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Member
Caraleio
Posts: 8
Registered: ‎11-11-2010
0

When is it ok to re-apply for a credit card after denial?

I have  had an orchard secured card for a few months now, and its finally gotten to the point where im getting offers from other people. I got an offer from Cap one and was approved for a 300 dollar card. I figured i might get accepted by others so i went on a mini app spree, but was declined for everything...literally everything (kays, walmart, hooters, apple visa, amazon visa, and a fingerhut account). Now i think one of the biggest factors is that i only have 200 dollars on the secured card, so thats whats reporting on my reports, which has to hurt. Cap one isnt reporting yet, so cant benefit from that yet. So when would it be ok to re-apply again? A month, 6 months, a year, never? I was thinking once cap one started reporting i would wait a month or two then try some of the "easier" ones again (kays, hooters, fingerhut). Is there a certain time limit where if you re-apply they will  decline you regardless since you just recently applied, or does it not matter much when you re-apply (from the creditors standpoint, not mine or my credit reports as far as inquiries go or anything). I need a mix of credit because all i have thats positive is that 200 dollar secured card...what do you guys think i should do?

Senior Contributor
Wolf3
Posts: 3,197
Registered: ‎01-24-2010
0

Re: When is it ok to re-apply for a credit card after denial?

IMO, you should keep increasing the deposit on the Orchard as much as you can afford for a year.   Then apply for 1 card.

Member
Caraleio
Posts: 8
Registered: ‎11-11-2010
0

Re: When is it ok to re-apply for a credit card after denial?

Thats what i was thinking, to add to my secured card. The only thing is i hate the idea of paying for credit...thats why my secured card is only 200 bucks. I know you have to make some sacrifices in the beginning in order to reap the benefits in the end so maybe thats what ill do. I was thinking of getting it to 1000, that way other creditors will see that and not feel like its a risk giving me a higher credit limit. Higher limits beget higher limits, right?

Senior Contributor
Wolf3
Posts: 3,197
Registered: ‎01-24-2010
0

Re: When is it ok to re-apply for a credit card after denial?

 


Caraleio wrote:

Thats what i was thinking, to add to my secured card. The only thing is i hate the idea of paying for credit...thats why my secured card is only 200 bucks. I know you have to make some sacrifices in the beginning in order to reap the benefits in the end so maybe thats what ill do. I was thinking of getting it to 1000, that way other creditors will see that and not feel like its a risk giving me a higher credit limit. Higher limits beget higher limits, right?


I believe in the Higher Limits theory.     I started rebuilding with a $1000 secured card and then added another $1100.   After 9 months I got 2 store cards at  $1000 and $500.     

 


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