First Credit Card Advice?

[Anonymous]

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@Anonymous wrote:
Thanks to you all for clueing me into creditchecktotal. And the wealth of knowledge you all shared on how to build a strong profile. He just signed up for a trial on creditchecktotal to see his Fico scores.

His Fico scores are:
Experian 772
Transunion 791
Equifax 772

Utilization is at 6%
Oldest account is 7.2 yrs and average is 4.9 yrs.

We’ll take a look at the discover and Amex offerings and go from there.

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Those are enviable FICO scores.  Based on them, I would apply in the following order:

1. Chase Sapphire Preferred - I called this one a "longshot possibility" and it probably still is; but "nothing ventured, nothing gained."  If Chase says no you can always re-apply in 6 months to a year after his credit profile has more history of revolving accounts.

2.  American Express

3. Discover It

4.  Capital One

As I see it, he should be able to get 3 of the 4 easily.  Those, along with the installment debt history, will create the foundation for a very solid credit profile.  It will also allow you to re-apply to Chase if necessary, without violating their 5/24 rule.

Fortunately, all those lenders have pre-qualification websites so you can check before applying to weigh the probability of approval.  If any of those suggestions fail perhaps he can get a credit card through the bank he currently banks with, and/or Bank of America.

Good luck.

[ChargedUp]

I honestly don't think he will have to get a secured card as he has history with the auto loan. My first credit card with only an auto loan on my file was with Citi and a $600 SL. (I was 18 back then) Capital One approved one of my step-daughters for $1000 as her first card. I referred my other step-daughter to apply for Discover with NO credit and she was approved for $1000 about a year ago. Amex Blue Cash, Cash Magnet or Everyday cards are also decent possibilities.

You *could* try for a Chase card that doesn't have a minimum limit like Freedom or Freedom Unlimited. (While Chase isn't known for being many peoples first credit card, it's not completely unheard of. Like I said above, with the card loan history, he will have a credit score and payment history which may just be enough to get your foot in the door at Chase.) If he does get one of the Freedoms, then he will have a chance to get a pre-qualification for the Sapphire when signing into his Chase account online. Either Freedom card can be product changed to Sapphire with at least $5K of credit line.

Best of luck, and welcome to myFICO!

[PointsBonus]

I would recommend starting with the AMEX Gold Charge card (50,000 Bonus )  and a Hilton Ascend (125,000 or 150,000 Bonus ) with those two it should get him started.

Then 1 MasterCard/Visa card - Citi Double cash or Citi AA , CapitalOne Quicksilver or which ever he pre qualifies for.