Reply
New Contributor
Posts: 58
Registered: ‎12-30-2012
0

How long should i wait until i can apply for another credit card?

Hello, 

 

This is my first post and I've been reading alot of great information and advice here on the forum. Well here's a little bit of information about me (if you wanted to know), I'm 18 and i got my first credit card, Capital one journeys the day after my birthday, this year (October). So far I've been under 30% utilization and been paying in full or more on time. I got my credit score today and its at 720, nothing amazing. I want to be at 800+ someday but i know that isnt going to happen anytime soon. I wanted to apply to a new credit card so i can have one more backup credit card, just in case i need it. However, i've been reading some bad reviews on many credit cards and that you need to wait 6 months to apply to a new one. I can wait 6 months so i can have a better history. I just waned some ideas on any real good cards out there that i may apply to later down the road. 

 

Thanks again, 

 

Josh 

Current line: Capital One Journey's, $500 CL, Discover IT card, $2100 CL , American Express Gold Card, NPSL, My BestBuy Citi Card, $3000
Valued Contributor
Posts: 1,910
Registered: ‎11-17-2012
0

Re: How long should i wait until i can apply for another credit card?


TheRealJosh94 wrote:

Hello, 

 

This is my first post and I've been reading alot of great information and advice here on the forum. Well here's a little bit of information about me (if you wanted to know), I'm 18 and i got my first credit card, Capital one journeys the day after my birthday, this year (October). So far I've been under 30% utilization and been paying in full or more on time. I got my credit score today and its at 720, nothing amazing. I want to be at 800+ someday but i know that isnt going to happen anytime soon. I wanted to apply to a new credit card so i can have one more backup credit card, just in case i need it. However, i've been reading some bad reviews on many credit cards and that you need to wait 6 months to apply to a new one. I can wait 6 months so i can have a better history. I just waned some ideas on any real good cards out there that i may apply to later down the road. 

 

Thanks again, 

 

Josh 


Honestly? With such a short history (aka before a year old, but with at least 6 months), go for another student card! I highly recommend the Discover It Student. Also, who do you bank with? If you bank with Bank of America or Wells Fargo, they also have student cards as well! They're easier to be approved for with short history and help you build that positive history and relationship to get regular prime cards down the road :smileyvery-happy:

Capital One Quicksilver World Mastercard $20k | JCPenney Gold $10k | Shell Drive for Five $800 | Chase Freedom Visa Signature $9.8k | TD Bank Easy Rewards Visa Signature $5k | Chase Sapphire Visa Signature $10k | American Express Blue Sky $13.7k | Discover IT $13k | SavingStar American Express $14.8k | American Express BCE $11.3k

FICOS: EX 759 EQ 704 TU 754 VantageScore 3.0: EX 746 EQ 747 TU 747 Credit Sesame (EX) 756 Credit.com (EX) 784
Established Contributor
Posts: 515
Registered: ‎07-31-2012
0

Re: How long should i wait until i can apply for another credit card?

Keep paying and let it age a bit. Also since it's your only card right now let it report below 10% so it shows you actually use the card and don't just sock drawer it. That should give you a small boost in your scores.

What's in my wallet: Cap1 Venture NFCU Sig Visa Delta Gold Amex BCE Citi Simplicity IHG World MC Amazon Visa CSP
Starting Score: 5/2010 550-ish
Current Score: 6/20/2013 TU 800 6/20/2013 EQ 770 6/20/2013 EX 775
Goal Score: 800 accross the board
Frequent Contributor
Posts: 346
Registered: ‎02-01-2012
0

Re: How long should i wait until i can apply for another credit card?

[ Edited ]

TheRealJosh94 wrote:

Hello, 

 

This is my first post and I've been reading alot of great information and advice here on the forum. Well here's a little bit of information about me (if you wanted to know), I'm 18 and i got my first credit card, Capital one journeys the day after my birthday, this year (October). So far I've been under 30% utilization and been paying in full or more on time. I got my credit score today and its at 720, nothing amazing. I want to be at 800+ someday but i know that isnt going to happen anytime soon. I wanted to apply to a new credit card so i can have one more backup credit card, just in case i need it. However, i've been reading some bad reviews on many credit cards and that you need to wait 6 months to apply to a new one. I can wait 6 months so i can have a better history. I just waned some ideas on any real good cards out there that i may apply to later down the road. 

 

Thanks again, 

 

Josh 


Welcome to the forums! Where did you get the 720 score from? To get a real FICO score you need at least 6 Months of Credit History (Student Loans, Credit Card/s, Being an Authorized User, etc.) Given the fact that you just turned 18 I assume you have no negatives on your reports and this is your only account (are you an Authorized User on any accounts?). If that is the case you should keep doing what you are doing with the Joruney card. They should have enrolled you in the Capital One "Credit Steps" program and that means you should get an increase in your credit limit after the 5th-6th statement. After having this card for 6 Months to 1 Year (Even better if you are a College Student) you can apply for cards with most banks and get approved. (Citi, Chase, Discover, etc). Also keep in mind this can only work if you have some income. Good Luck!

Established Contributor
Posts: 712
Registered: ‎06-11-2012
0

Re: How long should i wait until i can apply for another credit card?

[ Edited ]

Where did you get your score from? It can't possibly be a Fico since you barely even have 3 months of credit history....

 

 

[edit]

damn you beat me to it! lol


DCU Platinum: 4000 - Discover IT: 11000 - Walmart: 5000 - AMEX BCP: 18000 - Chase Freedom VS: 5000
in the garden since 1/24/14 - #GARDENSTRONG
New Contributor
Posts: 58
Registered: ‎12-30-2012
0

Re: How long should i wait until i can apply for another credit card?

I had Capital one but i switch to PNC Bank. I applied to a Students Discover card but got declined because of no history. How many times can i reapply to that card, is there a limit? 

Current line: Capital One Journey's, $500 CL, Discover IT card, $2100 CL , American Express Gold Card, NPSL, My BestBuy Citi Card, $3000
Valued Contributor
Posts: 1,910
Registered: ‎11-17-2012
0

Re: How long should i wait until i can apply for another credit card?


TheRealJosh94 wrote:

I had Capital one but i switch to PNC Bank. I applied to a Students Discover card but got declined because of no history. How many times can i reapply to that card, is there a limit? 


There really isn't a limit, maybe 30 days after a decline? But if you wait for the Capital One Journey to report the 6th statement, you should be as good as gold for the Discover Student card again :smileyhappy:

Capital One Quicksilver World Mastercard $20k | JCPenney Gold $10k | Shell Drive for Five $800 | Chase Freedom Visa Signature $9.8k | TD Bank Easy Rewards Visa Signature $5k | Chase Sapphire Visa Signature $10k | American Express Blue Sky $13.7k | Discover IT $13k | SavingStar American Express $14.8k | American Express BCE $11.3k

FICOS: EX 759 EQ 704 TU 754 VantageScore 3.0: EX 746 EQ 747 TU 747 Credit Sesame (EX) 756 Credit.com (EX) 784
Frequent Contributor
Posts: 346
Registered: ‎02-01-2012
0

Re: How long should i wait until i can apply for another credit card?

[ Edited ]

TheRealJosh94 wrote:

I had Capital one but i switch to PNC Bank. I applied to a Students Discover card but got declined because of no history. How many times can i reapply to that card, is there a limit? 


 

There is no real "limit" to the amount of times you can apply for any card...the only downside is some will auto-deny if you have them within a specific time frame (30 days, 60 days, 3 months, etc) Also you will be getting an inquiry everytime you apply for any credit which starts hurting your score (in this case this won't hurt that much as you are only starting and don't have much of a score to "hurt."

 

Was "no history" the only reason for denial with Discover? What income can you claim? Do you have any Checking/Savings accounts? When did you apply for Discover and have you tried to recon with Discover. 

New Contributor
Posts: 58
Registered: ‎12-30-2012
0

Re: How long should i wait until i can apply for another credit card?

I got it from Credit Karma, i know it only does Transunion but dont all 3 credit bureaus report almost the same number? If not then nvm. I'll get again in 6 months, sorry about that! 

Current line: Capital One Journey's, $500 CL, Discover IT card, $2100 CL , American Express Gold Card, NPSL, My BestBuy Citi Card, $3000
New Contributor
Posts: 58
Registered: ‎12-30-2012
0

Re: How long should i wait until i can apply for another credit card?

Oh okay thats good to know! Then i will definitely try again later down the road! :smileyhappy:

Current line: Capital One Journey's, $500 CL, Discover IT card, $2100 CL , American Express Gold Card, NPSL, My BestBuy Citi Card, $3000
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.