I know that is a broad question🙈, but let me explain my needs and maybe you guys can help.
Until 2017, I (mistakenly) had no credit cards, no car loans, and no personal loans. Our mortgage was the only thing I had on my credit report. There was no derogatory marks whatsoever. We paid cash for everything, thinking this was a great thing. After checking my credit report in preparation to buying a new car, I was shocked at how mediocre it was for somebody who in my mind should have near perfect credit. I was ignorant to the game, but decided to change my approach. Now I have more reported debt on my report than I ever have, and as you can imagine, my report looks great. 😂 (754 - 765 range across the various bureaus).
Back in 2017, I got a Synchrony Car Care card (just to have one) and I use it very sparingly just to build credit and have account that will start adding years to my account open status. I use it a few times a month, and I plan to do that from now on. It has 5500 limit, and I’ll keep it to add to my credit utilization rating.
Last year, after researching it, we opened a Discover cash back card and pretty much funneled all monthly spending through it to reap cash back rewards and build my credit profile. We pay it off before the 20th of each month and we’re on pace to earn around $1000 in cash back for the year thanks to Discover’s cash match bonus for the first year. Of course, in a few short months, that first year bonus will be over and the 2% I’m earning on non 5% categories will become 1%. I’m wanting to get a 2% cash back card to fill that void, but I’m unsure of which one I should go for next. I’ve seen the Citi Double Cash card, the PayPal and by Synchrony and Synchrony’s own 2% Unlimited.
My question is will it hurt to have 2 Synchrony cards or will the Citi be a better option? Also is there better options I don’t know about?
I want to be really selective about opening new accounts because my credit is looked as new because all but my house have been opened in the last 2 years, so it has my average 3yrs and 8 mos. This next card is the last account I plan to open for a while so I let my average age of accounts increase with time, so I want to get this one right.
Until 2017, I (mistakenly) had no credit cards, no car loans, and no personal loans. Our mortgage was the only thing I had on my credit report. There was no derogatory marks whatsoever. We paid cash for everything, thinking this was a great thing. After checking my credit report in preparation to buying a new car, I was shocked at how mediocre it was for somebody who in my mind should have near perfect credit. I was ignorant to the game, but decided to change my approach. Now I have more reported debt on my report than I ever have, and as you can imagine, my report looks great. 😂 (754 - 765 range across the various bureaus).
Back in 2017, I got a Synchrony Car Care card (just to have one) and I use it very sparingly just to build credit and have account that will start adding years to my account open status. I use it a few times a month, and I plan to do that from now on. It has 5500 limit, and I’ll keep it to add to my credit utilization rating.
Last year, after researching it, we opened a Discover cash back card and pretty much funneled all monthly spending through it to reap cash back rewards and build my credit profile. We pay it off before the 20th of each month and we’re on pace to earn around $1000 in cash back for the year thanks to Discover’s cash match bonus for the first year. Of course, in a few short months, that first year bonus will be over and the 2% I’m earning on non 5% categories will become 1%. I’m wanting to get a 2% cash back card to fill that void, but I’m unsure of which one I should go for next. I’ve seen the Citi Double Cash card, the PayPal and by Synchrony and Synchrony’s own 2% Unlimited.
My question is will it hurt to have 2 Synchrony cards or will the Citi be a better option? Also is there better options I don’t know about?
I want to be really selective about opening new accounts because my credit is looked as new because all but my house have been opened in the last 2 years, so it has my average 3yrs and 8 mos. This next card is the last account I plan to open for a while so I let my average age of accounts increase with time, so I want to get this one right.
I sell a decent amount of things on eBay, so I use PayPal regularly. I already have the PayPal debit card and the account is linked my bank account already, so redeeming rewards seems pretty flexible with the PayPal card.
That said, so far with the Discover card I’m just letting the cash back rewards sit there and we might use it pay toward our condo on vacation next summer.
That said, so far with the Discover card I’m just letting the cash back rewards sit there and we might use it pay toward our condo on vacation next summer.
So i assume it won’t be an issue to have another Synchrony card, even though I don’t use the Car Care card all that much?
Ok thanks.
That Alliant card with 2.5% looks great, but I wonder if my relatively new credit history would hurt my chances of getting it?
That Alliant card with 2.5% looks great, but I wonder if my relatively new credit history would hurt my chances of getting it?
I think the Citi Double Cash at 2% is a good overall card for cash back. I'd have one myself but my credit union already offers a 2% card. However, I may open one someday to add a MasterCard to me repertoire (I only have one but it's a corporate card). I'm not sure if the Double Cash ever offers a SUB, but I may jump on it if I ever see one in the future.
I’m not familiar with the term “SUB”?