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My first card! Now what?

Regular Contributor

My first card! Now what?

After 6 weeks on MyFico I raised my score nearly 100 points and have just been approved for the Citi Forward card with a limit of 2k. My first card! So excited! Now I am wondering- what is the next step in terms of using this to build my super thin file into a solid credit history? I have read all about usage here, so I understand that. I am more curious about next steps as far as... do I wait for 6 months of proper use on this card and then apply for another card? What card would be a good next step?  (I have zero delinquencies, just need to build because I am 33 and never applied for credit cards before)


Starting Score: EXP 615 | TU 610 | EQ 635
Current Score: EXP 719 (lender pull 10/15) | TU 707 | EQ 700 (lender pull 10/25)
Goal Score: 740
Message 1 of 29
28 REPLIES
Contributor

Re: My first card! Now what?


loviedovie wrote:

After 6 weeks on MyFico I raised my score nearly 100 points and have just been approved for the Citi Forward card with a limit of 2k. My first card! So excited! Now I am wondering- what is the next step in terms of using this to build my super thin file into a solid credit history? I have read all about usage here, so I understand that. I am more curious about next steps as far as... do I wait for 6 months of proper use on this card and then apply for another card? What card would be a good next step?  (I have zero delinquencies, just need to build because I am 33 and never applied for credit cards before)


Congrats on the approval! 

 

Do you have any other cards, maybe even Store cards? If not, I would apply for a couple of store cards now, such as Macy's and Walmart (not the Discover one) which you should get approved for. 

 

I would use those cards every couple of months for at least 6 months to one year and try to pay the balance off in full every month. This will then give you three revolving tradelines which should help your AAoA and FICO scores a lot. 

 

I think at the 1-year mark, you should have a very good chance of approval for a prime lender, such as the Discover IT card or the Chase Freedom. 

 

Good luck! 

Capital One 2006--$5,000 ||| AMEX Macy's 2008--$2,300 ||| Kohl's 2009-- $1,000 ||| JCP 2010-- $1,000 ||| Walmart Discover 2010-- $5,000 ||| Sears 2011 -- $3,600 ||| Sears 2011 -- $3,500 ||| Chase Freedom 2012--$7,500 ||| Discover IT 2013 -- $4,000
||| Chase Sapphire Preferred 2013 -- $10,000

SCORES: EQ FICO: 787, EX FAKO: 801, TU FICO: 790 (Lender Pull)
Message 2 of 29
Regular Contributor

Re: My first card! Now what?


Bobert22 wrote:

loviedovie wrote:

After 6 weeks on MyFico I raised my score nearly 100 points and have just been approved for the Citi Forward card with a limit of 2k. My first card! So excited! Now I am wondering- what is the next step in terms of using this to build my super thin file into a solid credit history? I have read all about usage here, so I understand that. I am more curious about next steps as far as... do I wait for 6 months of proper use on this card and then apply for another card? What card would be a good next step?  (I have zero delinquencies, just need to build because I am 33 and never applied for credit cards before)


Congrats on the approval! 

 

Do you have any other cards, maybe even Store cards? If not, I would apply for a couple of store cards now, such as Macy's and Walmart (not the Discover one) which you should get approved for. 

 

I would use those cards every couple of months for at least 6 months to one year and try to pay the balance off in full every month. Thiwow ill then give you three revolving tradelines which should help your AAoA and FICO scores.

 

I think at the 1-year mark, you should have a very good chance of approval for a prime lender, such as the Discover IT card or the Chase Freedom. 

 

Good luck! 


Thanks Bobert-

I have had 2 other cards for about 2 years- a Macy's with only a $350 limit (I will be asking them to increase after I garden for a bit) and a GE Care Credit card with a 3k limit which can only be used for medical and veterinary expenses.

So this Citi card is my first 'real' card that I could charge gas or groceries, plane tickets etc on. Do you think it helps that my first card is with Citit? I was trying to be strategic in building up my credit portfolio and I passed up a slew of mailed offers from Capital One. 


Starting Score: EXP 615 | TU 610 | EQ 635
Current Score: EXP 719 (lender pull 10/15) | TU 707 | EQ 700 (lender pull 10/25)
Goal Score: 740
Message 3 of 29
Established Contributor

Re: My first card! Now what?

 

Congrats on your approval and great starting limit. I would recommend to talk to your bank and see if you can get another credit card with them too. Then use both the cards wisely, and be sure to have the statements never report utilization more than 10% of your total available credit limit. And always pay in full. Continue to do this for 6 months to year and you will be ready for some pretty good cards, loans with good rates etc.


Starting Score: EQ=665,TU=618 on Oct 9,2010
EQ=702,TU=725 on Apr 11, 2012 EQ=705 on Oct 31, 2012 Current Score: EQ=702, TU=714 on Dec 8, 2012
Goal Score: 750

Take the FICO Fitness Challenge
Message 4 of 29
Contributor

Re: My first card! Now what?


loviedovie wrote:

Bobert22 wrote:

loviedovie wrote:

After 6 weeks on MyFico I raised my score nearly 100 points and have just been approved for the Citi Forward card with a limit of 2k. My first card! So excited! Now I am wondering- what is the next step in terms of using this to build my super thin file into a solid credit history? I have read all about usage here, so I understand that. I am more curious about next steps as far as... do I wait for 6 months of proper use on this card and then apply for another card? What card would be a good next step?  (I have zero delinquencies, just need to build because I am 33 and never applied for credit cards before)


Congrats on the approval! 

 

Do you have any other cards, maybe even Store cards? If not, I would apply for a couple of store cards now, such as Macy's and Walmart (not the Discover one) which you should get approved for. 

 

I would use those cards every couple of months for at least 6 months to one year and try to pay the balance off in full every month. Thiwow ill then give you three revolving tradelines which should help your AAoA and FICO scores.

 

I think at the 1-year mark, you should have a very good chance of approval for a prime lender, such as the Discover IT card or the Chase Freedom. 

 

Good luck! 


Thanks Bobert-

I have had 2 other cards for about 2 years- a Macy's with only a $350 limit (I will be asking them to increase after I garden for a bit) and a GE Care Credit card with a 3k limit which can only be used for medical and veterinary expenses.

So this Citi card is my first 'real' card that I could charge gas or groceries, plane tickets etc on. Do you think it helps that my first card is with Citit? I was trying to be strategic in building up my credit portfolio and I passed up a slew of mailed offers from Capital One. 


 

Alright then that's good!

 

 

First, since youve already had the Macy's card for 2 years, Ask for a credit limit increase by calling Macy's customer service number on the back of the card. It will be a soft inquiry so you're credit report will not be affected. Ask for increase to $1500 -$2000 and If they can't approve you for the $1500 -$2000 you'll get a counter offer (hopefully at least $1000) Smiley Happy

 

In regards to the Citi card you've been approved for, i believe this will definitely help your credit profile as Citi is a well-known lender. Not to mention you've got a decent credit line. 

 

At this point I'd apply for maybe a Walmart store card, and then garden for 6 months - 1 year and you'll have a very good chance of being approved for prime lender such as Discover or Chase. 

 

 And as Tennisfan stated, try keeping your Utilization under 10%. 

Capital One 2006--$5,000 ||| AMEX Macy's 2008--$2,300 ||| Kohl's 2009-- $1,000 ||| JCP 2010-- $1,000 ||| Walmart Discover 2010-- $5,000 ||| Sears 2011 -- $3,600 ||| Sears 2011 -- $3,500 ||| Chase Freedom 2012--$7,500 ||| Discover IT 2013 -- $4,000
||| Chase Sapphire Preferred 2013 -- $10,000

SCORES: EQ FICO: 787, EX FAKO: 801, TU FICO: 790 (Lender Pull)
Message 5 of 29
Established Contributor

Re: My first card! Now what?

It might be good to get one more major credit card and then I would stop apping for at least six months.  If you keep the apps in the same time period, they will age at the same rate.  Other than that, keep doing what you are doing and make sure you never miss a payment or run up your cards.  Time will take care of the rest.


Starting Score: TU: 566
Current Score: TU: 741 (Discover FICO); EQ: 755 (MyFico) EX: 774 (FAKO)
Goal Score: 800

Take the FICO Fitness Challenge
Message 6 of 29
Highlighted
Valued Contributor

Re: My first card! Now what?

I would say keep apping for more now. Then garden for 6 months before the next app spree.

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%
Message 7 of 29
Mega Contributor

Re: My first card! Now what?

I think you get in with AMEX/Chase now if you wanted to. Fingers crossed!!



EQ FICO 548 3/3/16
Message 8 of 29
Valued Contributor

Re: My first card! Now what?

I agree on the Amex App now, so that the INQ ages with your citi INQ.

5/2012: 560 credit scores across the board
12/2014 750+
3/2017 780+
5/2017 800+
Message 9 of 29
Regular Contributor

Re: My first card! Now what?


Repo-ed wrote:

I agree on the Amex App now, so that the INQ ages with your citi INQ.


 

Really? Would I have a snowball's chance in hell of getting an Amex card? I was only able to get the student card from Citi on a recon...


Starting Score: EXP 615 | TU 610 | EQ 635
Current Score: EXP 719 (lender pull 10/15) | TU 707 | EQ 700 (lender pull 10/25)
Goal Score: 740
Message 10 of 29