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I need to get a second credit card to build credit rating

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DisgruntledVirus

Lifer
I'm 25, have student loans and a $1k limit card through my bank (very low interest rate and low limit because I didn't want to risk running up CC debt when I was younger) and a few hundred dollar line of credit at Newegg. However, I need to open another actual credit card (with a higher limit than $1k) to help build credit. I paid off my car about a year ago and haven't really had much in the way of lines of credit open. I think I need to open another line to help build my credit rating more, and am looking for a good card to do this with.

I would like to get some kind of rewards (makes sense right?) with it as well, but am really just looking for a no annual fee card that provides the best benefits for me. Any recomendations from the ATOT Financial gurus?
 
Chase Freedom is usually regarded as one of the better ones for cashback, especially if they're running a promo ($x00 back if you use $x00 in x months, etc).

Btw, I'm assuming that you will be using this card often but paying it in full each month.
 
DisgruntledVirus said:
I'm 25, have student loans and a $1k limit card through my bank (very low interest rate and low limit because I didn't want to risk running up CC debt when I was younger) and a few hundred dollar line of credit at Newegg. However, I need to open another actual credit card (with a higher limit than $1k) to help build credit. I paid off my car about a year ago and haven't really had much in the way of lines of credit open. I think I need to open another line to help build my credit rating more, and am looking for a good card to do this with.

I would like to get some kind of rewards (makes sense right?) with it as well, but am really just looking for a no annual fee card that provides the best benefits for me. Any recomendations from the ATOT Financial gurus?
Click to expand...

Amazon card if you frequently buy stuff from there.

Also, you have a stable job/income right?
 
I am 24, chase freedom gave me a CC with 8,000 credit. I have a fair amount of open credit though, I started building credit very young. 15,000 on my first card, 6,500 on another, 3,000 on another. I am sure it's not a lot to the treillionaires on here, but it's upped my rating decently.

I only hold balances for a few days, and just pay it off..rewards are nice. Chase has a $300 refund if you spend $500 in the first 3 months going on right now.

http://slickdeals.net/forums/showthread.php?t=3616966
 
I just recently started using a Southwest Airlines card. American Airlines might be something that interests you more. The way my rewards break down is that 3000 points = $50 air fair. You earn a point for every dollar you put on the card. You earn 2 points per dollar spent on Southwest tickets. I got it because I like flying Southwest and wanted to have a cheaper way to travel.

At the beginning of every month I pay my bills using the card, and towards the middle of the month I pay off the balance. I spend about $1000/month on all the necessary things, like food, rent, and loans (student and car financing). So every 3 months I'll have $50 off air fair, plus there's an annual bonus of points you get for free on the date you signed up.
 
cronos said:
Chase Freedom is usually regarded as one of the better ones for cashback, especially if they're running a promo ($x00 back if you use $x00 in x months, etc).

Btw, I'm assuming that you will be using this card often but paying it in full each month.
Click to expand...

Yeah I generally dislike Chase. I had them for a second car loan I had for a while and have to deal with them for my student loans, they are annoying and I don't like the company. Unfortunately I have regularly heard of them as being one of the better CC's to get.

Yes this card will basically be used to pay my cell bill, gas, and storage unit then paid off each month.

Schfifty Five said:
Amazon card if you frequently buy stuff from there.

Also, you have a stable job/income right?
Click to expand...

I've worked with the same company for 5 years. Income has been pretty stable (small raises which seem fairly common for this department unless you're one of the "favorites" but that's another issue).

I looked into the Amazon card, it was actually what spawned this thread, and I usually buy stuff there every 2-3 months and a lot around Christmas. It seemed ok but wasn't anything that good.

ViviTheMage said:
I am 24, chase freedom gave me a CC with 8,000 credit. I have a fair amount of open credit though, I started building credit very young. 15,000 on my first card, 6,500 on another, 3,000 on another. I am sure it's not a lot to the treillionaires on here, but it's upped my rating decently.

I only hold balances for a few days, and just pay it off..rewards are nice. Chase has a $300 refund if you spend $500 in the first 3 months going on right now.

http://slickdeals.net/forums/showthread.php?t=3616966
Click to expand...

I could have had a higher limit on my one CC, and did on my Newegg card as well. I specifically requested $1k on my bank CC and have not asked for a limit increase because until about 2 years ago I didn't really see myself as financially responsible enough to have a high limit card. The Newegg one used to be fairly high, but after some mistakes with learning how revolving credit works I requested a limit reduction. It covers those "impulse" shell shockers, and that's all I need it for (plus high interest rate and no perks).

That's a great one on the Chase card. Will be a great start to a new system build 😛
 
Since youre building, a credit union would be your best bet. They tend to give more generous limits. If you qualify, I recommend Navy Federal, Pennsylvania State Employees Credit Union, or Alliant. Although you may have the FICO to qualify for first tier cards mentioned so far, they generally wont give limits that youre looking for until you have at least one other card with a generous limit.
 
DisgruntledVirus said:
Yeah I generally dislike Chase. I had them for a second car loan I had for a while and have to deal with them for my student loans, they are annoying and I don't like the company. Unfortunately I have regularly heard of them as being one of the better CC's to get.

Yes this card will basically be used to pay my cell bill, gas, and storage unit then paid off each month.



I've worked with the same company for 5 years. Income has been pretty stable (small raises which seem fairly common for this department unless you're one of the "favorites" but that's another issue).

I looked into the Amazon card, it was actually what spawned this thread, and I usually buy stuff there every 2-3 months and a lot around Christmas. It seemed ok but wasn't anything that good.



I could have had a higher limit on my one CC, and did on my Newegg card as well. I specifically requested $1k on my bank CC and have not asked for a limit increase because until about 2 years ago I didn't really see myself as financially responsible enough to have a high limit card. The Newegg one used to be fairly high, but after some mistakes with learning how revolving credit works I requested a limit reduction. It covers those "impulse" shell shockers, and that's all I need it for (plus high interest rate and no perks).

That's a great one on the Chase card. Will be a great start to a new system build 😛
Click to expand...

Well for me it's great b/c of the frequency of purchases I make on Amazon. In addition, purchases made through amazon receive 3x points per $1 spent.

It's also nice since most of the stuff I buy on Amazon is cheapest there anyways, so my points have more buying power.
 
Why not ask your bank for a credit line increase on your existing card while you think about other cards? If you have a good history and solid income, ask for $10,000.
 
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