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About LinkBacksi have 2 installment accounts...34k in available credit and my balance is roughly 25k after this month....one account with bmw and one account with us dept of education
i have one revolving account with best buy (a 3rd tier credit card?!) the available credit is roughly 2600 and my balance is 800....i can pay off the 800 dollars right now if it would help my situation...i just have several bday parties and events coming up in the near future i want to balance my budget for...
i want a credit card...a universal credit card...a visa or mastercard or discover...i want something that not necessarily concentrates on rewards because i get the points through our business amex card...i want something that will build my credit...i want something that will offer no annual fees and a small credit line to start...i think i have an idea how to build from the initial credit line....as im getting older i like the idea of making a substantial, necessary purchase and paying it off accordingly rather then depleting my checking account with one swipe of my debit card....
should i pay down or pay off my revolving account and wait a couple months before appying for a credit card? considering there are so many options can this forum help me narrow the search?! i know visa,mc and discover are just processing machines and the bank actually issues/backs the card (am i right)...are there certain banks to stay away from? any help would be greatly appreciated!!
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Green Member
- Join Date
- May 2010
- Location
- phila
- Posts
- 2
installment account vs revolving accounts...please advice
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Platinum Member
- Join Date
- May 2010
- Location
- San Diego, CA USA
- Posts
- 96
Choices.....
I would go with a Bank of America and or Wells Fargo. Get a checking acct. with them as well and build a banking relationship. You will really be surprised what some time with one bank and on time payments can do for your score. Get the best card that your credit will support. Pay down your cc to less than 20% of outstanding and wait a month before applying.
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Green Member
- Join Date
- May 2010
- Location
- phila
- Posts
- 2
i have banked with wachovia for years (wells fargo) i should just apply for their card...i think i have decent history and a decent enough credit just to get started with them then slowly build my score and credit limit...thanks
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Platinum Member
- Join Date
- May 2010
- Location
- San Diego, CA USA
- Posts
- 96
Sounds like a good idea let us know how it turns out.
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Centurion Member & Moderator
- Join Date
- Jun 2008
- Location
- Smogland
- Posts
- 1,400
As Alsteig do get the best card but be careful because B of A is issuing Visa Signature for many of their top cards now. That means no set credit limit is reported and you won't want that. Go with Platinum Plus level for whatever card you get. They will try and upgrade you to Signature later on but refuse. I have to do this every year or two when they attempt to switch my account to Signature. I'd rather have the high credit limit reported than the Visa Signature Benefits that are close to what my AmEx gives me anyway.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed. Regardless, anything I say is my honest opinion.
Current Cards: American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
Primary Everyday Card: American Express Blue Cash
Primary Travel Card: Citi Thank You Premier
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