@Anonymous wrote:Howdy folks, new to the boards and credit. I have a quick question...... I am 42 and only got my first credit card 4 months ago, a Capital One secured card with a $350 limit. According to their Credit Tracker, my Trans Union credit score is 720. I am a Realtor and have no proof of income for the last 5 years but am married and my wife has good credit. I am also a user on one of her accounts. My question is, how long after establishing credit with a secured card can one apply for a traditional card? I don't want anything extravagant, just something to use for recurring expenses. We have no debt and the goal is to reach the 800's. I don't want to apply, get turned down and then suffer a hit for the application and denial.
Welcome to the forums. Personally, I would wait at least six months. Its possible you could get approved sooner, but that would give you a good change at some cards with a decent CL and some rewards. Do you have any negative marks on your credit? Or simply a lack of credit usage in general?
I think Newguy gave you solid advice. You might be new to this but it appears you have a decent score that would get you in to most of the prime cards. Maybe small CL but it would get you in. You could try for a Discover or Amex and go from there at this point if you have no serious negatives reporting. I would grab another card, even another from Cap1 as I dont see any reason you should have a secured card. Then I would garden and not app for 6 months to a year at least.
NFCU Visa 30k | NFCU Platinum 30k | Cap1 QS 12K | Cap1 QS 11.5K | Barclay MC 9k | Delta Gold Amex 30K | Discover IT 14K | CFNA FS 3200 | CareCredit 20k| Paypal Credit 5k |
@Anonymous wrote:No credit history at all so no negatives. I just want to wait the appropriate amount of time to ensure that I don't get denied. Should I keep the secured card if and when I do get an unsecured CL or can I cash out. I only put down $200 so it's not like it would hurt to keep it open.
I am assuming that the secured card has an AF, is that correct? If so, I would leave it open until you have a few more cards, and then close it.
Not having any negatives is great. The biggest thing holding you back is payment history (or lack thereof), and that is addressed with time. I would personally wait for six months. Honestly, you could probably get a Quicksilver One after a few months, but I would still wait just to be sure, and to open up the amount of cards available to you.
@Anonymous wrote:Roger that. It does have an AF, unless it was a one time deal. I can wait, and I usually charge only half the limit each month and pay it off completely. I've lived without credit for so long it just seems like a hassle having to pay a bill just to use my own money. But we have real estate aspirations that will require us both to have good credit so it's a necessary evil.
With a limit of $350, honestly, just make a purchase once a month for 15-20 bucks. Let that balance report, pay it off in full as soon as it does, and repeat for six months. Using the card more than that and paying multiple times a month, while possibly making Cap 1 happy, doesn't do anything for your score.
