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i just got approved for my first credit card, Amazon Prime Rewards, which gave me an initial $700 credit limit. I was wondering if it would benefit me to apply for a second credit card with different benefits to increase my credit limit (and therefore easing utilization) or if this would instead lower my credit score. But then again, as of right now I couldn't possibly have a credit score since I have no credit history, right? So basically I have these questions:
1) Do i even have a chance of being approved for a second credit card just a few days after being approved for my first credit card?
2) If yes, how would this affect my credit score in the short/long term
From what I've read, opening multiple credit card accounts in a short span will damage your credit score, but again, do I even have a credit score yet? I understand that my credit limit will eventually rise as long as I behave, but I find it more optimal (in the longrun at least) to have two credit cards and keeping utilization low.
Any feedback would be helpful!
@Anonymous wrote:i just got approved for my first credit card, Amazon Prime Rewards, which gave me an initial $700 credit limit. I was wondering if it would benefit me to apply for a second credit card with different benefits to increase my credit limit (and therefore easing utilization) or if this would instead lower my credit score. But then again, as of right now I couldn't possibly have a credit score since I have no credit history, right? So basically I have these questions:
1) Do i even have a chance of being approved for a second credit card just a few days after being approved for my first credit card?
2) If yes, how would this affect my credit score in the short/long term
From what I've read, opening multiple credit card accounts in a short span will damage your credit score, but again, do I even have a credit score yet? I understand that my credit limit will eventually rise as long as I behave, but I find it more optimal (in the longrun at least) to have two credit cards and keeping utilization low.
Any feedback would be helpful!
The fact that you got a $700 credit limit means that your approval was marginal.
Under those circumstances your best course of action is:
1. Be grateful you were accepted for a Chase card; Chase is not easy.
2. Hold off on other applications for awhile.
3. Be sure to keep using the card and paying it down to zero, and when the statement cuts keep your balance at $70 or less.
I would wait like 6 months to a year after using the Amazon card to build some positive history. Try to make your payments in full and on-time. Auto-pay is your friend! Once you use the card for 6 months - year try getting another card you are interested in getting. Some cards have more requirements than others, so be sure to check some threads on here about approval odds for the specific card you want and see if it fits your profile / credit history.
Capital One / Discover were really good to me when I was first starting out and gave me decent limits. Also banking with Chase helped me get into the door with their Freedom Card.
I believe my first cards were: Capital One Journey - Pc'd to Quicksilver (down the line) Discover It, and Chase Freedom.
Good luck