What to get next after your first credit card?

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bgalakazam
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What to get next after your first credit card?

Postby bgalakazam » Tue Jun 12, 2012 2:28 am

Hello all,

I have my 1st CC, it's a CapitalOne cash rewards, $500 limit. I understand my credit score will generate after 6 months if I have no prior history. It's almost been 3.

My question is where to go from there? I read and re-read that CLI will hardly happen. I am most interested in travel cards, I don't care for the cash rewards. I go to Europe at least once a year + need the no fees when used abroad feature. I am forced to buy tickets through by debit due to low line credit. I don't need $10K or anything of that sort, $3K-$5K should be enough.

My ideal is by 2013 to have such a card if possible. I am 23, married, full-time employed, have no loans or mortgages, have cash, have checking account (Bank of the West).

The 2 cards I looked into most were CapitalOne VentureOne and Expedia Citi. I got declined for both, naturally due to no credit history and after that I got the basic card I have. As I read elsewhere, I too, have to pay off my balance every few days, simple because $500 isn't enough.

On another forum they recommended me getting a 2nd basic card after the first 6 months and after 1 year since beginning try for a higher card. I want to do this sooner, by beginning of 2013 hopefully. I have the money to pay off the cards, I just need the actual card (don't want to do secured).

Suggestions how I should tackle this credit score mystery and what cards to get next?


MemberSince99
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Postby MemberSince99 » Tue Jun 12, 2012 6:26 pm

You'll never get a Venture with your history, it's guaranteed. Even applying is just a waste of 3 hard pulls. They want to see many years of good credit card use and a card with a 10k limit, ideally.

Having said that to get something better by next year you need to get a couple more cards. See your local credit union, and also look into a secured card with a decent 1 to 2 k limit. Use these responsibly for 6 months to a year and you will then be able to get what you are seeking. That's what I did I started with the same pathetic 500 dollar limit that would increase to 750 and that's probably it - forever. From there I got a couple of better cards with higher limits and eventually got what I have now honestly in less than a year. I did have a lot of good installment loan history for years and a high score to help speed the process. But if you follow this formula you should see what you are looking for.

But for the first 6 months other than a secured card or local credit union don't waste inquiries as you won't get approved for higher or even mid level cards right now.

bgalakazam
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Posts: 33
Joined: Tue Jun 12, 2012 2:15 am
Location: Rock Hill, SC

Postby bgalakazam » Wed Jun 13, 2012 7:13 pm

Oh, I fogot. I am buying a car with a 40% downpayment so that financing for 36mo will also bump my score, faster than with cards I heard.

I will nevertheless look into another basic card until it's 1 year after I got my 1st CapitalOne. By then I should have a descent score for the travel cards.



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