Which card should I choose?

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starr
 
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Which card should I choose?

Postby starr » Mon Sep 08, 2014 11:23 pm

Hello everyone. I am new to this site and I definitely enjoy it. I am very much new to this whole credit world So Here It goes. I have 2 au ' s I am under my mother's account as she is helping me to build credit. I have 1 credit card that's in my name. The card that I have is delta credit union and a limit of 5k my mother au 's are recent opened accounts so she tagged me along. She opened her accounts this year. My credit scores are experian 761 equifax 749 and transunion 749. I just need some advice on the next card I should choose. I wanted to go for chase freedom but they hard pull and I was told that you have to have a long credit history. I'm very confused. Can someone help me with what card or cards I should choose next? I would greatly appreciate it thanks.


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sicasun
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Postby sicasun » Tue Sep 09, 2014 10:25 am

It's really up to you what card you should get. You should find a card that coincides with your spending and purchases, and gives you the most benefit and rewards. However, you don't need a long credit history to get the Chase Freedom :) With your scores, I'd try it. A lot of my college friends who are actively building credit have the Freedom. They recently announced some changes to the benefits, but even without, the Freedom is a great beginner card I feel.

Also, all credit card issuers hard pull when you apply for a credit card, so don't really worry about it. I think having a lot of hard pulls for credit cards usually negatively impacts your credit when you also get denied for a lot of those applications, so issuers see that person as desperate and therefore a risk.

Chase Sapphire Preferred | 09/2014 | $10,300
Chase Sapphire | 05/2010 | $5,000
Chase Freedom | 01/2013 | $5,500
CapitalOne Quicksilver | 01/2013 | $2,500
American Express TrueEarnings | 08/2014 | $5,500
Victoria's Secret Angel Card | 04/2011 | $600

FICO | 09/2014 | Experian 738 | Equifax 706 | TransUnion 701

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CarefulBuilder14
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Postby CarefulBuilder14 » Tue Sep 09, 2014 10:45 am

If you've been a checking customer with Chase, they may give you a low-limit Freedom without a long history. I got mine with absolutely no history - just one previous hard pull from an application with GECRB that was declined.

If you're not a Chase checking customer, you still have a reasonable chance. The Freedom is certainly one of the prime cards that is easier to get.

There are some issuers that don't pull your credit, but those cards are loaded with fees and not what you want.

Try to find a card with some basic rewards but without an annual fee that you can see yourself using for a long time. Your spending may change over time, and you might get a few more cards.

I find that I don't use my Freedom nearly as often as I once did, but with no AF, I can keep it open and I don't have to hurt my account age by closing it.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

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sicasun
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Postby sicasun » Tue Sep 09, 2014 10:50 am

CarefulBuilder14 wrote:There are some issuers that don't pull your credit, but those cards are loaded with fees and not what you want.

Oh there's a such thing? I did not know this.

Chase Sapphire Preferred | 09/2014 | $10,300
Chase Sapphire | 05/2010 | $5,000
Chase Freedom | 01/2013 | $5,500
CapitalOne Quicksilver | 01/2013 | $2,500
American Express TrueEarnings | 08/2014 | $5,500
Victoria's Secret Angel Card | 04/2011 | $600

FICO | 09/2014 | Experian 738 | Equifax 706 | TransUnion 701

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CarefulBuilder14
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Postby CarefulBuilder14 » Tue Sep 09, 2014 11:08 am

sicasun wrote:Oh there's a such thing? I did not know this.


They usually aren't cards that run on the major payment networks, but are rather cards which can only be used to buy overpriced goods from a particular website. They are primarily in the business of issuing cards to people with bad credit who need one good item to report when rebuilding credit. Actually selling and delivering goods to customers is a smaller part of their operations.

They include Horizon Gold, Luxe, and a few others.

They are totally inappropriate for the OP. They have fees of usually hundreds of dollars each year. There is no reason anyone should have one, since someone with bad credit can probably find one credit union or another willing to make a secured rebuilder loan.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

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sicasun
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Postby sicasun » Tue Sep 09, 2014 11:22 am

CarefulBuilder14 wrote:They are totally inappropriate for the OP. They have fees of usually hundreds of dollars each year. There is no reason anyone should have one, since someone with bad credit can probably find one credit union or another willing to make a secured rebuilder loan.

That's certainly educational! Thank you for the rundown. But agreed, OP doesn't not need to concern them self with these kinds of cards :) If you start on the right foot and work upwards, you won't even need to think that these types of cards exist.

Chase Sapphire Preferred | 09/2014 | $10,300
Chase Sapphire | 05/2010 | $5,000
Chase Freedom | 01/2013 | $5,500
CapitalOne Quicksilver | 01/2013 | $2,500
American Express TrueEarnings | 08/2014 | $5,500
Victoria's Secret Angel Card | 04/2011 | $600

FICO | 09/2014 | Experian 738 | Equifax 706 | TransUnion 701

OldMan
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You should also make use of the Pre-Screen sites.

Postby OldMan » Tue Sep 09, 2014 11:42 am

Many of the card companies have web pages that will check to see if you qualify for any offers. I know that Capital One and Amex have these, and can be a good indicator of whether you should apply for a particular card or not. An Amex card would be at the top of my list if I was young, as they are the only card that will back date any future cards to your original account date.
My Wallet:
Discover IT - $4000;
AMEX BCE $12000;
Citi Double Cash - $6600;
CHASE AARP Visa - $5000;
Banana Republic $1200;
NFM - $20,000;
Sears (Citi) MC - $6000;

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sicasun
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Postby sicasun » Tue Sep 09, 2014 12:07 pm

OldMan wrote:Many of the card companies have web pages that will check to see if you qualify for any offers. I know that Capital One and Amex have these, and can be a good indicator of whether you should apply for a particular card or not. An Amex card would be at the top of my list if I was young, as they are the only card that will back date any future cards to your original account date.

This is a good point! Chase has one too, on the credit card page. Pre-screen pages don't affect your credit score, so it's a decent idea of which cards you might qualify for :) I also agree with OldMan's rec of American Express.

CapitalOne is definitely easy to get approved for, but I would not apply for them unless you run out of options. I personally have not had any bad experiences with them, but there are better offers that are within reach, and apparently there are stories of quite a few people having iffy customer relations with them.

Chase Sapphire Preferred | 09/2014 | $10,300
Chase Sapphire | 05/2010 | $5,000
Chase Freedom | 01/2013 | $5,500
CapitalOne Quicksilver | 01/2013 | $2,500
American Express TrueEarnings | 08/2014 | $5,500
Victoria's Secret Angel Card | 04/2011 | $600

FICO | 09/2014 | Experian 738 | Equifax 706 | TransUnion 701

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PlyrStar93
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Postby PlyrStar93 » Tue Sep 09, 2014 12:31 pm

Since you already have credit history, Chase Freedom should be fairly OK. AMEX should be fine as well. Also as above have said, utilize the pre-approval sites. They don't guarantee approval but at least they can somehow verify your information and you might fall into their criteria.

Just realized no one has mentioned Discover (yet), which should also be a choice.
Citi Forward Visa $5000 10/2012 | American Express Blue Cash Everyday $8000 2/2014 | Discover it $7000 5/2014
Chase Freedom Visa Signature $7000 6/2014 | Citi ThankYou Premier Visa Signature $5000 1/2015
All EMV.

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CarefulBuilder14
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Postby CarefulBuilder14 » Tue Sep 09, 2014 12:39 pm

Those 'suggested card' sites tend to be pretty conservative, in my experience. I've looked at a few, and they all seem to suggest CO Platinum and some secured cards for me. I was looking at the US Bank pre-approval site and it suggested I get a debit card with them. A week or so later I got a $6k Amex BCE with no real change in my credit report.

It is worth a look, but don't expect that they will show you the best cards you have a fair chance at getting.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when



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