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Valued Member
Goose7
Posts: 34
Registered: ‎02-17-2013
0

4 Inquiries

I have 4 Inquiries in the past two years..When is it safe to apply for a new card?
my AAOA is 9 Months and my oldest card is 11 Months. I was going to hold off from applying for new cards until May which is a month after my secured card turns one year.
Here are my inquiries;


Chase -          09/13/11
Sprint -           10/22/11

Wells Fargo -  04/06/12

Best Buy -      07/03/12

 

My two cards if it helps
WF Secured                   04/08/12       $300
Macy's                           08/01/12       $1000

 

Utilization - <1%






Valued Contributor
Swapmeet
Posts: 1,569
Registered: ‎11-10-2012
0

Re: 4 Inquiries

I think that your plan is solid. At the one year mark, you should be ok to apply for a couple cards. Do you know your credit scores?



My Wallet:
WalMart: ||15k|| USAA Platinum MC: ||26k|| BCE: ||9k|| Chase Freedom Siggy: ||10k|| Discover it: ||6.5k|| SG Visa: ||11k||
USAA World MC: ||23k|| US Bank Cash+ Siggy: ||7.5k|| Citi TYP World MC: ||12k|| Barclays Arrival World MC: ||13k||Citi Double Cash World MC ||25k||Sallie Mae World MC ||18.8k||Fico Scores (3 Fico Monitoring): EQ 751,TU 749, EX 743. Last app: 9-12-14 Sallie
New Contributor
CreditAce
Posts: 103
Registered: ‎02-19-2013
0

Re: 4 Inquiries

[ Edited ]

As far as inquiries go I think you're fine. They don't factor into your FICO score after 1 year although they remain on your CR for 2 years. I agree that you should wait until your WF card hits a year before applying. What cards are you interested in?

Valued Member
Goose7
Posts: 34
Registered: ‎02-17-2013
0

Re: 4 Inquiries

I'm sorry but I don't know my FICO scores.
and all I really have in mind is the American Express (Green or Gold) card.
I'm hoping that my WF gets graduated and at least be given a modest CLI






Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011
0

Re: 4 Inquiries

If your looking for just an AMEX charge card I think you would be fine now to app if you like.



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Starting Score:
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Valued Contributor
ryanbush
Posts: 1,299
Registered: ‎08-19-2012
0

Re: 4 Inquiries


LS2982 wrote:
If your looking for just an AMEX charge card I think you would be fine now to app if you like.

I agree, they are easy to get approved for if you have no baddies

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Senior Contributor
BearsAndTurtlesRtheBest
Posts: 3,552
Registered: ‎10-02-2012
0

Re: 4 Inquiries

what is the point of a AMEX charge card? if it doesnt report a CL? is it just so you can get your foot in with them and then get a revolver? Havent quite gotten the point of having one. Thanks

$1,000$600
EX FICO---, EQ FICO---, TU FICO 603, Gardening Since 10-05-14
New Contributor
Phizzle
Posts: 76
Registered: ‎01-15-2012
0

Re: 4 Inquiries

[ Edited ]

Charge cards don't report a limit and don't factor in to utilization; additionally, you have to pay in full (helps build discipline if you need), and some find great value in the benefits some of the cards offer.

OP - I am borderline on approval with your length of history being short, but I do feel the others saying you'll get it are probably right. If you don't have to have it now, waiting until that one year mark hits may better secure your chances.

Whatever you decide, good luck!

Super Contributor
enharu
Posts: 6,962
Registered: ‎02-27-2013
0

Re: 4 Inquiries


BearsAndTurtlesRtheBest wrote:

what is the point of a AMEX charge card? if it doesnt report a CL? is it just so you can get your foot in with them and then get a revolver? Havent quite gotten the point of having one. Thanks


Pretty much that.

And the rewards. Certain charge cards like the Platinum and premier rewards gold have very nice benefits if you travel (free hotel upgrades, etc).

 

to the OP:

Wait till your WF hits 1 year. Ask them to unsecure it. WF is pretty easy to work with as long as your account status is good. Then feel free and apply for other cards. I don't think you will have any issues getting amex charge cards.

Before you apply, check your scores (even if its FAKO) to see which ballpark you are in right now so you can guesstimate your chances.

I think the green, gold  and platinum have very similar requirements with the exception of different income levels requirements

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Valued Member
HappySoda
Posts: 56
Registered: ‎10-10-2012
0

Re: 4 Inquiries

[ Edited ]

I personally think that if your score is 680 or so you can get in with Discover. If you are 700+, I think, even without a year, you will be approved (low limit). I would probably avoid banks like Citi and BofA as they tend to be prudish about lending. Do you bank with Chase? You can try for a freedom if you bank with them and they are likely to approve with maybe a 500 or 1000 limit. I think you have a good shot.

 

There's a few people here who were approved at 6 months going the secured route and no baddies on report. Your inquiries don't matter much after 6 months.


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