Best credit cards for new college graduates?

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hcb4cu
 
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Joined: Tue Feb 19, 2013 3:19 pm
Location: Georgia

Best credit cards for new college graduates?

Postby hcb4cu » Tue Feb 19, 2013 3:28 pm

Okay, so I've had a Bank of America student credit card for about 4 years now and it's my only credit card. It has a credit limit of $600.

I have a perfect payment history, and I just pretty much paid it off so my utilization should be around 1%. I'm not sure what my credit score is, but Credit Karma says 649, but I have had a pretty high utilization up until recently, so hopefully it will go up.

Basically, I want to upgrade to a better credit card (and ditch BofA), but I don't know which ones to go for.

My top 2 choices are Chase Freedom and Amex Gold Skymiles, but I don't know if I'll be approved with such a low credit limit history. I just graduated from college and have a salary of $55k. Does anyone have thoughts or suggestions for next steps? Thanks!


swipe_masta
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Location: USA

Postby swipe_masta » Thu Feb 21, 2013 12:41 am

1) BOA almost never increases credit limit for the student platinum card FYI.
2) Having a high utilization esp with only one credit card (at a limit of 600) is not good. You always want to stay below 30% of your card's limit. Ex. 600x30%=180
3) I really like CK but they are very misleading about their score (Transunion I believe). In my personal experience as well as what I've read, your actual score could be -50/+50 off.
4)What are you looking for in a credit card? It all depends on what you want in return! Do you mind paying an annual fee for the Amex GS? I personally would go with Chase Sapphire Preferred (with annual fee)/regular Sapphire (no annual fee) if you want mileage. If you plan on traveling abroad a lot, look for cards that have no foreign transaction fees. All Capital One cards don't have this fee. The Venture is a great card too! Cash back? I would recommend Chase freedom or Capital One Cash Back card.
With a salary of 55k Im sure someone will make an exception lol

My recommendations:
Cash Back: Chase Freedom/Amex Blue Cash*/Capital One Cash
Mileage: Capital One Venture*/Chase Sapphire*
Well Rounded Cards: Citi Thank You Premier

*I suggest going for the regular ones rather than the ones with the annual fees cause they are more lucrative and with your limited history, I think you'd have a better chance with them.

Gook Luck



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