First time getting a credit card in my own name [Which One]?

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CCGuy88
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First time getting a credit card in my own name [Which One]?

Postby CCGuy88 » Wed Nov 06, 2013 7:59 am

Is the Chase Freedom credit card a good 1st card to get? I intend to use it to even further build my credit. Here's a rundown of my history:

- I had a delinquency on my credit earlier this year, but cleaned things up, and its been about 6-7 months of good credit.

- A car that was cosigned with a relative with good credit. All payments have been on time, and Its been about 2-3 solid years of being report to all the big 3 except Experian.

- I was added to my relatives Lowe's and Sears credit cards that have been paid on time, and I have been on there for about 1-1.5 years.


So I wanted to know if the Freedom a great choice to get?


MemberSince99
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Postby MemberSince99 » Wed Nov 06, 2013 9:03 am

Sounds like you also want to know if we think you can get it.

If your delinquency is now gone and you have 6 months of good credit and a decent score, yeah that should be enough, even if you have to recon which you may, they are as good as any to recon with.

So yeah, it's a good general purpose card that you probably have a reasonable chance of getting, in my opinion.

CCGuy88
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Postby CCGuy88 » Wed Nov 06, 2013 9:07 am

If I keep this card in very good standing for 12 months, do you think I would be eligible to move up towards the Sapphire Preferred?

MemberSince99
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Postby MemberSince99 » Wed Nov 06, 2013 9:23 am

Yes they would like to see at least a year for CSP they told me and 6 months for freedom, so after 12 months, sure I think you may be able to get the CSP if you have a decent income and all else is good. If that's your ultimate goal the Freedom and CSP work very well together so you should use them together to maximize your rewards.

CCGuy88
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Postby CCGuy88 » Wed Nov 06, 2013 11:02 am

I'm thinking about just having the freedom for now, and building even more credit because I intended to get a house in the future, and car. I'm wondering should I get a credit card at all? I am a responsible person, and I am wondering with this further help my credit having at least one entirely in my name (not too concerned with the cashback), and with the no annual fee, it seems like a wise choice, but I'm no expert. I wonder if there is any no activity fee, or a fee if I only charge a $70-80 phone bill a month only on it?

Is a card that can grow with me in the future?

MemberSince99
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Postby MemberSince99 » Wed Nov 06, 2013 11:29 am

Yes it is a good thing to have your own credit line. That way you aren't dependent on anyone else for your success. No there is no fee for inactivity (though for enough they may close it after many months) or if you just charge 70 to 80 a month on it. Don't worry about that.

And yes, it can grow with you, though as a rule Chase requires an inquiry for limit increases - not always but I would figure on it as a rule.

CCGuy88
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Postby CCGuy88 » Wed Nov 06, 2013 1:02 pm

Ahh I see, so the only problem would be an inquiry pull to increase the limit, but as for everything else, it would be wise to get the card to further increase my credit?

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Postby MemberSince99 » Wed Nov 06, 2013 1:15 pm

Yes. Using credit does not hurt you IF you handle it correctly. It only hurts you if you don't. Inquiries fade away with time as well, I just personally don't like using them fo try to get a CLI. Chase is one of those lenders who usually requires one unless they choose to give you one, and they do sometimes do that, but it's not as often as we'd like.

But yes, IF you feel you are up to handling your own cards, by all means get them and treat them right. If not, you are better off not to do it. Just the honest truth. You sound like you should be fine from what I'm hearing.

CCGuy88
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Postby CCGuy88 » Wed Nov 06, 2013 3:59 pm

Thank you so much! I'm glad you cleared things up for me. I think this will be a great card to get. I just hope I dont have to close it in the future, and that causes a impact on my credit score.

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Postby MemberSince99 » Wed Nov 06, 2013 7:33 pm

Why would you have to close it? The card can grow to a 20k limit or higher all depending on you. It offers some very nice 5% revolving categories and 1% on everything else, and works well with pumping the points from the 5% into a CSP if you have one. Not sure why you would have to, it's a good card.



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