Recommendations for a second credit card?

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eschaton
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Recommendations for a second credit card?

Postby eschaton » Fri Mar 02, 2012 10:43 pm

Hi guys, first post here :)

I was looking around forums all over the place, but it doesn't seem like too many people have the same situation I am in. I only recently started a credit history (AAoA of 1 year 3 months.)

I was approved for the Cap 1 Journey back in 12/2010 with a $500 CL which was bumped to $750. Back in January of this year I found my FICO score was at 770, not sure why it's that high for someone with such a limited credit history but that's what it's showing.

I want to get another credit card but I am not sure what direction I should be going or since I don't really fall under the "excellent" category because of my low credit limit and short history. So I'm assuming I wouldn't get approved for some of the cards that requires the "excellent" credit. I'm not worried about high interest as I PIF.

As far as the rewards go, I think gas and department stores would suit me best. I don't do much traveling.

Any guidance would be appreciated! Thank you for your time!


Money card
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Postby Money card » Sun Mar 04, 2012 1:34 am

are you a student? what do you do for a living? if your still in college are you looking for another student card?

gas and department stores would you be intrested in American express they have 2 blue cash cards.

blue cash basic 3% back on grocerys, 2% back on department stores and gas stations , the Blue cash perfered gives 6% back on grocerys, 3% on gas and 2% back ondepartment stores. but this card has a 75.00 annual fee.

however if your still a student or you have no other cards, you won't be approved.

If you have no other cards try applying for a local bank card I don't mean chase, citi, capitol1 or bank of america. what I mean is a bank like Td bank, citizens bank, key bank ot M&T. lower level cards.
if this doesn't work try orchard they have lower credit limits but there for people who are just starting out.

if this doesn't work try a department store like Jc pennys , sears, gap any place you like to shop. build up credit then look for a executive card that gives good rewards for gas and department stores.

eschaton
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Postby eschaton » Sun Mar 04, 2012 6:01 am

I'm a part time student working full time as a medical biller. My income is about 32k annually

I don't care too much about the card I get. I'm basically trying to increase my limit and get more accounts going. Not sure if just stick to having one card for now or if I should expand on it. I just thought if I'm going to use a card, might as well take advantage of the benefits :-)

Yeah I only have this journey card from capital one right now. Got lucky that I was approved so I didn't need to start with a secured card.

Thanks for the suggestions :-)

jeffysdad
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Postby jeffysdad » Sun Mar 04, 2012 7:57 am

I think you should try applying for the basic Visa/MC that is offered by whatever bank/credit union you use for checking assuming it's a no-fee card and meets your needs.

The bank I'm most familiar with is Chase. If I were you and a Chase customer/potential customer, I would apply for the Freedom card. If I didn't get it, I would call and ask why and try to get approved with a low limit, etc. If that didn't work, I would request a Chase Slate card and see what happens.

I don't have anything to do with Chase, except for being a customer, or with any other bank. If you're choosing a bank, you might want to consider the one with the most branches, atms near you.
American Express: Blue Cash Preferred (groceries, 6%; gas, department store, 3%); Gold Delta SkyMiles (Delta Air Lines, 2 miles/dollar, free checked bag).
US Bank: Cash+ (utilities, phone, internet, restaurant, 5%; drugstores, 2%).
FIA Card Services: Fidelity Amex (everything, 2%); Fidelity Visa (everything, 1.5%).
Chase: Freedom (rotating, 5%); Amazon (Amazon.com, 3%); PriorityClub (IHG hotels, 5 points/dollar); Sapphire (not in use).

*All cards are registered with PriorityClub IDine program for 8 points/dollar at participating restaurants.

Money card
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Postby Money card » Sun Mar 04, 2012 8:43 pm

so you only have a student Journey card. Forget about the blue cash cards there not for you.
since your a part time student and your working part time. it's a great idea to stick to 1 card your Journey card. after you gradutate then you can look for cards with better credit limits. and gas and department stores.

Crashem
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Postby Crashem » Fri Mar 09, 2012 3:48 pm

I highly recommend looking for a card that has no annual fee so you can keep that card forever whether it is that useful for you or not. This way you can build up your long term credit score.
Amex Centurion, Amex Platinum, Amex BCP 8k->24k (5/23/12), Amex TE 15k, Cap One 1.5% 15k->20k (8/7/13), CSP 25k, Chase Palladium 100k, Citibank AA 35k (AU), Firestone 1.8k->2.2k->2.4k (8/20/12), JFCU Jloc 30k, PenFed Plat Rewards 30k, SF Fire 30k, US Bank Cash+ 25k

Hepsta
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Advice on getting a second credit card

Postby Hepsta » Fri Mar 16, 2012 12:29 pm

I appreciate you thoughts.

I am 30 years old and just got my credit card limit extended to $7,000.00. I normally keep around a $1,000-$2,000 balance on it (Discover, More). I have had this card since 2001. Never really paid attention to credit years back and had a few 30 day late payments but all-in-all my credit score is now 738 (Experian, as of 3/16/12).

My goal is to get another credit card with around a $5,000 limit. I will use this for business travel and expect to charge around $1,000 a month on it for business and pay off monthly. The reason why I want another card is to:

a) seperate the business from personal use
b) get another card in addition to just Discover (although it works well most of the time and I use debit card for everything else) and
c) increase my credit more because I would like to buy a house in the next year and would like a more rounded credit statement (i just made that up but it seems like most everyone I know has more than 1 credit card).

Does anyone have advice on what type of card would be beneficial for me? I am thinking a major like VisaMastercard just to have for any situation/anywhere.

I would like a match of my $7,000 limit with Discover but understand from other posts and personal experience it takes a while to get up there.

I have a steady management job, make $55k with $15k in possible bonus, rent for $750 a month, and don't have a car payment.

I am clueless as to where I fit in as I think now that I have good credit and a higher balance on Discover I should have some pull. My past of never really caring and a few 30 day late payments never made me comfortable asking for the most.

Hepsta
American Express Gold Card - NPSL (05/12)
Discover More. 10k (01/01)
Bank Americard Cash Rewards MC 10k 12/12
Capital One Venture Visa. 7.5k (03/12)
Chase Freedom Visa 6k (5/12)
MC Citi Platinum Select. 500 [I]03/12

RTG GE 3.5k 07/12

Celestine
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Postby Celestine » Sat Mar 17, 2012 10:45 pm

Hepsta wrote:I appreciate you thoughts.

I am 30 years old and just got my credit card limit extended to $7,000.00. I normally keep around a $1,000-$2,000 balance on it (Discover, More). I have had this card since 2001. Never really paid attention to credit years back and had a few 30 day late payments but all-in-all my credit score is now 738 (Experian, as of 3/16/12).

My goal is to get another credit card with around a $5,000 limit. I will use this for business travel and expect to charge around $1,000 a month on it for business and pay off monthly. The reason why I want another card is to:

a) seperate the business from personal use
b) get another card in addition to just Discover (although it works well most of the time and I use debit card for everything else) and
c) increase my credit more because I would like to buy a house in the next year and would like a more rounded credit statement (i just made that up but it seems like most everyone I know has more than 1 credit card).

Does anyone have advice on what type of card would be beneficial for me? I am thinking a major like VisaMastercard just to have for any situation/anywhere.

I would like a match of my $7,000 limit with Discover but understand from other posts and personal experience it takes a while to get up there.

I have a steady management job, make $55k with $15k in possible bonus, rent for $750 a month, and don't have a car payment.

I am clueless as to where I fit in as I think now that I have good credit and a higher balance on Discover I should have some pull. My past of never really caring and a few 30 day late payments never made me comfortable asking for the most.

Hepsta


I commend you for thinking of separating business expenses from personal expenses. Most people will just tell you to use one card for both business and personal use so as to stack up points or rewards.

Personal advice is never use debit card for purchases since it is directly linked into your pool of saved cash - checking account.

With you that amount of steady income and low debt-to-income ratio, you are in good standing.

Do you prefer credit cards with rewards, cash backs, etc? Or you don't care for those as long as you get a match for the credit limit of $7,000.00?
"Nearly all men can handle adversity, but if you really want to test a man's character - give him power." - Abraham Lincoln

Hepsta
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Response to Celestine

Postby Hepsta » Tue Mar 20, 2012 1:14 pm

Thank you for your advice, Celestine.

I decided to go with a Capital One VentureOne card. I received a $7500 limit and no annual fee so I am happy with that. The points/rewards will be a good bonus too.

After more research I agree with your comment on using my credit card more for purchases instead of my debit card. Using my debit the past 12 years, it's been really tough to amass a good savings, even with my income levels. I will have to be alert of tracking my purchases and pay off consistently, however I feel the the extra cash I'll have will be obviously advantageous in case of an emergency.

I am considering purchasing my first home and one other piece of knowledge I didn't know was that I only have one line of credit with history (Discover) available for loan references. Most lenders ask for four or else 20% down. Maybe I'm just asking a tough loaner, but since I do not have a car payment and pay rent to the own of the condo, I do not have alternate references to check.

While it takes 12 months of credit history to make my new account a viable source, is there any advice you might have to show my credit worthiness in hopes for a lower mortgage down payment?

Can I "reopen" a past card I closed (now I know that wasn't too smart) like my Best Buy account through HSBC where I have 4 years of history of payments and that might count? Would they ever consider reopening my account or since I closed it out I have to reapply and start all over again with them? I'm just thinking as I'm typing.

Thanks for the thoughts and experience!
American Express Gold Card - NPSL (05/12)

Discover More. 10k (01/01)

Bank Americard Cash Rewards MC 10k 12/12

Capital One Venture Visa. 7.5k (03/12)

Chase Freedom Visa 6k (5/12)
MC Citi Platinum Select. 500 [I]03/12


RTG GE 3.5k 07/12

eschaton
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Postby eschaton » Tue Mar 20, 2012 9:30 pm

Hey there, I'm glad everything worked out for you, Hepsta!

I applied for the Chase Freedom and got denied :(

I called for a recon and was denied again, I called again today and was approved almost as soon as I answered the security questions :)



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