New to the US and looking to get my second credit card

For just about anything you want to get off your chest about credit cards.
7 posts
kelvSYC
Platinum Member
Platinum Member
 
Posts: 52
Joined: Fri Jan 25, 2013 3:10 am
Location: San Bruno

New to the US and looking to get my second credit card

Postby kelvSYC » Fri Jan 25, 2013 3:22 am

I've been in the US for just over six months, and have had an unsecured credit card with a $9500 limit for 4-5 months now (I've had a single Canadian credit card for 8 years now; the banking institution I'm currently with was able to pull my Canadian credit history so that I can obtain my first American credit card).

I've heard that it is a good time to apply for a second American credit card, perhaps one with a lower limit for those purchases from less reputable places. I've been turned down for one store credit card at this time (I applied for it at the same time as my current credit card), and I've been able to pay my bills in full on both cards since I've had each of them. On the flip side I've been spammed by Capital One and their offers of low-end credit cards.

I'm squeamish about getting a second card due to the potential of being turned down due to what I think of as a high limit and a relatively short US history; so it seems that it's likely that I will get denied for the preferred cards that get promoted on this site. I'd like a second opinion from people who actually have some experience in this matter.

If you think that I should go for a second American card, where should I go? I'd prefer it not be a Visa as my existing cards are both Visa, but the reward programs that I am eyeing only come with Visa cards...
Current Credit Scores:
VantageScore 3.0 - 760 TU, 764 EX (11-19-16, Credit Karma)
FICO 8 - 747 EX (10-22-16, AmEx statement)
Discover - 750 TU (11-4-16, Discover statement)

Current Credit Cards:
RBC - $8000 CAD
BoA - $13500 USD
Capital One - $2750 USD
AmEx BCE - $4000 USD
Discover It - $8000 USD


Money card
Centurion Member
Centurion Member
 
Posts: 1361
Joined: Tue Jun 28, 2011 10:13 pm
Location: New York state

Postby Money card » Sun Jan 27, 2013 9:44 pm

which 2 visa's do you have? I don't mean to get into your personal business , But i'm sure you know visa is a processor through a bank or store, as long as you pay your bills in full that's what matters. I can understand this since you already have a visa you might want a Mastercard but again it just processes through the banks and stores.

you metioned you have 2 visas is this correct? on your credit report it just shows the name of the fincial instution.
do you know what your credit scores are?
what do you use your credit cards for?
do you use them for gas, restaurants, shopping like J crew , the gap , club monoco coach ect, do you use credit cards for travel,
grocery shopping ? do you use them at any department stores like Macys, sears , Jc penny, Nordstroms ect?

kelvSYC
Platinum Member
Platinum Member
 
Posts: 52
Joined: Fri Jan 25, 2013 3:10 am
Location: San Bruno

Postby kelvSYC » Mon Jan 28, 2013 4:37 am

Currently, my Canadian credit card, which I have had for 8+ years (mostly as a student card) is the RBC Royal Bank Rewards Gold card (the most basic card they have, essentially). The credit limit was raised three times in those years, from 1000 when first obtained to 3500 today (all figures in CAD). I currently use it for any Canadian dollar transactions that I may have (currently one cell phone bill), and any other transaction where Chip and PIN or contactless is necessary.

My American credit card is a Bank Americard Cash Rewards Visa, which I have had for just under 6 months, with a 9500 limit (all figures in USD). This card is used for pretty much everything else. (Which is majority online electronics, groceries, and such - a sad thing for me is that I have only taken advantage of the card's 3% reward tier once...)

Regardless of which side of the border I am on, my balances have always been paid off in full each month (often at great personal expense, but let's not go into that).

I have never looked up my Canadian credit scores, and I have not heard back from Canadian credit reporting agencies after requesting credit reports by snail mail. I have asked for and received American credit reports, which do not reflect Canadian history. According to Credit Karma, the American credit score from TransUnion is 726 (though since I've only had American credit history for 5 months, it could be way off for all I know).

I do know that I had been declined for the Target REDCard around the same time as being approved for the Bank of America card. The only hard pulls on the Canadian side that I am aware of in the last 6-8 months was from Bank of America and from RBC Bank USA (the American subsidiary of RBC Royal Bank) when I attempted to apply for their Visa card (this was before I moved to the US, in preparation for moving to the US). I have never applied for any other credit card in Canada, so outside of these two occasions I have never been hard-pulled for anything on the Canadian side.
Current Credit Scores:
VantageScore 3.0 - 760 TU, 764 EX (11-19-16, Credit Karma)
FICO 8 - 747 EX (10-22-16, AmEx statement)
Discover - 750 TU (11-4-16, Discover statement)

Current Credit Cards:
RBC - $8000 CAD
BoA - $13500 USD
Capital One - $2750 USD
AmEx BCE - $4000 USD
Discover It - $8000 USD

Auricom
 
Posts: 1
Joined: Mon Jan 28, 2013 3:51 pm
Location: USA

Postby Auricom » Mon Jan 28, 2013 4:04 pm

If you want better rates and a high limit, I'd advise you to wait until after you have had your American card for seven months. Six months of credit history is a good guideline to follow to ensure that all the Credit Reporting Agencies are reporting information on you; any less than six months and you may still have an American CRA reporting too little or no history on you. After six months of no late payments and a great credit limit, you're in a good position to request a new card. I only suggest seven months because sometimes these processes take agonizingly long, and an additional month will be the safest bet.

Money card
Centurion Member
Centurion Member
 
Posts: 1361
Joined: Tue Jun 28, 2011 10:13 pm
Location: New York state

Postby Money card » Mon Jan 28, 2013 8:08 pm

since you have a 726 score and you have a prime card a higher level card in the Bank of America cash rewards card you metioned
you don't want another visa, have you thought about a Discover card? they have the new It card which has popular rotating categorys
like movies, department stores, gas stations and restaurants you get 5% back but the cap is 1500 from now till March 31st is 5% cash back
on movies and restaurants but you have to sign up. all other purchases is 1% back.
then there is the Discover Miles card which is a travel card , you get 2 points for every dollar spent, not sure about baggage insurance
or how much you have to pay for luggage that needs to be checked. the 1 thing to rember is these are Discover cards and there not as accepted as Visa or Mastercard.

then there are American Express cards they have 2 cards 1 is the basic blue cash card no annual fee 3% back at grocery stores
like Publix, Shoprite, A&p, King Kullen, but as 1 of our board members metioned the'yres a cap of 6,000, no cap on gas stations 2% back
2% on department stores, the other American Express is the blue cash perfered card which you get 6% back on grocery stores the'yres
a cap of 6,000, 3% back on gas and department stores, from what other board members said they don't wave the annual fee which is
75.00 both cards have 2.7 foreign transaction fee.

other American cards are there travel cards like the Green, the gold and the platinum pay in full cards. which you can tranfer to most airlines and hotels 1 point per dollar spent. with the gold card you get gold card seating, like if theres a concert comming to your area and you want to get tickets before the general public can get them you would need either the Gold or platinum.
with the platinum card you get upgrades at all hotels , 200.00 airline credit , airport lounges except united and continental , and concierge service the annual fee on the platinum is 450. not waved the first year. the Basic gold is 125.00 the gold premiere rewards is 175.00
the Green is 95.00 the green and gold annual fees are waved the first year both of those 2 cards have a 2.7 foreign tranaction fee, the platinum has none.

the cards I carry are the Discover mine is the More, I have the capital1 venture card 1.25 miles per dollar spent, I have the Green card.

Money card
Centurion Member
Centurion Member
 
Posts: 1361
Joined: Tue Jun 28, 2011 10:13 pm
Location: New York state

Postby Money card » Mon Jan 28, 2013 8:13 pm

I meant to write American express.

Robrus1
Centurion Member
Centurion Member
 
Posts: 797
Joined: Tue Oct 02, 2012 3:25 pm
Location: Texas

Postby Robrus1 » Mon Jan 28, 2013 8:27 pm

kelvSYC wrote:I have never looked up my Canadian credit scores, and I have not heard back from Canadian credit reporting agencies after requesting credit reports by snail mail. I have asked for and received American credit reports, which do not reflect Canadian history. According to Credit Karma, the American credit score from TransUnion is 726 (though since I've only had American credit history for 5 months, it could be way off for all I know).

I do know that I had been declined for the Target REDCard around the same time as being approved for the Bank of America card. The only hard pulls on the Canadian side that I am aware of in the last 6-8 months was from Bank of America and from RBC Bank USA (the American subsidiary of RBC Royal Bank) when I attempted to apply for their Visa card (this was before I moved to the US, in preparation for moving to the US). I have never applied for any other credit card in Canada, so outside of these two occasions I have never been hard-pulled for anything on the Canadian side.


You should know that the Credit Karma score is not necessarily an accurate representation of the score a potential lender may see. It's not a FICO score, which is what counts. If it were me, I would wait until I had 1 year of good credit history in the U.S. before applying for another card. After that, it would really just depend on what type of rewards card you're interested in. I think a pretty attainable cash back card would be the Discover It card.
Amex Platinum
Amex BCP 21K
Amex SPG 5K
Barclaycard Arrival Plus WEMC 5K
Chase Sapphire Preferred 23.5K
Credit Union 10K
Discover IT 7.75K



Return to “General Credit Card Talk”

Who is online

Users browsing this forum: No registered users and 2 guests