@RBFool wrote:With the 2 Cap 1 cards that I have right now, would getting a 3rd card benefit me as far as score? Either BoA, Discover IT secured, or something else.
I would go for the B of A secured card as your 3rd card and if approved convert it to the 123 Rewards card. That way you can still get 1% on Everything, 2% on Groceries and 3% on gas.
You will be able to build a relationship credit wise with B of A/FIA and that may help to get the Fidleity Amex later on.
Many have been able to unsecure the secured card in 9 months, some even in 6. Mine was unsecured in 12 months, limit raised to $1500 from $500, then 2 months later to $5000 and then 3 months later to $10K.
I would also suggest possibly opening a Fidelity Cash Managament account. There are no monthly fees and all ATM withdrawls are fully refunded. Keep a bit of cash in there if you can. I beleive that having the longer history with the CMA can help to get approved for the Fidelity Amex, especially if your doing a recon with an underwriter.
@IWOL wrote:
@RBFool wrote:With the 2 Cap 1 cards that I have right now, would getting a 3rd card benefit me as far as score? Either BoA, Discover IT secured, or something else.
I would go for the B of A secured card as your 3rd card and if approved convert it to the 123 Rewards card. That way you can still get 1% on Everything, 2% on Groceries and 3% on gas.
You will be able to build a relationship credit wise with B of A/FIA and that may help to get the Fidleity Amex later on.
Many have been able to unsecure the secured card in 9 months, some even in 6. Mine was unsecured in 12 months, limit raised to $1500 from $500, then 2 months later to $5000 and then 3 months later to $10K.
I would also suggest possibly opening a Fidelity Cash Managament account. There are no monthly fees and all ATM withdrawls are fully refunded. Keep a bit of cash in there if you can. I beleive that having the longer history with the CMA can help to get approved for the Fidelity Amex, especially if your doing a recon with an underwriter.
I'm actully waitin on somebody that knows when I can apply for a BoA secured after my BK happend. I have a Fid retirement account in my name from work, but the cash management account may be a good idea anyway.
@Anonymous wrote:
@IWOL wrote:
I would also suggest possibly opening a Fidelity Cash Managament account. There are no monthly fees and all ATM withdrawls are fully refunded. Keep a bit of cash in there if you can. I beleive that having the longer history with the CMA can help to get approved for the Fidelity Amex, especially if your doing a recon with an underwriter.
Really not sure about that. The CMA is a Fidelity account, the credit card is from FIA/Bank of America, so the person reviewing your credit card almost certainly can't see any info about the CMA at all.
Perhaps you are right. When I applied for the Fidelity AMEX I think my profile was borderline and I thought that perhaps the fact that I had a CMA and brokerage account for 5 years prior a with a substantial amount in them may have helped my approval. The underwriter that approved me did not mention anything about my CMA account so maybe he never saw it.