Should I go for more or stay with one card?

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ModernChaot
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Should I go for more or stay with one card?

Postby ModernChaot » Sun Nov 04, 2012 1:37 am

Hi everyone,

I was wondering if I should apply for the USAA Secured, and if yes, AMEX or Mastercard.

I'm 18, work part-time at a college, had the C1 Secured Credit Card for 2 billing cycles, and got turned down a few times before I got the C1. My credit score in Mid-September (before I got C1) was around 560.

Thanks in advance
ModernChaot


MemberSince99
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Postby MemberSince99 » Mon Nov 05, 2012 4:55 pm

ModernChaot wrote:Hi everyone,

I was wondering if I should apply for the USAA Secured, and if yes, AMEX or Mastercard.

I'm 18, work part-time at a college, had the C1 Secured Credit Card for 2 billing cycles, and got turned down a few times before I got the C1. My credit score in Mid-September (before I got C1) was around 560.

Thanks in advance
ModernChaot


Hi,

Since you asked I'm just going to answer as honestly as I can.

First, you have very little credit history, 2 months on a secured card, that's what is called a "thin file". Second your score of 560 reflects that. It's honestly a low score. With good care it will grow better in time, but right now it would be extremely difficult for you to get any other cards with the exception of more secured cards or maybe a credit union card.

You can simply forget about Amex - it won't happen anytime soon. Not even Zync. Besides that with part time (and presumably lower income) employment, well that makes it tough.

However, all is not lost. If you take care of what you have your score will grow in time. You might try for a credit union card if you do business with one or another secured card, then let those grow for a year before you do anything else. At that time fi you've diligently taken care of your credit your score should be mid 600s. Then Zync is possible, depending on your income. Chase Freedom and Discover IT will also be possible at that point.

I hope this information is helpful to you. It's better to know what is realistic, and next steps to take to get where you want to go.

You could also try getting added as an AU on someone else's card if anyone will let you do that, that could help as well. But otherwise there really are no shortcuts available for this process. You're just starting out, so take care of your credit and it will pay off.

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Snowman
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Postby Snowman » Mon Nov 05, 2012 7:54 pm

To add to what 99 said, I have only had credit for about 6 months, but I have also been fortunate enough to have been approved for 3 cards already. The key thing is to be disciplined and a good rule of thumb is typically don't go overboard and spend like crazy. Just make sure you pay your full abalnce before the statement closes for 6 months so that way the balance is reported as 0. If you need to carry a balance carry under 10% (idk what you're credit line is). And then exactly after 6 months of history, just go for a free trial or if you dont mind paying monthly, use scorewatch from myfico or TU's credit bureau report and keep track of who is pulling what. If you're scores are 720+, Apply for an easy to get card (Discover More, Citi Forward or a Student card from any issuer.) once you have about 8+ months of history and income permitting, you can go for an AMEX or Chase. Just stay disciplined and follow what I've been doing on this forum for the last few months and if all goes well, you could get some pretty good cards. Here are my scores as of 11/2/12:

TU: 737
EX: 737
EQ: 731

Good luck! :)
Bank Of America: BankAmeriCard Cash Rewards-4.2k
Citi: Forward-4.5k American Airlines Advantage Platinum Select World Elite MasterCard 9/6/15-4K
Discover: More-7k
Amex BCE.2k- Amex SPG-5k
Chase: Freedom-5kSouthwest Rapid Rewards Plus- 3.6k
Capital one: Venture one-10,000, Visa Signature.

DavidNY
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Postby DavidNY » Mon Nov 05, 2012 9:26 pm

Have a look at the BofA secured card.

ModernChaot
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Postby ModernChaot » Thu Nov 08, 2012 10:28 pm

Well, my main question was not about getting an AMEX, but more to get a secured AMEX over USAA. I know that my score is low, and therefore an AMEX is out of question. I'm already in the way of getting myself as an AU onboard of my dad's card, so that shouldn't be hard.

I appreciate your help though! :)



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