What cards should I be looking at for the future?

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forrestst
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What cards should I be looking at for the future?

Postby forrestst » Tue Oct 11, 2016 1:55 am

I have a question on a couple of cards. Well, first of all as some of you may know, I have a secured visa card with the First National Bank of Omaha with a $300 CL. I've had this card for almost 1 year, I've used it every month and paid in full each month. They say I could have my deposit refunded after a year but I don't know if it's automatic or not. In a move I now regret, I was recently approved for a Capital One Platinum card with a $300 CL.

The problem is regretting applying for a card doesn't fix anything. According to what I was told by Capital One, I can't PC but I could apply for the Quicksilver One. When I do the math, at 1.5% cash back, I would have to average spending just over $200/Mo. on a $300 CL card to offset the $39 AF. I can't see were it would make any sense to break even, so I would have to somehow put all my spending on this card and pay several times a month.

I don't know how long after I get my security deposit back from FNBO it would be before I could qualify for a better card from them, but with their 1% cash back card, you actually get 2% back if you open a savings account with them and transfer the cash back into the savings account. I've also thought about a Barclay card, they have a rewards card for average credit. I have a friend who thinks I should be looking at WalMart or Sam's Club, but my question is, what if I get the store card instead of the Master Card? I'm really not that interested in a store card. I have reservations about getting a Sam's Club card because what if I decide not to renew my membership? I'm guessing they would close my credit account?

What I would consider is getting the quicksilver one card, I'm not sure but I think if you have 2 Cap 1 cards, you can combine the CL of both cards and close one. I've also been told I should just be happy with what I have and not apply for anything else for at least a year. Not sure which way to go.


mountaindewvoltage
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Re: What cards should I be looking at for the future?

Postby mountaindewvoltage » Tue Oct 11, 2016 9:47 am

forrestst wrote:I have a question on a couple of cards. Well, first of all as some of you may know, I have a secured visa card with the First National Bank of Omaha with a $300 CL. I've had this card for almost 1 year, I've used it every month and paid in full each month. They say I could have my deposit refunded after a year but I don't know if it's automatic or not. In a move I now regret, I was recently approved for a Capital One Platinum card with a $300 CL.

The problem is regretting applying for a card doesn't fix anything. According to what I was told by Capital One, I can't PC but I could apply for the Quicksilver One. When I do the math, at 1.5% cash back, I would have to average spending just over $200/Mo. on a $300 CL card to offset the $39 AF. I can't see were it would make any sense to break even, so I would have to somehow put all my spending on this card and pay several times a month.

I don't know how long after I get my security deposit back from FNBO it would be before I could qualify for a better card from them, but with their 1% cash back card, you actually get 2% back if you open a savings account with them and transfer the cash back into the savings account. I've also thought about a Barclay card, they have a rewards card for average credit. I have a friend who thinks I should be looking at WalMart or Sam's Club, but my question is, what if I get the store card instead of the Master Card? I'm really not that interested in a store card. I have reservations about getting a Sam's Club card because what if I decide not to renew my membership? I'm guessing they would close my credit account?

What I would consider is getting the quicksilver one card, I'm not sure but I think if you have 2 Cap 1 cards, you can combine the CL of both cards and close one. I've also been told I should just be happy with what I have and not apply for anything else for at least a year. Not sure which way to go.


Depending on your score, you could try for the Navy Fed Cash rewards, 1.5% cash back where you're able to redeem as soon as your transaction posts. No annual fee, and more consumer-friendly fee structure and underwriting criteria.

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kcm7
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Re: What cards should I be looking at for the future?

Postby kcm7 » Tue Oct 11, 2016 11:04 am

I'd stay put for now. Use both card regularly, keep utilization low and pay on time.

As for which card to go for in the future ... watch the mail. See what kinds of offers you get. I remember when my husband was improving his credit, the offers changed suddenly from secured/First Premier offers to Chase and Discover offers. It was like a switch flipped. For the record, the first "real" card with a good limit he got was the Wells Fargo rewards card. He already had a checking account with them. So if there's a bank you already have a relationship with, you might start there -- after you start seeing some better offers trickle into your mailbox.
Cards:

-Capital One Quicksilver
-Barclaycard Arrival (no AF)
- US Bank (no rewards)
-IHG

JonE
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Re: What cards should I be looking at for the future?

Postby JonE » Tue Oct 11, 2016 11:52 am

Stick with what you have for now, and a year down the road see if you qualify for something better. Avoid the app sprees that are mainly advertised at 'that other place' which will get you in more trouble than it's worth. Ultimately 2-4 cards would be enough for credit purposes without going overboard.
Current Cards: Chase Freedom, Discover IT
Future: TBD

Tubpbs
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Re: What cards should I be looking at for the future?

Postby Tubpbs » Tue Oct 11, 2016 12:04 pm

forrestst wrote:I have a question on a couple of cards. Well, first of all as some of you may know, I have a secured visa card with the First National Bank of Omaha with a $300 CL. I've had this card for almost 1 year, I've used it every month and paid in full each month. They say I could have my deposit refunded after a year but I don't know if it's automatic or not. In a move I now regret, I was recently approved for a Capital One Platinum card with a $300 CL.

The problem is regretting applying for a card doesn't fix anything. According to what I was told by Capital One, I can't PC but I could apply for the Quicksilver One. When I do the math, at 1.5% cash back, I would have to average spending just over $200/Mo. on a $300 CL card to offset the $39 AF. I can't see were it would make any sense to break even, so I would have to somehow put all my spending on this card and pay several times a month.

I don't know how long after I get my security deposit back from FNBO it would be before I could qualify for a better card from them, but with their 1% cash back card, you actually get 2% back if you open a savings account with them and transfer the cash back into the savings account. I've also thought about a Barclay card, they have a rewards card for average credit. I have a friend who thinks I should be looking at WalMart or Sam's Club, but my question is, what if I get the store card instead of the Master Card? I'm really not that interested in a store card. I have reservations about getting a Sam's Club card because what if I decide not to renew my membership? I'm guessing they would close my credit account?

What I would consider is getting the quicksilver one card, I'm not sure but I think if you have 2 Cap 1 cards, you can combine the CL of both cards and close one. I've also been told I should just be happy with what I have and not apply for anything else for at least a year. Not sure which way to go.


After 6 months of good behavior with your Plaitnum card, Cap1 should raise the CL and you should qualify for a higher CL on a new application. If I were you, I might approach things that way.
Amex - BCP, Platinum, Business Gold
BoA - BankAmericard Cash Rewards
Chase - Freedom, CSP, RC, Ink Plus
Citi - DC, Prestige
Discover - It

Kevin86475391
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Re: What cards should I be looking at for the future?

Postby Kevin86475391 » Tue Oct 11, 2016 12:49 pm

kcm7 wrote:I'd stay put for now. Use both card regularly, keep utilization low and pay on time.

As for which card to go for in the future ... watch the mail. See what kinds of offers you get. I remember when my husband was improving his credit, the offers changed suddenly from secured/First Premier offers to Chase and Discover offers. It was like a switch flipped. For the record, the first "real" card with a good limit he got was the Wells Fargo rewards card. He already had a checking account with them. So if there's a bank you already have a relationship with, you might start there -- after you start seeing some better offers trickle into your mailbox.


I agree with this. Just sit tight and see what happens in a year or so. There's a good chance you'll be able to qualify for something better at that time than you would be able to get now, and I think you're better just waiting.

forrestst
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Re: What cards should I be looking at for the future?

Postby forrestst » Tue Oct 11, 2016 8:28 pm

Well first, my bank doesn't offer credit cards. When I asked them, several people there said my debit card worked just as well and I didn't need a credit card. My mom has a Wells Fargo Visa card and she wanted me to get a card from them, but Wells Fargo told me I need to open a bank account before I can apply for a credit card and I didn't want another bank account. That's when I went to FNBO and ended up getting a secured card from them. It says on their website that I may qualify for a higher credit limit without an additional deposit after 7 months, but that hasn't happened. So I don't believe anything I've been told, they even said I can automatically get my deposit back after just 11 months, but I'm thinking they'll just keep my money until I cancel my card.

I felt like I made a mistake when I applied for the Crap 1 Platinum card, in fact, when I received my card with my $300 limit, I just wanted to send the card back and tell them to keep it. The reason I applied for the card was because I anticipated cancelling my FNBO card to get my money back but the Platinum card just doesn't excite me, Maybe if I cancel the Platinum card now, then I only have one card (FNBO) and I could apply for the QuickSilver One card then after 12 to 13 months, if I haven't heard from FNBO, I'll cancel the card and get my money back.

Tubpbs
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Re: What cards should I be looking at for the future?

Postby Tubpbs » Tue Oct 11, 2016 8:44 pm

forrestst wrote:Well first, my bank doesn't offer credit cards. When I asked them, several people there said my debit card worked just as well and I didn't need a credit card. My mom has a Wells Fargo Visa card and she wanted me to get a card from them, but Wells Fargo told me I need to open a bank account before I can apply for a credit card and I didn't want another bank account. That's when I went to FNBO and ended up getting a secured card from them. It says on their website that I may qualify for a higher credit limit without an additional deposit after 7 months, but that hasn't happened. So I don't believe anything I've been told, they even said I can automatically get my deposit back after just 11 months, but I'm thinking they'll just keep my money until I cancel my card.

I felt like I made a mistake when I applied for the Crap 1 Platinum card, in fact, when I received my card with my $300 limit, I just wanted to send the card back and tell them to keep it. The reason I applied for the card was because I anticipated cancelling my FNBO card to get my money back but the Platinum card just doesn't excite me, Maybe if I cancel the Platinum card now, then I only have one card (FNBO) and I could apply for the QuickSilver One card then after 12 to 13 months, if I haven't heard from FNBO, I'll cancel the card and get my money back.


You seem to be ignoring the advice you asked for in this thread. Closing the card will hurt you profile as it will take away positive reporting that will be valuable to you in the short term.

I see a bunch of different responses, but I don't see anyone suggesting you should close the Platinum card.
Amex - BCP, Platinum, Business Gold
BoA - BankAmericard Cash Rewards
Chase - Freedom, CSP, RC, Ink Plus
Citi - DC, Prestige
Discover - It

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CarefulBuilder14
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Re: What cards should I be looking at for the future?

Postby CarefulBuilder14 » Tue Oct 11, 2016 9:09 pm

Tubpbs wrote:
forrestst wrote:Well first, my bank doesn't offer credit cards. When I asked them, several people there said my debit card worked just as well and I didn't need a credit card. My mom has a Wells Fargo Visa card and she wanted me to get a card from them, but Wells Fargo told me I need to open a bank account before I can apply for a credit card and I didn't want another bank account. That's when I went to FNBO and ended up getting a secured card from them. It says on their website that I may qualify for a higher credit limit without an additional deposit after 7 months, but that hasn't happened. So I don't believe anything I've been told, they even said I can automatically get my deposit back after just 11 months, but I'm thinking they'll just keep my money until I cancel my card.

I felt like I made a mistake when I applied for the Crap 1 Platinum card, in fact, when I received my card with my $300 limit, I just wanted to send the card back and tell them to keep it. The reason I applied for the card was because I anticipated cancelling my FNBO card to get my money back but the Platinum card just doesn't excite me, Maybe if I cancel the Platinum card now, then I only have one card (FNBO) and I could apply for the QuickSilver One card then after 12 to 13 months, if I haven't heard from FNBO, I'll cancel the card and get my money back.


You seem to be ignoring the advice you asked for in this thread. Closing the card will hurt you profile as it will take away positive reporting that will be valuable to you in the short term.

I see a bunch of different responses, but I don't see anyone suggesting you should close the Platinum card.

Not just this thread. This is OP's third thread on essentially the same topic.
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

forrestst
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Re: What cards should I be looking at for the future?

Postby forrestst » Wed Oct 12, 2016 2:05 am

Try dealing with my parents and see how far you get. I thought when I turned 21 I could get my own place and make my own decisions..... WRONG! I made some past mistakes and now every time I turn around, there they are trying to run my life. Somehow my dad found me a gas card, it's a good deal, I get 5 cents off every gallon, but I have to go out of my way and there's only one station in the area I can use. My idea was to use the Capital One card for a gas card so I could use whatever station I wanted. My dad said that was a bad idea because the card they found for me was a better deal. My current gas card has my name on it and the bill is sent to my name but it doesn't show up on my credit reports and I've had it for a number of years.

My dad said had I applied for the QuickSilver One card with 1.5% cash back, I could have used it to replace my gas card, but they said I'm allowed to have one credit card and only one card so now I have to decide which one to close and which one to keep. If I don't make a decision, my parents will step in and take care of it for me and treat me like a little kid so I don't have a choice.

I'm not too worried about my credit, I just received a pre-approved offer from Credit One with the worst possible predatory terms they could give me. $84 processing fee, $75 annual fee and $6.25 monthly maintenance fee. On top of that garbage there's no grace period on purchases. When you receive pre-approved offers like this, it pretty much means your credit sucks. I kind of get the feeling that the secured card might have my credit scores artificially inflated, so knocking it down a few points won't really matter.

It irritates me that I have to run across town for gas but it's a decision my parents made for me and something I'll just have to learn to live with. I just regret I didn't apply for the quicksilver one card because then I could have replaced my gas card with it. I decided it would be worth the $39 AF if they let me keep it and use it for a gas card and I could get gas wherever it was convenient.



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