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Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: Bumbles8 on May 18, 2017, 06:16:41 PM

Title: Which Credit Card(s)?
Post by: Bumbles8 on May 18, 2017, 06:16:41 PM
Root issue:  I would like to build credit  (potentially buying a house in a year)

(underlying issue:  I don't know a ton about building credit, so I believe having a credit card or two would be the easiest way to make it better)

Background:  Young-ish mustachian (23) with good salary (~70k) in LCOL area.  I have never had a credit card, just my debit card for 8 years.  I do not know my credit score, but I have had a couple bills in my name, but not many (always spread across my roommates).  I also have some student loans I am paying off. 

Question: What credit card would you recommend?  If you think I should get two, then please explain why and feel free to recommend two.

Parameters: I would like to potentially get airline miles (love to travel), but this is not a requirement.
                             I do not spend a ton of money, so some of the hacking may be hard for me, but I could try to get creative. (things I could charge are usually under ~$500 a month)
                            In a couple years may be interested in the piggybacking deal

Feel free to give me any advice on which card and why.  Also on credit scores, card hacking, or any pertinent information.


Title: Re: Which Credit Card(s)?
Post by: Bracken_Joy on May 18, 2017, 06:35:02 PM
First, go check your credit report. ( You will probably be surprised how many accounts you have. Check to make sure nothing seems off. Second, use a service like CreditKarma to estimate your current score.

That will give us an idea what you should apply for- CC you qualify for depend on your score.
Title: Re: Which Credit Card(s)?
Post by: daverobev on May 18, 2017, 06:38:57 PM
Try for some awesome ideas.

I'd suggest signing up with Credit Karma, to see if you have a score. Do that, then post back what it is.

There are some relatively easy to get cards, and some awesome cards; but without a couple of cards in your 'file' you probably won't qualify for the latter.

If you have any kind of relationship with a bank or credit union, I'd look there first. Lots of places offer secured cards if you have no credit file. Just be wary of ones with fees.

I like Discover as a company, and their Discover IT is pretty good - 5% on rotating categories, 1% elsewhere, and it's doubled to begin with.

Capital One do secured cards; their Quicksilver line is a flat 1.5% back. Citi do a Double Cash which is 2%.

Chase and Amex are great to be 'in' with, but Chase at least will require history.
Title: Re: Which Credit Card(s)?
Post by: billybob on May 19, 2017, 02:33:30 PM
Southwest Rapid Rewards if you want to travel, they are offering $40,000 points if you spend $1,000 in the first three months. Kills two birds with one stone. Gets you a credit card and gives you travels points.
Title: Re: Which Credit Card(s)?
Post by: Bumbles8 on May 19, 2017, 04:50:13 PM
Creditkarma is saying 672, which is "fair".  The only thing on there is my student loans, which I have been paying more than the minimum, but not too much.

Interested in the card mentioned above.  Are the miles pretty easy to use?

Still looking for some other cards to look into.  I am not against a simple card with an easy payback/cash back.  I get really busy with work and sometimes don't have the time to keep up with all the necessary stipulations and conditions.

Title: Re: Which Credit Card(s)?
Post by: daverobev on May 19, 2017, 05:17:38 PM
I'd call up Discover, tell them you checked your score and it's 6xx, you're looking for a first card, and see. They are generally nice to deal with. You can probably apply for the Discover IT and, if you don't qualify, get the secured version (put down $500 or something to get a $500 limit; use the card every month and pay it off in full, and after a year or 6 months, ask to graduate to an unsecured version).
Title: Re: Which Credit Card(s)?
Post by: Bracken_Joy on May 19, 2017, 06:16:53 PM
I love the nerdwallet CC tool, here: ( You put the type of card you want, your credit score range, and it'll tell you your best card options! Hope that helps. At 672, you're in the average category, so for Cash Back CCs it recommends the Capital One Quicksilver or the Discover IT card ad your top two. Same for "rewards".
Title: Re: Which Credit Card(s)?
Post by: Ocinfo on May 19, 2017, 07:06:08 PM
As others have said you'll need to get a lower level card (Citi Simplicity, Capital One Quicksilver, Chase Freedom, etc...) for 6 months to a year before you will be able to get approved for the higher end cards. The good news is that your credit score should pretty quickly jump into the 700s and you have a high enough income to qualify for the higher minimum credit limits that some cards require. Once you have a a year of history, look at the Chase Sapphire Preferred and maybe the Reserve (doesn't sound like you have the spend to justify the higher fee).

If you have the spend (for me work travel goes on my card) the higher end cards can be quite lucrative. Just the signup bonuses are worth $1k+.

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Title: Re: Which Credit Card(s)?
Post by: clairerebecca on May 20, 2017, 01:06:31 PM
I started building up credit as a college sophomore by just getting the no annual fee "college" credit card from my bank. It didn't/doesn't matter to me how high the APR was, because I've never carried a balance and get 1% cash back. I would advise going through your bank if they offer $0 annual fee, and using that card to build up your credit, and then shopping around for higher rewards cards in a few years (I have no idea how long credit building takes, but I've had my card for 1 year 9 months and my credit is now at 720 if that helps no other loans or cards).