Is it too early to apply for a new card?

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Is it too early to apply for a new card?

Postby CreditCardQuestion » Tue Oct 11, 2011 8:41 pm

I'm a recent college grad and I'm trying to build my credit history. I had a secured BofA card which I paid off in full and on time every month for a little under a year. About two months ago BofA switched my secured card to an unsecured card. My questions are the following:

1. Is it too early to apply for a new credit card?
2. If it's not too early to apply for a new credit card, which kind would you recommend a young adult look into?

I was looking into the Visa due to the fact that I purchase a wide array of items from their store frequently. I do travel back to the Midwest to visit my boyfriends family once or twice a year though, so I was thinking perhaps a Southwest card would be smart.

I only have about a year of credit history, however my FICO score is over 699. Any advice would be appreciated! Thanks!

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Postby requiredfield » Wed Oct 12, 2011 10:17 am

1 No
2 Citi Forward. It's actually a better card for Amazon, it falls under the entertainment category, earning 5pts per dollar. The reward conversion is 8000 for $50, for a reward of 3.125%, before bonuses. 1200pts a year if you use it every month and stay under your limit. It nets the same 3.125% for Restaraunts/Fast food/Bars/Clubs. Best of all, it's classified as a student card, perfect for starters. The trade-off is it's not a very good everyday card, 0.62% at 1pt per dollar. This is still much better than no reward at all.

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Postby DavidNY » Wed Oct 12, 2011 10:24 am

I'd also recommend looking into the Household card with 2% flat rewards.

Just be sure to pay your bill off monthly.

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Postby naomibatac » Fri Oct 14, 2011 8:21 am

I would recommend that you first work on the unsecured card offered by BofA and build your credit before getting another credit card. Always pay on time and don't go beyond 50% of your credit limit in order to have a good score.
[size=60]I don't have any relationship to the credit cards or companies discussed here. I am solely a regular member of this forum with no direct financial rewards from this site. My opinions are solely mine.[/size]

A mom of 3 and currently living life, and working for credit card helpline, a company dedicated to helping people get out of credit card debt.

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