[newb] Got my first CC nearly a year ago, ready to apply for a new one. Any recs?

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CardySark
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Location: Orange County, CA

[newb] Got my first CC nearly a year ago, ready to apply for a new one. Any recs?

Postby CardySark » Sat May 03, 2014 7:47 pm

Hey guys this is my first post; I actually found this forum while researching some CCs. I'm a college student and I only have one card, the Discover IT, which, from what I've read on here, seems like a decent starter card. I've had it since July 2013, or approximately 10 months now. Anyway, I've been looking to add another card to my arsenal and was wondering if anybody had any recommendations for a good card.

Some relevant info:

- 1 CC; $1,500 limit. Always paid in full before due date.

- 730 fico, per my statements.

- 1 "hard" inquiry from July/Aug 2013 when I was applying for CCs.

- Income is 18k/ year. Savings fluctuate between $2-2.5k.

- Living expenses total around $850/ month (doubt this matters)

I've been looking at Chase Freedom because of the cash back bonuses and since I bank with them. I'd also be interested in AMEX but not sure where to begin with them.

So, anyone have any suggestions for someone in my situation? Any input is greatly appreciated, thank you.


lexrj
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Posts: 169
Joined: Fri Sep 14, 2012 12:59 pm
Location: San Diego

Postby lexrj » Sun May 04, 2014 12:27 am

CardySark wrote:Hey guys this is my first post; I actually found this forum while researching some CCs. I'm a college student and I only have one card, the Discover IT, which, from what I've read on here, seems like a decent starter card. I've had it since July 2013, or approximately 10 months now. Anyway, I've been looking to add another card to my arsenal and was wondering if anybody had any recommendations for a good card.

Some relevant info:

- 1 CC; $1,500 limit. Always paid in full before due date.

- 730 fico, per my statements.

- 1 "hard" inquiry from July/Aug 2013 when I was applying for CCs.

- Income is 18k/ year. Savings fluctuate between $2-2.5k.

- Living expenses total around $850/ month (doubt this matters)

I've been looking at Chase Freedom because of the cash back bonuses and since I bank with them. I'd also be interested in AMEX but not sure where to begin with them.

So, anyone have any suggestions for someone in my situation? Any input is greatly appreciated, thank you.


I would def. go for an AMEX revolver (most likely Blue Cash), reason being are the soft pulls 3x CLIs that will grow with you very quickly. With any other cc you will need either hard pulls or high spending which looks like is not your case.
---------------------------------------
Current in my Wallet
Amex BCP - 25K (02/12)
Barclaycard Arrival WMC - 15K (10/13)

Future
US Bank Cash +

Socks drawer
Crap One Quicksilver - 1.7K (04/11)
CSP - 15K (03/13)

Scores
FICO EX 772 / TU 765 / EQ 762 - (09/14)
AAoA 2.1

CardySark
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Posts: 12
Joined: Sat May 03, 2014 6:56 pm
Location: Orange County, CA

Postby CardySark » Sun May 04, 2014 1:51 am

lexrj:

Thanks, I looked into the Blue Cash and BC preferred. I'm actually liking the 6% cash back at supermarkets since the bulk of my expenses are at supermarkets and gas stations. I crunched some numbers using the spending trends from my discover, and, between the 6% for markets and 3% for gas, I would rack up approximately $550/ year cash back in those two categories alone... not bad at all. And I can use it at Costco!

lexrj
Centurion Member
Centurion Member
 
Posts: 169
Joined: Fri Sep 14, 2012 12:59 pm
Location: San Diego

Postby lexrj » Sun May 04, 2014 8:46 pm

CardySark wrote:lexrj:

Thanks, I looked into the Blue Cash and BC preferred. I'm actually liking the 6% cash back at supermarkets since the bulk of my expenses are at supermarkets and gas stations. I crunched some numbers using the spending trends from my discover, and, between the 6% for markets and 3% for gas, I would rack up approximately $550/ year cash back in those two categories alone... not bad at all. And I can use it at Costco!


Glad to help, just to remind you that big box stores (Target, Walmart, Costco and etc) are not considered 6% stores, however, it's good for Ralphs, Vons, Whole Foods, Trader Joe's and Sprouts.
Also, you can buy gift cards at those stores, including gas cards, turning gas into 6% cashback.
---------------------------------------
Current in my Wallet
Amex BCP - 25K (02/12)
Barclaycard Arrival WMC - 15K (10/13)

Future
US Bank Cash +

Socks drawer
Crap One Quicksilver - 1.7K (04/11)
CSP - 15K (03/13)

Scores
FICO EX 772 / TU 765 / EQ 762 - (09/14)
AAoA 2.1

Nash
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Posts: 15
Joined: Sun Sep 01, 2013 12:03 am
Location: Southeast, US

Postby Nash » Sun May 04, 2014 9:52 pm

I guess it all depends on what you want. I'm all about the rewards (cash back or gift cards, doesn't matter to me!) My first card was with Discover, too (March 2012). My next card was my Amex BCE (Sept. 2012), it's been great. After that I went with Chase Freedom (Jan. 2013). I really don't think you can go wrong with either of these cards. I use my Discover and Freedom for the rotating categories and my Amex picks up the rest. I just received my fourth card which is from my bank last week (credit score pulled was 767), the rewards aren't really all that spectacular, but my wife and I wanted to make a large purchase, and we wanted to take advantage of 0% APR for 12 months.

On the same token, she is exactly where you are. She has had a Discover card since June 2012, and we are building up her credit. We checked her score a week ago and it was 733, so we decided to get her a new card to add to the portfolio. After researching a good fit for her, she app'd and was accepted for a Bank of America Better Balance Rewards card.
Arsenal:
Discover it [3/12, $2,500]
Amex BCE [5/13, $25,000, bd 9/12]
Chase Freedom [1/13, $5,500]
SunTrust Cash Rewards [4/14, $7,000]
Bank of America Travel Rewards [9/15, $6,000]



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