BEST Card for Me...?

[Charmante]

Need advice from you knowledgeable people, please.

Where should I apply for a credit card?

Who would be MOST LIKELY to APPROVE Me?

I have about a 675-680 score.

NOTE: I'm VERY NEW to credit.

I have only ONE account.

A  4 MONTH old Macy's Store Card.

Limit: $10,000

Balance: $94

Inq.: 1

Income: $50,000

Own my home.

Total debt: $94

I would LOVE at least 1 or 2 more cards...

Especially a MAJOR (Visa/MC etc.)...

My Macy's is in-store use only.

Would love a card to pay with at restaurants, gas, etc...

Thanks!!!

[ldkcivilservant]

Check Amex, Discover, Capital One pre-qualification sites and see what they say.

[Anonymous]

There is a post somewhere that has a list of the prequal links. Your scores are not bad at all, but depending on what else is in your report, it looks pretty thin. But definitely try the prequals. Good luck. 

[Gmood1]

Here's a link to that prequal thread.

https://ficoforums.myfico.com/t5/General-Credit-Topics/List-of-Soft-pull-PREAPPROVAL-Links-Updated-5...

Sky's the limit! Find the one that suits your spending habits.

Good luck!

[Anonymous]

Who you apply with will depend partly on how you spend your money. Dine out a lot? Look at cards that reward that. Travel? Lots of travel cards out there. But being brand new, if I were you I would try to prequal with Discover for the IT Cash card. Good general spend card with cash back (5% on quarterly rotating categories, 1% on all non-category spend), which Discover will match at the end of year one.

Keep this in mind though - Disco's new M.O. seems to be the 4506T form, an income verification through the IRS. Many are getting these. Feel free to apply for the card, but know that you may get one and if you don't comply, they'll shut you down. For this reason, be sure to only list income you can prove. What you claimed for income on this year's taxes is fine as long as it matches what you made the previous year. Most recent tax returns aren't accessible until August, so your safest bet is to use the income claimed on your 2018 taxes. That way if you get a 4506T, you can authorize them to pull those returns and they'll match what you claimed on your application. Once that's done, you're good. 

[sammydavidjr]

Based on the information you've provided, I think you have a long-term goal and a short-term opportunity.

You're clearly looking for a card with no annual fee (and good rewards at restaurants and gas stations): the long-term aspiration would be the Wells Fargo Propel Amex, which has no annual fee and rewards 3x for eating out and gas. It is not an easy card to get with your credit score and I would not make the attempt now (hard inquiry on your credit report with very limited chances for success).

In the shor-term, to help build credit towards the aforementioned card, I would maybe aim for the Discover it card, which offers 2% cash back on gas and restaurants up to $1,000 each quarter. As another user mentioned, see if you are pre-approved for the card on the Discover website. If not, one strategy you could employee (if you have the financial resources to do it at this time) to maximize your chances would be to open a high yield savings account with Discover. If you have no debt (which is what I understand) keeping some money in a high yield savings account like Discover's could be a very good idea irrespective of your choice of credit cards: after opening that savings account, it might be easier to obtain the Discover it credit card. 

[Anonymous]

When you say 

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@Charmante wrote:

Need advice from you knowledgeable people, please.

Where should I apply for a credit card?

Who would be MOST LIKELY to APPROVE Me?

I have about a 675-680 score.

NOTE: I'm VERY NEW to credit.

I have only ONE account.

A  4 MONTH old Macy's Store Card.

Limit: $10,000

Balance: $94

Inq.: 1

Income: $50,000

Own my home.

Total debt: $94

I would LOVE at least 1 or 2 more cards...

Especially a MAJOR (Visa/MC etc.)...

My Macy's is in-store use only.

Would love a card to pay with at restaurants, gas, etc...

Thanks!!!

---

When you say you own your own home, do you mean that you own a home and have no mortgage or that the mortgage is another loan that you have?
If you have a mortgage, that is an important account that is building your credit profile.

If you have no mortgage, in terms of personal assets and liabilities that is arguably better but does not build your credit.

Either way you off to a very good start with $10,000 limit and little debt.

If you had not gotten a decent limit on the store card I would have suggested a local credit union where you might be more than just a score.

Pre-covid I would have said your profile is fantastic... it may still be for many issuers but they are not sharing their current underwriting standards with the general public.

I would suggest Amex, Citi, and Discover because they generally like thin but good profiles.

If you can wait until you have had the Macy's card six months that might help but might not even matter... might be fine.

Chase generally likes a year.

If you need a card now that is either Visa or Mastercard I would suggest Citi DoubleCash.

[Charmante]

That's the issue. I applied for Pre-Qual from most all of them. Amex, Disco, Chase, Upgrade...

None offered me Pre-Qual...

I truly need a card for shopping and eating out!

Anyone have a thought as to who MAY approve a VERY THIN 1 Account (only 4 months old) file?

I have a 100% CLEAN file.

[Charmante]

For that wonderful Wells Fargo card, what kind of score and history is typically necessary? (So I know when I should apply)

[Anonymous]

If you bank with a credit union, definitely go for a card with them. They're tremendous to have on your side. As for the Propel, in normal times probably a 710-720 would get it along with at least 2-3 years of average age on a clean file, low inquiries. It's likely harder now. Also, many have said its more difficult to get without a WF banking relationship.