I Need A Credit Card, where to Start?

[Brian_Earl_Spilner]

To get optimal revolving credit scoring, you need 3 cards. A large boost for your second, a smaller for your third, nothing after that. If you're income will be a problem, then get a couple of secured cards and wait until your scores are good enough for Discover and Amex.

[Anonymous]

This is the first I've hear I'd need three. Would that include my Kohls Card?

I read I shouldn't open up one right after ther other but wait a few months, between 3 and 6, this right?

[signaturecardmember]

IF you are ok with small limits I would apply for some basic cards. Preferably if the prequalify links you were sent earlier secured or not will not show on the credit report. I started out with BOA secured 15 years ago or so and have grown from there. They have a 99 deposit for 500 limit if you cant get a regular unsecured card. Discover IT might get approved, Chase Freedom unlimited, capital one etc. Id pick 5 no annual fee cards. Order them from top to bottom that you would most like to have and apply, once you get to 3 cards stop and hit the garden for at least 6 months. Use them frequently, pay in full, etc and grow. hope this helps!

[ToughFistFight]

You REALLY need to read the rebuild forum.  You are getting little chunks of advice that wont do you much good if you dont have a strategy.  You can screw your chances later for better cards if you make wrong decisions in the beginning.  Please go through and get some reading done.  All of the questions you are asking can be answered through some good old reading.  Good luck!

[Anonymous]

I've read a book on rebuilding credit and a few of the highlighted sticky threads.

Can you be specific which threads I should look at?

[Anonymous]

Would a USAA card be good? My dad retired from military. 

I see no annual fee, 16 percet APR, no late APR penalty. I will probably try here first.

Are there others I may be eligible for with the same criteria?

[Anonymous]

What I think toughfistfight was referring to was to make sure the card I apply for is extendable in the future, is this correct? So if I'm approved for 1000, I'd be good to extend this to 3000 at some point.

[Anonymous]

Just got off the phone with american express.

I asked how do I verify my income for self employment without tax returns.

Answer "After submitting application, you are approved or denied, at that point we may ask for income verification documents"

Is this how it usually is? The application doesn't even require sending in proof on income, only if asked?

[DangerNoodle]

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@Anonymous wrote:

My Fico 8 is 648. The myfico simulator is saying I could possibly get 70 points added to my score if I add a bank credit card. The only revolving credit card I have is a kohl's department.

Basic Questions

1. Should I get a secured card first? Would this increase my score the same as an usecured card -- is there a difference on how it could potentially increase my score. To me, it sounds like a secured card is more or less a debit card ...
2. Is there a place I can sign up and have offers come to me without me looking at them all individually myself?
3. I can have 12 different bank card companies run soft checks and it won't effect my FICO score, correct?

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1) If you have little to no credit history at all, then getting a secured card is a great way to start your journey. As to how it affects your score, any credit card will have the same effect on your score - doesn't matter if it's secured or not (there's no indication on your credit report). With that being said, it's advisable to get a secured card with a prime bank (Capital One Platinum Secured is a great one), because prime lenders don't generally like to see cards from companies that specifically target people with poor/no credit (like Credit One). For example, American Express would prefer see a card on your report from Capital One or Discover instead of Credit One. Plus, Credit One is pretty scummy, because they charge a lot of fees and begin charging interest on purchases the second they post.

2) You'd have to opt in to recieving pre-screened offers from banks, which can be done here: https://www.optoutprescreen.com/?rf=t (Make sure you choose to opt-in, not out - this is a joint site owned by Experian, Equifax, and TransUnion). Some banks like Chase also require you to opt in on their sites as well.

3) No soft inquiry will ever affect your FICO score, no matter how many times you have a soft inquiry. Plus, lenders will not ever be able to see any soft inquires you make.

Good luck on your journey. If you're really looking to jump ahead and skip a secured card, and considering you have a card with Kohl's, you should consider getting a Discover IT card. Discover is great with thin credit files, and if you're a student you are basically guaranteed an approval of at least $500 on the IT card unless you have a lot of negatives. You can try American Express cards as well, like the Blue Cash Everyday. They're also pretty lenient with thin credit files, but not as much as Discover.

If you definitely want to start off with a secured card, the Capital One Platinum Secured is the way to go. No annual/hidden fees.

[Anonymous]

@DangerNoodle Thanks for answering all my questions I appreciate it. 

May I ask another? Do they ask for proof of income in the applicatons?