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Suggestion for DW's First Card(s)?

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DUISlayer
Regular Contributor

Suggestion for DW's First Card(s)?

DW (for lack of a more fitting acronym) is 32 with a super thin credit profile. FICO 8 scores are EQ 698, TU 701, EX 651. Bankcard scores are: EQ8 675, EQ5 609, TU8 666, TU4 799, EX8 600, EX3 688, EX2 640. Never had a CC. I added her as an AU to my 11 yr old C1 account to give her history some age, but as of right now it's only reporting to TU. She has a collection that is only reporting to EQ that was recently PFD but hasn't reported yet, 1 INQ with EQ from Mar 2017, and student loans in deferment. Income is around $55k.

 

She's a NFCU member (we just recently joined at the same time), and I just got a second chance with AMEX with a SkyMiles Gold. I could refer her so she and I could both get the bonus miles (50k for her, 10k for me). I'm thinking AMEX, NFCU, and a NFCU CLOC would be a good start to help her build some history. Also Discover IT, because of their generosity. She's always been against having debt, which is awesome, but we want to buy a house down the road (for those of you that read my post in the Mortgage Forum... we decided after more research that now isn't the best time) and she needs to have some sort of credit profile for a good rate. 

 

Anyway, does that sound like a decent plan? Any changes/recommendations?


   $1,500        $4,500        $1,000        $1,000       $13,500       $3,100        $1,000        $1,000        $15,000
     5/06           7/07            5/11            8/17            8/17           9/17           10/17         10/17          10/17

FICO 8 as of 11/4/17: EQ 674, TU 679, EX 665 | Gardening commenced Friday the 13th (10/13/17) | Next app: Oct '18 - 2nd AMEX

10 REPLIES 10
Sandman771
Valued Contributor

Re: Suggestion for DW's First Card(s)?

I'd start with the major pre-qual sites and see if anything pops for her there. Anecdotally if it is a solid APR not a range then it is pretty solid pre-approval. 

Yes you can never go wrong with NFCU. They may be stingy at first but they tend to open up with some loving. 

Starting Score: EQ497/TU496/EX 499
Currently: EQ 620 TU 654 EX 627
in the garden since 6/16/2021
Message 2 of 11
K-in-Boston
Credit Mentor

Re: Suggestion for DW's First Card(s)?

I think you have put some great thought into this. The Amex revolver might be a crapshoot until her EX 08 score goes up. A charge card is probable. I think Navy would be a great start and Discover likes thin profiles. May help to do the usual prequalification sites (Amex, Discover, Chase, Citi, Bank of America, US Bank, I am sure I am missing some) to see what comes up as likely to be approved and then figure out what works best for her spend.

 

Edit: Prequals: CapOne and probably others I missed also. Since she doesn’t necessarily need to build, I would personally recommend only apping for keepers unless she’s chasing bonuses. Also from your post in the Garden, do we need to discuss how we can get her to drive a shiny new Amex Platinum card off the lot today?

Message 3 of 11
DUISlayer
Regular Contributor

Re: Suggestion for DW's First Card(s)?


@K-in-Boston wrote:

I think you have put some great thought into this. The Amex revolver might be a crapshoot until her EX 08 score goes up. A charge card is probable. I think Navy would be a great start and Discover likes thin profiles. May help to do the usual prequalification sites (Amex, Discover, Chase, Citi, Bank of America, US Bank, I am sure I am missing some) to see what comes up as likely to be approved and then figure out what works best for her spend.

 

Edit: Prequals: CapOne and probably others I missed also. Since she doesn’t necessarily need to build, I would personally recommend only apping for keepers unless she’s chasing bonuses. Also from your post in the Garden, do we need to discuss how we can get her to drive a shiny new Amex Platinum card off the lot today?


 Well I just tried and Amex "couldn't find" any prequal offers for her. She prequaled for Discover IT. I'll definitely do NFCU, probably at the same time I do Discover. She's been a BofA customer FOREVER. She might have a good shot with them. Too bad about Amex... I wanted those SkyMiles for both of us. Lol. And NO, she would castrate me if I even mentioned a $450 AF. 


   $1,500        $4,500        $1,000        $1,000       $13,500       $3,100        $1,000        $1,000        $15,000
     5/06           7/07            5/11            8/17            8/17           9/17           10/17         10/17          10/17

FICO 8 as of 11/4/17: EQ 674, TU 679, EX 665 | Gardening commenced Friday the 13th (10/13/17) | Next app: Oct '18 - 2nd AMEX

Message 4 of 11
K-in-Boston
Credit Mentor

Re: Suggestion for DW's First Card(s)?

The EX score is going to be the tricky one for her. That would decide her fate with both Amex and BOA. Anything come up for a prequal with BOA? With some well-timed TU HPs BOA cards can grow massive. AF on Platinum is now $550 so there may be another appendage loss; but the MRs would be transferable to Delta. PRG may be worth taking a good look at.

Message 5 of 11
DUISlayer
Regular Contributor

Re: Suggestion for DW's First Card(s)?

I think I'm gonna go with NFCU and Discover IT Miles and leave it at those two. We eat out a lot, so I think the Go Rewards is better for us, then we can use the It Miles for everything else.


   $1,500        $4,500        $1,000        $1,000       $13,500       $3,100        $1,000        $1,000        $15,000
     5/06           7/07            5/11            8/17            8/17           9/17           10/17         10/17          10/17

FICO 8 as of 11/4/17: EQ 674, TU 679, EX 665 | Gardening commenced Friday the 13th (10/13/17) | Next app: Oct '18 - 2nd AMEX

Message 6 of 11
DUISlayer
Regular Contributor

Re: Suggestion for DW's First Card(s)?


@K-in-Boston wrote:

The EX score is going to be the tricky one for her. That would decide her fate with both Amex and BOA. Anything come up for a prequal with BOA? With some well-timed TU HPs BOA cards can grow massive. 


Sorry, to answer your question, she was prequal for $500 BankAmericard or $500 Cash Rewards for BofA. Think I'll pass for now.


   $1,500        $4,500        $1,000        $1,000       $13,500       $3,100        $1,000        $1,000        $15,000
     5/06           7/07            5/11            8/17            8/17           9/17           10/17         10/17          10/17

FICO 8 as of 11/4/17: EQ 674, TU 679, EX 665 | Gardening commenced Friday the 13th (10/13/17) | Next app: Oct '18 - 2nd AMEX

Message 7 of 11
fltireguy
Valued Contributor

Re: Suggestion for DW's First Card(s)?

Don't thumb your nose up at the $500 BoA cards- they'll easily be $5-10k within a year
NFCU $60.4k/PenFed $22.5k/Commerce $15K/53 $11K/Synovus $14K/BBT $11K/CapOne $12K/DCU $7.5K/BMO $7.5K/Chase $14.5k/Cabelas $10K/ and many many more!
Total CL $398600, plus car and RV loan.
Ooh. Ooh. Getting closer to that $500K mark!
Message 8 of 11
AverageJoesCredit
Legendary Contributor

Re: Suggestion for DW's First Card(s)?

+1Tire guySmiley Happy Boa can grow, ever seen a Boa from the Amazon?Smiley Wink
Message 9 of 11
DUISlayer
Regular Contributor

Re: Suggestion for DW's First Card(s)?


@fltireguy wrote:
Don't thumb your nose up at the $500 BoA cards- they'll easily be $5-10k within a year

Fair enough. I just know I haven't seen a CLI from them in a while. I had a few lates like 4+ years ago that they won't seem to forgive. But if, from your experience, it would be a good SD card (maybe to put a monthly bill on it with autopay), then maybe I'll go for it. As far as future CLI, any difference in considering BankAmericard or Cash Rewards?


   $1,500        $4,500        $1,000        $1,000       $13,500       $3,100        $1,000        $1,000        $15,000
     5/06           7/07            5/11            8/17            8/17           9/17           10/17         10/17          10/17

FICO 8 as of 11/4/17: EQ 674, TU 679, EX 665 | Gardening commenced Friday the 13th (10/13/17) | Next app: Oct '18 - 2nd AMEX

Message 10 of 11
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