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@Dustink wrote:Generally, I find AF's on starter cards a bad idea. Most of the time somebody can find a way around that if they build a relationship with a bank. Although, the AeroMexico secured card from US Bank seems worthly of its terms for somebody with no/bad credit and no relationship with a bank.
I think that's true for people with no credit, but not so much for people with bad credit. Sometimes credit can be so bad that you can't even open a checking account!
FWIW, I took the route you suggest when my whole credit report was a student loan that had been opened for less than a year. I had banked with Chase for awhile so I went into a branch and asked to apply for a credit card and ended up being approved for probably the most obscure Chase card out there (Chase +1 with a $300 limit). It's actually a pretty cool looking card though -- http://www.dollarbanker.com/credit-cards/wp-content/uploads/2010/03/chase-plus-1-student-cc.jpg -- I told people it was my "black card."
@Dustink wrote:
Generally, I find AF's on starter cards a bad idea. Most of the time somebody can find a way around that if they build a relationship with a bank. Although, the AeroMexico secured card from US Bank seems worthly of its terms for somebody with no/bad credit and no relationship with a bank.
Think I justified my BOFA secured AF in the first month after I added the rewards package.
That said, you're buying a tradeline and there aren't many $0 AF options if you're in the secured / deep subprime bracket, we're talking where I started at a FICO of 560ish. I do suppose it's based on one's own finances; however, I know I and pretty much everybody else wastes more money on far less important things than a positive tradeline: the ROI dwarfs anything I could do otherwise with the money.
Admittedly, I'm not a proponent for chasing store cards as I think that delays relationship and credit report (occasionally discounted vis a vis Chase) building rather than enhancing it, and this does color my opinion in being in favor of sucking up an AF to get a tradeline from a recognized national bank or CU.
@QuantumCredit wrote:15K for 2 people seems a little on the high side, but 20K for a family of 4 or even 3 is totally normal.
Yes, this was 3-4 people, and also depends where you shop. Whole Foods adds up quicker than Walmart for example.
@QuantumCredit wrote:15K for 2 people seems a little on the high side, but 20K for a family of 4 or even 3 is totally normal.
It is high for only 2 of us, but we eat pretty well.
@Dustink wrote:I have earned 90,000 points ($1800) on my flexperks card since I opened it in June. I find that worth the $49 AF that is waived with $2k monthly spend.
I also find the $450 AF on the AMEX plat worth it with the 100k MR point bonus, lounge access, and $200 incidental credit.
Generally, I find AF's on starter cards a bad idea. Most of the time somebody can find a way around that if they build a relationship with a bank. Although, the AeroMexico secured card from US Bank seems worthly of its terms for somebody with no/bad credit and no relationship with a bank.
The question now is: are you going to keep the Amex plat after the 1st year when there's no 100k signup bonus anymore?
@nickn86 wrote:FWIW, I took the route you suggest when my whole credit report was a student loan that had been opened for less than a year. I had banked with Chase for awhile so I went into a branch and asked to apply for a credit card and ended up being approved for probably the most obscure Chase card out there (Chase +1 with a $300 limit). It's actually a pretty cool looking card though -- http://www.dollarbanker.com/credit-cards/wp-content/uploads/2010/03/chase-plus-1-student-cc.jpg -- I told people it was my "black card."
Haha, that is awesome.
I also started with a $300 limit. I had no credit (no tradelines of any kind). Limit went to $2500 after 6 months, hopefully you have good luck with Chase. I was with US Bank.
@Revelate wrote:
@Dustink wrote:
Generally, I find AF's on starter cards a bad idea. Most of the time somebody can find a way around that if they build a relationship with a bank. Although, the AeroMexico secured card from US Bank seems worthly of its terms for somebody with no/bad credit and no relationship with a bank.
Think I justified my BOFA secured AF in the first month after I added the rewards package.
That said, you're buying a tradeline and there aren't many $0 AF options if you're in the secured / deep subprime bracket, we're talking where I started at a FICO of 560ish. I do suppose it's based on one's own finances; however, I know I and pretty much everybody else wastes more money on far less important things than a positive tradeline: the ROI dwarfs anything I could do otherwise with the money.
Admittedly, I'm not a proponent for chasing store cards as I think that delays relationship and credit report (occasionally discounted vis a vis Chase) building rather than enhancing it, and this does color my opinion in being in favor of sucking up an AF to get a tradeline from a recognized national bank or CU.
I am all for secured rewards cards. Just not the First Premier type stuff.
@Dustink wrote:
@nickn86 wrote:FWIW, I took the route you suggest when my whole credit report was a student loan that had been opened for less than a year. I had banked with Chase for awhile so I went into a branch and asked to apply for a credit card and ended up being approved for probably the most obscure Chase card out there (Chase +1 with a $300 limit). It's actually a pretty cool looking card though -- http://www.dollarbanker.com/credit-cards/wp-content/uploads/2010/03/chase-plus-1-student-cc.jpg -- I told people it was my "black card."
Haha, that is awesome.
I also started with a $300 limit. I had no credit (no tradelines of any kind). Limit went to $2500 after 6 months, hopefully you have good luck with Chase. I was with US Bank.
Wow, that's a crazy fast bump for never having any credit at all beforehand. I never tried to up the limit with Chase and I haven't used the card in 6 or so months since the only rewards it has are based on paying your bill on time. I should probably use it a couple of times before I apply for other Chase cards.
@CreditScholar wrote:
@Dustink wrote:I have earned 90,000 points ($1800) on my flexperks card since I opened it in June. I find that worth the $49 AF that is waived with $2k monthly spend.
I also find the $450 AF on the AMEX plat worth it with the 100k MR point bonus, lounge access, and $200 incidental credit.
Generally, I find AF's on starter cards a bad idea. Most of the time somebody can find a way around that if they build a relationship with a bank. Although, the AeroMexico secured card from US Bank seems worthly of its terms for somebody with no/bad credit and no relationship with a bank.
The question now is: are you going to keep the Amex plat after the 1st year when there's no 100k signup bonus anymore?
Not likely, unless I find that I can't live without lounge access. Although, that is unlikely because I am always up for going to a USO instead.