OT: picking a credit card

[auror]

Don't stray from the one's with fees. They have the best rewards. There are plenty of sites that will calculate the amount you need to spend per month to make the fee pay for itself and many come with the first year free.

I've been putting absolutely everything on a CC since I was 18. I just pay the bill off every month. If you can afford the fee, I would look at the Chase Saphire, Starwoods Preferred, Southwest Card, or Capital One venture card. They fee ranges from 35-100 a year on those. If you are confident you can pay the bill, get one with a better rewards program and if you are worried that you need to make a purchase that maybe you can't pay off then use the one from the bank.

Having multiple cards improves the credit score as the line of credit is larger. Also, they most likely start you of with a low maximum due to your limited credit history. I still can't get behind opening up multiples and multiples as it just scares me but there is little to say that it ruins your score.

After I cash out my Capital One Venture for my honeymoon, I am going to switch to a the SPG and/or the Chase Sapphire only because my fiancee already has a southwest card.

Starwoods just merged with Marriot, so I'd stay away from that one.

 

[Danzz]

Whatever card you get you need to use it at least a couple of times a month. Pay off the entire balance when you get the bill to avoid interest. This way you establish a positive credit history.
If you were to apply for say a car loan the bank will look at the following:
1. Credit score
2) Payment history
3) Available credit to debt ratio (2 credit cards would be better)
The key is to use your credit cards with care and pay the balance off each month. You can go on the internet to find the best card rates but be careful, you aren't likely to qualify for the lowest rate cards at this point and every time you apply your application will appear on your credit report. The same goes for filling out credit applications at retailers. A notation is made when the retailer checks your credit. Too many inquiry's is not good.
The one thing you don't want s to become is what the banks call a "ghost": no credit history. It is almost better to have shaky credit.
The key for you is to continue to be disciplined. Best of luck, you seem to have a good head on your shoulders.

 

[Danzz]

Starwoods just merged with Marriot, so I'd stay away from that one.

More like Marriott bought Starwood.