Hi, I am rebuilding my credit. I would like to know which one I should apply for. Discover Platinum Card or Optima® Platinum Card®. I pay more than minimum every month. I don't have any derog on my credit report. But I just have credit history only 3 years. I would like to have a nice credit so that I can apply for the morgage next 2 years. Now, I have : Citibank $7000.00 Limit (open 02/1998)**not report limit on Exprian** Chase $7000.00 Limit (open 01/2001) Amex (Charge Card) (open 07/1997) Sear $3700.00 Limit (open 09/1999) Macy's $600.00 Limit (open 05/1998) Please advice, I would like to get more score on credit report as I have low income which might effect the loan.
Yes sam that may cause a problem, I am not sure what income top is, but you are correct. Creditwise your scores may look great, but lenders do look at income and how much available credit lines you have.
Hi, Last year my income is about $60,000.00 but I have to take care of my spouse (unemployed). Also we are expecting the baby next 2 months. I don't know if I should apply for morgage : joint or single. By the way my spouse has 2 paid charge offs which will drop off from credit report 2008.
what price range are you looking at, 60K may be low to some but it is more than we make at the moment LOL. Anyway if your spouse isn't working and has 2 baddies, I wouldn't even put her on the loan if you think that could hurt you, but that of course is something for you two to decide. You can add her to the deed after the fact in most cases.
With the current credit cards you have and no late payments, judgements or chargeoffs, you right now should have good credit. If you have low income like you state, you certainly don't want to appear to overextend yourself. Just my 2 cents, JP
Thanks! I might get loan myself but will have to save more money as now I don't have much in saving. And need to make a good score.
Thanks! I just want to compare which card is better. Don't know if Amex Platinum report credit limit?? But I am sure Discover report to all 3CRA. I just want to have only 3-4 credit cards and 2 store credit cards. Thanks
Top, do you know what your scores are roughly? From your accounts I would think they would be pretty good scores? Not sure of your price range etc, but I have been researching mortgage for quite some time, planning on buying this summer, anyway if your scores are good you don't need alot down depending on what loan program you are going to use. And with these rates now it's great time to buy. Mom
Thanks momof3 Hi, I have no idea what my scrores are. I've never applied for any loan. I live in NY, the house here is quite expensive. I don't need big or expensive house. Just for only 3 of us (2 bedroom, 1 bath). Around my area it's about 150,000-250,000. That's why I want to save money as much as I can. As now I have only $20,000.00 in saving. I also have 401K which I might have to withdraw for buying a house also.
Discover or Amex? That's like asking which salary is better: $100 or $10,000... Discover is an inferior card, using 2-cycle billing (read much higher interest). Optima Platinum, which is certainly a much better card, is no longer Amex' lead lending product. It doesn't report limits nor high balance. Your best choice is Amex Blue. It reports high balance, allows you to accrue Blue Loot, excellent online support and world-class customer service. Interest is either 14.9%/ 12.9%/ 10.9%/ 9.9%, but you can negotiate the 9.9% even if not initially approved for it -- I did. Saar
Thanks Saar, I am going to apply for Amex Blue even I love the way optima platinum looks. Thanks again.
note on Blue The only negative to Blue is that I would rather have it enrolled in Amex's member rewards rather than the Blue Loot, but you can't do that.
RE: note on Blue You can enroll Blue in Memb. Rewards - the trick is you have to have another Amex card enrolled in Memb. Rewards and _then_ you can add the blue. Our solution was to have a Rewards Plus Gold for "everyday" purchases and some of my business travel (hotels, airlines in the MR program give you 2x points in 1st year, 1.5x points after that ... AWESOME mileage builder!) ... and have a Blue for revolving, large-ticket, and balance transfers. The $150 fee (covers 2 cards - will go up to 5) also includes MR enrollment ($40), so not a bad deal for me.
RE: MORTGAGE STUFF... Top- Go to a loan-calc. site (I like Quicken) but here's a scenario for you: Low estimate High estimate Home Price $182,028 $211,604 Loan Amount $165,334 $195,514 Interest Rate* 7.208% Monthly Payment (PITI) $1,400 $1,650 Down Payment + Estim. Costs $16,693 $16,090 $3,307 $3,910 Down Payment % 9% 8% Limiting Factor Income Income Good luck!!!!
RE: note on Blue they won't give me any of their charge cards, the Gold rewards plus was what I really wanted.
