Just receieved my first credit card in seven yrs

[erniepotts01]

Hello Everyone,

I am new here and just recieved my first credit card in 7 yrs.  Went a little crazy in college in messed up my credit but got a secured credit card through cap one recently.  

My TU score is 552 

14 inquires 3 in the last 6 months

6 baddies all ready to fall off in the next 12 months.

My question is should I wait to apple for new credit?

The Cap One card has not shown up on the report yet. But I want more credit lol

Fun fact..I work at Cap One in the credit department...lol sssshhhhh dont tell no one...lol

b/c of that I see first hand ppl getting approved for credit with my score..

What do you think?

[coldnmn]

Congrats! Welcome to the forum. IMHO I would wait at least 6 months preferably a year to show some good credit history. It does you no good to get a bunch of inquiries and be declined. Credit is a journey not a race.

[robbulous]

I was in your same position about 4 years ago. I've had a Capital One card since 2008 and it was purchased from HSBC. It was secured and is now converted to a normal Platinum card.

The best thing you can do right now is baby that card. If you were to apply for a new card and be approved, your limit MAY be $300. You work in that department so you tell me.

In my opinion, stick with what you have, nurse that secured card for a year at least, and let the negatives drop off. Also, in that time your INQ's will drop off and you'll be set with a mid to high 600 score. THEN you can apply and get what you really want as you'll have some history established.

Just my 2 cents.

[Creditaddict]

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@erniepotts01 wrote:

Hello Everyone,

I am new here and just recieved my first credit card in 7 yrs.  Went a little crazy in college in messed up my credit but got a secured credit card through cap one recently.  

My TU score is 552 

14 inquires 3 in the last 6 months

6 baddies all ready to fall off in the next 12 months.

My question is should I wait to apple for new credit?

The Cap One card has not shown up on the report yet. But I want more credit lol

Fun fact..I work at Cap One in the credit department...lol sssshhhhh dont tell no one...lol

b/c of that I see first hand ppl getting approved for credit with my score..

What do you think?

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Since this is your first Credit Card in 7 years your score will do LEAPS and Bounds when that reports... and further more you say all your baddies are dropping off over the next 12 months... I would not apply for anything... with 6+ months Capital One Secured Card history and ALL baddies gone off your report your next app could be in the Thousands vs. hundreds and with big big prime banks!

[erniepotts01]

yea you guys are right....and I know that.

But I have seen ppl get approved for 3000 CL with 550's score.  (Private Label)

Its very rare but happens from time to time.

I'm gonna wait. 

[Creditaddict]

Being employee at the bank doesn't get you any access to a credit card (especially being in credit, someone push through your app!)

[erniepotts01]

I'm afraid for them to see my report LOL

But no idk.

I work in the private label department so we handle store cards for boscov's, Guitar Center, Furniture Row, Maynards, Big Lots and a few others.

I know what ones are easier to get approved for but idk if having another inq is worth the risk.

If Cap One sees more than 4 inq in a certain amount of time it is an automatic denial.

[09Lexie]

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@erniepotts01 wrote:

Hello Everyone,

I am new here and just recieved my first credit card in 7 yrs.  Went a little crazy in college in messed up my credit but got a secured credit card through cap one recently.  

My TU score is 552 

14 inquires 3 in the last 6 months

6 baddies all ready to fall off in the next 12 months.

My question is should I wait to apple for new credit?

The Cap One card has not shown up on the report yet. But I want more credit lol

Fun fact..I work at Cap One in the credit department...lol sssshhhhh dont tell no one...lol

b/c of that I see first hand ppl getting approved for credit with my score..

What do you think?

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Welcome to the forum.  Congratulations on rebuilding your credit and recent approval. With 14 inq's in 6 mos, you appear credit hungry and that looks risky. ESP working in the credit dept you know that not every app is approved and there are uw requirements that must be met.  

As others have already suggested in another 6 mos your inq's will not count against your FICO and your new cc will have aged.  

I would use this time to write GW letters to your remaining baddies so when you are ready to start apping in June/July your crs would be clean. 

[erniepotts01]

Yea Im gonna wait...but I do want to clarify , I have 3 inq in the past 6 months. 14 showing on my cr though.

[09Lexie]

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@erniepotts01 wrote:

Yea Im gonna wait...but I do want to clarify , I have 3 inq in the past 6 months. 14 showing on my cr though.

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ok, I misunderstood.  how old are the other 11 inq's and are they on the same CBs?