I currently have a young, thin file and I’m trying to figure out where to go from here as far as growing my current cards and getting new cards. I’m currently in the garden (6 months) and letting things age, but I’d like to apply for another card after I pass my 1 year mark (so June/July).
Here’s what I currently have:
Card | Date Opened | Starting Limit | Current Limit |
CapitalOne Platinum MC | May 2018 | $300 | $500 |
Discover IT (Cash Back) | Sept 2018 | $500 | $1,000 |
DCU Platinum Visa | Oct 2018 | $5,000 | $5,000 |
My Cap1 is pretty useless (low limit) except that it’s my oldest card. I have my Netflix bill on it and throw some occasional spend on it. I don’t know if I should bother trying a CLI after a year or do a PC. I assume it still keeps the account age if I do?
I like the Discover card and I’m earning double cash back since it’s still in its first year, but the lower CL is limiting. I’m also not sure about growth potential, since everything I’ve read about Disco is all over the place. My first CLIs of $300 and $200 is not reassuring, but my given my short credit history we’ll see where it goes.
As for my DCU Visa, the $5k limit is nice, but it doesn’t offer any rewards or bonuses. However, it gives me a higher utilization and it’s easier to use for larger purchases, so it is a keeper for now.
Since I’m basically new to the credit card game, I’m trying to figure out where this all fits in as far as my daily spending. I follow a budget and only spend what I can afford, so that means I don’t carry balances and I PIF every month. I also keep utilization low (5-25%), but I don’t let anything report that high. I’d like a good cash back or rewards card with a decent limit that I can use frequently for daily spending. I’m strongly leaning toward AMEX next (ED or BCED), and it’s showing me as prequalified. I’m also a Wells Fargo customer and I’m very attracted to the PROPEL card, but I’m not sure I’d qualify for that yet.
Given my limited history and information above, does anyone have any recommendations or insight into what cards I should look into?
Current Fico 8 Scores: EX - 729; TU - 733; EQ - 737
Other Info: No other debt except my auto loan. No lates or derogatories. Most of my inquiries are from auto loan shopping 6 months ago; remaining are for CC (2) and apartment rental applications (2) when I moved (last May).
@Remedios wrote:What are you spending your money on?
Do you travel?
Are you looking for a cash back card?
I'd love another cash back or something that earns me travel rewards. I don't travel heavily (1-2 times a year), but if I can earn rewards toward a future overseas trip, I'd definitely be into that. I typically fly United if that helps at all. Would love a Venture One in my future, unless there's something else better suited for me.
Lots of spend on eating out / drinks. Also a Prime member and Costco member. I spend a lot at Target too, but I have a RedCard (debit).
@AverageJoesCredit wrote:
I would check out the Paypal 2% Mc. Easy redemption and sp cli .
I'll look into that, thanks!
@Anonymous wrote:I would say consider the Citi Double Cash or the Chase Freedom Unlimited, because the later could be really good for point transfers.
Both are on my radar, but the only Citibank card I prequalified for last week was the Costco one. I'll check in a couple of months to see if that changes.
Not sure about Chase though...don't I need more history for them to even consider me?
@Anonymous wrote:If you have any desire to get into the Chase ecosystem now, or in the future, I would app for the Freedom/Freedom Unlimited just to get in due to 5/24. If you find an Amex that works for your spend, that would be a great option as well.
I definitely think my next card will be Amex. I prequalified for their ED and one other, last week. I'll see what comes up in a couple of months when I'm ready to pull the trigger. I'm very attracted to the Propel, but I'm not entirely sure what kind of profiles they like or if I can put the right spend on it to maximize the benefits.
I thought Chase likes a more mature profile. Maybe they can be #5 after aging 1 - 4 a bit?