No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Congrats!!
@Anonymous wrote:I applied for the BCE like an idiot thinking I could apply for a harder card to get and apply for an easier card to get if I was denied. I was so excited by my new score that I forgot that it was actually the other way around...
#1: You are not an idiot.
#2: Lesson learned. I wish I could have been denied by AMEX at your age. At least you have the knowledge and information a lot of us wished we could have had at your age.
#3: Now you know what to do next. Garden. Try for a Zync in 6 months.
Follow my financial journey: http://www.frugalrican.com
@namvet wrote:Congrats! Patience should be your next step! Take your time (i know that is hard) and allow your 1st card to age. Establishing credit is not a race. Your next move should be around October. 6 months is the key. You will, no doubt, hear from others to do the "app spree" but you are the one that has make that choice. Good Luck!
Very good advice!!!
With a credit score in the high 700s, I don't see the point in waiting 6 months.
@Anonymous wrote:With a credit score in the high 700s, I don't see the point in waiting 6 months.
Just a credit score in the high 700's doesn't mean anything to AMEX. If you're AAOA is one year and you have just one other account, they'll turn you down for a revolver. Their system for approvals isn't just based on a good credit score, they evaluate more than just that.
That's why some of the advice posted was for the Zync, as a starter charge card.
Follow my financial journey: http://www.frugalrican.com
@Anonymous wrote:With a credit score in the high 700s, I don't see the point in waiting 6 months.
I think it depends on the application requirements for the particular card. High FICO might not matter if they are looking for at least X months of personal account history before consideration for a card. I'd probably just wait a while if I were you.
So do the cards that I have been removed from as AU not affect my AAoA anymore?
I know it's not a great source, but Credit Karma is still saying my Oldest tradeline is 11 years 6 months, and my average age of open credit lines is 4 years 9 months. This is based on my TransUnion report, and none of the balances from the cards I was an AU on are reporting.
I'm confused though because I have my Experian report from when I was denied the BCE and the AMEX was still reporting, but I don't see any mention of the Chase card that I was an AU on and removed. How could my AAoA be affected cards that I am no longer on if they arent even mentioned on the report?
I'd wait at least 6 months before making a move. Sure, its tempting to app now, but you'll regret it if your denied and stuck with another inquiry. Play it safe and manage your card well for 6 months then do what another poster suggested and ask for cli. Then at the 1 year mark app for Zync.