Card suggestions...

billsfan14 · ‎02-17-2009

Hello all! Been browsing for about a week, finally decided to post. I checked my score for the first time last week... 643 EQ.

I'm 19, student and work full time. Currently have two cards, Sovereign Bank MC ($700 limit) and a Discover More ($500 limit). I have one auto loan on my report, and my student loan (not paying yet).

No late payments ever and no marks against my account. Oldest account is 1 year this month (Sovereign MC).

I sent payments today on both cards. I've been keeping balances on my cards only because I was unaware how much utilization effects scores. Now that I'm aware, both cards should be completely paid off in two weeks (I send bi-weekly payments).

After these cards are paid off I'm hoping my score will break 700. My plan is to pull my two current cards out of the wallet and get a rewards that will replace both.

My first choice right now is an Amex Blue (or Blue Student) but am open to many suggestions!

Thanks in advance,

Jake

Message Edited by billsfan14 on 02-17-2009 12:02 PM

alma_socal · ‎02-17-2009

I too was unaware of how much a high utilization could affect your credit score. I wish I had found this forum when I was a naive 19-year old in college and ruined my credit without knowing it.

I am 27 now, and on the way to recovery (score ~ 640) and I'm in the process of finally buying my first place, even though I've made good enough money for almost 4 years. It has not been easy.

Good job on staying on top of your credit even though you're young. Keep it up :-)

Oh, and sorry, I have no advice on cards, lol.. I just wanted to comment

oracles · ‎02-17-2009

Hi Bill and welcome to the forums

Good job on attending to your credit. One of the first things all young people should do. Maybe it should be a course in school. I would love to teach that class LOL

Anyway, Amex may be out of your league due to short credit history and the fact they have raise their required score to receive a credit card, however since you are going for a student amex (never heard of it) then YMMV.

You should also get a store card to gain points due to mix of credit. Make sure you get a store card that you will use. You will need to use it at least once every 5-6 months in order to keep it active.

I also would look into a credit union card, BofA card and a Citibank card. I think citi also has student cards.

Hope this helps and keep us updated

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Anonymous · ‎02-17-2009

Hey Bills - I can't suggest any rewards cards based on a short credit history such as yours, but I can suggest a USBank student visa. I got one at age 19 (first thing to start up my credit history) and it's grown with me extremely well. I started at a $500 limit and now at age 23 have a Select Rewards Visa (upgraded after college graduation automatically) with a $11,250 limit (due to auto CLIs) and APR of 7.99%. Because you have some credit history, you might even be able to skip the student step and go straight to their rewards card. It's pretty no-frills, but IMO USBank is a solid company, especially considering the current economic situation. Their cards will definitely grow with you.

billsfan14 · ‎02-18-2009

Thanks for the suggestions everyone!

My top choice right now looks like the Citi Dividends Student Visa, but I'll look into the USBank cards.

I'll keep everyone posted on my progress. After taking my utilization from 85% to 9% this month, I'm hoping I might break 700!

Red1Blue · ‎02-18-2009

With your scores on EQ, I highly recommend to get Nordstrom Card. It will grow with you, excellent CSR, very generous CLI's. Now a days Amex is half brain dead and no one can predict what they do to their customers.

Anonymous · ‎02-18-2009

i have a one year history and recently got denied amex but got 5k us bank platinum and 4.95k chase card

Equinox · ‎02-18-2009

Hi bills and welcome to the board!

I'm 20, (be 21 in July) and when I first started browsing these boards I only had three cards, two Capital Ones and a Credit One card. Since then i've obtained a BofA Accelerated Rewards (2k), Amex Blue (2k) & Citi AAdvantage (3k) card all within three months, in that order.

My scores when i applied for those were in the 720's and have dropped some but they're recovering fast. I would try using BofA's preselector as it was recommended to me under nearly the same conditions as you.

https://preapproved.bankofamerica.com/cc/SelfInquiry.aspx

And give that a whirl if you feel confident about it. Though since your credit history is not great, I would try different preselectors (minus capital one) first before pulling the trigger. They're not guaranteed, but it's something.

Message Edited by Equinox on 02-18-2009 05:35 PM

billsfan14 · ‎02-21-2009

Here's an update everyone. Checked my EX today, up to 703! Waiting to check EQ again until my Discover posts on the 5th.

Anyone suppose I get approved for an AmEx Green or Gold?

Red1Blue · ‎02-21-2009

How did you check your EX Fico? I thought they cancelled it. The scores you are mentioned must be FAKO right? Or is there any place we can still get EX-Fico scores.