topic Re: Card advice - recommendation? in Credit Cards

Card advice - recommendation?

Anonymous — Sat, 15 Mar 2014 00:02:26 GMT

Hello all. New to the site, new to the world of credit really. I signed up for CreditKarma and got a score of 670 - my grades at the top are all A's with total accounts score being an F and overall grade of C. I am an authorized user only with Home Depot and Lowes and I now have my own secure card from NFCU. Utilization is at 31% due to a recent home improvement project which will be paid off by mid April (possibly the end of April). 66 of 66 payments made on time and avg account age 9yrs 10 mos - oldest 13yrs 11mos . I own my home outright and have no car payment so.... I apologize if this is too much info or unimportant info, forgive my ignorance in advance.

Wondering if I would benefit in bettering my credit if I added another Credit Card and IF SO can someone give me advice which I should apply for online? I have not touched credit in a long time. I simply want to better my credit rating. I have alot to learn so a credit card might not be the answer, so any tips would be greatly appreciated if a CC is the wrong choice. If I should just wait a year and try something I can do that too. I will appreciate the advice.

Thank you for your time and feel free to offer any advice.

Regards

Re: Card advice - recommendation?

myjourney — Fri, 14 Mar 2014 23:57:48 GMT

Welcome to the forum

First off any time is the right time to learn about credit

Having said that you have no installment loans so CC's would help you without a doubt.

Before applying for any tho figure out what type of cards would best suit your needs

Do you travel?

Spend a lot on gas and groceries?

Cash back or travel cards?

What is your total monthly spend that could be palce on the cards

Re: Card advice - recommendation?

Anonymous — Sat, 15 Mar 2014 02:50:43 GMT

Thank you

I have not thought too much about what would benefit me as I have always been one of those "cash" only people - no longer wish to be. I do not travel anymore but a card that I could use for gas or other purchases would be nice I suspect. As far as how much, I am not sure but I could certainly keep it within an allotted percentage if need be if it would benefit me. I spend 200 a month on gas roughly. Hoped a card that was easy to qualify for might be possible. Its been years since I even tried for anything and I was declined the last time I did try.

Re: Card advice - recommendation?

Themanwhocan — Sat, 15 Mar 2014 11:13:09 GMT

@Anonymous wrote:
Thank you

I have not thought too much about what would benefit me as I have always been one of those "cash" only people - no longer wish to be. I do not travel anymore but a card that I could use for gas or other purchases would be nice I suspect. As far as how much, I am not sure but I could certainly keep it within an allotted percentage if need be if it would benefit me. I spend 200 a month on gas roughly. Hoped a card that was easy to qualify for might be possible. Its been years since I even tried for anything and I was declined the last time I did try.

CreditKarma scores are pretty much worthless.

You have a secured NFCU credit card? How long have you had that? Since NFCU is known as an extremely* generous lender, I would wait 6-12 months with their secured card, and then apply for a NFCU unsecured card with good cash back benefits. Assuming you get a good credit limit, you might be ready at that point to start applying for a few more cards from other lenders (ie, think 5% cash back categories).

See this post for a list of good 5% cards:

http://ficoforums.myfico.com/t5/Credit-Cards/What-are-your-favorite-store-cards/m-p/2911974#M826591

Re: Card advice - recommendation?

Chris679 — Sat, 15 Mar 2014 11:41:56 GMT

Capital one and discover are great places to start out

Re: Card advice - recommendation?

Anonymous — Sat, 15 Mar 2014 23:12:30 GMT

Thanks for the replies

After a few days of reading here I realize that the CK scores are not really that accurate so I was a little disappointed but I will take your advice. It might be best for me just to wait it out 6 months or so and try for the NFCU unsecured. Shall see if I get it. I just did not want to waste much time if I could and try to get the ball rolling a little but I can wait.

Thanks again for the reply and I look forward to learning more from the site. I have not used credit in a decade really except for the NFCU secure which I got very recently and hoped to get prepared for 2015 as I have plans on getting a new car (first time on my credit alone) and helping my daughter if I can get her credit established and the NFCU card is all I really have in my name, to date.

Regards

Re: Card advice - recommendation?

Swapmeet — Sat, 15 Mar 2014 23:41:04 GMT

Did you apply for an unsecured card from NFCU, and were offered a secured card? Or did you just go for the secured card to start?

Re: Card advice - recommendation?

Anonymous — Sun, 16 Mar 2014 00:02:30 GMT

I went with the secure card thinking my credit was terrible and that I would be lucky to get that. Afterwards, I pulled the credit (I know, I know) and when I saw a 670 I was floored. Its nothing to write home about and possibly terribly inaccurate but I was thinking I was going to be hundreds of points lower. I applied for credit years ago and was pretty much laughed at. Still had that thought in my head as I decided to get my credit in better shape.

Re: Card advice - recommendation?

Swapmeet — Sun, 16 Mar 2014 00:08:26 GMT

You need to immediately apply for an unsecured NFCU card. You will almost certainly be approved, and if not, the inq won't hurt you--especially since you are planning on not apping for anything else for six months. Go to the website and apply for an NFCU card with some sort of cash rewards. Do it right now and come back and tell us what your initial credit limit is (I'm guessting 7-12k).