5 Card Base questions, for GF

[kdm31091]

5 cards is a big jump for someone used to using only one. I would ease her into one or two more cards and see how she enjoys juggling them and such. Not everyone does.

[MyFault]

These are all good points. Thanks guys.
I definitely want to get her used to using a CC to replace her debit card first. Last thing I want to do is create chaos for her, have her miss payments, and also start loading up every card.

The point will be to get her into one card to carry and use daily along with her United card, then eventually get her into some cards that stay in her safe. But can be used sporadically via online purchases (ie. One of the Amazon cards).

I told her I was doing research for her, so I will run the cards I picked out for her and some you all mentioned. We'll see what she's comfortable starting with and where to go from there.

[SouthJamaica]

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@MyFault wrote:
These are all good points. Thanks guys.
I definitely want to get her used to using a CC to replace her debit card first. Last thing I want to do is create chaos for her, have her miss payments, and also start loading up every card.

The point will be to get her into one card to carry and use daily along with her United card, then eventually get her into some cards that stay in her safe. But can be used sporadically via online purchases (ie. One of the Amazon cards).

I told her I was doing research for her, so I will run the cards I picked out for her and some you all mentioned. We'll see what she's comfortable starting with and where to go from there.

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IMHO you should leave her alone. If she's happy with one card, let it be that way. She doesn't need more than one.

Perhaps it's safer to have a second, with a different lender. But that's enough.

[Anonymous]

I’d probably just get the CFU; no reason to suspect AA would happen for the vast majority of users.

[MyFault]

Leaving her alone about her credit isn't really an option. She's soon to be my fiancé, and if she wants to have her name on the mortgage of our next house then her current thin file and 720ish score isn't going to cut it.

I agree about the CFU, and probably the Amex ED or BCE. One of the Amazon cards would be good also, but that can be down the road after she's used to more than one card and has a little more experience.

[Brian_Earl_Spilner]

Last I checked, you only need a 585, stable income, and a credit report to get a mortgage. The credit report doesn't even need to be clean.

Most people don't care about maximizing rewards. Don't force her if she doesn't want to or it's just gonna blow up in your face. Does she even want to get 4 more cards? My wife doesn't want to play the game and trying to get her to, just makes her angry at me. Remember, you can beat a dead horse with a tuba, but it won't drink Gatorade.

[kdm31091]

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@Brian_Earl_Spilner wrote:

Last I checked, you only need a 585, stable income, and a credit report to get a mortgage. The credit report doesn't even need to be clean.

Most people don't care about maximizing rewards. Don't force her if she doesn't want to or it's just gonna blow up in your face. Does she even want to get 4 more cards? My wife doesn't want to play the game and trying to get her to, just makes her angry at me. Remember, you can beat a dead horse with a tuba, but it won't drink Gatorade.

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This. Maybe she doesn't care about juggling cards or rewards. Doesn't mean she has bad credit or anything, just means she isn't interested in these things and that's fine. If she had bad credit habits that's one thing, but if she's happy with one card and using it responsibly then it's fine to just let it be.

[HeavenOhio]

Don't move any faster than one card every six months (more or less). If you move a little more quickly, add in a little extra gardening time later. Where you want to draw the line is no more than five cards in a 25-month period. That keeps her below 5/24 at all times. And it should be enough to keep new accounts and inquiries from becoming denial reasons.

Figure that card #2 might result in an immediate score improvement. Card #3 may result in a decrease before her score rebounds and improves upon where she started. Card #4 will definitely result in a decrease before any increase occurs.

585 may get you a mortgage, but I'd be surprised if it gets you the best rate. Given that she has some loans to thicken her file, I think a card right now and a card in six months may be enough. If she'd like, there's no reason why she can't keep going at that pace for another card or two, provided that she gardens for a year before applying for your mortgage.

[MyFault]

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@Brian_Earl_Spilner wrote:

Last I checked, you only need a 585, stable income, and a credit report to get a mortgage. The credit report doesn't even need to be clean.

Most people don't care about maximizing rewards. Don't force her if she doesn't want to or it's just gonna blow up in your face. Does she even want to get 4 more cards? My wife doesn't want to play the game and trying to get her to, just makes her angry at me. Remember, you can beat a dead horse with a tuba, but it won't drink Gatorade.

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Most banks require a 640 minimum. Subprime banks will loan you a mortgage with FHA at 580, but that's not and never will be an option.

A 760+ is required to get the best rate, you'll jump 0.5% with a 720. I'm not paying more on our payment because she doesn't care enough about building a solid credit foundation.

A 640 score will put you a full 1%-1.5% higher.

She may not care about maximizing rewards, however if i tell her she can get 5% back on all her Amazon purchases or 3% back on everything with the CFU, she's not going to not be interested.

[kdm31091]

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@MyFault wrote:

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@Brian_Earl_Spilner wrote:

Last I checked, you only need a 585, stable income, and a credit report to get a mortgage. The credit report doesn't even need to be clean.

Most people don't care about maximizing rewards. Don't force her if she doesn't want to or it's just gonna blow up in your face. Does she even want to get 4 more cards? My wife doesn't want to play the game and trying to get her to, just makes her angry at me. Remember, you can beat a dead horse with a tuba, but it won't drink Gatorade.

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Most banks require a 640 minimum. Subprime banks will loan you a mortgage with FHA at 580, but that's not and never will be an option.

A 760+ is required to get the best rate, you'll jump 0.5% with a 720. I'm not paying more on our payment because she doesn't care enough about building a solid credit foundation.

A 640 score will put you a full 1%-1.5% higher.

She may not care about maximizing rewards, however if i tell her she can get 5% back on all her Amazon purchases or 3% back on everything with the CFU, she's not going to not be interested.

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Or she may still not care! To many who aren't "into" these things, 3% or 5% is a trivial sounding amount, less than sales tax in most cases. I'm just saying there's some people who feel CC rewards are trivial and not really worth excitement. Whether your GF is in that camp or not, I don't know, but it's possible.