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Frequent Contributor
isoldmyatlas
Posts: 341
Registered: ‎04-28-2012
0

Which is more likely to approve me with short history?

When my first and only credit card (Cap1 Newcomers, $500) hits the 6 month point in October, I'd like to apply for both a charge card (Amex Zync or Green) and ideally another revolving card.

 

I'd prefer it to be a cash back card.  I know the Chase Freedom and Discover More are popular options.  Do you think I'd have a shot with either of them?

 

I pay in full every month and I always have my reporting balance sit between 4 and 7%.  I'm expecting to generate scores between 710 and 740 upon hitting 6 months of history with my Cap1 card.

 

Thanks everyone!

TU: 757 (9/14/14) | EQ: 778 (10/7/14) | EX: 770 (10/7/14)

Cap1 Quicksilver, $4,750 (4/2012); Discover IT, $6,000 (10/2012); Chase Amazon Rewards, $7,600 (10/2012); AMEX Hilton HHonors, $15,000 (11/2012); AMEX Blue Cash Everyday, $10,000 (01/2013); Barclaycard Arrival+, $10,000 (07/13); Chase Hyatt, $7,000 (09/13)
Established Contributor
BrokaToe
Posts: 726
Registered: ‎05-12-2012
0

Re: Which is more likely to approve me with short history?

From what I've read on here, seems like 6 months may be enough for the Zync, but I believe Discover like to see at least 12 months of revolving history for approval.  Of course YMMV on any of these.  Some one please correct me if I'm wrong

 


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Super Contributor
marty56
Posts: 5,679
Registered: ‎10-06-2007
0

Re: Which is more likely to approve me with short history?

If you qualify, I would join a local CU.  Even if they don't offer you a CC right away, it is a good credit investment down the road.

09/12/2013 FICO: EQ: 772 EX:813 TU:752
Valued Contributor
discernment
Posts: 1,142
Registered: ‎09-01-2011
0

Re: Which is more likely to approve me with short history?

Well, we just got our FICO score recently.  The only thing reporting on my CRs were the 3 secured CCs you see in my signature and an old Discover card (closed account in good standing) from years ago.  The only thing reporting on my husband's CRs were the 3 secured CCs, the old Discover card, and a 3-1/2 year old repo (fully paid).  On June 1st, we applied for the unsecured CCs you see in my signature and, we were approved for every one of them without any questions.  Everyone will tell you that YMMV (your mileage may vary) and -- that is exactly right. 

 

You never know!!!  We had previously been told to wait a full year before applying for anything.  We happened to be in our bank (Chase) on June 1st and, my husband went over to the manager and asked him if we could apply for a Freedom card with our short credit history.  We sat down and spoke with him for a few minutes, he filled out the applications online at his computer and said, yes -- you are approved.  He didn't know what our limit would be.  I spoke up and asked him to call in and find out, he did and the answer was $5,000.  SO--again, you never know!   

 

That instant approval for $5,000 pumped us up and, we went on from there to apply for the other unsecured cards that same day --- and, they all came back approved.  We were blessed to not have to wait for a full year.  We can sit back and garden and let everything age now. 

 

I am sharing how everything turned out for us.  I cannot guarantee that your experience would be anywhere near what happened for us. 

 

I do wish you well on your credit journey and I look forward to hearing how things turn out for you! 



Husband's Current Score: EX 691 CUSC; EQ 694; TU 687; Mine: EX 773 (AMEX); EQ 720; TU 750
Wallet Contents: SECURED: Capital One Platinum Mastercard, US Bank Harley Davidson Visa, USAA Bank American Express;
UNSECURED: Chase Freedom; USAA Cash Rewards World Mastercard, Discover More, CUSC Platinum Rewards Visa, American Express Zinc, American Express Blue Cash Preferred, Amazon Card, Walmart Discover Card
Frequent Contributor
isoldmyatlas
Posts: 341
Registered: ‎04-28-2012
0

Re: Which is more likely to approve me with short history?

Are your secured cards only 6 months old?

 

Thanks, and yes, I will be keeping everyone updated as each "milestone" hits :smileyhappy:

TU: 757 (9/14/14) | EQ: 778 (10/7/14) | EX: 770 (10/7/14)

Cap1 Quicksilver, $4,750 (4/2012); Discover IT, $6,000 (10/2012); Chase Amazon Rewards, $7,600 (10/2012); AMEX Hilton HHonors, $15,000 (11/2012); AMEX Blue Cash Everyday, $10,000 (01/2013); Barclaycard Arrival+, $10,000 (07/13); Chase Hyatt, $7,000 (09/13)
Community Leader
Valued Contributor
-Cain-
Posts: 1,283
Registered: ‎04-06-2011
0

Re: Which is more likely to approve me with short history?


BrokaToe wrote:

From what I've read on here, seems like 6 months may be enough for the Zync, but I believe Discover like to see at least 12 months of revolving history for approval.  Of course YMMV on any of these.  Some one please correct me if I'm wrong

 


My oldest CC was 4 months old when Discover approved me for a More card. AmEx denied me twice for Zync early on, then approved me for Green at 8 months. It truly is YMMV.

Starting Score: EQ 681 5/2011, EX 656 6/2011 (PSECU), TU98 642 6/2011
Current Score: EQ 741 12/2011, EX 734 11/2012 (PSECU), TU98 695 9/2012
Goal Score: 725+ across the board


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Frequent Contributor
isoldmyatlas
Posts: 341
Registered: ‎04-28-2012
0

Re: Which is more likely to approve me with short history?

Only 4 months?? Wow! I thought scores don't generate until the 6 month point?

TU: 757 (9/14/14) | EQ: 778 (10/7/14) | EX: 770 (10/7/14)

Cap1 Quicksilver, $4,750 (4/2012); Discover IT, $6,000 (10/2012); Chase Amazon Rewards, $7,600 (10/2012); AMEX Hilton HHonors, $15,000 (11/2012); AMEX Blue Cash Everyday, $10,000 (01/2013); Barclaycard Arrival+, $10,000 (07/13); Chase Hyatt, $7,000 (09/13)
Community Leader
Valued Contributor
-Cain-
Posts: 1,283
Registered: ‎04-06-2011
0

Re: Which is more likely to approve me with short history?

I had a year old car loan and some smaller paid personal loans. My oldest credit card was only 4 months old though.

Starting Score: EQ 681 5/2011, EX 656 6/2011 (PSECU), TU98 642 6/2011
Current Score: EQ 741 12/2011, EX 734 11/2012 (PSECU), TU98 695 9/2012
Goal Score: 725+ across the board


Take the FICO Fitness Challenge

Moderator
Revelate
Posts: 9,543
Registered: ‎12-30-2011
0

Re: Which is more likely to approve me with short history?


-Cain- wrote:
I had a year old car loan and some smaller paid personal loans. My oldest credit card was only 4 months old though.


Yeah, but in both your and Discernment's case, you didn't have just six months of history.  Sure your foray into credit cards had only been short, but you both had a year or more of data on the reports.

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Community Leader
Valued Contributor
-Cain-
Posts: 1,283
Registered: ‎04-06-2011
0

Re: Which is more likely to approve me with short history?

I concur.😉

Starting Score: EQ 681 5/2011, EX 656 6/2011 (PSECU), TU98 642 6/2011
Current Score: EQ 741 12/2011, EX 734 11/2012 (PSECU), TU98 695 9/2012
Goal Score: 725+ across the board


Take the FICO Fitness Challenge


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