How to pick out my first card? (detailed credit history included)

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joelo
 
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Location: SF Bay Area

How to pick out my first card? (detailed credit history included)

Postby joelo » Mon Oct 01, 2012 5:03 am

Hey guys,

I need some advice picking my first credit card to apply for, any help at all would be appreciated :)

Before this I've never really had to think about credit in general. But since I'm starting work real soon, I'm going to be dealing with things like getting a car loan, auto insurance etc. I've been reading up on a lot on credit scores and looking at different credit cards.

Here's some detailed information that might help:

Age: 24
Annual Income: $155,000
Student Loans: $16,810

Credit Scores:
- 714 (FICO Equifax - myfico.com)
- 699 (Transrisk - Credit Karma)
- 729 (VantageScore - Credit Karma)
- 726 (FAKO? Experian - Credit Sesame)

Credit History: 7 Years
Total Accounts: 12
Accounts with Balances: 5
Revolving Accounts: $0
Inquiries: None
Delinquent Items: 1 (90+ days late, $67 high, 3yrs 10mths ago, paid & closed)

About the delinquent item: I applied for a store card once (~4 years ago) when I didn't know anything about credit. And the ugly part is, I didn't know that they had charged the initial purchase to the card until about 3 months later. I promptly paid it off and closed the account, but the damage was done.

According to Credit Karma, I have a 'very good' chance of getting approved for a CapitalOne Platinum/Platinum Prestige, so there's one option. I was also wondering what my chances looks like for other popular cards like Chase Freedom/Sapphire, AMEX cards, etc.

Any advice would be great, thanks!


Money card
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Postby Money card » Mon Oct 01, 2012 6:05 pm

Do you travel on business? since you have no credit cards, other than the student loans you have no credit. with an empty file I Wouldn't recemond
an American Express card. it's not for you.

how about have you looked at Citizens bank, Hudson valley bank, M&T Bank, TD bank or key bank there not the biggest banks but there for people like you?

another idea would be Orchard they have low limits like 500.00 but there for people like you just starting out.

have you tried your bank where you have your checking account do they have any credit cards? or any local bank in the SAN Fran Bay area.

assuming you live home you could ask your Dad to go to a bank with you and have him talk to a branch mgr, he might be able to
co sighn you for a credit card.
this is what my suggestions would be.

Rory
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Location: MA

Postby Rory » Mon Oct 01, 2012 10:43 pm

where do you work dude? Right out of college and making 155k a year, you must have hit the jackpot there. I have friends coming out of HBS making less than that. Congrats.

Concerning credit cards, i would apply for a amex solely because of your income and your score is relatively close to mine. My FICOs are all in the low 700s so i can imagine with 3 times the income they would be glad to have you. good luck
Amex Zync - NPSL (Cleared up to 25k)
Amex BCE - 12000 limit
Amex BCP - 4200 limit
FIA Rewards Amex- 3500 limit
Chase Freedom - 2000 limit
Chase Slate - 2000 Limit
BoA Cash Rewards Privileges- 3000 limit
Barclaycard Rewards MC - 3000 limit
Discover IT- 3500 limit
Marriott PR- 5000 limit
21 years old with alot of life to spend ;)
Its not about the ending, its about the journey,
just as long as the ending is just as good :cool:

joelo
 
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Location: SF Bay Area

Postby joelo » Thu Oct 04, 2012 2:59 am

Thanks Rory :oooo I'm not right out of college actually, I graduated in 2009 and did some unrelated work for a while. I work for a big tech company now :)

So I went ahead and applied for a card online at my bank (BoA) and got instantly approved for a BankAmericard Cash Rewards Platinum Plus Visa, with a $2,500 limit. Psyched to have my first card! :D

I'm wondering now if I should still go ahead and try for an AMEX or Chase, I read on the forums that it might be a good idea to get a few cards at once when you have a short credit history. Also I read somewhere that BoA doesn't report credit limits or something and I'm not sure what that means.

If so what might be a good choice? Zync/Green/Blue Cash? Freedom?

Thanks so much for the advice guys! :D

lexareece
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Postby lexareece » Sat Oct 06, 2012 10:52 am

Get yourself and Amex, I would go with Green just to build history with them. When the AF comes due either upgrade to Platinum or switch it to a free-be credit card. IN the long run its good to have a good reputation with them. I had a big purchase ($12,000) I needed to make and I didn't want to write a check so I called AMEX and they said you have a been a loyal customer we will approve.

Thanks for 12K membership rewards on one purchase.

Get Amex-BOA rewards are normally sub par, although the 3% on fuel is good.
In my Wallet-
[size=60]Bank of America-Platinum Privledges Cash Rewards Visa Signature 12K
American Express- , Starwood Preferred Guest 6K, Hilton Honors 6K, Amex Everyday 10K, Business Gold Rewards
Chase- Freedom Visa Signature-6K, United Millage Plus Explorer Platinum Visa-5K
Barclays- US Airways Dividend Miles Business Master Card 24K[/size]

[size=60]In a Drawer
Bank Of America- Platinum Plus Rewards- 22K, Royal Caribbean Visa Signature 8K
Discover- More Card 8K
Citi- Thank You Mastercard Card 6K, Hilton Honors Visa Signature-10K, American Airlines World Master Card 6.5K
Credit Union Card- 20K- 6.9%APR NO Fees Period(for when I get in trouble[/size]

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t528491
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Postby t528491 » Sat Oct 06, 2012 12:20 pm

Yep, the Amex would be a good idea. I think with your income you could get the Blue Cash Preferred quite easily.
Then, if you're approved, you could apply for the Chase Freedom or Discover It.
[size=80]
02/12 Authorized user on Chase Freedom ($5000)
08/12 Discover It ($1500)
08/12 American Express Zync (NPSL)
12/12 NFL Visa ($500)[/size]

[size=60]Future cards:
Citi Forward for Students 6/13
American Express Blue Cash Everyday 1/14
Sallie Mae World Mastercard 2014
Chase Freedom 2014
Penfed Platinum Rewards Card 2015[/size]

Money card
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Location: New York state

Postby Money card » Sat Oct 06, 2012 7:20 pm

American Express, Chase and Capital1 are not for people with empty credit files. there for people who have 1 credit card
like a PNC, wells fargo, TD Bank or Key Bank.

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t528491
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Postby t528491 » Sat Oct 06, 2012 7:41 pm

True, but he doesn't have an empty credit file, just no credit cards. With a 714 Fico Equifax, I think he has a good shot.
[size=80]

02/12 Authorized user on Chase Freedom ($5000)

08/12 Discover It ($1500)

08/12 American Express Zync (NPSL)

12/12 NFL Visa ($500)[/size]



[size=60]Future cards:

Citi Forward for Students 6/13

American Express Blue Cash Everyday 1/14

Sallie Mae World Mastercard 2014

Chase Freedom 2014

Penfed Platinum Rewards Card 2015[/size]

Money card
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Location: New York state

Postby Money card » Sat Oct 06, 2012 8:02 pm

your correct the poster has student loan. but most people including my self got turned down when applying for major banks or finincial companys if we didn't have a credit card. I got before my green card a First Fidelity, Exxon Mobil, First card, Discover and Capital1.

Vermonster
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Postby Vermonster » Sat Oct 06, 2012 8:27 pm

I have slightly lower scores, by a few points, and I have less than 1/10th of your income and I got instant approval for a Chase Freedom. On my report the "Lack of Revolving Accounts" was the biggest thing holding my score down. Plus I still have a few loans with a total of $9k. I did have a Kohl's card that may have helped. Honestly I would just apply and see what happens. You can always see if they'll recon.
Chase Freedom $9k~~Chase Sapphire Preferred $6.5k~~Amex Blue Cash Preferred $12.4k~~Citi Double Cash $4.7k



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