Advice Please

[espnjunkie]

yes I realize. I am unsure what kind of prime cards will accept me with only 6-12 months of credit history? Ideas?

[Anonymous]

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@espnjunkie wrote:

yes I realize. I am unsure what kind of prime cards will accept me with only 6-12 months of credit history? Ideas?

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You'll have trouble getting any real prime cards, regardless of your income. All the primary lenders seem to like seeing a longer credit history - 12 or 24 months, depending on who you ask. Regardless of your income and low debt-to-income ratio, you're not going to be able to qualify for too many prime products until you have a longer credit history.  I have about 12 months of credit history now, and I just got approved for a low-limit ($1k) Discover card. But all the other prime cards I tried applying for this year - Chase, Citi, BofA - shot me down for too short of a credit history. And they were absolutely, completely unwilling to recon that.

From the bank's perspective, it makes sense - they want to see that you can handle your credit obligations long-term. On the plus side, at least the starter card you got doesn't have an AF - I really wish I would've applied for the Newcomers one instead of the Platinum one I was sent the pre-approval for. Since having an AF for a no-rewards card is something that's going to keep bothering me, I'm going to end up having to close my oldest account sooner or later. Especially since the chances of Cap One doing a product change to something better (no AF + rewards) is non-existant.

As far as the original question about estimating scores, your best choice would be to use the Fico Score Estimator here at myFico. And once you have 6+ months of history, you can actually get your real score pulled.

[espnjunkie]

Thanks for the input. I understand the issue of having a short credit history. It would be nice to have a bit more purchasing power though with my credit cards. Yes, I feel the newcomers from cap1 is the best for starting out, but they are not willing to increase your credit limit enough to the point where I would want to contine to use them.

What about charge cards like AMEX? Would I have a shot at the Zync or Green card with 6-12 months of solid history? I have heard that card cards have lower requirements because you have to pay in full each month (which I do anyway)

[PetRaccoon]

You might be able to get a student Discover card, which you might be able to eventually PC to a Discover More card if you keep a good history with them.  I've gotten pre-selected letters from them all the time, despite never applying there and such.. (Within 6 months of turning 18 and not having a credit history *shrug*)

[espnjunkie]

Hmmm idk if I am able to get a student card because I have already graduated and am working now. The charge cards I wonder how much history they look for...?

[PetRaccoon]

You might be able to get Zync with the $500 limit and Auto Pay concession.. Not sure though..  Never applied for it myself, I despise AFs..

[espnjunkie]

While a starter card, the capital one newcomers is at least unsecured, has rewards, and no annual fees. Getting in with AMEX would be great, even if I had to deal with some of the autopay bs haha. I currently run about 1,500.00 a month through my cap1 and just pay it off at least once a week.

[aussiesareforever]

I recommend being patient. I started out with a similar Capital One card. My CL went form $300 to $500 in about two months and went up to $2500 in about a year. Stick it though, use the card and have it report a low balance at the statement cut off date and you will soon have decent credit scores to get a "premium" card!

[espnjunkie]

That would be great. After the 5th statement, which would be january for me, I get a cli to 750.00. If six months later they would raise me up above 2,000.00 that would be perfect. I read alot of stories of people who say that after the initial credit step increase that capital one never again gave them another one. I am not planning on going on an app spree anytime soon I don't want to be stuck with a crappy starter card (albeit the best of the crappy tarter options haha) for more than a year as being my primary credit card.

I spoke to a capital one csr after I received the newcomers card and he told me that that card has a maximum credit limit of 3,000.00 and to get any higher I would have to apply for another card.

I am curious to see what the requirements for AMEX Zync are, so people seem to say it's very tough, while other seem to have no issue getting it. The rewards are a joke, but it does get your foot in the door.