Advice on what to do next ( When should I apply for a Major cc)

[newdaddy113]

Hello All,

 I've posted once on this forum and the advise i was given really helped out a lot. I started my credit journey in Jan 13. My question is

1. When should I apply for a major credit card (like Chase, Citi , Discover and Amex)  

2. When I do apply, What card should I apply to first?

below is my background infornation.

1. Salary is 70k

2. First credit profile car loan cosigned by my spouse for 25k with a balance of 21k opened Jan. 2013

3. Amex Green Card - NPSL  Open 4/2013

4. BOA Secured Credit card 4/2013 ($500)

5. Wells Fargo secured cc 4/2013 ($500)

6. Toyota financial Car lease opened in 6/2013 for 9k

Credit Scores when I leased the car in June are as follows EX: 700 EQ : 692 and TU: 714

I think I have about 10 inquires from January till Date due to the car loans. Never been late and no negatives on my profile. All credit cards are PIF every month and multiple payments made with a month.

Thank you all for you time

[bluesnowman]

Daddy- It depends. Do you travel, do you like Cashback? does it not matter? do you want miles, points/ CB for gas, groceries, etc.? All of the major prime lenders that you have listed are pretty inquiry sensitive (unless these inquiries are over 6 months old.) If you want in Chase, wait unitl January because they want a year of history, for Amex, you've already gotten them, you could try for a revolver in October. It just depends on what your needs are. 

[newdaddy113]

Thanks for the response. I would like to get points but that's not my main purpose. I will like to build up my credit profile with the prime cards. I just don't want to deal with just getting random credit card. I've been getting offer letters from capital one but i'm not interested.  So I should just wait till next year then?

[bluesnowman]

I think you are personally fine with the cards you have right now. Currently,  my favorite card is the Chase Freedom because of it's gas category+1% on everything I charge. If I were you, you should get one CB card and just one travel card (so you could use it for trips and stuff for the future, and it could be either hotel or airline card or a general card). It also depends on which lenders you want to do business with as well, as some are very good (Amex,Chase and Discover) and some are ok (BOFA and Citi). You could get a store card if you shop somewhere in particular. Or I think you should wait and see what comes next year and then maybe app for a card your interested in. 

[09Lexie]

Wait till next year. You have a lot of new accts on a thin file. In Jan, your Amex will be 8 mos old- app for a revolver and benefit from the backdate. Chase does not like inq's or even new accts- you have 3 plus 2 new car loans. For Chase, I'd wait until April. Your cc's will be 1 yr, and your new Amex will help with your low AAOA.

If you want to add a Discover- I'd do it the same time you add the Freedom.

[newdaddy113]

Thanks again. I assume the AMEX app in January will be a Soft pull?

[bluesnowman]

Daddy- If you get approved, then it is a HP. If not, it is a SP. 

[myjourney]

Time to garden for 6 months and take care of the cards you have now especially Amex

[Luscher]

i would say wait like the rest of the people above. but then when your ready in 6 months to a year get the chase freedom. excellent rewards and you rack up points pretty quick. I just got 10extra points per dollar ordering something online thru there site. it was 50 dollars. so i got the normal 1 point per dollar plus 500 extra!