1. My father suggested getting a Visa as the best long term card. I know it is harder to gain high limits from a company I have never dealt with before, so should I try to get a high limit Discover card instead?
2. I want to get a card with >$5,000 limit. Is this possible? Where should I look?
3. Is my best bet for a high limit from a "Platinum" credit card?
4. Is it best to get the cards from Key or Wells Fargo (I.E. Wells Fargo Platinum Card or Platinum MasterCard Credit Card from Key Bank)?
5. When applying should I include my wife on the application or add her later
(will it hurt my chances)? Can I list my income as what we will be earning, rather than previously?
6. If I shop around to see what limits I am approved for, will it appear on my credit report as shopping for credit?
1. A Visa or MasterCard will be the better bet. Discover will likley issue a small credit line; however, this would increase with usage. Discover likes to see usage before they initiate auto CLI's.
2. I would try for a NON STUDENT Visa or MasterCard from a local credit union or from Citibank/Bank of America/Chase. It has been reported that Citibank is very good about giving CLI's without hard pulls in a short amount of time. If you have any way to join USAA or Navy Federal Credit Union you should totally do it. Again, NON STUDENT!!! If you apply for a student card you will undoubtedly receive a toy credit line.
3. Platinum is basically the new standard, basic card. I really have not seen many Classic or Gold accounts these days. You will want to steer clear from rewards cards as most issuers issue rewards cards as Visa Signature and World MasterCard. Most banks do not report a credit line on Signature and World. (Citibank does report the limits on Signature/World, Chase and BofA do not). It sounds like you want a good rate and mostly a higher credit line. So rewards should not matter to you as much.
4. As far as I know, Key does not issue their own credit cards and Wells Fargo is a joke. I would avoid a credit card with Wells Fargo and frankly, I would advise a new bank all around.
5. Since she has a 30 day late, I would wait until the card is approved and then add her as an AU.
6. You may "shop around" by looking at the terms and conditions on the banks' different websites. Please do not
apply for any credit card you find just for grins and giggles. If you apply for too many cards-and are approved-you will end up with a ton of inquiries (this is a bad thing) as well as several new accounts (very bad thing) and this will kill your FICO. It will also likely kill any chances of obtaining the higher credit line you are after. Again, I would suggest checking into a credit union.
Here is a credit union finder:America's Credit Unions: Where people are worth more than money.
You can join many credit unions based on where you live, work, attend school or even worship. And if you or anybody in your family has military service, I would check into USAA (federal savings bank) and Navy Federal Credit Union (and Pentagon Federal Credit Union for that matter). USAA, Navy FCU and Pentagon FCU are outstanding and generally issue larger limits.
In all honestly due to your limited credit history, you may still be issued a card under $5K. Credit takes years to build and maintain and only a few moments to ruin. Your best bet in my opinion will be a Citibank card: Platinum Select, Simplicity or Forward. You probably will be given $2K or so, but within a year you can probably get that increased to $4K to $5K by asking for soft credit line increase or they may give you auto increases. Also look into the credit unions. Even if you dont get a card from one, they are absolutely fantastic for auto loans.