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Frequent Contributor
Posts: 341
Registered: ‎08-14-2012
0

Just got approved for my first credit card (I have some questions)

Hello, MyFico this is my first post ever on this site. However, I have been stalking the forums for the past few weeks trying to soak up as much info as I could about building credit the right way. I finally succeeded today in getting approved for my first credit card ever, a Capital One Platinum card ($500 CL), which I applied for today at a branch. I have no credit history so I guess it's a suitable CL for now. I'm trying to build some good credit history, and I've heard that I'm not supposed to spend more than 30% of max limit, which would be $150. I've learned that it's better to pay in full each month than to carry a balance. This card in particular has no annual fee for the first year, but after that it would require me to pay an annual fee of 19$ a year. I was hoping to get a card with no annual fee, but it seems that was unavoidable.

 

Before I had applied for the Cap One card, I applied to several other credit cards. I have a checking account with TDBank for over two years, so I figured I could apply for them. I got declined. I had applied for a Discover student card twice and I got declined both times. And I also, I applied for Citibank Forward Student card, however, they're having trouble with my establishing my identity, so I'm waiting currently 7-10 days for a letter from them to send them a copy of my Social Security card. I did all of this in a month. After reading some more info on this forums, it seems the general consensus would have been to wait a while before applying for anymore credit.

 

1. However, in my case I have no credit history, so my question is will it negatively affect me that I applied for so many cards in such a short time span with "no credit history"?

 

2. This card also has an annual fee of 19$ a year after my first year, I've heard that Cap One isn't particularly fond of giving CLIs to customers so I dont plan on expecting to grow with them, so I'm wondering would it be wise to close this card after a certain duration? (Since I plan on advancing to other credit cards that has no annual fees anyway).

 

3. After using my Cap One Platinum Card wisely for up to 6 months to a 1 year, which credit card would be best to apply for after that? (AMEX Zync, Chase Freedom, Discover More Student, Citibank Student Cards?)

 

4. Is it better to have a balance remaining on the card that is either at 1%- 9% utilization, or have no balance at all (meaning I pay in full before the statement date?)

 

5. Around what time would I be able to see this credit card start reporting to the bureaus or when would I be able to see a "FICO" score and things like that? Keep in mind I have absolutely no credit history.

 

Thanks for the help guys, I'm always willing to take advice and learn more!

 

 

Cap One Platinum MC $2.5k CL (08/12)
Citi Forward Student Visa Card $1.5k CL (09/12)
Express NEXT Card $0.25k CL (02/13), Jcrew CC $0.7k CL(02/13)
AMEX PRG NPSL (03/13), AMEX Gold Delta Skymiles 2k (03/13)
Walmart Credit Card $1.5k (03/13)
TU: 687 FICO (3/13) | EX: 692 Lender Pull (3/13) | EQ: 678 (4/1/13)
Established Contributor
Posts: 657
Registered: ‎06-27-2012
0

Re: Just got approved for my first credit card (I have some questions)

Congratulations on your new yourd Cap 1 was my first CC to. They won't grow with you but they will give you some history to start with, and it seems you may be approved for Citi Forward upon ID Verification I would see if i can get that 1 nice card to have. It will not affect you to app spree with no credit history your inq's fall off in a year and that's good cause you app'd around same time for all. If you can get a secured card where you can put 1k or more on that would be nice. 1 store card as well, Fico likes the variety of diff cards fore scoring purposes. I would keep the Cap 1 after the first year for the AAOA having a card with a long history helps alot. It takes 6 months for your credit to get updated with the Berue's so when that time comes I would go for Zinc it's Amex's lowest Requirment card. However if you can get store card and secured card now then i would hold off for a year on apping completely. The uti you gotta play around with when you get

more cards have one at 1 to 9 percent uti and all others at 0. I've heard some get best results at 1 to 2 percent uti and others at 7 so ymmv. Good luck

 

BOA: 8.9k
CSP: 5k
Discover: 5k
Citi TY Preferd: 5k
Wally: 5k
JCP: 4.9k
citiForward: 4.7k
ChaseFreedom: 4.5k
DFS: 2k
Senior Contributor
Posts: 4,575
Registered: ‎12-11-2011
0

Re: Just got approved for my first credit card (I have some questions)

Your cap1 card will grow with you, once. XD i assume you've been put into credit steps so after 6 months you'll get an auto cli of probably $250.

capital one reports really slowly, you should see it pop up on your reports a couple days after your second statement cuts.
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Regular Contributor
Posts: 123
Registered: ‎07-22-2012
0

Re: Just got approved for my first credit card (I have some questions)

[ Edited ]

You should try to apply for another entry-level credit card that grows faster. That way, you will have a higher combined credit limit. Plus, if you do get a better credit card with better benefits and perhaps no AF, then you can immediately cancel the Cap 1 card. :smileywink:

Jun 2012 FICO® ~ 734 EQ
Sep 2012 FICO® ~ 684 EQ; 734 TU
Oct 2012 FICO® ~ TBA

Goal for 2014 ~760+

Trying to stay in the garden...but also trying to get as many apps as possible for now :smileywink:
Frequent Contributor
Posts: 341
Registered: ‎08-14-2012
0

Re: Just got approved for my first credit card (I have some questions)

Thanks guys. I appreciate the advice, and yeah hopefully I get approved for the citibank card. I'll let you guys know for sure!

Cap One Platinum MC $2.5k CL (08/12)
Citi Forward Student Visa Card $1.5k CL (09/12)
Express NEXT Card $0.25k CL (02/13), Jcrew CC $0.7k CL(02/13)
AMEX PRG NPSL (03/13), AMEX Gold Delta Skymiles 2k (03/13)
Walmart Credit Card $1.5k (03/13)
TU: 687 FICO (3/13) | EX: 692 Lender Pull (3/13) | EQ: 678 (4/1/13)
Valued Contributor
Posts: 2,978
Registered: ‎02-09-2012
0

Re: Just got approved for my first credit card (I have some questions)

Just do not get sucked in and become overly zealous with apps.

 

Baby steps

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

Get those baddies removed!!!

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