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New Member
Posts: 2
Registered: ‎02-20-2012
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How long should I wait before applying for 2nd credit card?

I'm a 23 y/o recent college graduate who is looking to improve my credit. I have a federal student loan that I am have been repaying for 7 months and I paid cash for pretty much everything in college, and my only credit card was a store credit card from JCPenney (No late payments ever). Several days ago I applied for a Citi Forward credit card and was approved with a $6k credit limit, however after the introductory period of 0% APR, it's going to jump to the max of 22.9% APR.  In hindsight, I realize that I should have applied for a credit card through my bank (BofA), since I have had an account with them since I was 18.  How long should I wait to apply for another credit card without hurting my score?

Valued Contributor
Posts: 2,982
Registered: ‎02-09-2012
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Re: How long should I wait before applying for 2nd credit card?

Congrats on the CL.

 

Take it from one of many who were young and given that first huge CL (mine was 5k @ 18); treat it with respect, or expect to be a member here 15 + years from now.

 

I'd like to see you flaunting your Palladium or w/e 10-15 years from now, because of how responsible you chose (unlike some of us) to be with your credit.

 

Good luck!

5/2012: 560 credit scores across the board and $500 secured CC
12/2014: 750+ scores across the board and $80k in revolving credit

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Moderator Emeritus
Posts: 12,443
Registered: ‎12-30-2011
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Re: How long should I wait before applying for 2nd credit card?

[ Edited ]

Long-term: ignore the short-term FICO damage from a new card and go open it ASAP.

 

You want the negatives associated with new tradelines aging as quickly as possible, and if you decide you want another tradeline (and can be approved, which with what you posted you undoubtedly can), go ahead and get it now.  Payment history counts, and more time will do nothing but improve your score if you take the hit for it now... rather than taking the hit for a new account later.  It may effectively be minimal anyway since the difference between 1 and 2 inquiries is insignificant to non-existant from what others have reported.

 

Most of any short-term damage will be healed in six months, and virtually all at the year mark, then it's nothing but positive having that second major bank card, and you're probably better getting another before the current one reports given that some may suggest you wait 3-6 months, but that doesn't apply when you have a limited credit history (small number of tradelines in your case).

 

Welcome to the forums too Smiley Happy

 

 

Starting Score: EQ 04 561, TU 98 567, EX 98 599 (12/30/11)
Current Score: EQ 04 700, TU 04 731, EX 98 725 (05/24/15)
Goal Score: 700 on EQ 04 (01/01/16)


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New Member
Posts: 2
Registered: ‎02-20-2012
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Re: How long should I wait before applying for 2nd credit card?

Thank you for the replies.  I should also add: I plan on purchasing a new car within the next 6-12 months, so I'm unsure if applying for a 2nd credit card is advisable to do.

Epic Contributor
Posts: 25,517
Registered: ‎10-23-2007
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Re: How long should I wait before applying for 2nd credit card?


ksal11 wrote:

Thank you for the replies.  I should also add: I plan on purchasing a new car within the next 6-12 months, so I'm unsure if applying for a 2nd credit card is advisable to do.


Yes get a 2nd and also a 3rd credit card and then don't apply until new car... 6 months you should not have an issue with the new accounts.

Fico Scores: EQ- 670., TU 710 Sync, EX 728 SoFi(05/04/15)
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