@MrFiah wrote:I should be getting my first Fico score in about 10 days and would like to get your recommendations. I currently have secured Cap1 and Discover cards. I've been told that in order to maximize my score i will need atleast 3 revolvers. Would like to avoid getting another Cap1 as I am guessing that would be bucketed as well. Mostly interested in cash back, but the more I learn about travel cards the more interested I am in them as well. So what are your recommendations for my 1st unsecured card with a thin file that has some room to grow? Even better if it pulls Experian as I don't have any HP on Experian, others have 3 HP.
I think you should revisit this when you have FICO scores and have decided on whether you want travel rewards or cash back for your next card.
@MrFiah wrote:
@Anonymalous wrote:So you're about to hit the 6 month mark on the cards? If you really were starting from scratch, you could most likely have gotten an unsecured card from either Cap1 and Discover, though probably not both at once. But they should graduate eventually, so you haven't closed any doors.
Whatever your scores, you're a young and thin file, so you should look for cards from lenders who are known to be friendly to those new to credit. It's unlikely you'll get a decent travel card, for instance, until you pass the 1 year mark. You've already got cards from the two most obvious lenders known to be friendly to those new to credit. Another, if you qualify for membership, is Navy Fed. The More Rewards is their best for everyday spend (3% on groceries/gas/dining/transit), though they pull TU9 not EX. FNBO is also friendly to newer files. They do pull EX9, and the Evergreen is a nice everything else card (2% flat cash back). Check their prequal tool, it seems fairly reliable and will even give a starting credit limit.
Though I'd definitely wait until those two cards are at least 6 months old, and it might be better to wait a full year. You're likely to get better credit lines, and it will open up a lot more cards. Make sure your utilization is low (I know from experience that staying closer to 1% is better than just stayinunder 30% or even 10%, with a new file). And to have a good shot, you probably need reasonable income, good DTI, and no negatives like missed payments
@Anonymalous Yep...starting from scratch and both cards will turn 6 months in July. I tried to get unsecured cards from both Cap1 and Discover back in January but could only get secured cards. I'm keeping utilization under 5% so good there. I have no debt so DTI is zero. No lates, missed payments. About 65k income. Thanks for the recommendations on nfcu and fnbo.
I know if I wait another 6 months and I have a year of history I'll be able to apply for better cards, but at the same time I'm told you need 3 revolvers to maximize scoring. Is one way better than the other?
Don't get a third card just to improve your scores. The scoring effect is negligible. If you have 2 cards, and let 1 report a balance and have the other report a zero balance, your scores will be peachy.
If your scores are in the mid 600s consider the Chase Freedom Cards.
Starting Score: 512
