newbie here looking for some advice

Anonymous · ‎05-14-2009

Hello Everyone....

I've been lurking the board for a couple weeks now and I just have to say I have learned so much just from reading all of your different scenarios. Im 22years old and am fairly new at this whole thing My family all has horrible credit so I've been building it up on my own. I really want to make my credit score and financial stability my main priority. Here's what I have to work with:

EQU: 708

No lates, no inquiries

1 cc (Chase)1,500 cl revolving $100-300

1 auto loan with a Credit Union 15,000

2 student loans - 1 paid in full the other I'm still paying

I would like another cc, which would you recommend I apply for? With the way the economy is I don't want to apply, only to get denied. Will they give me a higher cl since I have a good payment history?

Also what do you guys think about applying for a home loan? Is my credit too new? I've done the numbers and I know I would be able to handle the expenses. And there are so many benefits for first timehome buyers right now its something I've been seriously considering.

Id appreciate any assistance.... Thanks in advance!

Anonymous · ‎05-14-2009

Your credit is long enough that you have a 708 FICO, of course you should apply for a mortgage if you are ready.

I just bought my first house and I absolutely recomend it!

Congrats for being so responsible at only 22!! I wish I had the foresight.

I like CitiCards, however they have a flat 15.99% rate for all card holders, but you earn cash back.

If you get pre-approval letters in the mail I would suggest going with one of them that doesn't charge a fee.

Good Luck!

Anonymous · ‎05-14-2009

Credit Union is the next best move for you...Unless your looking for a retail card if so check out Macys and Nordstroms..

Woolfman · ‎05-14-2009

I agree with cartercorp .

I personally love alliant CU as they have been great to me .

Others here swear by Penfed . But for what i gather they both are good choices.

Anonymous · ‎05-14-2009

Thanks for the replies!

The only pre approval i have been consistently getting is from discover... what do you guys think of them? the pro is that its 0%APR for 1 yr the CON is that its a much higher interest rate than my current chase cc.

Congrats on the house! That must be so exciting!Im doing a lot of homework and looking into buying before the end of the year.

KingAdrock · ‎05-14-2009

@Anonymous wrote:
The only pre approval i have been consistently getting is from discover... what do you guys think of them? the pro is that its 0%APR for 1 yr the CON is that its a much higher interest rate than my current chase cc.

Discover is a rewards card. Rewards cards always have a higher interest rate. Just PIF and the interest rate doesn't matter. (which you really should anyway, regardless of interest rate)

Discover has been good to me, personally I would recommend them.

Anonymous · ‎05-14-2009

Credit Union is the way to go. Goodness forbid if you ever have a problem Discover will not work with you.