So a little bit of background... I’m a civil engineer with a decent salary, so money isn’t really the issue, my credit score is.
When I was a sophomore in college I got a BoA credit card with a $700 limit. I had it for about a year or so before I could no longer afford it — defaulted. I graduated college and had a horrible credit score probably mid 500s. I started my career shortly after graduating and started paying back petty debts to friends and family. After that, I paid off all of my smaller debts and even that defaulted credit card. I managed to get enough of a down payment to finally get a car (13.5% interest) where ally bank said my credit score was 608.
After a few months I had a credit score of about 625.
I have never missed a payment on my student loans, or anything at that. I finally swallowed my pride and opened a credit card with capital one, $400 limit. My credit score jumped from about 625 to around 680 in a two month span.
Here’s where things get a little tricky. I only wanted to get my credit score up so I could refinance my student loans — which I did last month. Sallie Mae @ 11.125% to my new provider at 5.6%. I also refinanced my car 13.5% to 7.5%.
Well my oldest account on my credit score are my 4 Sallie Mae accounts and now that these are closed I know my credit score is going to tank again. Not a big deal because I don’t have any big purchases planned but before all of this happens I want to get another credit card to have a higher limit on my credit score. I would prefer cash back or travel rewards with no annual fee. Interest rates aren’t a big deal because I can pay my card off weekly.
I was thinking about are: Wells Fargo Propel (May not get accepted), Chase Freedom, or Discover IT.
Any suggestions?
Submitted April 23, 2020 at 09:51PM by andrejlubosh https://ift.tt/2Kr1DVc
