Which credit card should I apply for first?

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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PenandPaper
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Which credit card should I apply for first?

Postby PenandPaper » Thu Sep 20, 2012 1:44 am

Greetings !

In June I have a BIG trip/convention coming up in NYC and I want to apply for the Marriott Rewards Visa Signature from Chase in order to earn points towards the hotel during the holiday spending season. I've also considered the Choice Privileges Visa Signature .

However I have never had a credit card and according to Credit Karma I have a "thin file".

If I apply and am not approved, my plan is to apply for Chase Freedom. However this would be two inquiries on my account.

Due to my credit is it impossible for me to get a hotel rewards card ? Or should I build credit with Chase and then apply for a rewards card in a few months ?

I am a college graduate with no current loans in my name. I pay rent and utitlies and make about 23K a year. This would be my first credit card and I plan to pay it in full each month.

Any information or suggestions would be helpful. Thanks !


CC Deville
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Postby CC Deville » Thu Sep 20, 2012 2:00 pm

You need a serious reality check....just because you do not have BAD credit doesn't mean you have good credit; it sounds like you don't have any credit at all. A Chase card, any Chase card, is considered prime and they will want to see at least a few years of credit history before you will be approved. Unfortunately, Chase does not have secured cards to allow you a foot in the door. The Chase hotel cards are almost always Visa Signature and Chase requires a minimum credit line of $5,000 to qualify. For this, Chase will want a beefier credit file and typically they will want to see another creditor on your bureau that has given you a larger credit line. Do you bank with Chase? If so, perhaps you should make an appointment with a banker at your branch to see what your options are. They may be able to open a Slate card with a low limit but I cannot guarantee this. Back in 2006 Chase gave my brother a $200 credit line Visa card when he opened a checking and savings account. That was 6 years ago but most banks these days try to cross sell different banking products and they may overlook your thin file to keep you as a customer.

I would suggest a Capital One card or opening a secured card from Bank of America. Either way, I do not believe you will have a shot at any Chase hotel cards before this time next year, let alone in June of 2013. If you handle these cards correctly and keep the balances low you will see all sorts of doors open up for you. It seems like it takes forever but really in 2-3 years you can build a solid credit profile.

Don't worry so much about rewards at this point; there is plenty of time for that in the near future. Right now just concentrate on building your credit profile. Having said that, the Bank of America secured Visa card can be had with their 3-2-1 Cash Rewards program that earns cash back on gas (3%); groceries (2%) and 1% on everything else. Not bad for a secured card.

PenandPaper
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Postby PenandPaper » Thu Sep 20, 2012 2:56 pm

Thanks for the reality check. I had a feeling a hotel rewards card would be a long shot. I'll look into Bank of America since I bank with them, but I've always been wary of their "hard sell" method at the branches

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djrez4
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Postby djrez4 » Thu Sep 20, 2012 3:07 pm

Everything CC said.

But, remember you can still join a Marriott or Choice program without the credit card and earn points by staying there.
[RIGHT][size=100]- Sapphire Preferred - Freedom - Ink - Platinum - Everyday Preferred -[/size]
[/RIGHT]

Rory
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Postby Rory » Thu Sep 20, 2012 5:04 pm

Im pretty sure you get two inquires worry free per year. As in they wont affect your score
Amex Zync - NPSL (Cleared up to 25k)
Amex BCE - 12000 limit
Amex BCP - 4200 limit
FIA Rewards Amex- 3500 limit
Chase Freedom - 2000 limit
Chase Slate - 2000 Limit
BoA Cash Rewards Privileges- 3000 limit
Barclaycard Rewards MC - 3000 limit
Discover IT- 3500 limit
Marriott PR- 5000 limit
21 years old with alot of life to spend ;)
Its not about the ending, its about the journey,
just as long as the ending is just as good :cool:

PenandPaper
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Postby PenandPaper » Sat Sep 22, 2012 2:15 am

I could try this but I usually only go on 1 trip a year.

PenandPaper
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Update !

Postby PenandPaper » Sat Sep 22, 2012 2:16 am

Thanks for all the advice everyone. I decided to apply for the Chase Freedom so I could start building credit and a relationship with them. So glad I was approved ! :D



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