2nd card to get?

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TrevorEugene
 
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2nd card to get?

Postby TrevorEugene » Tue Feb 03, 2015 8:34 pm

Hello,

I have just recently received my first card, Discover It, and I was curious as to when a good time would be to pick up a 2nd card.

I'm paying off the Discover each month and I'm looking for a card that I could add some bigger purchases on to pay off over time, or possibly a new card to pay off monthly and use the Discover to make slightly bigger purchases.

My Discover card only has a balance of $1500, and my credit score is in the low 700's.

I would also like to add that "bigger purchases" to me would be $200-$700, nothing insanely big.

Thank you,

Trevor Eugene


whit
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Postby whit » Tue Feb 03, 2015 10:31 pm

I would get the freedom or doublecash

popamode72
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Postby popamode72 » Tue Feb 03, 2015 10:45 pm

How about an Amex or a Sallie Mae? Amex mainly because of perks like the potential to get a CLI 3x your starting limit after 31-61 days and also the benefit of establishing a MSD and having long term backdating privileges. I threw Sallie Mae out there for the rewards especially for your kind of spend.
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)

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CarefulBuilder14
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Postby CarefulBuilder14 » Tue Feb 03, 2015 11:31 pm

Did you ever have a car or student loan? Were you ever an AU on someone else's card?

Getting approved for a Discover with no previous credit history at all, if that's the case, is unusual. But it's good you have it.

I'd go with the Chase Freedom Visa. It's usually at least as easy to get as a Discover, and you're going to want a Visa or MasterCard to use in places that don't take Discover. It's also a card you'll probably find useful for a very long time - either for it's plain 5% cash back categories or as the first step in Chase's complicated - but potentially very lucrative - travel rewards program. You could probably get it now - you might just get a $500 or $600 starter limit, though.

Double Cash from Citi is a simple, widely accepted MasterCard, and probably a close second for someone fairly new to credit. I'm not sure just how hard it is to get. The reason I don't have one is that I try to get more than 2% in rewards on my spending, so a plain 2% doesn't really interest me. Also, Citi gets a lot of customer complaints relative to Chase, Amex, or Discover.

Getting in with Amex is good, but it's not as widely accepted. I'd make getting a Visa or MC the priority, and get an Amex maybe when you have 6-8 months of credit history.

Sallie Mae is a Barclaycard MC. It's arguably the best year-round card (no rotating categories) for gas/groceries/books/Amazon.com purchases for people who don't spend a ton of money. You probably need more history to qualify.
Love: IHG, Platinum, Sallie Mae, AA Plat, CSP
Like: Discover, ED, BCE, Hyatt, Arrival, Freedom
Might drop: BrooksBros, Prestige (Costco PC?)
Might add: Proper business card, CSR, Ritz, Delta Gold
Letting new accounts cool off since May
Really not sure what I'll add next or when

popamode72
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Postby popamode72 » Tue Feb 03, 2015 11:40 pm

I actually didn't see that part about this being his very first card and got the impression he already had it for a while.

In that case, work with the Discover for a while, let your FICOs generate and go from there sometime after that. Also check for any Chase prequalifications from time to time.
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)

oldsoldier
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Postby oldsoldier » Wed Feb 04, 2015 10:38 am

Not sure what type of rewards your looking for but if I was looking to have a balance. I would probably try for the Amex everyday cards. They seem to have lower APRs that I have seen.
BoA Cash Rewards $13,000
Chase Sapphire Preferred $14,000
BoA Better Balance $12,000
Amex Every Day $24,000
Discover It $17,000
NFCU Platinum Visa $25,200
Barclay Arrival WMC $10,000
Cap One QuickSilver WMC $6,200
WF Cash back Visa Sig $11,000
Citi Thank You Premier $11,600

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CarefulBuilder14
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Postby CarefulBuilder14 » Wed Feb 04, 2015 11:27 am

Trevor Eugene, for how long did Discover give you a 0% intro rate?

Among these cards, Discover sometimes offers the longest period at 0%, so would probably be the card for making bigger purchases.

Unless you're able to pay off all your purchases within the 0% rate time frame, the focus should not be on rewards. It's simplest to just pay everything in full. Life happens and you may need to carry a balance, but you really should only try to carry a balance on a 0% card.

It's better (and sometimes easier) to keep your costs down and avoid a debt problem than to try to get out of one.
Love: IHG, Platinum, Sallie Mae, AA Plat, CSP
Like: Discover, ED, BCE, Hyatt, Arrival, Freedom
Might drop: BrooksBros, Prestige (Costco PC?)
Might add: Proper business card, CSR, Ritz, Delta Gold
Letting new accounts cool off since May
Really not sure what I'll add next or when

popamode72
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Postby popamode72 » Wed Feb 04, 2015 11:33 am

oldsoldier wrote:Not sure what type of rewards your looking for but if I was looking to have a balance. I would probably try for the Amex everyday cards. They seem to have lower APRs that I have seen.


Mine is 12.99% after my 15 month 0 intro offer ends. It's great.
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)

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CarefulBuilder14
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Postby CarefulBuilder14 » Wed Feb 04, 2015 11:42 am

Amex ED is probably a long shot right now for someone who just got his first card. Freedom is more realistic.
Love: IHG, Platinum, Sallie Mae, AA Plat, CSP
Like: Discover, ED, BCE, Hyatt, Arrival, Freedom
Might drop: BrooksBros, Prestige (Costco PC?)
Might add: Proper business card, CSR, Ritz, Delta Gold
Letting new accounts cool off since May
Really not sure what I'll add next or when

TrevorEugene
 
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Location: Nashville, TN

Postby TrevorEugene » Wed Feb 04, 2015 3:10 pm

Hey everyone, thank you for all the replies. It was my mistake on not clarifying exactly what my credit history was. I'm not the most experienced when it comes down to what can, and cant, effect your credit... so some of these listed may not be doing anything for me.

I've had a school loan since 2010 that I am still currently paying off.
I had a Regions Ready Advance loan on and off for about 2 years.
Electric and internet (idk if these bills really help or not?)

So my credit history is still fairly new, but not a complete fresh start when it came to this Discover card. I will look at the terms when I get home to see exactly what my details are pertaining to the 0%

Does that info help determine what would be a good fit or not?

Thank you,

Trevor Eugene



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