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Am I jumping the gun?

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cballa51
Member

Am I jumping the gun?

I've been wanting to apply for 1 or 2 more credit cards, but am afraid of being denied. I currently have a capitol one card with a $500 limit. I was recently approved to lease a new car in the mid 20's and did. TU 656 EQ 639. Any advice? 

Message 1 of 10
9 REPLIES 9
solxp
Contributor

Re: Am I jumping the gun?

new car loans tend to hurt chances for first couple months. I would wait get 6 months of payment history on the car loan showing and then apply. At which time any approvals you get will probably result in higher intial CL's and better terms.

Message 2 of 10
myjourney
Super Contributor

Re: Am I jumping the gun?


@cballa51 wrote:

I've been wanting to apply for 1 or 2 more credit cards, but am afraid of being denied. I currently have a capitol one card with a $500 limit. I was recently approved to lease a new car in the mid 20's and did. TU 656 EQ 639. Any advice? 


Need more info any baddies how many INQ's how long have you had cap1 etc etc what cards would you like?

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 3 of 10
cballa51
Member

Re: Am I jumping the gun?

Nothing in collections.  2 inquiries. Capital one from january, and the car dealership in february. I bank with chase, so i figured i'd give them a try.  

Message 4 of 10
myjourney
Super Contributor

Re: Am I jumping the gun?


@cballa51 wrote:

Nothing in collections.  2 inquiries. Capital one from january, and the car dealership in february. I bank with chase, so i figured i'd give them a try.  


IMO 

I think you need to garden for awhile to age your cards at least 6 months chase likes to see 1 year of history so you might be jumping the gun. 

Yes the fact that you have history with chase could play a part but your credit file is very thin 

Hope this helps

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 5 of 10
cballa51
Member

Re: Am I jumping the gun?

My dad put me one of his credit card accounts 7 months ago. its an 8 year account. Never late $11,000 limit. Does that help at all? 

Message 6 of 10
myjourney
Super Contributor

Re: Am I jumping the gun?


@cballa51 wrote:

My dad put me one of his credit card accounts 7 months ago. its an 8 year account. Never late $11,000 limit. Does that help at all? 


Yes that helps you so much but they will also be looking at your recent approvals and wanting to see how you manage those accounts

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 7 of 10
WallyxD
Frequent Contributor

Re: Am I jumping the gun?

 

@cballa51 wrote:

I've been wanting to apply for 1 or 2 more credit cards, but am afraid of being denied. I currently have a capitol one card with a $500 limit. I was recently approved to lease a new car in the mid 20's and did. TU 656 EQ 639. Any advice? 


If you're looking for any card, and nothing specific, you should try a store card?  Maybe app for an American Eagle Visa, if denied the Visa, chances are they'll approve you for the store card.  Or you could try the walmart card, if your profile's good enough, they'll give you the Walmart Discover, if not, you'll get the regular Walmart card.

AE CC: $1,050 | AEO Visa: $1,890 | Cap1 QS: $2,100 | Chase Freedom: $1,000 | Citi Forward: $1,500 | Citi Double Cash: $1,000 | Discover iT: $500 | GameStop: $1,650 | Overstock: $1,700 | PayPal Smart Connect: $1,500 | Walmart $2,200

TU (Discover): 663 | EQ (Citi): 651
Message 8 of 10
09Lexie
Moderator Emerita

Re: Am I jumping the gun?

Id agree with waiting. The AU helps but not so much for Chase cc's
Message 9 of 10
cballa51
Member

Re: Am I jumping the gun?

Thank you everyone for your insight.

Message 10 of 10
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