Getting my all time third Credit account in one year. Is it a good move? If so, which?

[Anonymous]

I moved in to the United States about 14 months ago. After some months, I got a Secured Credit Card to stablish credit history. About 5 months ago I financed $9000 in a car for 48 months, though, my current balance is about $5000.

My current Equifax is 712 and I'd like to know if is it a good move to try getting an unsecured credit card to increase my available credit. What it worries me, is that, having such a short history, some unnecesary inquiries and the current economic situation, might influence creditors on giving me very low credit limit or just giving me another unnecesary inquiry on my reports without getting approved.

I don't care about APR as long as I get a 6 month 0% introductory APR (Planning to buy a high-end computer). Having cash back would be an awesome plus. Would I get what I want if I tried? If so, which bank do you recommend? I'm looking at Discover and Chase Freedom/Sapphire.

[Jazzzy]

I have a new Discover with a nice credit line. I've had it for a month, and it seems they gave me a 0% offer through May. I don't remember the details.

I know they can be tough, and you'll have to wait for others to chime in and let us know if your Equifax 712 is high enough. Is this a true FICO score? You want to make sure you're looking at the right number before you apply.

You mention "unnecessary inquiries." How many inquiries do you have?

Also, do you have any outstanding balance on your secured card? If you do, I'd try to get that paid off before I applied.

I'm sorry...but I know nothing about the Chase Freedon/Sapphire. I have a Chase, but not one of these.

Also, have you read much of the forums about credit unions? Do you have a credit union near you? That is another option.

[DI]

Your 3rd credit card should be with a Credit Union(Pentagon Federal Credit Union).  But if you rather deal with a bank, let Bank of America welcome you. 

[chnceit]

you can also try the pre-selector sites to see if you qualify for their credit cards its here on the forums. its soft inquiries. but its never a guarantee that you will get the card. YMMV. also try to talk to the bank that you got the secured credit card to unsecure it.  but your unnecesary inquiries will def hurt you.

[Anonymous]

Hi,

It's a true FICO score. I checked it in myfico.com. I will be getting my TU FICO after my next credit card statement. I also got a PLUS EX score of 720 but I am not sure if PLUS is as widely used as FICO.

The unnecessary inquiries are because I tried to get an unsecured card twice, of course, they were declined. So, I have a total of 3 inquiries (Actually 7 but 5 of them were for my car and in about two weeks from the first to the last).

I pay in full my balance in my secured credit card, in the last statement I had a utilization of 2.7% of my credit limit.

I will research more about credit unions, hope they offer a 0% introductory APR.

My current credit card's bank won't upgrade to unsecured until March (One year), furthermore, they won't offer me the 0% intro APR I'm soooo looking for. 

Thank y'all for your help. 

[score_building]

latindane wrote:

Hi,

It's a true FICO score. I checked it in myfico.com. I will be getting my TU FICO after my next credit card statement. I also got a PLUS EX score of 720 but I am not sure if PLUS is as widely used as FICO.

The unnecessary inquiries are because I tried to get an unsecured card twice, of course, they were declined. So, I have a total of 3 inquiries (Actually 7 but 5 of them were for my car and in about two weeks from the first to the last).

I pay in full my balance in my secured credit card, in the last statement I had a utilization of 2.7% of my credit limit.

I will research more about credit unions, hope they offer a 0% introductory APR.

My current credit card's bank won't upgrade to unsecured until March (One year), furthermore, they won't offer me the 0% intro APR I'm soooo looking for. 

Thank y'all for your help. 

CU zero % intro rates would be quite rare, still some, like pen fed and addison avenue do advert low promo rates (<5%) and offer cc that are much more stable for carrying a balance in general.  currently my regional CU has a 1.90 BT offer for eg. which is one of the best I've seen offered from a CU so you got to shop around.

you will NOT regret adding a good CU to your profile and it would in all likelihood be preferred cc if carrying a balance.