[19y.o.] Help me choose a second card...

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MR.SVT
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[19y.o.] Help me choose a second card...

Postby MR.SVT » Tue Feb 25, 2014 2:33 pm

So I've had my Capital One Journey card for a little over 6 months now. I've paid in full every month, always less than 10% utilization ratio etc.. And low and behold, a month or two ago my CL was increased to $750...I think I'm off to a pretty good start :D

That being said, I am looking to pick up a second credit card so I can start charging more items (instead of paying via cash or debit), mainly to spread it across another account to keep the utilization ratios low. Also, I feel like Capital One isn't going to hit me with another increase (from what I read) so I would like to just keep that card for subscriptions and smaller purchases once and a while.

Does anyone have any recommendations for cards? I've been wanting to get my foot in the door with Amex but I'm not sure if I should wait longer before applying with them.

FWIW, my credit report only has an inquiry from Capital One (denial) a little over a year ago and an inquiry from Discover about 8 months ago. Also a few small pulls here and there for miscellaneous stuff as well but nothing major.

Any insight is appreciated!


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Postby MemberSince99 » Tue Feb 25, 2014 4:41 pm

Make sure you have 6 months reporting. Then consider applying for Amex to get your foot in the door and start backdating, Discover, and Chase Freedom. Barclay's also but MAKE SURE if you app for Barclays they are the last one you app for and you don't do anything for 6 months afterwards, otherwise you run the risk of them not being happy and closing you down.

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JMR
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Postby JMR » Tue Feb 25, 2014 6:37 pm

I also am on my way to my first 6 months with credit (Discover IT). I was thinking after 6 months apply for the Amex BCE to get in the door with AMEX with no AF. I also recommend the Discover IT with the 5% rotating categories is nice (Freedom also has this). Also I don't know if your a student or not but the Sallie Mae card is good for buying textbooks, groceries, and gas (up to $250). Good luck on your search for a new card!

JMR
Citi AAdvantage Platinum Select- $5000 (3/15)
American Express Gold- NPSL (3/15)
Chase Freedom- $1200 (3/15)
Nordstrom- $1500 (9/14)
Discover IT- $1000 (2/14)

TCL: $8700

FICO (TU)- 716 (3/15)

MR.SVT
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Postby MR.SVT » Tue Feb 25, 2014 7:46 pm

MemberSince99 wrote:Make sure you have 6 months reporting. Then consider applying for Amex to get your foot in the door and start backdating, Discover, and Chase Freedom. Barclay's also but MAKE SURE if you app for Barclays they are the last one you app for and you don't do anything for 6 months afterwards, otherwise you run the risk of them not being happy and closing you down.


Do you mean backdate with Discover and Chase Freedom? Still trying to understand that term. I was originally looking at the Amex Green Card but now am looking at a BCE but overall am undecided if I should even go Amex for my next card - more so if 6 months is even enough to qualify...

JMR wrote:I also am on my way to my first 6 months with credit (Discover IT). I was thinking after 6 months apply for the Amex BCE to get in the door with AMEX with no AF. I also recommend the Discover IT with the 5% rotating categories is nice (Freedom also has this). Also I don't know if your a student or not but the Sallie Mae card is good for buying textbooks, groceries, and gas (up to $250). Good luck on your search for a new card!

JMR


Yes sir, I am currently a student. I really like the Discover for the FICO score they provide, I am strongly considering it for that aspect alone. I think I may try for the BCE. Best of luck with your hunt as well!

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JMR
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Postby JMR » Tue Feb 25, 2014 8:31 pm

Backdating is only with AMEX. It means when you get you first AMEX card say next month 3/2014 then say in 5/2016 you decide to get another AMEX card or upgrade the date on your new card will be the month you got it in but from the year you got your first card. So on the new card it would be 5/2014.

The free FICO for the IT is a nice benefit. I wouldn't knock the Sallie Mae though, 5% on Gas, Groceries, and Textbooks with no AF up to $250 a month for each category (750 for textbooks) is very good. Once you go pass $250 a month BCE would be good too.
Citi AAdvantage Platinum Select- $5000 (3/15)
American Express Gold- NPSL (3/15)
Chase Freedom- $1200 (3/15)
Nordstrom- $1500 (9/14)
Discover IT- $1000 (2/14)

TCL: $8700

FICO (TU)- 716 (3/15)

MR.SVT
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Postby MR.SVT » Wed Feb 26, 2014 3:26 pm

JMR wrote:Backdating is only with AMEX. It means when you get you first AMEX card say next month 3/2014 then say in 5/2016 you decide to get another AMEX card or upgrade the date on your new card will be the month you got it in but from the year you got your first card. So on the new card it would be 5/2014.

The free FICO for the IT is a nice benefit. I wouldn't knock the Sallie Mae though, 5% on Gas, Groceries, and Textbooks with no AF up to $250 a month for each category (750 for textbooks) is very good. Once you go pass $250 a month BCE would be good too.


Ahh I see, thank you for clarifying that.

The FICO is exactly why I am leaning toward Discover, it would be really nice to be able to get that each month just to know where I stand. The problem is, I've noticed quite a few places I frequent do not accept Discover, which is why I'm slightly leaning toward Amex BCE, but that FICO is so tempting - decisions decisions! The Sallie Mae is also very interesting, I definitely will take a look into that.

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djrez4
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Postby djrez4 » Wed Feb 26, 2014 3:40 pm

Barclay offers FICOs with some of its products as well and has wider acceptance via Visa and Mastercard networks. I don't think Sallie Mae is one of them, however.

EDIT - "Barclaycard will initially offer FICO Score Open Access to its Barclaycard Ring, Barclaycard Arrival, Barclaycard Rewards, Juniper, Frontier and Carnival cardmembers on an opt-in basis, and according to their Facebook page, they will then will expand the program to additional card portfolios early in 2014." from ThePointsGuy

So, maybe Sallie Mae will offer it soon.
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MR.SVT
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Postby MR.SVT » Mon Mar 03, 2014 6:56 pm

Well heres an update...according to CK (only place I use to check my score - 730) I will have an update in the next couple days so I plan to apply for the Amex BCE card then. I am currently a student with a part time job and a few things I do on the side (about $16k annually). I've had my Journey for 7mo with no negatives, PIF each month. Anyone have any predictions on approval? Only a couple more days but I'm dying to know!!

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Postby grifenhagen » Thu Mar 06, 2014 8:46 pm

I'm 18, and have had a capital one journey card with a 300 dollar limit for 3 months. i used about 60-75% of my limit every month, but i always paid it off in full. i applied for a discover IT student card last week, and got approved for a 500 dollar limit. they also emailed me my FICO score, and it was 766.
yesterday, i decided to apply for another, the amex blue cash everyday card. i got approved with a 1000 dollar limit.
i dont know if im an oddball or what, but from everything ive read, my score should NOT be 766.
im 18, and have a pretty good job bringing in around 1500 a month, but i still dont really know why my score is so high, especially since ive only had a credit card for 3 months and i use a high percentage of the limit.



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