Next move after first credit card

For just about anything you want to get off your chest about credit cards.
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Next move after first credit card

Postby NitroTurkey » Tue Aug 07, 2012 9:26 pm

I got a Visa card at Bank of America when I turned 18 ( was thrilled to get it without a cosigner or having to get secured credit ) and I have not missed or been late on any payments, typically I pay it off in full although I did utilize it heavily between employers ( paid the minimum for a while, but never exceeded my credit limit ). It is a "Student Platinum Visa" with a 700 dollar limit, the same limit I started with just shy of two years ago. I have read via google searches that this credit card can not go to significant limits - it is meant for college students so that would make sense.

I am starting to gain skills at work so my pay is increasing, I want to get myself in a good position for a home loan in the next few years. I have started a savings account for a down payment with an automated transfer each pay period. Credit Karma reports my TransUnion score in the lower 700s. I also have a line of credit with an online retailer ( Newegg) but they do not seem to report to the credit bureaus, no inquiry or anything found on Credit Karma. I looked into the matter in the months after I got the card and others reported the same, I only used it once so I may close it just so I don't have to worry about monitoring it .

I do like Bank of America because I have all of my financial accounts accessible via their online banking which is convenient. What credit card should I get next, call BoA and ask them to switch my "Student Platinum" to something with a higher limit? If so which would you recommend? Or are there other issuers that would be better for me?


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Postby kashmac123 » Thu Aug 09, 2012 3:47 am

I would call BOA and ask for the promotion offer that rewards you with $400 after 3 months. must spend at least $500 during this period. Check BoA for details.

Keep your student platinum it has a history.

Just remember that each time you charge it that it is O.P.M, Keep it below 30% use.

Good Luck

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Postby namvet » Thu Aug 09, 2012 9:43 am

Discuss your needs with BOA since you already have a relationship there. There are plenty of others lending institutions that will help you in the event that BOA won't. Take your time and do your research before making application. Good luck!

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Postby jlam572 » Thu Aug 09, 2012 9:13 pm

Agree with others that you should keep it open for its history...if there is no annual fee i say if they dont upgrade you just keep it open but cut it up. I personally hate BOA even though my father is one of their VPs. Their india customer service always pisses me off. *thick indian accent* "hello my name is james, how may i help you today?"
Yeah james huh? riiiiight haha
American Express Platinum
Chase Sapphire Preferred
Hawaiian Airlines BOH MC
Capital One Visa Platinum
Citi Diamond Preferred MC

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Postby Crashem » Sat Aug 11, 2012 3:19 am

Well I would keep BofA open and get enough cards to have at least 3 revolving credit lines help your FICO the most. In the case of credit goals, you want to get in with CLI friendly card issuers to get your CLs up. My recommendation is to get in with AMEX as they have one of the best CLI policies as 3X via soft pull every 6 months (61 days for 1st card). For example, you get approved for 1k amex CC. In 61 days, you can ask for 3k. In 6 months after 61 days, you can ask for 9k. So your initial 1k card could easily move to 9k in less than year. Also, GEMB has soft based CLIs every 4 months but the gain in CL isn't as dramatic as AMEX. But in both cases, all these CLI requests, whether successful or not, have no negative impact on credit.
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

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Postby DavidNY » Sat Aug 11, 2012 6:18 pm

jlam572 wrote:Their india customer service always pisses me off. *thick indian accent*

When I call FIA Card Services during normal business hours to chat about my credit cards my call is answered in America and when I have an issue with my BofA bank accounts I usually visit a branch personally.

I've never had anyone with a thick accent to try to understand when dealing with them.

(This has happened with other companies, but not with Chase, FIA, Barclays or Discover.)

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