What Card should I apply for next?

[haulingthescoreup]

Since you're working this out in advance (my time machine! who took my time machine?!?), you might want to read the FICO High Achievers thread in my siggy. We've been collecting the positive and negative comments that people get on their FICO score reports and using them to try to paint a picture of the ideal credit profile.

Really, depending on how long you've had credit, there are probably at least 4 different ideals, but as you seem a very self-disciplined person, this might help you in your goal-setting. Lots of feedback from folks in the high score ranges, what they have, why they chose them, etc. Good luck!

[jmbfl]

1) We have no idea what your income is. Remember your income is going to be a factor in determining the level of CL that is going to be granted.

2) Another factor is the CL's you have been granted by others. This is the tricky piece. No one wants to go first when you cross the $5K barrier. So you need a brave soul!

3) Which brings be to my point, which is PenFed will be that brave soul. If your income is decent (but not stellar by any means) and all else is OK, they will grant a $10K CL. That being said, in order to get any kind of a CL from PenFed you have to clear their bar. In order to do that you must maintain your perfection and also remain inquiry/new credit free for six months to one year before joining or app'ing PenFed. If you can do that I think you would be a good candidate.

4) Once you have managed to get a higher CL on your CBR's from a CU like PenFed, then go app Discover or BofA. They will use your that higher CL you obtained elsewhere in determining what CL they will give you. Of course they will want to see that you've handled a larger CL without a problem, so try to spread out your app's a little.

[jmbfl]

One other thing - you should have taken out a small loan when you bought your car (if it was financable). Installment credit diversifies your credit base and will improved your FICO scores. That said, you can always go to a banking institution you have a relationship with and set up a loan where you borrow against your own money. Yes, it will cost you a few $'s, but as long as it is a term loan and reported it will report as installment debt and help raise your FICO's.

Short of that, raising your FICO's is going to take time. You have a young credit file and the passage of some time will work wonders as long as you continue paying everything on-time everytime!

[imjetguer]

For PenFed you have to sign up for an account and I am not in the military or anything like that.

Thanks for the other info. I am hoping to be in 700's next year!

[jmbfl]

Anyone can join PedFed. Go to:

www.penfed.org

and follow the link "How to Join". You do this by joining either NMFA or MOAA for a year. MOAA has had a special running for $13. That's it. Do not join until you are prepared to app for your CC in order to avoid unneccessary hard inquiries. PenFed would be a very good move for you. Applicants from here have gotten initial CL's of $5K, $10K, $20K. They will be good to you, are easy to do business with and the CC is excellent. It is my main CC and I PIF several times a month. I also have Discover with an intro offer and that is my revolving card (and seeing duty today at the auto mechanic!).