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Contributor
Posts: 88
Registered: ‎08-20-2012
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Got First Credit Card - Next Step?

Hi everyone,

 

I just got my first credit card--the student card from Wells Fargo as I have posted before, with a $1,600 CL.  Still waiting to receive it.  In August I applied for the Capital One secured card (back when my income was lower), but the income was insufficient so I was denied.

 

I was just looking for some advice on what to do next.  I would like to have as many lines of credit going as possible to get a good start, but with the two recent inquiries, am wondering what you guys think I should do next.  Should I wait for the Wells Fargo to report until I apply again for anything?  And what should I try to apply for next (or should I wait a while before starting anything?).  With just one card, I feel like I should get another card to have at least two going right now.  :smileywink:

 

Just looking for a gameplan!

 

Thanks!


Goal Scores: 720+ (Experian Lender Pull 09/13): 733; Discover TU (01/14): 751; Walmart TU08 (02/14): 754;
WF Platinum (10/12) $1,600; WM Discover (12/12) $5,500; Amazon GE (12/12) $2,500; CapOne Quicksilver (12/12) $750; Discover IT (01/13) $1,000; Chase Amazon (02/13) $2,500; Citi Forward Student (02/13) $2,000; AMEX BCE (09/13) $15,000
Super Contributor
Posts: 5,300
Registered: ‎12-11-2011
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Re: Got First Credit Card - Next Step?


dhon55 wrote:

Hi everyone,

 

I just got my first credit card--the student card from Wells Fargo as I have posted before, with a $1,600 CL.  Still waiting to receive it.  In August I applied for the Capital One secured card (back when my income was lower), but the income was insufficient so I was denied.

 

I was just looking for some advice on what to do next.  I would like to have as many lines of credit going as possible to get a good start, but with the two recent inquiries, am wondering what you guys think I should do next.  Should I wait for the Wells Fargo to report until I apply again for anything?  And what should I try to apply for next (or should I wait a while before starting anything?).  With just one card, I feel like I should get another card to have at least two going right now.  :smileywink:

 

Just looking for a gameplan!

 

Thanks!


Damn everyone gets better limits on their WF than I did! lol

 

I was also denied for the cap1 secured card, but they gave me the plat with a $3000 limit. I would wait for the WF to report (I think mine reported within a week or so), and then maybe try for the citi forward student or something else you can actually make use of. 

 

Remember cap1 does a triple pull, so you have 1 inquiry from cap1 on each report. 

;
Contributor
Posts: 88
Registered: ‎08-20-2012
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Re: Got First Credit Card - Next Step?

Sorry! :smileyvery-happy:  That's why I'm hestitant on re-applying for Capital One now (it's been over 45 days already).  I was just wondering if with the inquiries I already have, if in a month or so (when WF reports), will I have a shot at the Citi or anything.  I'd like to try to rack up the student cards now (since I'm a senior :smileylol:) but not so sure since all the inquiries are relatively new.


Goal Scores: 720+ (Experian Lender Pull 09/13): 733; Discover TU (01/14): 751; Walmart TU08 (02/14): 754;
WF Platinum (10/12) $1,600; WM Discover (12/12) $5,500; Amazon GE (12/12) $2,500; CapOne Quicksilver (12/12) $750; Discover IT (01/13) $1,000; Chase Amazon (02/13) $2,500; Citi Forward Student (02/13) $2,000; AMEX BCE (09/13) $15,000
Moderator
Posts: 13,783
Registered: ‎04-15-2011
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Re: Got First Credit Card - Next Step?

Just a suggestion, if you're going to app, do it in spree.  That way HPs all age off at the same time rather than slowly slipping off over months.  Just my personal opinion.



Starting Score: 504




July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Contributor
Posts: 88
Registered: ‎08-20-2012
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Re: Got First Credit Card - Next Step?

I know that would have been ideal, I just didn't expect to get denied for my first one, so I went ahead and applied for the second one a month later.

 

Do you think from where I'm at now, I should still wait to apply for another account?  I'd like to eventually get into the cycle of doing app sprees and gardening, but I'd feel more comfortable with at least another account on the report before I wait a year.


Goal Scores: 720+ (Experian Lender Pull 09/13): 733; Discover TU (01/14): 751; Walmart TU08 (02/14): 754;
WF Platinum (10/12) $1,600; WM Discover (12/12) $5,500; Amazon GE (12/12) $2,500; CapOne Quicksilver (12/12) $750; Discover IT (01/13) $1,000; Chase Amazon (02/13) $2,500; Citi Forward Student (02/13) $2,000; AMEX BCE (09/13) $15,000
Super Contributor
Posts: 5,300
Registered: ‎12-11-2011
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Re: Got First Credit Card - Next Step?


dhon55 wrote:

I know that would have been ideal, I just didn't expect to get denied for my first one, so I went ahead and applied for the second one a month later.

 

Do you think from where I'm at now, I should still wait to apply for another account?  I'd like to eventually get into the cycle of doing app sprees and gardening, but I'd feel more comfortable with at least another account on the report before I wait a year.


My first cards were spread out within like a month. It is just more of, don't get your WF now, and then in like 3 months apply for another card, then 2 months later, another. 

;
Established Contributor
Posts: 560
Registered: ‎09-29-2012
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Re: Got First Credit Card - Next Step?


Shogun wrote:

Just a suggestion, if you're going to app, do it in spree.  That way HPs all age off at the same time rather than slowly slipping off over months.  Just my personal opinion.


So i may be too new to challenge your advice or to give out my own (and i know that many ppl on this forum love sprees and are sucessful), but aren't app sprees frowned upon?

 

I read that these socalled app sprees can be seen that a borrower is in bad need of credit and thus a much more riskier applicant.  

Super Contributor
Posts: 5,300
Registered: ‎12-11-2011
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Re: Got First Credit Card - Next Step?


ccnewcc wrote:

Shogun wrote:

Just a suggestion, if you're going to app, do it in spree.  That way HPs all age off at the same time rather than slowly slipping off over months.  Just my personal opinion.


So i may be too new to challenge your advice or to give out my own (and i know that many ppl on this forum love sprees and are sucessful), but aren't app sprees frowned upon?

 

I read that these socalled app sprees can be seen that a borrower is in bad need of credit and thus a much more riskier applicant.  


Lots of inquiries usually mean desperate for credit, however, many do app sprees because A)all the inqs age off together and B) your AAoA takes all the hit at once as opposed to taking a hit every couple of months. 
;
Moderator
Posts: 13,783
Registered: ‎04-15-2011
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Re: Got First Credit Card - Next Step?


ccnewcc wrote:

Shogun wrote:

Just a suggestion, if you're going to app, do it in spree.  That way HPs all age off at the same time rather than slowly slipping off over months.  Just my personal opinion.


So i may be too new to challenge your advice or to give out my own (and i know that many ppl on this forum love sprees and are sucessful), but aren't app sprees frowned upon?

 

I read that these socalled app sprees can be seen that a borrower is in bad need of credit and thus a much more riskier applicant.  


Of course it could be seen that way.  There's always the YMMV of course.  I'm not suggesting doing like 12 apps or anything,  Ususally only 3-4 max.  Then with a year of gardening the accounts are gaining strength.



Starting Score: 504




July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Contributor
Posts: 88
Registered: ‎08-20-2012
0

Re: Got First Credit Card - Next Step?

Do you guys think it'll be a waste of another inquiry if I try to apply for the Citi student card after a month or so of the Wells Fargo account reporting?  And is the Capital One student card even worth applying for (assuming I could get it this time, just don't want 3 pulls again).


Goal Scores: 720+ (Experian Lender Pull 09/13): 733; Discover TU (01/14): 751; Walmart TU08 (02/14): 754;
WF Platinum (10/12) $1,600; WM Discover (12/12) $5,500; Amazon GE (12/12) $2,500; CapOne Quicksilver (12/12) $750; Discover IT (01/13) $1,000; Chase Amazon (02/13) $2,500; Citi Forward Student (02/13) $2,000; AMEX BCE (09/13) $15,000
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