Author Topic: Help with new credit card choice (Read 6367 times)

Racer7400 · « **on:** December 20, 2012, 02:46:26 PM »

I have now a Capitol one credit card which I got on September of 2011. Befor that I didn't have any credit. Since then I have not applied to any credit card. Assuming I have good credit ( I have been paying my bill on time every month) which credit card should I apply to now if I am trying to get the best promotion? Thanx a lot for the help

arie · « **Reply #1 on:** December 20, 2012, 02:56:46 PM »

Quote from: Racer7400 on December 20, 2012, 02:46:26 PM

I have now a Capitol one credit card which I got on September of 2011. Befor that I didn't have any credit. Since then I have not applied to any credit card. Assuming I have good credit ( I have been paying my bill on time every month)

I suggest you first check your credit score. Based on your credit history I would assume you do not have good credit.

Redbull3 · « **Reply #2 on:** December 20, 2012, 03:03:13 PM »

Quote from: arie on December 20, 2012, 02:56:46 PM

I suggest you first check your credit score. Based on your credit history I would assume you do not have good credit.

Not sure about that, OP hasn't missed payments, has no inquiries or new accounts in the past 12 months, 6 months or 3 months - which may counteract his limited profile?

Racer7400 · « **Reply #3 on:** December 20, 2012, 03:44:31 PM »

How do I go about checking my credit score. I have heard them it can harm your credit if s person checks his credit score. Also what is a good credit score. Also if it makes a difference I do get credit card applications in the mail.

Redbull3 · « **Reply #4 on:** December 20, 2012, 03:47:27 PM »

Quote from: Racer7400 on December 20, 2012, 03:44:31 PM

How do I go about checking my credit score. I have heard them it can harm your credit if s person checks his credit score. Also what is a good credit score. Also if it makes a difference I do get credit card applications in the mail.

Citi identity monitor, not true, 700, do your letters say "you have been pre-approved" or just "you are invited to apply"?

Racer7400 · « **Reply #5 on:** December 20, 2012, 03:55:46 PM »

Quote from: Redbull3 on December 20, 2012, 03:47:27 PM

do your letters say "you have been pre-approved" or just "you are invited to apply"?

they say u have been pre-approved

meshugener · « **Reply #6 on:** December 20, 2012, 05:50:46 PM »

Quote from: arie on December 20, 2012, 02:56:46 PM

Based on your credit history I would assume you do not have good credit.

-1
Would you believe that the first anniversary of my first primary-held CC was a few days ago?
And I currently primarily hold/held:
Chase
Freedom
SP
United MPE (closed)
Hyatt (closed)
Amex
PRG
BRG
Citi
AA (closed)
Barclays
NFL
NFL
USAirways
Capital One
Journey my first card...

As on Chase recon rep told me a few weeks ago: "Sir! yes, you have an excellent credit history, but there is a reason ther is a word in the dictionary LIMIT!! we have to put a limit to this! See! in the past 11 months you have already opened one two three four... eleven cards, eleven cards! thats an average of on new card per month!".........

arie · « **Reply #7 on:** December 20, 2012, 08:20:42 PM »

Quote from: meshugener on December 20, 2012, 05:50:46 PM

-1
Would you believe that the first anniversary of my first primary-held CC was a few days ago?

You imply that you were an authorized user before then. If so you had credit history before then, and that may be why you have excellent score. But OP stated 'Before that I didn't have any credit'. Based on my personal experience and from what i've heard from others, 15 months is too short of a time to build a good enough credit history.

meshugener · « **Reply #8 on:** December 20, 2012, 08:37:47 PM »

Was added month before to a 10yr old card as an AU.

arie · « **Reply #9 on:** December 20, 2012, 08:43:49 PM »

Quote from: meshugener on December 20, 2012, 08:37:47 PM

Was added month before to a 10yr old card as an AU.

So that could very well be the reason http://money.msn.com/credit-rating/cheat-your-way-to-better-credit-weston.aspx

Racer7400 · « **Reply #10 on:** December 28, 2012, 10:37:14 AM »

Quote from: arie on December 20, 2012, 02:56:46 PM

I suggest you first check your credit score. Based on your credit history I would assume you do not have good credit.

i have checked my credit score on citi identity moniter and the score it told me is equifax 766,experian 797, transunion 743 based on those scores which card should i get?

arie · « **Reply #11 on:** December 28, 2012, 11:01:17 AM »

Quote from: Racer7400 on December 28, 2012, 10:37:14 AM

i have checked my credit score on citi identity moniter and the score it told me is equifax 766,experian 797, transunion 743 based on those scores which card should i get?

Citi uses FAKO scores so you really don't know what score the lender sees (myfico.com is more accurate). But regardless, try doing a 3BM of cards that you need a better score - like the chase sapphire, together with the freedom card. I would also apply for a store card ast the same time.

Kn9ght · « **Reply #12 on:** December 28, 2012, 11:37:16 AM »

Quote from: arie on December 28, 2012, 11:01:17 AM

Citi uses FAKO scores so you really don't know what score the lender sees (myfico.com is more accurate). But regardless, try doing a 3BM of cards that you need a better score - like the chase sapphire, together with the freedom card. I would also apply for a store card ast the same time.

-1, why do you need a store card? OP, do a 2BM with Chase or AMEX, you'll be fine.

Racer7400 · « **Reply #13 on:** December 28, 2012, 02:30:35 PM »

Thank guys for the help

Kn9ght · « **Reply #14 on:** December 28, 2012, 03:30:49 PM »

Please let us know your card choices and results.

mmermss · « **Reply #15 on:** December 29, 2012, 01:34:14 PM »

Quote from: Kn9ght on December 28, 2012, 11:37:16 AM

-1, why do you need a store card? OP, do a 2BM with Chase or AMEX, you'll be fine.

+1
Once you have pretty decent credit there's no reason to apply for store credit cards (unless you buy from that store alot and they have amazing rewards).
@OP whatever you do...do not close your cap one...its best to have your oldest credit card kept open.

Racer7400 · « **Reply #16 on:** December 31, 2012, 11:19:28 AM »

Quote from: Kn9ght on December 28, 2012, 03:30:49 PM

Please let us know your card choices and results.

ok but I will probably not do it till next week

fradl · « **Reply #17 on:** December 31, 2012, 12:06:07 PM »

To the experts:

when doing a 3bm churn, is it better to open one credit card from 3 different banks, or 3 credit cards from the same bank. Can you also explain the reasoning for whichever method you think is better? I have read on other sites that it is better to open one credit card from 3 different banks. my impression from this site was that it is better to open 3 credit cards from the same bank in a 3bm. thanks in advance

moko · « **Reply #18 on:** December 31, 2012, 12:14:45 PM »

3bm's main purpose here is to get as many cards with as little credit hits. And while doing 3 cards from 3 banks will avoid the issue of being denied bec. of to many requests for credit it will result in 1 hit on 1 or more CR for each app, hence reducing the effectiveness of a 3bm also if u did 3 diff. banks, i'm not sure why u would need 3bm and not 3tn

mmermss · « **Reply #19 on:** December 31, 2012, 12:15:01 PM »

Quote from: fradl on December 31, 2012, 12:06:07 PM

To the experts:

when doing a 3bm churn, is it better to open one credit card from 3 different banks, or 3 credit cards from the same bank. Can you also explain the reasoning for whichever method you think is better? I have read on other sites that it is better to open one credit card from 3 different banks. my impression from this site was that it is better to open 3 credit cards from the same bank in a 3bm. thanks in advance

3 CC from one bank. If you did 3 cc with 3 different banks you will be getting at least 3 hard pulls. A 3bm from the same bank (without mixing consumer and business from Chase) will 99% of the time only result in one hard pull.