Help to a new card user whose file may be too thin?

[Anonymous]

I just recently opened two accounts in March 2015. Discover It Chrome for Students and Authorized User of an American Express Hilton Honors. I was denied in March for 3 cards (Target, Amex, and Chase). I want to increase my credit score and diversify my credit portfolio by opening a new card. I was thinking about opening a CapOne Student Journey Rewards Card. After looking into it I decided to try and get pre-qualified for an offer. Results came back with, "Nicholas, we could not provide any matches to your credit report. But based on your choices you may like this card." So, I do not want to have another hard inquiry if I am going to get denied for this card. It seems I have good chances as I have, reported by CK, a 619 TU and 615 EQ. However, is my file too thin?

[icyhot]

Seems like it. You only have 1 card that's your own, so yeah you're not gonna get in with big wigs like Amex and Chase off bat. I would suggest applying for Journey anyway because it is pretty easy to get, and maybe a store card. That way you'll have 3 of your own trade lines. Use them responsibly and they'll grow in no time

[Anonymous]

Wait six to 9 months before applying again.

By then, you should be able to get some decent cards.

[ojefferyo]

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@Anonymous wrote:

I just recently opened two accounts in March 2015. Discover It Chrome for Students and Authorized User of an American Express Hilton Honors. I was denied in March for 3 cards (Target, Amex, and Chase). I want to increase my credit score and diversify my credit portfolio by opening a new card. I was thinking about opening a CapOne Student Journey Rewards Card. After looking into it I decided to try and get pre-qualified for an offer. Results came back with, "Nicholas, we could not provide any matches to your credit report. But based on your choices you may like this card." So, I do not want to have another hard inquiry if I am going to get denied for this card. It seems I have good chances as I have, reported by CK, a 619 TU and 615 EQ. However, is my file too thin?

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Don't depend on anything CK says, they are paid to tell you. I would get all 3 scores and report from here and see what's suppressing your scores. If there are no baddies then let the card you have age and possibly get a couple of secure cards in the meantime. 

[Anonymous]

Hello friend!

Welcome to the forum.

I am a current graduate level college student who got his first credit card August of 2013 (A Wells Fargo Student Card, $700 limit).

I had some student loans which built up my credit (I wasn't making payments, but because they were all in good standing due to deferment, I had somthing for credit!)

February of 2014 I was approved for a Discover IT- non-student card at a higher limit. I payed in full every single month with WF, and six months later viola!

By the July/ August of 2014 I had gotten my third card, a Chase Freedom.

My advice to you- wait a few more months, and if you are paying in full every month, and have nothing bad on your credit report, you could very well qualify for a non-student card with a bigger limit. It will go by quickly. By waiting longer in between apps, you could very well get some better cards faster than going all out now.

My other advice- think long and hard about what cards you want BEFORE you get them, and don't close anything out.

Good luck!

[Anonymous]

yeah keep and enjoy hour chrome until the end of the year at least and you should be okay

[Anonymous]

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@icyhot wrote:
Seems like it. You only have 1 card that's your own, so yeah you're not gonna get in with big wigs like Amex and Chase off bat. I would suggest applying for Journey anyway because it is pretty easy to get, and maybe a store card. That way you'll have 3 of your own trade lines. Use them responsibly and they'll grow in no time

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I agree. The Capital One Journey card was my first credit card (I did have 2 store cards for 9 months before applying though). Anyway, the Journey started with a 1k limit and after credit steps (6th statement) they raised my limit to 5k. So it's a decent card.

[Anonymous]

Is you current card less than a year? I'm wondering why your scores are lower. Garden for at least 6 months to a year, Get your reports pulled and see if you can clean any baddies or get some sweet soft pull cli on your current card. Amex actually really likes thin files if they are perfectly clean. That's a great card to start with because it grows with you, in a year it could be 25k. Who knows?

[Existentialist]

You've received sound advice herein - just hav one addtl thought to add.... There's a common misconception by those new to credit in the need to raise their scores as quickly as they can (or score chasing). This is the incorrect outlook to building credit. Your focus in establishing credit should always be on improving and strengthening your CR (and U do that by following the suggestions herein). U stay patient and focused building a strong profile and rest assured your scores will follow. Keep pressing forward and good luck.