Need help finding a new credit card

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scorch
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Need help finding a new credit card

Postby scorch » Fri Jan 02, 2009 7:52 pm

Now right now, I have no baddies. No BK's, no CA's and no public records.

I had a wamu secured card for 8 months and an installment account for about 5 months. No late Payments. Right now, I am having trouble picking out a replacement card for the wamu secured.

With my credit history, what do you guys think I would qualify for? Would it help if I bought my FICO scores?


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Mogul of Pineapples
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Postby Mogul of Pineapples » Fri Jan 02, 2009 11:36 pm

It sounds like you have no negatives on your credit record and the only drawback you have is a newer credit history. I'm not sure what your FICO score would be in this scenario. You could buy it but if you do I recommend finding one of those free trials out there - get your score and then cancel before the free trial runs out.

Are you aiming for another secured card or a unsecured card? It's going to be really hard in this market for unsecured cards. No one is giving out any credit cards to anybody it seems like right now.

On your Wamu secured credit card was there an annual fee? How about grace period after purchases before interest would occur?
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

Current Cards:
American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
Primary Everyday Card: American Express Blue Cash
Primary Travel Card: Chase Sapphire Preferred

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scorch
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Postby scorch » Sat Jan 03, 2009 10:04 am

I'm really hoping for unsecured.

On your Wamu secured credit card was there an annual fee? How about grace period after purchases before interest would occur?


Yes, there was an annual fee of $30 or so and I'm not sure about the grace period because I always paid the bill right away.

indianamom
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Postby indianamom » Sat Jan 03, 2009 12:33 pm

My daughter had a secured charge card a few years back and the interest began to accumulate the second after each purchase was made. I thought that was awful sheisty of them. :mad:

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scorch
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Postby scorch » Sat Jan 03, 2009 9:08 pm

A credit union just approved me for an unsecured card with a $500 CL!

magyar1045
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Postby magyar1045 » Sun Jan 04, 2009 10:51 am

Unsecured credit cards with high limits will be hard to come by these days. The Federal Reserve has just implimented provisions (effective July 2010) that will supposedly assist consumers as compared/instead to/of banks. The possibilty also exists that some of the 2005 creditor friendly provisions of the bankruptcy laws will be scaled back once Obama is in office and Democrats run the show.

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scorch
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Postby scorch » Sun Jan 04, 2009 12:38 pm

My wamu card had a limit of $400 at first, was secured and had an interest rate of $19.99.

This CU issued Credit card has a $500 limit, is unsecured with an interest rate of 15% - 17%.

So this is kind of a step up for me. Had Chase not have decided to close my secured card, I probably would have not applied for additional credit until they graduated my card.

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fffresh
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Postby fffresh » Sun Jan 04, 2009 1:35 pm

Congratulations on the card upgrade. Be sure to read the fine print though. As the poster above pointed out many secured cards begin accruing interest immediately after a purchase is made, before you receive your billing statement. On cards which do this, the only way to avoid interest is to pay in advance the amount you will be spending. That way when the charges go through you still have a credit balance on the account.

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Mogul of Pineapples
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Postby Mogul of Pineapples » Mon Jan 05, 2009 9:14 pm

Keep it up and a few months from now you should qualify for an unsecured credit card. In normal economic conditions I would say you would qualify now but of course this isn't a normal economy. But this summer or fall I would say to give it a shot and try applying for some entry-level unsecured cards.

Credit gets built up fast so before you know if you'll have an unsecured card with a credit limit of a few thousand dollars.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

Current Cards:
American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
Primary Everyday Card: American Express Blue Cash
Primary Travel Card: Chase Sapphire Preferred



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