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Frequent Contributor
GBPac12
Posts: 252
Registered: ‎12-09-2011
0

When is a good time to apply for a credit card?

Hey,


I hope everyone is doing fine I was just wondering if it would be in my best interest to apply for a credit card within the next 2-3 months? When is a good time considering this:


  • I currently am a college sophomore, pre-dental lol, and have only two credit cards. The first one being a Discover More card with a $1000 credit limit, not really sure if it is a student card. The second one being a Chase Freedom MasterCard with a $500 credit limit.
  • I have had my Discover for about 2 years now and my Chase for about 4-5 months. I have been paying my balances in full for as long as I can remember. Currently I have my cards maxed out, since I decided to purchase a car, but will have them payed off in about 2-3 weeks, part-time street pharmacist JK....
  • I recently checked my credit score at Equifax and got a 609. I have not had any negative marks and have had a student loan for about 3 year at around $5700. The only issue I have is that I applied for 5 cards in a period of 5-6 months LOL, so that would equate into 5 hard inquiries
  • I also, currently have an income of around $12000 a year.

So, all in all would it be in my best interest to wait a few months till I can recover from my hard inquires or wait till my payments have posted?

I am mainly trying to get an Amex card, dream card, since I want to use the extended warranty for the up and coming Macbook Pro refresh - 5 to 6 months from now.

I am really sorry for it being so long, but I would really appreciate any kind of help.

Packs 4 Life.


Starting Score: EQ: 600, EX: 580, TU: 599
Current Score: EQ: 710 on 01/22/12, TU: 763 on 02/02/12, EX: 753 on 1/28/13
Goal Score: EQ: 775, TU: 775, EX: 775


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Frequent Contributor
scientifics
Posts: 411
Registered: ‎05-01-2010
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Re: When is a good time to apply for a credit card?

When you say 5 inquiries in 5-6 months, when did that happen? Your inquiries affect your score for 1 year and remain on your report for 2. If you want another prime card, I might wait until those inquiries age. Plus, the recent high balances on your cards (even once you have PIFed) might scare away some lenders.

Frequent Contributor
GBPac12
Posts: 252
Registered: ‎12-09-2011
0

Re: When is a good time to apply for a credit card?

scientifics,

The hard inquires range back from 6 months, they seems to have droped my credit score. However, I assumed that since I received my Chase Freedom card it meant that before my car purchase I had a decent credit score. I am hoping that by waiting I would be able to actually get to as close to my pre-chase score.

Starting Score: EQ: 600, EX: 580, TU: 599
Current Score: EQ: 710 on 01/22/12, TU: 763 on 02/02/12, EX: 753 on 1/28/13
Goal Score: EQ: 775, TU: 775, EX: 775


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Valued Contributor
improvingmycredit
Posts: 1,384
Registered: ‎07-12-2011
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Re: When is a good time to apply for a credit card?

I suspect that because of your utility and inquires, the lenders will be very skittish. (Amex for sure)   I think a good bout of gardening for 6 or more months and lower your balances, then you should be good to go.  You'll have more age and utility will be good.  JMHO.  :smileyhappy:  Good Luck! 


Starting Score: 642
Current Score: EQ 798, EX 780, TU 787 (All FICO)
Goal Score: 800+

Cards: NFCU Flagship 50K, BCP 28.6K, Arrival+ 25K, Citi DP 22.8K, CSP 20.5K, QuickSilver 20K, TotalRewards 18K

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Frequent Contributor
scientifics
Posts: 411
Registered: ‎05-01-2010
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Re: When is a good time to apply for a credit card?

I would wait until your newest inquiry is a year old. You should be back to your old score by then (and probably higher) assuming your util isn't too high and you don't have any baddies. Unless you need credit now, I'd garden until then.

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Valued Contributor
improvingmycredit
Posts: 1,384
Registered: ‎07-12-2011
0

Re: When is a good time to apply for a credit card?

+1

I personally would garden for next year or so, but at the very least, 6+ months.  I'm in gardening mode for the next year.  :smileyhappy:


Starting Score: 642
Current Score: EQ 798, EX 780, TU 787 (All FICO)
Goal Score: 800+

Cards: NFCU Flagship 50K, BCP 28.6K, Arrival+ 25K, Citi DP 22.8K, CSP 20.5K, QuickSilver 20K, TotalRewards 18K

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Senior Contributor
john398
Posts: 3,515
Registered: ‎01-19-2009
0

Re: When is a good time to apply for a credit card?


GBPac12 wrote:

Hey,


I hope everyone is doing fine I was just wondering if it would be in my best interest to apply for a credit card within the next 2-3 months? When is a good time considering this:


  • I currently am a college sophomore, pre-dental lol, and have only two credit cards. The first one being a Discover More card with a $1000 credit limit, not really sure if it is a student card. The second one being a Chase Freedom MasterCard with a $500 credit limit.
  • I have had my Discover for about 2 years now and my Chase for about 4-5 months. I have been paying my balances in full for as long as I can remember. Currently I have my cards maxed out, since I decided to purchase a car, but will have them payed off in about 2-3 weeks, part-time street pharmacist JK....
  • I recently checked my credit score at Equifax and got a 609. I have not had any negative marks and have had a student loan for about 3 year at around $5700. The only issue I have is that I applied for 5 cards in a period of 5-6 months LOL, so that would equate into 5 hard inquiries
  • I also, currently have an income of around $12000 a year.

So, all in all would it be in my best interest to wait a few months till I can recover from my hard inquires or wait till my payments have posted?

I am mainly trying to get an Amex card, dream card, since I want to use the extended warranty for the up and coming Macbook Pro refresh - 5 to 6 months from now.

I am really sorry for it being so long, but I would really appreciate any kind of help.

Packs 4 Life.


Are Macbooks really something that rquires ectened warranties?

Frequent Contributor
GBPac12
Posts: 252
Registered: ‎12-09-2011
0

Re: When is a good time to apply for a credit card?

Hey,

I really do appreciate all the response and it seems that the consensus is to enter gardening mode. So, I will be doing just that, I hope to keep you updated, if possible. Who knows what might happen before the 6 months, fingers crossed for a in mail offer lol

john398,

Your right MacBook are pretty reliable, but since I don't plan on adding AppleCare it cannot hurt to double the manufactures warranty. Also, there are vast amount of benefits to an Amex card lol.

Starting Score: EQ: 600, EX: 580, TU: 599
Current Score: EQ: 710 on 01/22/12, TU: 763 on 02/02/12, EX: 753 on 1/28/13
Goal Score: EQ: 775, TU: 775, EX: 775


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