topic Re: Newbie here with some questions in Credit Card Applications

Newbie here with some questions

Anonymous — Thu, 11 Feb 2016 01:12:53 GMT

Hey all!

I am new here! I'm 21 years old and am trying to build my credit from scratch. I avoided credit cards/loans for the longest time, and now I am regretting the thin file that comes with that. But I'm here now and I am in need of some advice. So first a little background on my credit...

in May '14 I applied for an auto loan and was approved with no credit, but didn't accept the offer... paid cash for the car instead.

in Sep '14 I applied for an appartment lease. Approved and have never missed a payment.

in May '15 I applied for a Huntington Voice card and was denied because of my thin file.

in Aug '15 I applied for a Sallie Mae Loan for school and was denied again.

In Nov '15 Applied and Approved for a USAA Secured card with a $300 limit. I never carry a ballance and use 10% or less of my credit.

Yesterday Applied for a Credit One pre approved offer and canceled it 10 mins later after seeing pages of horror stories...

My score in December '15 was 554(Experian)... and since having the secured card my credit is now at 670. (Equifax-652)

I am going to be ending my lease early on my apartment (roommate issues ) which I know will affect my credit score negatively. But I am in need of a new car and I will have to either get a loan or a lease on something.

So my question to you veterans is this: How long after opening your first card should you apply for another card? Or should I avoid that with all of this with all of these upcoming factors.

Thanks guys, I look forward to your suggestions!

Re: Newbie here with some questions

Anonymous — Thu, 11 Feb 2016 01:57:52 GMT

@Anonymous wrote:
Hey all!

I am new here! I'm 21 years old and am trying to build my credit from scratch. I avoided credit cards/loans for the longest time, and now I am regretting the thin file that comes with that. But I'm here now and I am in need of some advice. So first a little background on my credit...

in May '14 I applied for an auto loan and was approved with no credit, but didn't accept the offer... paid cash for the car instead.
in Sep '14 I applied for an appartment lease. Approved and have never missed a payment.
in May '15 I applied for a Huntington Voice card and was denied because of my thin file.
in Aug '15 I applied for a Sallie Mae Loan for school and was denied again.
In Nov '15 Applied and Approved for a USAA Secured card with a $300 limit. I never carry a ballance and use 10% or less of my credit.
Yesterday Applied for a Credit One pre approved offer and canceled it 10 mins later after seeing pages of horror stories...

My score in December '15 was 554(Experian)... and since having the secured card my credit is now at 670. (Equifax-652)

I am going to be ending my lease early on my apartment (roommate issues ) which I know will affect my credit score negatively. But I am in need of a new car and I will have to either get a loan or a lease on something.

So my question to you veterans is this: How long after opening your first card should you apply for another card? Or should I avoid that with all of this with all of these upcoming factors.

Thanks guys, I look forward to your suggestions!

Welcome to MyFico

There is no need to wait if youre considering another card. What card are you looking at? I wuld check CapitalOne's preapproval site and see if anything comes up. If not, you may have to go with another secured card until your credit file ages a bit.

Re: Newbie here with some questions

Anonymous — Thu, 11 Feb 2016 02:21:21 GMT

@Anonymous wrote:
@Anonymous wrote:
Hey all!

I am new here! I'm 21 years old and am trying to build my credit from scratch. I avoided credit cards/loans for the longest time, and now I am regretting the thin file that comes with that. But I'm here now and I am in need of some advice. So first a little background on my credit...

in May '14 I applied for an auto loan and was approved with no credit, but didn't accept the offer... paid cash for the car instead.
in Sep '14 I applied for an appartment lease. Approved and have never missed a payment.
in May '15 I applied for a Huntington Voice card and was denied because of my thin file.
in Aug '15 I applied for a Sallie Mae Loan for school and was denied again.
In Nov '15 Applied and Approved for a USAA Secured card with a $300 limit. I never carry a ballance and use 10% or less of my credit.
Yesterday Applied for a Credit One pre approved offer and canceled it 10 mins later after seeing pages of horror stories...

My score in December '15 was 554(Experian)... and since having the secured card my credit is now at 670. (Equifax-652)

I am going to be ending my lease early on my apartment (roommate issues ) which I know will affect my credit score negatively. But I am in need of a new car and I will have to either get a loan or a lease on something.

So my question to you veterans is this: How long after opening your first card should you apply for another card? Or should I avoid that with all of this with all of these upcoming factors.

Thanks guys, I look forward to your suggestions!

Welcome to MyFico

There is no need to wait if youre considering another card. What card are you looking at? I wuld check CapitalOne's preapproval site and see if anything comes up. If not, you may have to go with another secured card until your credit file ages a bit.

Their website says I'm pre-aproved for the Capital One Platinum card with 24.9%apr... no clue on the cl. They also recomended their Quicksilver One card with 0% for 6mo and 1.5%cash back... though I'm not sure if that counts as a pre-approval.

My fear is that I already have several hp on my credit... and I fear adding another with my history being realitively new and getting an auto loan sometime this summer/fall.

Re: Newbie here with some questions

Anonymous — Thu, 11 Feb 2016 03:14:48 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
Hey all!

I am new here! I'm 21 years old and am trying to build my credit from scratch. I avoided credit cards/loans for the longest time, and now I am regretting the thin file that comes with that. But I'm here now and I am in need of some advice. So first a little background on my credit...

in May '14 I applied for an auto loan and was approved with no credit, but didn't accept the offer... paid cash for the car instead.
in Sep '14 I applied for an appartment lease. Approved and have never missed a payment.
in May '15 I applied for a Huntington Voice card and was denied because of my thin file.
in Aug '15 I applied for a Sallie Mae Loan for school and was denied again.
In Nov '15 Applied and Approved for a USAA Secured card with a $300 limit. I never carry a ballance and use 10% or less of my credit.
Yesterday Applied for a Credit One pre approved offer and canceled it 10 mins later after seeing pages of horror stories...

My score in December '15 was 554(Experian)... and since having the secured card my credit is now at 670. (Equifax-652)

I am going to be ending my lease early on my apartment (roommate issues ) which I know will affect my credit score negatively. But I am in need of a new car and I will have to either get a loan or a lease on something.

So my question to you veterans is this: How long after opening your first card should you apply for another card? Or should I avoid that with all of this with all of these upcoming factors.

Thanks guys, I look forward to your suggestions!

Welcome to MyFico

There is no need to wait if youre considering another card. What card are you looking at? I wuld check CapitalOne's preapproval site and see if anything comes up. If not, you may have to go with another secured card until your credit file ages a bit.

Their website says I'm pre-aproved for the Capital One Platinum card with 24.9%apr... no clue on the cl. They also recomended their Quicksilver One card with 0% for 6mo and 1.5%cash back... though I'm not sure if that counts as a pre-approval.

My fear is that I already have several hp on my credit... and I fear adding another with my history being realitively new and getting an auto loan sometime this summer/fall.

The pre approval for the platinum card is a pretty good indicator that you'll be approved and you wouldnt know the CL until after yuo apply. The recommendation for the QS One is not any kind of pre approval.

Capital One pulls all 3 credit bureaus so just be aware of that if you do apply.

As long as you dont get crazy a few credit card inquiries wont hurt your chances of an auto loan later this year. There is no requirement that you get another card but over time you want to have at least 3 to maximize your scores. Good luck in whatever route you choose and don't hesitate to ask more questions and participate in the forums.

Re: Newbie here with some questions

Bankrupt2019 — Thu, 11 Feb 2016 04:39:50 GMT

You shouldn't have any credit impact from ending your lease early as long as you are removed from financial obligation. Leases have no direct bearing on credit unless you default and owe money.

Re: Newbie here with some questions

Anonymous — Thu, 11 Feb 2016 22:07:34 GMT

@Bankrupt2019 wrote:
You shouldn't have any credit impact from ending your lease early as long as you are removed from financial obligation. Leases have no direct bearing on credit unless you default and owe money.

Re: Newbie here with some questions

Anonymous — Fri, 12 Feb 2016 04:33:35 GMT

@Anonymous wrote:
@Bankrupt2019 wrote:
You shouldn't have any credit impact from ending your lease early as long as you are removed from financial obligation. Leases have no direct bearing on credit unless you default and owe money.
+1

Thats good to know. I talked to my leasing office and they said that it would have a bearing... but only if I defalted on my remaining 3 payments which I've already budgeted for so that isnt a concern.

Also, I took Irish80's advice and applied for the capital one platinum. They said that they needed 7-10 days to make a decision for approval... which sounds like a dissaproval if you ask me.

Re: Newbie here with some questions

Anonymous — Fri, 12 Feb 2016 05:07:28 GMT

@Anonymous wrote:
Also, I took Irish80's advice and applied for the capital one platinum. They said that they needed 7-10 days to make a decision for approval... which sounds like a dissaproval if you ask me.

You can try recon through the CEO email.

Re: Newbie here with some questions

Anonymous — Fri, 12 Feb 2016 13:11:15 GMT

7-10 day messages aren't necessarily a denial with Cap1. Hubby got the same message and still got both a QS1 and Platinum. Call them and see. Might just be a verification issue.

Re: Newbie here with some questions

Anonymous — Fri, 12 Feb 2016 16:08:13 GMT

@Anonymous wrote:
7-10 day messages aren't necessarily a denial with Cap1. Hubby got the same message and still got both a QS1 and Platinum. Call them and see. Might just be a verification issue.

Thats good to know. I called and didnt really get anywhere, but I havent heard that I was denied (supposedly they send an email)... I might call again today and see if I can get more answers out of the cRep.

Keeping my fingers crossed

Re: Newbie here with some questions

Anonymous — Fri, 12 Feb 2016 17:20:32 GMT

I just called capital one and I have been approved for the platinum!!

CL is $400, but with my limited credit history thats about what I was expecting.

Now I'm just waiting on the postman to bring me my card...

Re: Newbie here with some questions

Anonymous — Fri, 12 Feb 2016 17:35:30 GMT

Congratulations! After about 2 months, ask them to add rewards to that card. And if they say no, ask again each month until you get a yes!

Charge, pay, charge pay. They like that! Make multiple payments if you have to. They like that too!

Re: Newbie here with some questions

Anonymous — Fri, 12 Feb 2016 18:00:25 GMT

@Anonymous wrote:
Congratulations! After about 2 months, ask them to add rewards to that card. And if they say no, ask again each month until you get a yes!

Charge, pay, charge pay. They like that! Make multiple payments if you have to. They like that too!

Sweet! I want to continue to keep my CU >10% but Ive heard c1 likes a lot of usage on their cards. So is it safe to say that I can make multiple payments and only let the statement reach 10% at the end of the billing period?

And I will def ask ab rewards in a few months. CL increases after 5 with on-time payments. I'm also going to try for a CLI from USAA here when I reach the 6mo mark.

Re: Newbie here with some questions

SouthJamaica — Sat, 13 Feb 2016 00:26:08 GMT

@Anonymous wrote:
I just called capital one and I have been approved for the platinum!!

CL is $400, but with my limited credit history thats about what I was expecting.

Now I'm just waiting on the postman to bring me my card...

Nice. Now keep using it and paying it down prior to statement cut, and in time they will increase your credit limit. Capital One will be good to you.

Re: Newbie here with some questions

Anonymous — Sat, 13 Feb 2016 05:25:53 GMT

Congrats!

Re: Newbie here with some questions

thummel — Sat, 13 Feb 2016 05:59:26 GMT

Congrats on your approval! I started with a platnium and it went to 3K after credit steps and I converted to a qs1. Use it well and pay and they will give back to you.

Re: Newbie here with some questions

Anonymous — Sat, 13 Feb 2016 13:47:16 GMT

@Anonymous wrote:
I just called capital one and I have been approved for the platinum!!

CL is $400, but with my limited credit history thats about what I was expecting.

Now I'm just waiting on the postman to bring me my card...

You should go back to the pre-qual site and see if the QS1 comes up. If you qualified for the Plat. you should be qualifies for the QS1. You will most likely not get another HP for the QS1 since Cap1 tends to use 1 pul for a couple of months.

After the 2nd statement cuts on the Plat. you should then call and ask for a PC (Product Change) to the standard Quick Silver card.

The QS1 has an AF of $39 but it has a 1.5% cash reward on every purchase. When you get the card and login for the first time you will see the $39 charge but you can balance it out with cash rewards and when it hits 6mths you can PC it to a Venture or combine it with your QS and get 1 card with a combined CL of the 2 CC's.

Hope that helps.

Blessings...

Re: Newbie here with some questions

Anonymous — Sat, 13 Feb 2016 16:24:15 GMT

@Anonymous wrote:
@Anonymous wrote:
I just called capital one and I have been approved for the platinum!!

CL is $400, but with my limited credit history thats about what I was expecting.

Now I'm just waiting on the postman to bring me my card...
You should go back to the pre-qual site and see if the QS1 comes up. If you qualified for the Plat. you should be qualifies for the QS1. You will most likely not get another HP for the QS1 since Cap1 tends to use 1 pul for a couple of months.

After the 2nd statement cuts on the Plat. you should then call and ask for a PC (Product Change) to the standard Quick Silver card.

The QS1 has an AF of $39 but it has a 1.5% cash reward on every purchase. When you get the card and login for the first time you will see the $39 charge but you can balance it out with cash rewards and when it hits 6mths you can PC it to a Venture or combine it with your QS and get 1 card with a combined CL of the 2 CC's.

Hope that helps.

Blessings...

I went back to their pre-qual offer page and I says I dont have any other offers... I did just recieve an offer for another Plat card in the mail though. I called them to see If it had any bearing on my current app (this was bf I knew I was approved) and they said it was for an additional Plat card. I didnt take them up on the second offer though bc of the additional HP.