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Valued Member
coroc
Posts: 64
Registered: ‎11-01-2012
0

How soon can i get a second crdit card?

Looking to get a second credit card only had my first CAP ONE for 5 months with 500 limit. how soon can i apply for a second card?

On my way! $FG
Contributor
SpeedingWheels
Posts: 253
Registered: ‎08-06-2012
0

Re: How soon can i get a second crdit card?

What are your scores?

How many INQ's do you have? 

Any baddies? 


Walmart Discover ($5000) - Amazon ($5500) - Cap1 Cash Rewards ($2000) - Meijer ($5000) - Discover More ($1800) - Car Care One ($2100) - Amex Delta Skymiles ($2000) - Citi Thank You Preferred ($2000) - Chase Freedom ($500) - Sam's Club, GE ($1237?)
Established Contributor
distantarray
Posts: 2,112
Registered: ‎09-25-2011
0

Re: How soon can i get a second crdit card?


coroc wrote:

Looking to get a second credit card only had my first CAP ONE for 5 months with 500 limit. how soon can i apply for a second card?


at anytime, best thing to do is open an account with DCU digital credit union online and do a secured credit card so you can get your REAL credit score most lenders will use. DCU secured card unlike capital one will grow with you, and does graduate (meaning it will become unsecured if you manage it well) The Fico 04 Equifax score you get for free monthly for having a DCU account would cost you $240 a year so it's a huge benefit also they're very good with helping people as their credit gets better.

 

Secured cards are good cause it shows lenders in a manual review of your credit that you do not live paycheck to paycheck and have funds set aside for things, and it helps cause you'll be 100% approved and do not have to go the route of subprime lenders with super high interest rates. Also some subprime lenders can hold you back from getting and account with companies like American Express in the near future. Like First Premier should be avoided with extreme prejudice for this reason.

 

It might not sound very nice to have to put money down on a credit card now, but it will pay off in the future A LOT. I had 2 secured cards for $1,000 and $1,500 with 1 store card Kays Jewelers for $400. For about 14 months. My friend had 1 Discover card and closed other accounts for a 3+ year history. I was able to get approved for American Express at $5,500 and Navy Federal for $17,000, Chase Sapphire $5,000 and Chase Freedom for $3,000 in 14 months of history. My friend only got approved for a $500 Chase Freedom...... So you need 2-3 good cards and a good solid history. Using 1 card does not benefit you very much.

 

Then you should apply for a walmart card for a free Fico08 score. Walmart card is good cause it can graduate into a Walmart Discover card where you can use in most places and they're good about credit limit increases etc.

 

Keep those 3 for about a year and keep your balances low before the due dates then in a year you should be able to get prime cards like American Express and Chase cards.


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Senior Contributor
jsucool76
Posts: 3,974
Registered: ‎12-11-2011
0

Re: How soon can i get a second crdit card?

I would just apply for a second card now. Go for a GE store card of some sort (whatever store you happen to shop at a lot). 

;
Established Contributor
adavis425
Posts: 525
Registered: ‎02-14-2012
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Re: How soon can i get a second crdit card?


jsucool76 wrote:

I would just apply for a second card now. Go for a GE store card of some sort (whatever store you happen to shop at a lot). 


+1

How quickly can you fill out an app? :smileytongue:

 

AmEx Platinum | AmEx BCP | AmEx Delta Gold | CSP | Chase Freedom | NFCU cashRewards Visa Sig | NFCU Plat MC | WM MC | Discover it | JCP


Valued Contributor
Dustink
Posts: 3,097
Registered: ‎10-02-2012
0

Re: How soon can i get a second crdit card?

[ Edited ]

adavis425 wrote:

jsucool76 wrote:

I would just apply for a second card now. Go for a GE store card of some sort (whatever store you happen to shop at a lot). 


+1

How quickly can you fill out an app? :smileytongue:

 


No, you need to wait until your card reports for the 6th time.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Senior Contributor
jsucool76
Posts: 3,974
Registered: ‎12-11-2011
0

Re: How soon can i get a second crdit card?


Dustink wrote:

adavis425 wrote:

jsucool76 wrote:

I would just apply for a second card now. Go for a GE store card of some sort (whatever store you happen to shop at a lot). 


+1

How quickly can you fill out an app? :smileytongue:

 


No, you need to wait until your card reports for the 6th time.


? Where did you hear that? 

;
Valued Contributor
Dustink
Posts: 3,097
Registered: ‎10-02-2012
0

Re: How soon can i get a second crdit card?

[ Edited ]

jsucool76 wrote:

Dustink wrote:

adavis425 wrote:

jsucool76 wrote:

I would just apply for a second card now. Go for a GE store card of some sort (whatever store you happen to shop at a lot). 


+1

How quickly can you fill out an app? :smileytongue:

 


No, you need to wait until your card reports for the 6th time.


? Where did you hear that? 


If he only has one card, he needs to wait until he has a history established with that card. A minimum of 6 months is required, but generally 1 year is better. He should be able to get another toy limit card at the 6 month point. I would recommend applying for a basic card with your bank at that point.

 

Also, the INQ from the first card will have less impact at that point.

 

I started my apps in February 2012 after my first card had reported for the 6th time and I had established a credit score.

 

I should rephrase "need" to should. The terms will be better. It is worth the wait.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Senior Contributor
jsucool76
Posts: 3,974
Registered: ‎12-11-2011
0

Re: How soon can i get a second crdit card?

[ Edited ]

Dustink wrote:

jsucool76 wrote:

Dustink wrote:

adavis425 wrote:

jsucool76 wrote:

I would just apply for a second card now. Go for a GE store card of some sort (whatever store you happen to shop at a lot). 


+1

How quickly can you fill out an app? :smileytongue:

 


No, you need to wait until your card reports for the 6th time.


? Where did you hear that? 


If he only has one card, he needs to wait until he has a history established with that card. A minimum of 6 months is required, but generally 1 year is better. He should be able to get another toy limit card at the 6 month point. I would recommend applying for a basic card with your bank at that point.

 

Also, the INQ from the first card will have less impact at that point.

 

I started my apps in February 2012 after my first card had reported for the 6th time and I had established a credit score.


You need to wait 6 months in order to establish a FICO score, not in order to app for another card. You can app whenever you want. Store cards are recommended for those starting out their credit journey, as they don't have very strict UW requirements. While waiting 6 months is ideal since by then your chances of getting a card are a lot higher (provided you didn't incur and lates on your original card) it isn't a requirement. I do get where you're coming from though :smileyvery-happy: 

 

Edit: Just reread OP, I would wait the extra month till you hit 6 since you're already at 5 months. I sped through the OP originally and thought OP has just gotten his first card. +1 to dustink

;
Contributor
Sitori
Posts: 268
Registered: ‎10-25-2012
0

Re: How soon can i get a second crdit card?

Actually..if you go read my extremely long thread (lol) you'll see that I just applied for Cap1 MC, got approved and then 3 days later applied for the Discover More and got approved. I also just got approved for the Amazon store card last week....so honestly I think it really depends on your CR and scores. I have no baddies and my scores are in the mid 600's.

 

BUT

 

I ONLY HAVE 3 MONTHS HISTORY!! And with crap First Premier.    Depending on what CC you want, I'd say go for it....just dont app for Chase like I did and get denied. lol. They want the history


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EQ 701, TU 685, EX ?
Wallet:
Amazon store $2500(10/12), Cap1 $1500 (10/12), Discover $1700 (11/1/12).

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