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Good credit, no credit card. Need recommendations

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Frequent Contributor

Re: Good credit, no credit card. Need recommendations


@Fappenheim wrote:

@GApeachy wrote:

This has nothing to do with Cashback but just an idea/thought:

Being you need surgery and being you need to buy for lots of kiddos, have you considered Care Credit?  Idk how much you know about that card and whether or not you'd be interested in a store card (promotional deferred int. pymts guaranteed by x amt of months/ possiblity of invite to pc up to a MC is remote but not out of the ?) but it would help along those lines in the near future with spend anyway.  Walmart-all baby supplies and toys you can swipe, all personal hygiene products you can swipe; everything at Walgreens swipe away....none are promotional deferred but every little bit helps.  The promotional deferred pymts. depends on who you have surgery with and how they are signed up so you would want to call the dr.s office to see if they are apart of that network and how long they can run your procedure for.

Congrats on your recent approval!


Thanks. I didn't even realize the CareCredit was a CC. I'd seen it mentioned before, but assumed it was a loan. I think I'd prefer a loan.

 

The Walmart MC is on my list of things to consider, though I haven't yet looked to see what percentage of our spending goes there specifically.


Walmart has a card that you can use in other places, but you only get 1% cashback at non-WM stores. I think that Chase cards are really popular and they allegedly have a 5/24 rule. So, maybe now's a good time for you to app for one of their cards before you get too many others. Congrats on your success so far, though.

 

You mentioned something about not using credit in the past. I was the same way. I ruined my credit and then realized that I didn't need cc anyway. But, now, I use credit to my advantgae by "living off of credit" (that i can afford to pay back), getting cashback from cc purchases, and investing my money during the float time that we get when we charge things.

Message 31 of 36
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Established Contributor

Re: Good credit, no credit card. Need recommendations


@Fappenheim wrote:

@AllZero wrote:

Look into adding 2 more so you'll have at least 3 total, slow and steady.


Well, I didn't wait long, and last night applied and was approved for $4100 on the Amazon Prime Rewards Visa. I spend $8000 or more per year on Amazon, and the 5% cash back plus the $100 approval gift card was a very tempting. I wasn't too worried about being approved for it, since my Experian scores were so good. Ex FICO 8 was 784, and the two bankcard scores were 793 and 818.

 

The credit pull dropped my Ex FICO 8 three points down to 781.

 

Probably the next card I'll want is the AmEx Blue Cash Preferred. I have a big family, and spend about $13k/year on groceries. Would need to get one for me and one for my SO, as they drop the cash back rate from 6% to 1% after you spend $6k. I'll probably wait until late summer/early autumn to apply for that, though. If I can get to the point that I'm getting enough cash back to cover xmas & bday presents for the kids, that'd be great.

 

I'm thinking of applying for credit for PRK surgery in a couple months (not sure of the best options), which aside from the aforementioned AmEx Blue would be the only credit applications I expect to make for rest of the year.


Congrats on your approvals. I would personally apply for all accounts that you want now that way they all age together at the same time.

Message 32 of 36
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Valued Member

Re: Good credit, no credit card. Need recommendations

Congrats on your approvals..... I would add one more card, either an Amex.    Maybe wait a few months and the second maybe Discover..... and or Care Credit.  Care Credit whether used at a dentist, doctor, vet or for medication is a nice card to have.  You often have options to finance 18  months ( maybe even 24 ) interest free.

 

I believe they discount the amount paid to the doctor, with the discount amount varying & dependant on the length of your interest free period. So some offices like my vet, will only go 6 months...while my dentis will allow the work to go much longer.... 18 months with no problem.

 

Add, one or two more cards.... then i would sit tight for 6 months..... but if you want to opt for a Chase card... keep their 24 month rule in mind.
Best of luck !

Message 33 of 36
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Established Member

Re: Good credit, no credit card. Need recommendations

I hadn't considered getting several accounts in short succession so as to have them all be the same age. On the one hand, I see the benefit to doing having done that, but how would that affect my overall credit aging?

 

Interestingly, my Experian scores have gone back up. FICO 8 is now as high as it has ever been at 796, and the three Bankcard scores are 815, 790, & 809.

 

 

Message 34 of 36
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Senior Contributor

Re: Good credit, no credit card. Need recommendations


@Fappenheim wrote:

Interestingly, my Experian scores have gone back up. FICO 8 is now as high as it has ever been at 796, and the three Bankcard scores are 815, 790, & 809.

 

 


Oh Lawdy, your Profile is like an Open Bar.....and this Appoholic would pull right on up and slam down a few shots. A double of Chase on the Rocks for one.

”MY TAKE HOME PAY DON’T TAKE ME HOME”
Message 35 of 36
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Valued Contributor

Re: Good credit, no credit card. Need recommendations


@Fappenheim wrote:

I hadn't considered getting several accounts in short succession so as to have them all be the same age. On the one hand, I see the benefit to doing having done that, but how would that affect my overall credit aging?

 


 Yeah it's generally a good idea to do whatever you plan to open at once as long as long as your profile supports it.  You take a temporary hit on aging but the impact of that reduces significantly after a year. 



Last App: BECU 02-26-2020
Pronouns: He/Him/His
Message 36 of 36
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