- (1)Wells Fargo Secured ($300 limit/$25 AF) This was the first card I applied for because I wasn't sure if I could get anything else. Not really all that enthused about it because it has no rewards, plus I've heard WF is notoriously slow about graduating secured cards. WF does have a unique feature where if you pay for your cell phone bill with their card they will replace your phone if damaged. I'm pretty clumsy... so I'll probably pay for my phone bill with the card and that's it.
(2)BoA Secured($300/$39 AF) This is actually a 1-2-3 cash reward card, and since I manage a truck stop where everything including the restaurant gets reported as being a "gas station", I plan on using this card extensively for the 3% discount on "gas". I've heard BoA does graduate cards with on time payments after a year, so I'm hoping this card can grow.
(3) Capital One Quicksilver($500/$39AF) I've been approved, but haven't gotten this card in the mail yet, but I had been a "Crap One" customer years ago. It does have a 1.5% reward which I plan to use for "everyday things" I can't get 2 or 3% on. I know Cap One is notoriously bad with CLI's and they don't do PC's without having you apply for a new card, but some of their Prime Cards sound good.
(4) Barclaycard ($1500/$0 AF) I was surprised when I was approved for this much CL. It does offer 2% rewards on gas/groceries/utilities, so I plan on using it primarily for groceries and utilities. I like the no annual fee, but am a bit alarmed about the 24.99% Interest(although I have no plans of keeping a balance on any of these cards). I really have no experience with Barclaycard, but some of their premium cards are appealing.
So my plan is to use three of these cards extensively, paying the full balance (except maybe 1 or 2%) a few days before the statement comes out. I may have to pay several times a month for the BoA and Cap One cards to stay under the limit (I've heard Barclaycard doesn't like multiple payments, but the CL is high enough that I will be able to get away with one payment right before statement day). In around six months, I will probably be in need of an auto loan and hopefully the six months of flawless history and low utililization can get me up to 750 FICO(I don't have an exact FICO score, but most of my FAKOS are currently in the 690-740 range). After I go through the car loan process(and the inevitable slight drop in score), I plan on looking to enhance my cards. Maybe Chase Freedom or an AMEX card.
A few other questions I have: When the Wells Fargo and BoA secured cards graduate, do they usually give a CLI? Do the AF's go away automatically? I think the Capital One Card is probably a "steps" card, so I think I'll get a CLI in six months on that one. I also know little about Barclaycard... and information from forums has been all over the boards, some very positive, some very negative. are they as stingy with CLI's as some say?
Thanks for any and all help any of you can provide.