I have a 710 credit score, what's the best card for me?

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lonestarranger
 
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Joined: Mon Apr 30, 2012 1:45 am
Location: CA

I have a 710 credit score, what's the best card for me?

Postby lonestarranger » Mon Apr 30, 2012 1:55 am

I have an average credit score (~710), never missed a payment, always pay back full amount every month & have a steady income.

Currently I have:

  1. Chase Freedom Visa - for around 6 months (CL - only 1k. I can increase it now, but do not want to risk a hard-pull).
  2. Wells Fargo Secured Card - for around 1.5 years
I'm looking to get a cashback sign-up bonus + regular cashback on purchases. Which card would better fit me?

Amex Blue Cash seems to have some awesome cashback percentages + I always see some deal or the other for shopping online for use with an AMEX card (The recent Link n' Like offers?). The sign-up bonus is just a $100 though.

Discover Cash Back Bonus card - Is a proven card. Has cashback on different categories round the year (plus Cash Back Bonus too), $200 signup cashback for $500 spent in 3 months (easy), but doesn't have those awesome AMEX deals every once in a while.

Which one should I opt for?


ps2cho
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Green Member
 
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Joined: Tue May 01, 2012 1:23 am
Location: Arizona

Postby ps2cho » Tue May 01, 2012 1:44 am

Since the Chase card offers cashback on purchases, why do you need another line like that?

I know all about the signup deals and its a gamble same as insurance, some win some lose, but the majority lose and that's how they can afford to do these perks because they always win some way or another.

THIS is what I WOULD do...

Wells Fargo can switch your secured card to unsecured (used to work there) so do that first (pull your credit yourself and make sure you have nothing else fancy going on). Then find a local credit union and use the money you get back from the secured card to fund a secured installment loan that way you will have an installment tradeline going and since the interest rates are usually about 3-4% it basically costs pennies to do it. A 6 month or 1 year will be perfect. Make sure it's not another secured credit card -- you want an installment.

lonestarranger
 
Posts: 2
Joined: Mon Apr 30, 2012 1:45 am
Location: CA

Postby lonestarranger » Tue May 01, 2012 10:49 pm

And, I know that you voiced your opinion against it, but what is the harm in having another CC?

I commend your suggestion on the Credit Union thing, but I don't think I'd opt for that. I have other better avenues for investing.



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