Officially starting....recommendations?

[deg757]

I am officially moving over here from the mortgage board. We are closing on our first home Friday so my first goal has been accomplished. Now I need to get my credit to a place I can be proud of. Here is my info:

New mortgage - $218K

Capital one cc - $100 balance/$1,000 limit

Student loans - about $40,000, currently in repayment

My income is $70K per year. My husband's income is $40K per year, if that matters.

That is all we have. What kind of credit cards could we possible qualify for? I need to start getting some credit lines going. Capital One refuses to increase the credit line on my card. I have had it for 10 years and it has never changed. I had it maxed out for most of those 10 years. It has been paid down to around the current balance for over a year. I would really like something to buy appliances with.

[castlefox]

What is the Average Age of your accounts?  

How many inquires do you have?

Income does matter but it matter more that when you barrow you consistently pack it back & all that.

My first real credit card when no one else would give me a card was my local credit union.  I would suggest you try to say away from getting a store credit card because you will be able to use a general credit card in more places. 

[deg757]

My AAoA is 7 years 8 months. That obviously doesn't include the mortgage as that will not be closed until Friday.

I have 4 inquiries, 2 from the mortgage and 2 that will fall off in January.

[TheConductor]

In your shoes I would likely go for:

- AmEx charge card of your choice. Since they're non-revolving, income seems to carry more weight here.

- Barclays Apple Financing or Cash Rewards - known to be somewhat generous on initial CLs and good for recons

- Lowe's Card.  You're probably going to be spending a bit on home improvements as you settle into your new home. This card has a decent chance of approval at your scores, and good rewards.

[CribDuchess]

Congratulations on your new home purchase!  A mortgage will do wonders for your credit score long-term.

As far as credit cards go, I think you should seek out a Visa or Mastercard from your bank or credit union (if you belong to one).  Are you by chance able to join NFCU?  If so, they should be on the top of your list to open up an account and credit card with.  They are extremely generous.

I'd also recommend a Walmart card.  You'll get a free monthly TU score from them (if you sign up for paperless billing).  Plus, they tend to give CLIs every 4 months or so.

[codimom]

and since you DID just close on a new home (congrats by the way) you will be getting offers in the mail from Home Depot and Lowes probably.
Whatever you decide on, use them well and pif ... then watch your scores grow!

[SevenNEW]

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@codimom wrote:

and since you DID just close on a new home (congrats by the way) you will be getting offers in the mail from Home Depot and Lowes probably.
Whatever you decide on, use them well and pif ... then watch your scores grow!

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Congrats on closing! I agree with the others. Obviously, in a few months of good reporting from your mortgage your score will go up. I would go for small cards like Lowe's etc., and then enter the garden for at least 6 months. If you can wait one year, you'll definitely be in primeland.

[distantarray]

First if you can get a Navy Federal account... GET IT! Apply for Navy Federal credit card which will give you insane limits with a insanely low APR with the current market. My first card with them was 3x my highest limit with Amex for $17,000 with 7.24% apr with a rewards for upto 1.7 points per dollar.

Second get Amex (Blue Cash Preferred is recommended 6% back on groceries, 3% gas and department stores) and they offer a nicecredit limit approval at day 61+ and consistant at every 6months after. Also for use of backdating alone they are amazing (another story but you can greatly strengthen Average age of accounts (AAOA) with Amex more than any other company. Important if you want more than one get one now, and get one in January

(trust me it helps, if you do this you'll have 15 months of history instead of 6 because of the way Amex works)

Third Walmart credit card, easy approval and Free Fico TU08 score which isn't too shabby, also you can really hammer them for incredible CLI to help your utilitzation.

Fourth get a DCU account they will give you a FREE Fico 04 score monthly if you have a checking or savings with them. They are also good with people with limited credit history. Even though you have long AAOA you have limited amount of cards reporting.

Fifth Get a Chase Trifecta if you can (chase savings + freedom card + sapphire card) I did the math since bonuses stack with all three if you spend little over 11k in the first year it's possible to get 8% back for travel.

[Dustink]

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@deg757 wrote:

My AAoA is 7 years 8 months. That obviously doesn't include the mortgage as that will not be closed until Friday.

I have 4 inquiries, 2 from the mortgage and 2 that will fall off in January.

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Don't do anything until the mortgage is closed, and even then...wait a little while

Be sure not to do anything while you are in the mortgage process.

After that, go to your main bank and see what cards they can offer.

[distantarray]

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@Dustink wrote:

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@deg757 wrote:

My AAoA is 7 years 8 months. That obviously doesn't include the mortgage as that will not be closed until Friday.

I have 4 inquiries, 2 from the mortgage and 2 that will fall off in January.

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Don't do anything until the mortgage is closed, and even then...wait a little while

Be sure not to do anything while you are in the mortgage process.

After that, go to your main bank and see what cards they can offer.

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It's fine he can do whatever he wants but after he has keys in his hand

Before it reports to his credit report is ok just don't over do it an go on a APP O RAMA where you try to get 10+ cards in a day.