Other possible credit card options

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Other possible credit card options

Postby tbankston » Tue Aug 29, 2017 5:13 am

Hello, I am 21 years old and I currently have 3 credit cards. I've had Cap One platinum with an $1100 CL. Wells Fargo student cash back card with $800 CL. And a Shell Drive for Five card with $300 CL. (Will say I got carried away applying for shell card, I needed money and had no other option. Probably gonna close it after while.)

My cap one and wells fargo cards are currently 90% used credit limit wise. I have a 604 CS. I'm 100% on all payments, no lates, etc. I will probably have wells paid down by December 2017 and Cap One paid off with my tax return this coming year. Just curious as to what should I go for once I get my debt in good standing with the issuers. Any recommendations? Keep Wells/Cap One? Close one or the other? I was considering closing my WF card and Shell eventually leaving me with my C1 card and requesting a higher limit on it once my score is to a good point and balance paid down. I've seen a lot of people say C1 is bad, but for the most part I haven't had any bad experiences with them. Very helpful, all though they've declined a couple CLI request but have given me a $100 CLI at like 6 months, then randomly a $500 increase making it $1100 now. I was just curious as to what my options would be and what better luck I would have with other cards once I get these two under control. I'm not a big traveler so miles cards, destination cards, etc wouldn't be for me.


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Re: Other possible credit card options

Postby swipe_masta » Tue Aug 29, 2017 10:23 pm

Since you are just starting out, I'd say keep them all open for your credit history's sake and close them (if you choose) after getting better cards. Keeping your cards open and not using them vs. closing cards you do not use is a very debatable topic in this community for many reasons.

You need to pay off your outstanding balance and boost your score before you even think about applying for anything else. Always remember you shouldn't spend more than you can pay. Treat your credit cards like debit cards in that you always have money in the bank to cover your expenses as to not pay interest. You should always be earning interest, never paying it.

How do you know your score is 604? There are three major bureaus that companies look at to see your credit worthiness. I suggest signing up for a credit monitoring service like Credit Karma (it is absolutely free to use and very helpful. It also provides you a credit report and score from Transunion and Equifax to give you an idea of where you are currently).

Have you considered product changing your WF card into something more useful? Sometimes, depending on the company, you can request your card be changed to something else for the sake of a better rewards program. Once you've paid it off, give customer service a call. The reason why people hate Capital One is because they are notoriously known as not being very flexible for the customer among various other reasons. The chances of PCing your card into a reward card is slim to none with them.

All rewards cards worth having is gonna be hard to get from the start. Almost everyone applies for credit cards for the rewards. Cash back, travel, points; you want your credit cards to work for you. What interests you in terms of rewards? Or what reward type complements your spending habits? This part comes much later. For now, just focus on paying everything off. Start by not using your cards as to not increasing your debt and paying off the higher interest card first, if you can. Try to pay more than the min amount due as well.

Questions, comments, concerns?

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