Advice please

[Anonymous]

Hi guys. I'm in need of some advice on how to proceed. I've been reading the forums for quite a while now and I believe myself to be on the right track but I wish to now move ahead. Prior to May of this year, I never had a credit file. No credit cards, college was paid for by parents, no bills in my name, etc. In May, I was approved for a secured Capital One credit card and so I put down a $265 deposit, which got me a credit line of $416. Since then I've been using it and paying it every month, carrying a balance of between 7-9% every month. Fast forward to earlier this month, I check my account and I have an increase of $300, bringing my credit line to $716. I figured things had to be going well so I got my score from Exp (769). That's good but still, short history. I need some guidance on what my next step should be. I'm looking to apply for unsecured cards by February (I do a lot of research before I make decisions like this hence February) so I need to know the best cards to try for and ideally how many would be enough. Also, when I do acquire unsecured cards, should I immediately close the secured card or should I let it continue to report for six months after. Any and all advice is appreciated. Also, it's probably important to know that I'm employed and I will be able to be responsible with more than one card.

[Anonymous]

While I would rely on more experienced members to advice on the other aspects - please don't close the secured card. Let it go on for some more time as AAoA is also important for a good credit score.

[Anonymous]

Since you already have Capial One you might want to try their pre approval link, from what I hear it is very accurate and if it reccomends a card for you it will probably be an approval.  Several other companies have the pre approvals such as Chase, though they can be picky about lenght of credit.  

[Anonymous]

I say apply for Discover and Barclays. From what I've read your thin profile may be attractive to them. But as someone previously mentioned, checking the pre-approval site may get you a good result too!

[Anonymous]

Here is a link to a topic that has a lot of pre approval sites and some that have experinced them.  Most of these pre approval links are soft pulls, possibile all of them, and the hard pull does not come until you officially apply.

http://ficoforums.myfico.com/t5/Credit-Cards/Pre-Approval-Sites-June-2015/td-p/4059266

[kdong1996]

You do not necessarily have to keep the secured card open as it will remain on your credit report for 10 years after you close it. However if you are going to close it, do it a few months after you are approved for the cards you want. 

I would say 3-6 cards from different banks in one app spree, as your AAoA is going to tank if even one of them report. 

Although I am unsure what your general spend is, I would try for these cards.

Citi DC- 2% General Spend

Amex BC or ED (Groceries or just to have a growable CL)

Maybe a Discover It for the bonus categories. 

Capital One Venture+Capital One Quicksilver/Venture One-Relation+Bonus+Account combination+Possible 2 cards for 3 HPs

If you plan on getting a Chase UR card such as the Chase Freedom or CSP, be sure to apply for it before before having 5 accounts in 2 years. However do note that some have reported that they like to see a year of history.

As always, check for any prequals before applying. 

[Anonymous]

Check chase pre qualify first

[Anonymous]

Thanks for all the responses, guys.

I checked the prequalified tool for Capital One and I got the platinum and the QuickSilverOne. Nothing from Chase or Citi. I tried discover and got the Discover IT but I read that everyone gets that so it's not reliable.

As I'm waiting until February to apply, hopefully I'll get more approvals by then.

I'll take the advice and keep the secured card until about the end of 2016 out so. Long way off but it's okay.

Any other advice is welcome.

[Anonymous]

Your in chase and citi's database now. You'll start receiving offers in the mail.

[Pway]

The Discover pre qual site is no guaranteed at all.  My dog has an offer on that site.  However, Discover like thin files like yours.  Capital One is another good lender, seeing that you have done excellent with your secured card, I would go for what they have offered you.