What would be the first card I should I try for...

[Anonymous]

Hello Everyone...

Right now I am thinking about wanting to buy the final house that I will probaly live out the rest of my days in. I am not planning to finace a whole lot, something like 200,000 to 250.000 because I have nearly 650,000 from just selling the house I lived in for the past 25 years and roughly 880,000 in savings and a retirement fund. Anyhow, I was told by my finacial adviser that I really need to re-establish myself in the credit world. In 2003, I pretty much closed all my credit cards, personal lines of credit so I could just focus on saving. I learnt a long time ago that I was one of those people that seemed to spend a lot more when I had credit cards so I closed them all. Anyway, as of today I only have 2 CA showing on all 3 of the major CR's. The first account is a LOWES store card that was open for roughly 6 years, the highest credit used was 8,456.64, no LP's, ever, closed at my request in April 2013. The other was my house mortgage that I finished paying off in Feberuary of 2011, that was closed with 20 years of payments on time, no LP's, ever! Anyhow as of today all the CR's cannot generate a fico score because there is nothing else showing on my reports. So with knowing all that what card or up to 3 cards should I apply for. As a side note... I have had exellent prior relationships with, AMEX, Chase, Citi, Discover, Diners Club, and many other store and gas companies. I have never had any LP's, ever!

Thanks...

[Anonymous]

I would say Discover. I had a positive relationship with Discover many years ago also,  then closed the account while reducing the number of credit cards. When I reapplied a year ago I was approved for 10k and now it is 15.5k. It will grow with you with good use. 

Good luck in your journey....

Edited to add. Also, join a credit union. I belong to PenFed and NASA. Both have been generous to me with credit limits on their cards and with PenFed, their PLOC.

[Anonymous]

Hi

Thanks so much for your reply Musiclover, I guess I will try Discover. Should I apply online, or should I call in to apply. Yikes, you wouldn't believe how nervous I am about applying for a credit card, crazy, but again thanks for your reply, it was greatly appreciated!

[crrredit]

I'd talk to whatever bank all that cash is sitting in. They will probably be more than happy to help.

[Anonymous]

@atcdtpct i agree with above poster ..if your existing bank offers a card start there .. Chase is also a good issuer as well .. you have past experience with Amex they always remember you .. Good luck and come back let us know your outcome

[Anonymous]

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@Anonymous wrote:

Hi

Thanks so much for your reply @Anonymous@Anonymous I guess I will try Discover. Should I apply online, or should I call in to apply. Yikes, you wouldn't believe how nervous I am about applying for a credit card, crazy, but again thanks for your reply, it was greatly appreciated!

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Go ahead and apply online...

[Anonymous]

I agree with the other posters.  I think Chase, Discover It, Amex Everyday Blue. 

Keep us posted !  I would love to read your outcome.  

[SouthJamaica]

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@Anonymous wrote:

Hello Everyone...

Right now I am thinking about wanting to buy the final house that I will probaly live out the rest of my days in. I am not planning to finace a whole lot, something like 200,000 to 250.000 because I have nearly 650,000 from just selling the house I lived in for the past 25 years and roughly 880,000 in savings and a retirement fund. Anyhow, I was told by my finacial adviser that I really need to re-establish myself in the credit world. In 2003, I pretty much closed all my credit cards, personal lines of credit so I could just focus on saving. I learnt a long time ago that I was one of those people that seemed to spend a lot more when I had credit cards so I closed them all. Anyway, as of today I only have 2 CA showing on all 3 of the major CR's. The first account is a LOWES store card that was open for roughly 6 years, the highest credit used was 8,456.64, no LP's, ever, closed at my request in April 2013. The other was my house mortgage that I finished paying off in Feberuary of 2011, that was closed with 20 years of payments on time, no LP's, ever! Anyhow as of today all the CR's cannot generate a fico score because there is nothing else showing on my reports. So with knowing all that what card or up to 3 cards should I apply for. As a side note... I have had exellent prior relationships with, AMEX, Chase, Citi, Discover, Diners Club, and many other store and gas companies. I have never had any LP's, ever!

Thanks...

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Diners Club is gone

I would suggest seeing if there are preapprovals for Chase, Citi, Amex.

I doubt you would need more than one card to get a great credit score going again.

Not sure why you're getting a mortgage at all, though. If I were in your shoes there's no way I would be getting a mortgage.

[Anonymous]

I would say to go apply for the ones you use to have.  They can look you up and check your payment history.  I think you will stand the best chance of getting decent credit lines with the ones you did business with.  This will establish you back in the credit world.  I can relate.  Hubby and I decided we didn't need any cc's and paid for everything.  Then when it came to buy our dream home we had no credit!  Had to open some small limit cards and pay on them while our home was being built.  I have a lot now because hubby uses them for business.  

[RonM21]

Most of the options already suggested are good. Dicover is pretty good for growing quickly.