Finally my first credit card!!!!!!!!

[Anonymous]

It's $500 limit MasterCard from my local credit union, Palisades Federal Credit Union. It's a small limit, but at least it is a start. To give you some back information: I'm 22, starting new position Monday making $50k/year, and the credit score they pulled was from Experian which for some reason still had me as a AU on a high util card. The underwriter said that I was given a low limit mostly because I didn't have much history of my own.

What are my next steps? I definitely want Zync and Freedom.

Can I safely apply for Zync after my cool down from being denied for a BCE is over?

I'm pretty sure I'll have to wait at least 6 months for Freedom?

[webhopper]

Here is what I would do if I were in your shoes:

1.  Get removed as an AU on the high util% card ASAP.

2. Manage the Palisades card well for 6 months, ask for a credit line increase to $1000 at the 6 month mark.

3. 8-12 months, apply for Amex Zync, hopefully you'll have an instant approval.

4. 12-18 months, apply for Freedom, if your Ficos are in the mid to low 700s

[Creditaddict]

What limit and balance is the AU card at?

Is that it, that AU Card and this new card you just got?

You might be safe to apply for Zync right now.  Depending how old  this AU card is even though it's high util it actually might help you more with approval of Zync just from the standpoint of longer history vs. if you only have a 1 months old $500 limit credit card.

[HoldingOntoHope]

Also since we are only in the month of May it is worth considering that you could wait up to December to apply for Zync and still maintain the 2012 openeing year with AMEX.

[namvet]

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!

[FrugalRican]

You're 22, and young enough to take the INQ's if you don't see yourself buying a car/house within the next 2 years, I'd say app for the Zync and nothing else.

Applying for the Freedom now, you have the off-chance to be approved, but then you'd get stuck with a lovely $500 CL that you'll have forever and ever, most likely.

Whether approved/denied for Zync, then garden for months.

[Wolf3]

If you are still AU on the card, it would be better to have the owner pay down to a better utilization for a month or so when you are planning to do your apps.

[crunching_numbers]

Congrats on the first card. As several previous posters have mentioned, you could probably app one more time and be OK. You will need to chose wisely though. Nothing too difficult to get, and nothing that is a step backwards from the card you now have (do not look at secured, very sub prime, etc.)  A good chice would be Zync or one of the GE cards (Walmart, ON, etc.).  They grow with you CL wise, and they often turn from a store card to a Discover.  Since you have no real accumulation of inq's, you have room that way, but too many new accounts when they are your only accounts is bad.

[espnjunkie]

I would not recommend any applications until at least six months down the line. You want to get some solid payment history reporting for you. Also, if this is your first credit card I don't think it is possible to have a 780 EQ credit score...are those FICO's?

Also do research before applying for another card. You mention that you were denied for Amex BCE, that is a difficult card to get and you will need to have built up at least a year or two of your own history to have a shot at approval. Researching this ahead of time can save you inquiries. Garden 6-8 months and apply for Amex Zync/Green, then garden for another 6 months and you should be all clear

[Anonymous]

The 780 EQ is in fact a true FICO score unless Score Watch sends out FAKOs when your score is updated. My score started at 698 and went all the way up to 780 when the AMEX dropped off my EQ report. The AMEX had 108% util on it.... However, the AMEX backdates me to 2008 as a AU and 2000 if they count when the original cardholder started the card. I was an AU on two card since 2008, so that is why my score is higher with no "real credit history". I also have a college loan that dates back to 2010 or 2008?

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...