When and Which?

[RKBAGUY]

I'm getting back on track with rebuilding my credit and was hoping you folks could recommend the right card for my needs in anticipation of applying for a car loan this coming spring.

Presently my scores are: 755EQ 757TU 729EX

Just a week ago on 9/20/17, I applied and was approved for a Wells Fargo card with a limit of $1500 in addition to being an AU on a BoA card which rarely if ever carries a balance.  However I'm told that it's best to have at least 2 trade lines under my own name.

Four questions, please:

1. When would you suggest I apply for the 2nd trade line (should I do so now, or wait a month or two?)
2. When would you suggest I remove myself as an AU on the BoA card?
3. Can you recommend a suitable card (I'd like to avoid CapOne if possible) that fits for my situation?
4. For the car loan, does it make a difference if it's a used or new car?

Thanks!

[Anonymous]

Hi, I'm not as knowledgeable as most here, but I'll give my input.

Honestly, you look to be in relatively decent shape as is. Just let what you have age gracefully until you're ready. It is said that ideally you should have three of your own cards and an installment for scoring purposes. Your scores, if they are real ficos and not vantage, look in good shape.

1 if your goal is spring, IF you decide to go for another card, soon might be better so it won't be too recent, you probably want at least 6 mos. without inquiries or new accounts reporting. If you have something too recent reporting when you apply for financing the financier could give pause.

2 I don't think you necessarily need to, or should. If you only have the one card it is probably best to leave it, especially if it's handled as well as you say, as it is most likely helping.

3 discover, amex and maybe chase are good for a lot of people. Check for prequalify sites, and go from that if you see something you like. If your scores are actual ficos many cards should be available to choose from.

4 this probably has more to do with where you get your financing and your budget. Other variables too can be dealer, time of year, model popularity and such. You kind of need to consider the entire package for car financing and getting better deals.

[RKBAGUY]

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@Anonymous wrote:

Hi, I'm not as knowledgeable as most here, but I'll give my input.

Honestly, you look to be in relatively decent shape as is. Just let what you have age gracefully until you're ready. It is said that ideally you should have three of your own cards and an installment for scoring purposes. Your scores, if they are real ficos and not vantage, look in good shape.

1 if your goal is spring, IF you decide to go for another card, soon might be better so it won't be too recent, you probably want at least 6 mos. without inquiries or new accounts reporting. If you have something too recent reporting when you apply for financing the financier could give pause.

2 I don't think you necessarily need to, or should. If you only have the one card it is probably best to leave it, especially if it's handled as well as you say, as it is most likely helping.

3 discover, amex and maybe chase are good for a lot of people. Check for prequalify sites, and go from that if you see something you like. If your scores are actual ficos many cards should be available to choose from.

4 this probably has more to do with where you get your financing and your budget. Other variables too can be dealer, time of year, model popularity and such. You kind of need to consider the entire package for car financing and getting better deals.

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Yes, those are my present myFICO scores as of this morning.  If my report shows anything derogatory, the only red flags are "There is no recent activity on revolving and/or open-ended accounts" and "You have too few or too many credit accounts".... I presume the latter is the case because until last week, I had only the one BoA card as an AU.

Perhaps I'll look to an AMEX because I just started a business and they seem to have business-friendly services.

Thanks!

[RKBAGUY]

Interesting.

Just applied to AMEX for Blue, was instantly denied.  Can you suggest I try for a different card, or perhaps wait for a while until I get more of a track record with the Wells Fargo card?

[601flyguy]

Dont go around cold apping with short history and a thin file. You will probably rake up more denials and HPs than approvals.

If anything check preapproval sites and check back here. Check amex, discover, BofA for preapprovals. Look at the apr that they are offering. If it ranges from 13-24% there are low odds that you will be approved. If apr says something like 15-18% you are more likely to be approved, but still possible to be denied. Just check out the sites and check back here.

[RKBAGUY]

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@601flyguy wrote:
Dont go around cold apping with short history and a thin file. You will probably rake up more denials and HPs than approvals.

If anything check preapproval sites and check back here. Check amex, discover, BofA for preapprovals. Look at the apr that they are offering. If it ranges from 13-24% there are low odds that you will be approved. If apr says something like 15-18% you are more likely to be approved, but still possible to be denied. Just check out the sites and check back here.

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Where does one find a "preapproval" site?

[Anonymous]

Please don't go around applying just because someone tells you which banks to go for.  Do your research and ONLY apply for cards that you will actually use.  Remember, people come here for advice and sugggestions. At the end of the day, YOU are responsible to make your own judgement.  

We may suggest some more than others depending on the situation, but, that does not guaraentee approvals.  

To find the pre-quals, just google them, example: chase prequalified offers.  Once on the page, you will be asked to enter your info and last 4 of your SSN.  Once submit, you will (sometimes you won't) get a list of cards.  I would first decided what card you need (miles, cash back etc) and go from there.

[RKBAGUY]

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@Anonymous wrote:

Please don't go around applying just because someone tells you which banks to go for.  Do your research and ONLY apply for cards that you will actually use.  Remember, people come here for advice and sugggestions. At the end of the day, YOU are responsible to make your own judgement.  

We may suggest some more than others depending on the situation, but, that does not guaraentee approvals.  

To find the pre-quals, just google them, example: chase prequalified offers.  Once on the page, you will be asked to enter your info and last 4 of your SSN.  Once submit, you will (sometimes you won't) get a list of cards.  I would first decided what card you need (miles, cash back etc) and go from there.

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I'm not particularly concerned about card bennies like points, miles or cash back - my primary goal is following the guidance that recommends 2 trade lines under my own name to build a track record before applying for a car loan this coming spring.  I'll give a shot at searching for prequal offers.  What about the site sponsors here - I see recommendations above.  Are they worth pursuing?

[thomasjm99]

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@RKBAGUY wrote:

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@601flyguy wrote:
Dont go around cold apping with short history and a thin file. You will probably rake up more denials and HPs than approvals.

If anything check preapproval sites and check back here. Check amex, discover, BofA for preapprovals. Look at the apr that they are offering. If it ranges from 13-24% there are low odds that you will be approved. If apr says something like 15-18% you are more likely to be approved, but still possible to be denied. Just check out the sites and check back here.

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Where does one find a "preapproval" site?

A simple Google search with the Bank Name and "pre-qualify" should usually get you where you want to go. 

One of the key indicators to knowing whether or not you are truly pre-qualified for that card is if you are given a specific APR. So if Discover for example comes back and says they found a card for you and the APR is 0% intro and then 15.99% after, then that is usually pretty solid. If the offer states something like 13.99 - 23.99 Variable, that doesn't mean you'll get denied if you apply, but you aren't guaranteed an approval. 

And yes...  Please make sure you know what you need and apply for a card that will benefit you and your spending habits along with helping to build your credit profile. Not all cards are created equal. 

[Anonymous]

Yes, they are, but again.  I would i least get something you know you would use in the future...IMO.