on & create a credit card history?

Re: Is Military Star Card a major cc?

haulingthescoreup — Fri, 21 Mar 2008 11:11:46 GMT

OK, two separate questions.

1 -- the AAFES card --didn't I read that Chase is administering it now? If so, it probably counts as a major.

2 -- with all due respect to your parents, there's a whole lot of difference between credit and debt. Credit means that if something really bad and really scary comes up, you can deal with it, because you have the credit available to deal with the background stuff, while you deal with the real problems. Debt means you've already maxed out your credit cards and loans--you've gone to the well one too many times, and there's nothing left to pull out from the well.

Having credit is like having insurance. You always hope that you don't have to use it, but if you do, it's there.

If you have credit, and you've run up your balances to nearly their max, this is not credit, this is debt.

edit: cna't speel

Message Edited by haulingthescoreup on 03-21-2008 04:11 AM

Re: Is Military Star Card a major cc?

Anonymous — Fri, 21 Mar 2008 02:58:16 GMT

It's still "COMING SOON!" I just checked. It will be a Chase Mastercard. And it's not automatic, it's an option "upon account approval". Also, it will be a second line of credit, not wrapped up with the AAFES card. You'll have a Star Card & a Chase.

**If and when it ever comes to fruition** Having been in the military community & worked for the gv't, I know how long these "projects" can stay in limbo for....

Re: Is Military Star Card a major cc?

haulingthescoreup — Fri, 21 Mar 2008 11:13:56 GMT

I work for the VA. I'm way too familiar with "We'll do it when we have approval." (We don't have near enough money, so we have to pay attention to the funding.)

Please let us know how it works out. The AAFES system is really important to a small number of our members, which means that we try hard to find out the info, but we don't have enough members to know if it works.

edit to add: BTW, if this card doesn't work out for you, check out the PenFed Platinum Plus Visa, which pays 5% back on gas, 2% back on groceries, and %1.25 on everything else.

edit again: stlil cna't speel!

Message Edited by haulingthescoreup on 03-21-2008 04:13 AM

Re: Is Military Star Card a major cc?

shawnette — Fri, 21 Mar 2008 03:09:14 GMT

ivyalmighty wrote:
It looks good to have a major cc on your credit report, right? Does the Military Star Card count?

The *only* cc my husband has is the Military Star Card. And I grew up with it ingrained on my heart to never, ever, EVER have credit cards, so I have NO credit cards on my report. My parents display me like a treasure because I've followed their rule of "buy everything cash so you don't get in trouble..."

Is that, ummm, wrong? I'm thinking it is?? If so, what's a good $500 limit or so card we can each get to buy groceries on & create a credit card history?

Nope, not a major. It's like having a Walmart or Target Red card. Try Capital One. They're pretty easy to get.

Message Edited by shawnette on 03-20-2008 08:09 PM

Re: Is Military Star Card a major cc?

Anonymous — Fri, 21 Mar 2008 03:27:59 GMT

I love the AAFES system. How could you not love 0% sales tax & 15-35% discounts on designer goods?

If the Chase ever comes to life, and if we can get approved for it, I will certainly let you all know.

Right now I'm just worried about what cards I could even be approved for, to start creating credit for myself, and if it's the right time to start creating cc credit.

History: Tons and tons of medical collections - 16 to be exact. Now mostly paid off but 3-6 yr old DOFDs. FICOs are 579-618. And maybe I should just wait 3-4 more months before getting a cc.

Right now, all but two sets of medical collections are paid off. Those remaining total about $1300. Got two new auto loans last summer & personal loan for $5K from CU, all will reach 1yr old around June 08. Should I wait until all three of those accounts are a full year old before applying for new credit?

Re: Is Military Star Card a major cc?

Anonymous — Fri, 21 Mar 2008 03:29:51 GMT

if you have a cu relationship like you indicate, i would explore that cc option first. do you have a cc issued by them already?

Re: Is Military Star Card a major cc?

Anonymous — Fri, 21 Mar 2008 04:54:13 GMT

We do have a good relationship w/ NFCU. Husband has been member for 16yrs, had 3-4 small loans over the past 8 yrs, now have auto loan & new small loan financed through them. I thought of that option tonight. I think we will go talk about it tomorrow. We have walk-in credit counseling available so I think I'll bring my FICO pulls & see what they can do for us without pulling our reports & getting another inquiry.

Good idea

Re: Is Military Star Card a major cc?

Anonymous — Fri, 21 Mar 2008 04:58:55 GMT

nfcu pulls eq and everybody wants in w/them. you should absolutely go app. i've heard a 5k approvals with high 500 eq ficos.

Re: Is Military Star Card a major cc?

Anonymous — Fri, 21 Mar 2008 05:04:44 GMT

So you don't think it will knock my score to have too much "new" credit? Two auto loans, $5k personal loan & credit card w/in 12 month period?

This is after not having any new credit since a cc in 2001...

Re: Is Military Star Card a major cc?

Anonymous — Fri, 21 Mar 2008 05:09:46 GMT

well nfcu i belive is all you can eat w/a single pull (wait for someine who is a member to confirm). if it is and i were you, i would app master card, visa, and a loc. then again amex just chopped 3.5k off my limit because i have obtained too much available credit (about an additional 55k in the last 9 months).

Re: Is Military Star Card a major cc?

Anonymous — Fri, 21 Mar 2008 05:21:06 GMT

ivyalmighty wrote:
We do have a good relationship w/ NFCU. Husband has been member for 16yrs, had 3-4 small loans over the past 8 yrs, now have auto loan & new small loan financed through them. I thought of that option tonight. I think we will go talk about it tomorrow. We have walk-in credit counseling available so I think I'll bring my FICO pulls & see what they can do for us without pulling our reports & getting another inquiry.

Good idea

Hi ivy,

As you know, don't visit the blanch during the lunch time and on the pay day! You will spend the hours there easily.

P.S. My very first job was at AAFES. And I opened account with ... I believe it was Crester Bank on base .... and I lost my hard earned money on there service fee. Once I found out I had to have minimum of $300 in my account, I closed the account and opened account with NFCU.

Re: Is Military Star Card a major cc?

haulingthescoreup — Fri, 21 Mar 2008 11:25:17 GMT

@Anonymous wrote:

So you don't think it will knock my score to have too much "new" credit? Two auto loans, $5k personal loan & credit card w/in 12 month period?
This is after not having any new credit since a cc in 2001...

I don't think that you would. In fact, I wouldn't be a bit surprised to find that if you play with the simulator that you get with your EQ and TU FICO score reports, it would project a score increase if you try "get a CC with a $5K." Having revolving credit is a huge help for your scores if you don't have any currently.

Good for you for already being with Navy FCU! That's one of the big national CU's that the rest of us drool over. Also, if you're not with USAA already, you ought to go open a Roth IRA or something with them. They're a bit pickier with scores, but they're great to grow with, and they seem to have every financial product ever made. They might be a smart second card in six months' time. Just be sure that when you separate from the military that you have some sort of insurance with them, even a cheap-o renter's insurance, so that you will still have full membership when you're back in civilian life.

edit to add: my scores got slaughtered because I'm in a score bucket of people with long, supposedly stable credit, and we're not expected to run amok getting new credit! Also, 6 cc's and an auto loan all at once, that definitely does make a dent...

Message Edited by haulingthescoreup on 03-21-2008 04:25 AM

Re: Is Military Star Card a major cc?

Anonymous — Fri, 21 Mar 2008 16:13:56 GMT

Don't forget the clearance at my px when they mark stuff down they do it with a bang always 75% off and no tax gotta luv it...where in the world can you get a kenmore deep freezer new for 50 bucks sheesh... I hope they change and go with citi instead of chase aww that would be nice ...

Re: Is Military Star Card a major cc?

Anonymous — Fri, 21 Mar 2008 17:09:54 GMT

The bad part about AAFES is that they're starting to charge as much as most department stores and getting them to price match is a pain. Not only that, but don't forget about the surcharge fee. In effect, that is a tax.

Re: Is Military Star Card a major cc?

Anonymous — Fri, 21 Mar 2008 18:35:42 GMT

T2J wrote:
The bad part about AAFES is that they're starting to charge as much as most department stores and getting them to price match is a pain. Not only that, but don't forget about the surcharge fee. In effect, that is a tax.

That's bad news for people who used to AAFES price, it is lower than NEX and MCX and I love their price too. So, they start to charge service fees like DECA does? 5% is still not bad.

Bad thing is, when you purchase foods at commissary you pay 5% as service fee. When you purchase foods at somewhere else it is 0% tax here.

Re: Is Military Star Card a major cc?

Anonymous — Fri, 21 Mar 2008 21:31:53 GMT

I hate that surcharge fee lol and most of the shopping I do at the px is clearance 50% to 75% off if its full price I wait on it to mark down they mark everything down here within a few months so its better to wait and pay no tax ! But your right the prices are starting to get high on reg priced stuff.

Re: Is Military Star Card a major cc?

Anonymous — Fri, 21 Mar 2008 22:29:28 GMT

MyFICO is my hero. I used the Score Simulator to find out exactly how much our credit limit on a new credit card should be to increase both our scores. For me, anything $1K or higher would give me a 20-point boost. For hubby, he needed more than $3500 but less than $5K. Perfect. That was such good helpful info! So I went down and counseled at NFCU today.. (after lunchtime, but before the mid-afternoon Friday rush of all the young Marines getting off early)... Printed out our FICO scores & asked, with these scores, do we have a shot at getting a $3500 limit to increase our score? Told her, I didn't want the inquiry if we weren't pretty sure we'd get the card... She said, sure! I applied & should hear by tomorrow night. Cross your fingers, folks! Also, she had never even heard of myFICO and was totally interested in the products. Apparently she had identity fraud recently & is now down to a 400 and doesn't know how to get it back up. So, I think we might have a new member soon! -ivyalmighty

Re: Is Military Star Card a major cc?

Anonymous — Sat, 22 Mar 2008 05:38:04 GMT

ivyalmighty wrote:
I applied & should hear by tomorrow night. Cross your fingers, folks! Also, she had never even heard of myFICO and was totally interested in the products. Apparently she had identity fraud recently & is now down to a 400 and doesn't know how to get it back up. So, I think we might have a new member soon! -ivyalmighty

Good Luck! Don't forget to let un know... we would like to here from you.

ivy, you are her hero! Good job!!

Re: Is Military Star Card a major cc?

Anonymous — Wed, 26 Mar 2008 20:01:26 GMT

WE GOT IT WE GOT IT WE GOT IT! IT TOOK FIVE DAYS, BUT I JUST CALLED AND WE GOT $15K AT 13.9APR!!!! I AM SO THRILLED!