when to apply

[luvsandyshores]

My scores have gone up since I got my first card ($200 secured) last year.  I want to apply for an unsecured card, hopefully something with a higher credit limit.  I just bought a house, though. Is it best to apply now, before the mortgage hits my report?  Or should I wait a little while?

[scientifics]

How long have you had your secured card? Who is it with? It might be possible to get it graduated to an unsecured card.

[Odiseous]

Can you raise the limit on your secured card, without a hard inquiry? 

My experience indicates that low limits, seem to get you low limits. Higher limits seem to get you higher limits. 

One of my credit unions allowed for secured CLIs without another hard inquiry (had to put up the money in savings account, for it to be secured). 

So, I maxed out the card ($1500 max CL, for the secured card), then waited for it to report to the CRAs; before I applied for my first real CC (AmEx). 

This resulted (seemingly) in a $2k limit for my first 'real' (unsecured / revolving) CC. 

[Anonymous]

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@Odiseous wrote:

Can you raise the limit on your secured card, without a hard inquiry? 

My experience indicates that low limits, seem to get you low limits. Higher limits seem to get you higher limits. 

One of my credit unions allowed for secured CLIs without another hard inquiry (had to put up the money in savings account, for it to be secured). 

So, I maxed out the card ($1500 max CL, for the secured card), then waited for it to report to the CRAs; before I applied for my first real CC (AmEx). 

This resulted (seemingly) in a $2k limit for my first 'real' (unsecured / revolving) CC. 

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I just wanted to chime in on the bold.  My very first credit card was (and still is) a $500CL student card.  My second app was for a J.Crew store card and initially my CL was $3k.  Eventually (presumably due to lack of use) they dumped my CL to $1200.  My next app was for a Citi Dividend Platinum Select and the CL on that is $4k.  Next came the $2k AMEX and last is a $3k Chase.

So, ignoring the $500CL, I definitely support the bolded statement.  However, maybe you'll get lucky and whoever you app with will think (know!) you're worthy of a nice CL

[luvsandyshores]

From what I've heard, Orchard doesn't upgrade you to unsecured cards.  I can check at the credit union, though, to see what options they have.

The reason I was asking about timing was because I think my scores will drop somewhat when the mortgage hits, so I'd have to wait a few months for the scores to come back up again.  It isn't really that important to me though, so I can wait. 

[castlefox]

+1 to checking out a credit union for a credit card.     Good luck finding a credit union.  Its not as easy as I wish it would be. 

I personnally have choosen go with Alliant Credit Union.   If you dont live where they would like you to you can pay ten bucks Foster Care to Success to become elligible to join.    http://www.alliantcreditunion.org/membership/eligibility/                  FYI    Im not sure if applying for alliant membership requires a hard inq. or not.  

If it was me I would just apply for a credit union the sooner the better, in thinking that the sooner I start with a card building AAoA the better. Then again thats me,..

[luvsandyshores]

Castlefox, I'm in my local credit union so it's not a problem.   I also found that it's pretty easy to get into PenFed, if you aren't military, military family, or federal employee they give you a couple "supporting military families" groups you can join for a mimimal fee, then you can use that membership to apply for a PenFed account.

[castlefox]

I'll keep that in mind when I try to get a PenFed CC in two years.