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Should I apply for a credit card now or wait?

New Member

Should I apply for a credit card now or wait?

Hi! 

 

 

So I made a bad move by closing all of my credit cards back in 2010 after it being paid off. I have a $4,000 student loan which I am paying off now. But I want to apply for a credit card to start my credit history again.. will this help me in boosting my score or lower it, my score is 603 :/? 

 

Any advice is greatly appreciated!

 

Thank you soo much!

7 REPLIES
Mega Contributor

Re: Should I apply for a credit card now or wait?

I would go Cap1 secured, hold it for 6 months then go for a unsecured Cap1.



EQ FICO 548 3/3/16
Valued Contributor

Re: Should I apply for a credit card now or wait?

where did you get your score? 

if its not from here its probably a FAKO. 

 

credit karma listed my score as 638 but on here it was 690. 

and when toytoa pulled it for my car it was 709

 

but yes get a secured card and let it have some history. 

if you have the funds id get 2 and then use those for little things and pay in full each month. 

then after about a year or a little less apply for a card you want/need like a cap one rewards or depending on scores something else. 

Current: Discover Fico 709 3/15 Walmart Fico 743 4/15

Inquiries (24 Months): EQ 6 TU 1 EX 6 | Most Recent: 4/09/2015
Over 12 Months:9


2015 Goals:
Lower Utility
Earn Cash Back

Amex Zync(Unicorn)
Chase Freedom$1500
Discover IT$7,400
Citi DC $10,000
Citizens Mastercard$7,000
New Member

Re: Should I apply for a credit card now or wait?

Its from here.. 601 TU and 603 EQ but thanks! I will go for secured card in a couple of months.

 

Frequent Contributor

Re: Should I apply for a credit card now or wait?

You already have credit history and if all accounts were closed in 2010 which will last till 2020 on your CR.

If you got Toyota loan that's also reporting, I'll go ahead and app for unsecured credit like Chase Freedom or Amex BCE.

Lots of cards and counting !!
Las Vegas REALTOR
FICO 800ish Shooting for 800+
BCE 20K,ED 10K,Sky 2K, DCVR $6800, Slate 8K, Freedom 5k, Care Credit 10K, Lowes 10K, Cap1 QS $11500, Venture 15K, Paypal 5k Hidden, US Bank Edge Cash Business 20K and NFL $1500 soon to DIE.
Senior Contributor

Re: Should I apply for a credit card now or wait?


kson wrote:

Hi! 

 

 

So I made a bad move by closing all of my credit cards back in 2010 after it being paid off. I have a $4,000 student loan which I am paying off now. But I want to apply for a credit card to start my credit history again.. will this help me in boosting my score or lower it, my score is 603 :/? 

 

Any advice is greatly appreciated!

 

Thank you soo much!


If you closed your CCs in 2010, then they are still reporting on your CR (as closed, though). I would try for a GE card. Are there any stores you like that use GE? Walmart, JC Penny, Amazon, Old Navy, Lowes, etc.

 

The benefit of WM is that you get the monthly TU FICO, which is especially helpful while you're rebuilding. It's not guaranteed, but request a CLI every 4 mos. GE only does a SP for CLIs, and it's a good way of establishing a positive TL and decent CL.

 

Then I'd call some local CUs and explain your situation and see if any of them will work with you. CUs are often a good way of getting a CC to rebuild.  Otherwise, I'd look at Cap One rebuilder/newcomer CC.

 

Once you have 2 CCs open, then garden those for 6 to 12 mos. At that time, you should be able to app for something like Amex Zync or Chase Freedom. Of course, you might just be happy with the 2 CCs. Smiley Happy

 

Regarding your score, it really depends. I've added accts and had inq w/ no hit to my score. But then some of them do take a hit -- usually pretty small. It really depends on how much it affects your AAoA, the # of inq you have, and other factors. It's impossible to predict. But any ding from new accts should rebound in 6 to 12 mos. Drops from inq take 12 mos to come back.

 

 

~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*
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!

Senior Contributor

Re: Should I apply for a credit card now or wait?


DeadSpider wrote:

You already have credit history and if all accounts were closed in 2010 which will last till 2020 on your CR.

If you got Toyota loan that's also reporting, I'll go ahead and app for unsecured credit like Chase Freedom or Amex BCE.


While OP does have a history reporting, OP isn't likely to get approved for those cards with a 600 FICO. She/he needs to start with a store CC, and either CU or sub-prime Cap One CC.

 

 

~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*
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!

Valued Contributor

Re: Should I apply for a credit card now or wait?


bichonmom wrote:

 

Regarding your score, it really depends. I've added accts and had inq w/ no hit to my score. But then some of them do take a hit -- usually pretty small. It really depends on how much it affects your AAoA, the # of inq you have, and other factors. It's impossible to predict. But any ding from new accts should rebound in 6 to 12 mos. Drops from inq take 12 mos to come back.

 

 This is a best advice you should take it but im disagree with you guys about capital one the card that never get you anywhere but give you headache and plus sometime it would make you guys gone something crazy about their limit. Its better to stay away from them.

1. Get a credit card at your local bank or Credit union. about 2 trade line + hold on to your student loand and keep making payment on it. You need a long establish payment that the only positive trade line you had left now. and good luck. but definily take bichonmom advice.



 

 


Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
Goal Score: 800


Walmart: 10k |Usaa: 8k|BCE: 13k| Amex: NSPL|Dis: 9.4k|Cap: 5.5k|CAP: 2k|CSP: 13.4k| Pen:4.5k