Thinking ahead, which card should I get when I have better credit?

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xdunlapx
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Thinking ahead, which card should I get when I have better credit?

Postby xdunlapx » Wed Aug 29, 2012 8:27 pm

I'm relatively new to credit cards (though I did have 2 cards I maxed out at $1000 each when I was abou 21 years old) and I have been approved for the Capital One Secured Mastercard which has 22.9% APR and an annual fee of $29. My credit score as of about a month ago was 596 for equifax I think (one of the E's) and I'd like to know what credit card I should apply for when my score is about 700. Of the cards available now which would you suggest? I would love to have perks on a card but I doubt that'll happen until my score is much closer to 800. Cash back would be great.

I'm looking for better interest rates such as around 9 or 10% with no annual fee and no application fee and no monthly fee. I will be paying my cards off in full every month so carrying a balance isn't an option for me since I am trying to rebuild my credit as fast as I can. I'm 28 years old and need to be able to get a good paying job after college.

I probably wouldn't use more than $100 per month on the card but I would love to have a good limit such as $500 or more. To me that is a good limit LOL I know other people here or on the other forum would laugh at it and close the card but since I'm rebuilding credit I don't expect anything more than $500 for a while until my credit history and score gets better.
Capital One Secured Mastercard (9/2012) $226 limit


jlam572
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Postby jlam572 » Thu Aug 30, 2012 2:12 am

Well if you are going to PIF every month, the interest rate shouldnt matter right? Correct me if im wrong someone.
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xdunlapx
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Postby xdunlapx » Thu Aug 30, 2012 2:17 am

You are right, I thought of that after I posted this message. But I would love to have a higher limit, though I don't really need it, it would look better on my credit report to have a higher ceiling.

Is the billed amount (say $25.44) on a credit card with a limit of $200 show $25.44 on the credit report or is the payment that is made for the $25.44 to make the balance zero show up on the credit report? I'm trying to figure this out. If I payed in full by the due date is the balance on the credit report $0 or $25.44?
Capital One Secured Mastercard (9/2012) $226 limit

jlam572
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Postby jlam572 » Thu Aug 30, 2012 2:20 am

On my report I have seen both. Its irritating to me. One card I paid completely off last month, then made a small purchase of like $80...my credit report shows up as $80 and not zero.
American Express Platinum

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USAA Amex

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xdunlapx
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Postby xdunlapx » Thu Aug 30, 2012 2:25 am

jlam572 wrote:On my report I have seen both. Its irritating to me. One card I paid completely off last month, then made a small purchase of like $80...my credit report shows up as $80 and not zero.


Well that's weird. Ok I will just not spend more than 1/2 of my limit then in any one month. I'm not a big spender anymore so it shouldn't be a problem for me to do that.

I would like to know which credit cards are best for those with fair credit. I plan on keeping this secured card until a year after I get a better card. Though I was looking at credit cards online and their fees and rates and it seems that almost all of the cards for fair credit have an application fee, monthly fee and sometimes even an annual fee. That sounds outrageous! So it seems I am SOL until i have great credit.
Capital One Secured Mastercard (9/2012) $226 limit

jlam572
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Postby jlam572 » Thu Aug 30, 2012 2:30 am

Yeah some of the other guys will better help you with that. My fav card is my amex and it has an annual fee, but the rewards I get back more than pay for it every year. Plus its a charge card and not a revolver so im forced to live within my means and pay it off every month.
American Express Platinum

Chase Sapphire Preferred

Hawaiian Airlines BOH MC

USAA Amex

Capital One Visa Platinum

Citi Diamond Preferred MC

xdunlapx
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Postby xdunlapx » Thu Aug 30, 2012 2:34 am

I don't know why but I am prejidced against Amex. I feel like if I can't use it everywhere then why have it? I know I can't use it in some places I visit so I feel I don't want it. But that's just me.

So a "charge card" is different than a credit card? I always heard them used what seemed like interchangeably. So a charge card you HAVE to pay off every month. Ok that makes sense. Is that an easier card to get than a regular credit card for those of us who have less than perfect credit?
Capital One Secured Mastercard (9/2012) $226 limit

jeffysdad
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Postby jeffysdad » Fri Aug 31, 2012 6:58 am

Oh no. Not this again.
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.

xdunlapx
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Postby xdunlapx » Sat Sep 01, 2012 11:32 pm

jeffysdad, why Not this again? Are you talking about the discussion about amex or about asking the main question of this thread?
Capital One Secured Mastercard (9/2012) $226 limit

jlam572
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Postby jlam572 » Sun Sep 02, 2012 12:00 am

xdunlapx wrote:I don't know why but I am prejidced against Amex. I feel like if I can't use it everywhere then why have it? I know I can't use it in some places I visit so I feel I don't want it. But that's just me.

So a "charge card" is different than a credit card? I always heard them used what seemed like interchangeably. So a charge card you HAVE to pay off every month. Ok that makes sense. Is that an easier card to get than a regular credit card for those of us who have less than perfect credit?


All amexs supposedly are not easy to get, but yes the charge cards are easier than their revolvers from what I understand.
American Express Platinum

Chase Sapphire Preferred

Hawaiian Airlines BOH MC

USAA Amex

Capital One Visa Platinum

Citi Diamond Preferred MC



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