Reply
Established Member
kmhazz
Posts: 20
Registered: ‎02-19-2013
0

Finally starting my quest of getting credit cards... How long might this take?

A little bit of background:

  • My credit scores are stated in my signature.
  • I have a lot of student loans.
  • I do not have an auto loan or a mortgage
  • I just got my first credit card ever in November-- the DCU secured card.
  • After just one month with the DCU card I started getting approved at least for higher-interest unsecured cards pretty easily--I applied for a total of seven different cards in January and was approved for every single one of them. That said, all those inquiries damaged my score by about 35 points versus where it was.
  • The full list of cards I now have is: DCU Secured Visa, PayPal Bill Me Later (does not report to bureaus), Amazon.com Store Card, Amazon.com Rewards Visa, Old Navy Visa, Sears Mastercard, Target REDcard, Kohl's Card

With all this said, let's say I want to get Discover It, Chase Freedom, a decent no-fee AMEX card, or some other general-purpose credit card that isn't egregious on the interest like the retail cards always are. Let's say that I also don't just want to be approved--I want to be approved for an APR lower than 16%. Let's also say that my income is unfortunately rather low; only around $25k per year right now.

 

Given these criteria, would anyone hazard a guess about how long I should wait before I try applying for one of the cards listed above?

DCU Secured $500 | Bill Me Later $1292 | Amazon $1100 | Amazon Rewards $1000 | Kohl's $800 | Old Navy Visa $2000 | Sears MC $6000 | Target $500 | Walmart Discover $1000

Starting Score: EQ: 700 (EQ), EX: 661, TU: 709
Current Score: EQ: 716 (DCU), EX: 661, TU: 723 (Walmart)
Goal Score: All: 750


Take the myFICO Fitness Challenge
Contributor
TravisD
Posts: 94
Registered: ‎01-02-2013
0

Re: Finally starting my quest of getting credit cards... How long might this take?

[ Edited ]

Prime lenders don't like seeing people with a 3 month history, I would personally wait atleast a year. Your scores are on point, but its the lack of history you're going to have an issue with and after a year those 7 inq's won't affect your score. 

........???................659 (FICO)................659 (TU08) ........
Senior Contributor
Wolf3
Posts: 3,198
Registered: ‎01-24-2010
0

Re: Finally starting my quest of getting credit cards... How long might this take?

13 months.

Contributor
firstladyd
Posts: 143
Registered: ‎05-23-2011
0

Re: Finally starting my quest of getting credit cards... How long might this take?

+1 on 13 months.

Starting Score: 585
Current Score: TU 734 Walmart EQ 704 FICO EX 721
Goal Score: 750 Across the board


Take the FICO Fitness Challenge

Valued Contributor
dodgerslv
Posts: 1,757
Registered: ‎06-16-2012
0

Re: Finally starting my quest of getting credit cards... How long might this take?

I agree with everyone...wait at least a year for those new accounts to mature. It is known that prime lenders like Chase would want to see at least a year of credit history with one or more major credit cards for them to consider you. See if its possible to add more funds to your secured DCU credit card. And any GE back card (Amazon) is generous with CLI (every 4 months or so). They will always be a SP so no harm in trying to increase the limit on that one.


Cards: (Citi x6) (Chase x5) (US Bank x3) (Amex x3) (Barclays x3) (BofA x2) (Cap1 x2) (WF x2) (Penfed x1) (Discover x1) (Sync/GE x4) (Macys x2)
Fico 08 scores (8/27/14) EX: 772 TU: 767 EQ: 778 (Utilization at 8% right now).





Established Member
kmhazz
Posts: 20
Registered: ‎02-19-2013
0

Re: Finally starting my quest of getting credit cards... How long might this take?

[ Edited ]

Thanks for the advice, everyone.

 


dodgerslv wrote:

See if its possible to add more funds to your secured DCU credit card. And any GE back card (Amazon) is generous with CLI (every 4 months or so). They will always be a SP so no harm in trying to increase the limit on that one.


I've seen this mentioned about GE in other threads. Old Navy's cards (and the other Gap brands) are all GE-backed too. I've thought about applying for an American Eagle or JCP card because they are also issued by GE and it might make it easier to game the CLIs if I have four GE-issued cards. I'd probably be approved, but I don't want to damage my credit score further by getting another HP so soon. I also don't shop in those stores very often, which makes the actual value of the card (beyond simply having another card) rather low, especially the JCP card since they don't offer a Visa or MC version that I could keep active by using it elsewhere.

 

I can add money to my DCU card, although unless/until I get a new job it may be difficult to find the cash in my budget to do much with it. I was originally approved for a $2,600 limit but asked them to decrease it to $500 because I didn't have that much cash to put into the deposit.

DCU Secured $500 | Bill Me Later $1292 | Amazon $1100 | Amazon Rewards $1000 | Kohl's $800 | Old Navy Visa $2000 | Sears MC $6000 | Target $500 | Walmart Discover $1000

Starting Score: EQ: 700 (EQ), EX: 661, TU: 709
Current Score: EQ: 716 (DCU), EX: 661, TU: 723 (Walmart)
Goal Score: All: 750


Take the myFICO Fitness Challenge
Frequent Contributor
scientifics
Posts: 411
Registered: ‎05-01-2010
0

Re: Finally starting my quest of getting credit cards... How long might this take?

I agree that you should wait a year. With all those INQs and a short history, I feel like you will just get denials from the cards you are aiming for. Just make sure to use your cards responsibly and when you go to apply in a year, make sure your UTIL on each card isn't too high.


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+