Reply
New Member
Posts: 6
Registered: ‎06-01-2011
0

New Credit Card Advice or Suggestions

So i just applied for a capital one no hassle rewards card and was "approved" for $300. It was a little low but considering I only have 4 months of credit history I am content for the time being. My question is if I wait a 6 months and ask to increase my credit limit then is it still possible to apply for another credit card around the same time without hurting my score too much AND be accepted for it? I want to get into American Express or even get a Discover card. I eventually want to have 2 cards by early 2012  with a CL of $5000+. Is this too much to ask? 

 

My credentials from Experian

 

AAOA: 4 months (.4 years)

# number of accounts: 1 (car lease)

Inquiries: 4

No late payments or delinquencies 

No public records

Utilization: 0 (no credit cards)

Credit score is 700

 

 

 


Starting Score: EX: 700, TU: 650, EQ: ??? As of 6/1/2011
Current Score: EX: 700, TU: 650, EQ: ??? As of 6/1/2011
Goal Score: EX: 750+, TU: 700+, EQ: 700+ On 6/1/2012


Take the FICO Fitness Challenge
Frequent Contributor
Posts: 426
Registered: ‎07-21-2010
0

Re: New Credit Card Advice or Suggestions

[ Edited ]

Wait until you have 6-12 months of history, and you should be good for the Amex Zync.

 

As for the Cap1 card, look up "credit steps," I am sure your card will go to $500 after a certain number of on time payments and never going over the limit.

 

As for Discover, I would wait until you have at least 1 year of credit history to go after them.

-----------------------
My favorite card right now: Barclays Arrival Plus WEMC
Frequent Contributor
Posts: 437
Registered: ‎05-21-2011
0

Re: New Credit Card Advice or Suggestions

 


jthedges wrote:

Wait until you have 6-12 months of history, and you should be good for the Amex Zync.

 

As for the Cap1 card, look up "credit steps," I am sure your card will go to $500 after a certain number of on time payments and never going over the limit.

 

As for Discover, I would wait until you have at least 1 year of credit history to go after them.


 

+1

I would actually wait 6 months, then apply for a Citibank card. They love clean slates that have just started to build positive credit history. Keep your utilization low for the next 6 months or so (wait until 6 months of history is reporting), then apply for Citibank. Another 6-12 months, then go for Amex and Disc. That'd be my method, anyway.


Starting Score: 596 EQ 5-22-11 / 554 TU 5-23-11
Current Score: 615 EQ 08-15-11 / 631 TU 09-27-11
Goal Score: 700+


Take the FICO Fitness Challenge
New Member
Posts: 6
Registered: ‎06-01-2011
0

Re: New Credit Card Advice or Suggestions

I see. If I have to wait that long then what credit card would be good other than Citibank or AMEX in terms of travel rewards? My capital one's low CL limits me from making any travel charges or any emergencies so I want to get a card that either has a great rewards program or good beginning CL/low interest. 


Starting Score: EX: 700, TU: 650, EQ: ??? As of 6/1/2011
Current Score: EX: 700, TU: 650, EQ: ??? As of 6/1/2011
Goal Score: EX: 750+, TU: 700+, EQ: 700+ On 6/1/2012


Take the FICO Fitness Challenge
Frequent Contributor
Posts: 437
Registered: ‎05-21-2011
0

Re: New Credit Card Advice or Suggestions

For any good major reward card, you're going to have to prove yourself. One tradeline and no history yet is not going to get you anything substantial. If you want another tradeline to help you, a store card could do that. But I don't see you getting any good rewards cards until you have a couple of tradelines showing some history.


Starting Score: 596 EQ 5-22-11 / 554 TU 5-23-11
Current Score: 615 EQ 08-15-11 / 631 TU 09-27-11
Goal Score: 700+


Take the FICO Fitness Challenge
Senior Contributor
Posts: 3,322
Registered: ‎05-05-2011
0

Re: New Credit Card Advice or Suggestions

You might want to consider getting one or two secured loans with your local bank and/or CU to help build your history and increase your number of TL. That helped me to rebuild credit and didn't want to have the cash outlay for a secured CC. It doesn't affect your cash flow because they are usually 90 to 100% loans. So, if you deposit $1000 in the bank, you can withdraw $900 to $1000 as the loan (depending on the policy of your bank/cu).

 

The interest is usually really low, too... a point or two above the interest you earn on the savings acct., so you're not paying 20% interest! It's a pretty easy and inexpensive way to add TLs to your CR.

 

The one caveat is that you need to be sure they will report your loan and payments each month to the 3 CRAs. I had to ask that they do this specifically for me with my bank. I think the CU was going to do it anyway. So, you'll need to be sure because not all places will report those types of loans.

 

 

~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*
EQ FICO 750 | TU FICO 761 (Walmart) | EX FAKO 767 | Goal: 800+

Edits, funky spacing and spelling due to my iPad not getting along with the forum editor!

Regular Contributor
Posts: 227
Registered: ‎12-09-2010
0

Re: New Credit Card Advice or Suggestions

Ya I would wait for 6-12 months for a CLI.   I think the recommended CLI request if your keeping ballances low and paying on time is 3 times your current limit.  So,.. 300 X 3 = 900 new credit limit request in 6-12 months.

 

For a second credit card you would have an easier time getting a store credit (gas card) or a credit card from a credit union.  

 

if you really are that worried about getting denied for another card I would suggest spending the 10 bucks or whatever it is to see what your credit score is before you risk getting another Inquirie.  

 

 

Good luck keeping your utilization low.  

 

 

MyFICO score- Equifax - 12.03.11 - 780 Experian 12.03.11 - 763
(FAKO Scores) EXP PLUS Score Dec 2011. 748
Advanced Risk Score 2.0 (NextGen) 793 Dec 2010
Vantage Score (2011) MAR = 771 Jun = 771 Sept= 788 Dec= 773
2012 MAR = 782 JUN=783 Dec = 789
2013 Mar-796 Jun-799 Dec- 797
Established Contributor
Posts: 576
Registered: ‎11-13-2008
0

Re: New Credit Card Advice or Suggestions

I think you may want to wait for Discover for a while. Maybe even 2 years. They are a pain to deal with

with high starting APR and low original CLs. Case and point 745 EQ got a lousy $2500 with 17.99%.

New Member
Posts: 6
Registered: ‎06-01-2011
0

Re: New Credit Card Advice or Suggestions

I guess I must be patient for another couple of months then. Thank you all for the replies. Its partly exciting trying to get financially stable enough to get the "prestigious" cards. 


Starting Score: EX: 700, TU: 650, EQ: ??? As of 6/1/2011
Current Score: EX: 700, TU: 650, EQ: ??? As of 6/1/2011
Goal Score: EX: 750+, TU: 700+, EQ: 700+ On 6/1/2012


Take the FICO Fitness Challenge
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.