Newbie. Please help.

[Anonymous]

I would like to thank everyone in advance for any insight that you may throw my way.

My scenario....I have an open account from 14 years ago. Paid account, but still showing up and apparently is helping me with age of accounts. I have a secured cap one $200 cl. Overstock $700 cl, a shared secure loan $500.

My utilization is 2% on my two cards and 7.5% on the shared secure loan. Also, I was just added as an AU with my Dad for a cabellas visa 15k cl. Utilization on this card is 0%

My two cards and SSL is two months old.

Question: When should I apply for an unsecured cc? Also, hiw long should I wait to apply for an Amex and what is the best beginner Amex?

[Anonymous]

Do you know any of your fico scores? If not, start there. If you're over about 720, it opens up options for about anything.

What to get? Depends what you want. Do you travel enough that an annual fee card with travel benefits makes sense? If so- look at those cards- Chase CSR, AMEX Plat, etc.. If you're just looking for rewards, aim for a nice general spend card like a Citi Doublecash @ 2% on everything, then a '3-2-1' type card for bigger spend categories- An AMEX BCP or BCE are a pretty good start depending on spend.. I like to round it off with a rotating 5% card like a Discover It.. If your scores arent quite there yet, consider a Discover It secured version- when it graduates it'll become a solid unsecured card thats still very useful and will bring the age of account since opening.

The best thing you can do is determine where you are at (need Fico scores), then set goals of where you want to be.. When thats more defined, plenty of people here can help give advice to get you there.

[Anonymous]

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@Anonymous wrote:
I would like to thank everyone in advance for any insight that you may throw my way.

My scenario....I have an open account from 14 years ago. Paid account, but still showing up and apparently is helping me with age of accounts. I have a secured cap one $200 cl. Overstock $700 cl, a shared secure loan $500.

My utilization is 2% on my two cards and 7.5% on the shared secure loan. Also, I was just added as an AU with my Dad for a cabellas visa 15k cl. Utilization on this card is 0%

My two cards and SSL is two months old.

Question: When should I apply for an unsecured cc? Also, hiw long should I wait to apply for an Amex and what is the best beginner Amex?

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Welcome to the forums - love the name  

You've got a thin file, which is OK (we all start with those) but you've got to take it slow, otherwise you'll end up tanking your score with inquiries and nothing to show for them.  I'd recommend nothing else for you until your current cards are at least 6 months old.  After that, NFCU.  you'll find threads all over the boards to tell you how to get in - great credit union for someone who is building or rebuilding

Good luck, and I'm sure more posters are already chiming in...

[Anonymous]

Haven't pulled true fico, but credit karma has me at ex 719 turn 649 & eq at 639. I don't do alot of travelling, but would really enjoy the luxury of having a couple of unsecured cc with decent limits. What is a beginning Amex card and should I wait like you said to get to 720 before applying?

[Anonymous]

I've read on here that it's a marathon not a race, and i truly believe that...ugh! 6 months it shall be.

[Anonymous]

AMEX BCE is a GD starter so is the ED. Like others have said though ...No rush.

[Anonymous]

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@Anonymous wrote:
Haven't pulled true fico, but credit karma has me at ex 719 turn 649 & eq at 639. I don't do alot of travelling, but would really enjoy the luxury of having a couple of unsecured cc with decent limits. What is a beginning Amex card and should I wait like you said to get to 720 before applying?

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CreditKarma doesn't provide Experian sores so not sure where you are getting the 719 from.  It's really important to get your FICO scores and definitely your EX FICO because that is only what Amex pulls for their applications.

[Anonymous]

Sorry... the ex 719 was from experian. I guess it would be a fico, but the other two were from credit karma

[Anonymous]

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@Anonymous wrote:
Sorry... the ex 719 was from experian. I guess it would be a fico, but the other two were from credit karma

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If you're really interested in an Amex card then I think you would have a decent chance with a 719 EX FICO.  Look over their products, including their charge cards and select one that fits your needs/wants.  There really is no beginner AMEX card so identfying one that you can put to good use is very important. Please don't apply for an Amex card just to say you have an Amex.  That, unfortunately, seems to happen a lot on this forum.  Amex cards can be great (I have 6 of them myself) but they are no more 'special' than other creditors' offerings.  There are tons of good cards out there so the more research you do the better.  We can recommend cards but what is good for other posters may be completely useless to you.  That's why it is so important to identify your spending habits and select a card or cards that fit those needs.  Do you spend a lot on groceries, dining, gas, travel, etc, etc?  

Then pick out a couple and apply.  A couple of HPs isn't going to hurt you so I wouldnt worry too much about them.  Just don't go crazy and if your first couple applications result in denials then stop and find out what were the denial reasons and concentrate on dealing with these issues.  Good luck and we're here to help.

[Anonymous]

Like i mentioned earlier, my file is only 2 months old. It's hard not to hit the "apply now" button, but I guess I should get a few more months under my belt. I guess I'll go to credit jail for 3-4 months 😁