Reply
Regular Contributor
luvsandyshores
Posts: 162
Registered: ‎04-04-2010
0

when to apply

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?

Started with an Orchard secured 4 years ago. Now: House, Car, NFCU Rewards Signature, Citi AAdvantage, Discover More, Capital One Platinum, Walmart, AMEX BCE
Frequent Contributor
scientifics
Posts: 411
Registered: ‎05-01-2010
0

Re: when to apply

[ Edited ]

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

Frequent Contributor
Odiseous
Posts: 288
Registered: ‎03-08-2011
0

Re: when to apply

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. 

 

TU98 751, EQ 766, EX 766 (Lender)

If at first you don't succeed; Garden for 6 months, then try again.

Work the system. Don't let the system work you.
Valued Contributor
ptr2593
Posts: 1,486
Registered: ‎08-14-2011
0

Re: when to apply


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. 

 



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 :smileyhappy:

In My Wallet:
AMEX BCE, Citi Forward, Chase Freedom

In My Sockdrawer:
AMEX Clear, Citi Platinum Select, US Bank Platinum, J.Crew
Regular Contributor
luvsandyshores
Posts: 162
Registered: ‎04-04-2010
0

Re: when to apply

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. 

Started with an Orchard secured 4 years ago. Now: House, Car, NFCU Rewards Signature, Citi AAdvantage, Discover More, Capital One Platinum, Walmart, AMEX BCE
Regular Contributor
castlefox
Posts: 227
Registered: ‎12-09-2010
0

Re: when to apply

+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,..

 

MyFICO score- Equifax - 12.03.11 - 780 Experian 12.03.11 - 763
(FAKO Scores) EXP PLUS Score Dec 2011. 748
Advanced Risk Score 2.0 (NextGen) 793 Dec 2010
Vantage Score (2011) MAR = 771 Jun = 771 Sept= 788 Dec= 773
2012 MAR = 782 JUN=783 Dec = 789
2013 Mar-796 Jun-799 Dec- 797
Regular Contributor
luvsandyshores
Posts: 162
Registered: ‎04-04-2010
0

Re: when to apply

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.

Started with an Orchard secured 4 years ago. Now: House, Car, NFCU Rewards Signature, Citi AAdvantage, Discover More, Capital One Platinum, Walmart, AMEX BCE
Regular Contributor
castlefox
Posts: 227
Registered: ‎12-09-2010
0

Re: when to apply

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

MyFICO score- Equifax - 12.03.11 - 780 Experian 12.03.11 - 763
(FAKO Scores) EXP PLUS Score Dec 2011. 748
Advanced Risk Score 2.0 (NextGen) 793 Dec 2010
Vantage Score (2011) MAR = 771 Jun = 771 Sept= 788 Dec= 773
2012 MAR = 782 JUN=783 Dec = 789
2013 Mar-796 Jun-799 Dec- 797

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}