topic Re: First time credit card applicant, nervous! in Credit Card Applications

First time credit card applicant, nervous!

Anonymous — Thu, 01 Jun 2017 19:08:27 GMT

Hi everyone. I've been reading the myFICO community boards for a while contemplating applying for a credit card. Been a little scared/nervous to even get one, but here I am. I've been asking friends and family for suggestions, but I'm not getting too much help from them, so I thought I ask here where I know I could get some good feedback. I'd really appreciate suggestions for a good first credit card, that I'd would likely get approved for, and also won't take a huge hit to my scores when applying. I was thinking about applying for either the Capital One Quicksilver or the Citi Double Cash because I wanted a rewards card. But the more I read about the hit people take from applying for the Capital One card, I don't know if it would be worth it, or if my scores are even good enough for that card. Should I apply for a secured card instead, and worry about rewards later?

Another piece I want to keep in mind, now that I'm actively monitoring my scores and credit reports, is that I'll likely be moving to an apartment in a few months which will be affected by how my score changes due to this new credit card. That application will also add another inquiry to my report, I don't want to end up in the 500s, and I'm worried about that since it will be 2 new inquiries within 2-3 months. How much of a problem do you think I'd have applying for an apartment, so close to applying for a credit card, and how much of a problem for my score do you think it would be?

My FICO scores (Equifax: 691, TU: 714, Experian: 695)

Payment History: Very Good (no missed payments)

I only have 1 open account (student loan)

Credit History: longest account 8 yrs, AAoA: 6.5 yrs

I hope my questions make sense, I'm kind of jumping all over the place. Thanks for your help!

Re: First time credit card applicant, nervous!

Anonymous — Thu, 01 Jun 2017 19:35:03 GMT

Not sure on the apartment question ... but with those scores and so few new accounts, my first target would be a Chase card that is suitable to your needs/desires.

Re: First time credit card applicant, nervous!

CreditInspired — Thu, 01 Jun 2017 20:20:08 GMT

@Anonymous wrote:

Another piece I want to keep in mind, now that I'm actively monitoring my scores and credit reports, is that I'll likely be moving to an apartment in a few months which will be affected by how my score changes due to this new credit card. That application will also add another inquiry to my report, I don't want to end up in the 500s, and I'm worried about that since it will be 2 new inquiries within 2-3 months. How much of a problem do you think I'd have applying for an apartment, so close to applying for a credit card, and how much of a problem for my score do you think it would be?

My FICO scores (Equifax: 691, TU: 714, Experian: 695)
Payment History: Very Good (no missed payments)
I only have 1 open account (student loan)
Credit History: longest account 8 yrs, AAoA: 6.5 yrs

I hope my questions make sense, I'm kind of jumping all over the place. Thanks for your help!

IMO, you'll be okay on renting an apartment with your scores and number of inquiries. Apartments now use tenant screening services and their major concerns are have you ever been evicted from an apartment, do you pay your rent on time, have you filed bankruptcy in the last 10 years, do you have any judgements against you, do you owe any landlords any monies, and do you have a crimial record. If you are good on those fronts, the apartment is yours with your scores. Two new inquiries will not cause your scores to drop a 100 points. Good luck to you.

Re: First time credit card applicant, nervous!

dragontears — Thu, 01 Jun 2017 20:24:25 GMT

A few inquiries and a new account is not going to drop your scores 100 points, in fact there is a good chance getting a credit card and using it responsibly will raise your score.
I disagree with the chase suggestion, chase normally doesn't want to be your very first card (they tend to prefer that you have 6 to 12 months of history with another card).
Have you done the prequal on cap1 website?

Re: First time credit card applicant, nervous!

Gidgetmom — Thu, 01 Jun 2017 20:40:29 GMT

You are pretty good with most lenders with those scores (YMMV), but they will probably charge you mid to upper APR's.

You have to find the card that works for you. Figure out how you want to use the card and find one that will reward you for that spend. That's the best advice I can give!

You'll take a slight drop for the INQ and new account, but it should rebound nicely with ontime payments and low utilization reporting.

Re: First time credit card applicant, nervous!

Anonymous — Thu, 01 Jun 2017 21:03:05 GMT

@CreditInspired thank you! I'm good on those accounts regarding the apartment, so that makes me feel better. I might be over estimating how much the credit card inquiry will hit my score. I just want to be cautious. I guess I could see things snowballing downhill if I get denied for a card, then try and apply for another one and now I'm at 590 lol

Re: First time credit card applicant, nervous!

Anonymous — Thu, 01 Jun 2017 21:12:07 GMT

Chase Credit Journey is free and will show you pre-qualifications that are somewhat accurate.

Discover prequal page also is somewhat accurate especially if it shows you an APR range of 3% or so.

Re: First time credit card applicant, nervous!

Anonymous — Thu, 01 Jun 2017 21:14:51 GMT

@dragontears wrote:
A few inquiries and a new account is not going to drop your scores 100 points, in fact there is a good chance getting a credit card and using it responsibly will raise your score.
I disagree with the chase suggestion, chase normally doesn't want to be your very first card (they tend to prefer that you have 6 to 12 months of history with another card).
Have you done the prequal on cap1 website?

That's good to know about Chase, thank you.

I have done the pre approval on the capital one website but I think where I question whether I should apply is according to my FICO scores I'm in the "Fair" credit score range and this card is reserved for "good" credit, but according to Capital One's description I'd say I would fall into "Excellent Credit," because if student loans count, I've made on time payments for over 3 years and haven't defaulted or have any negative payment history. So according to them I would possibly qualify for the Quicksilver card or the Venture card, but seeing my FICO scores, I'm not sure. I don't want to be declined for aiming too high on my first card.

Re: First time credit card applicant, nervous!

AverageJoesCredit — Thu, 01 Jun 2017 21:20:31 GMT

Check out the Amex prequals as well. If you can get get one of those, the credit limit s can grow very fast the first year and a half and may help you land orher csrds that catch your interest. Good luck on your journey, being cautious means you care so make your profile work for you

Re: First time credit card applicant, nervous!

Anonymous — Thu, 01 Jun 2017 21:20:55 GMT

@Gidgetmom wrote:
You are pretty good with most lenders with those scores (YMMV), but they will probably charge you mid to upper APR's.

You have to find the card that works for you. Figure out how you want to use the card and find one that will reward you for that spend. That's the best advice I can give!

You'll take a slight drop for the INQ and new account, but it should rebound nicely with ontime payments and low utilization reporting.

My primary use would be for everyday purchases, gas, groceries, and I'd pay it off monthly. At the moment I only use a debit card, and I'm only now looking into a credit card because hotel reservation/car rentals etc. have been a pain, and I also want to diversify my mix of credit.

Thank you for your input!

Re: First time credit card applicant, nervous!

Anonymous — Thu, 01 Jun 2017 21:22:49 GMT

@Anonymous wrote:
Chase Credit Journey is free and will show you pre-qualifications that are somewhat accurate.

Discover prequal page also is somewhat accurate especially if it shows you an APR range of 3% or so.

Thank you!

I considered Discover, but was worried about it not being accepted everywhere.

Re: First time credit card applicant, nervous!

Anonymous — Thu, 01 Jun 2017 21:25:18 GMT

@Anonymous wrote:
Hi everyone. I've been reading the myFICO community boards for a while contemplating applying for a credit card. Been a little scared/nervous to even get one, but here I am. I've been asking friends and family for suggestions, but I'm not getting too much help from them, so I thought I ask here where I know I could get some good feedback. I'd really appreciate suggestions for a good first credit card, that I'd would likely get approved for, and also won't take a huge hit to my scores when applying. I was thinking about applying for either the Capital One Quicksilver or the Citi Double Cash because I wanted a rewards card. But the more I read about the hit people take from applying for the Capital One card, I don't know if it would be worth it, or if my scores are even good enough for that card. Should I apply for a secured card instead, and worry about rewards later?

Another piece I want to keep in mind, now that I'm actively monitoring my scores and credit reports, is that I'll likely be moving to an apartment in a few months which will be affected by how my score changes due to this new credit card. That application will also add another inquiry to my report, I don't want to end up in the 500s, and I'm worried about that since it will be 2 new inquiries within 2-3 months. How much of a problem do you think I'd have applying for an apartment, so close to applying for a credit card, and how much of a problem for my score do you think it would be?

My FICO scores (Equifax: 691, TU: 714, Experian: 695)
Payment History: Very Good (no missed payments)
I only have 1 open account (student loan)
Credit History: longest account 8 yrs, AAoA: 6.5 yrs

I hope my questions make sense, I'm kind of jumping all over the place. Thanks for your help!

Why don't you take a look at your bank's credit card offerings? Thats what I did when I applied for my first card. Got the lowest APR on a Chase Visa. Used it to finance a honeymoon to Disney World. My personal opinion: I think having a checking/savings account at the bank where you apply for a card has a significant impact on approval odds, APRs, etc. They can see regular deposits, account activity. Most banks I think at this point have some sort of rewards credit card offering. Just a suggestion, good luck!

Re: First time credit card applicant, nervous!

Anonymous — Thu, 01 Jun 2017 21:23:54 GMT

@AverageJoesCredit wrote:
Check out the Amex prequals as well. If you can get get one of those, the credit limit s can grow very fast the first year and a half and may help you land orher csrds that catch your interest. Good luck on your journey, being cautious means you care so make your profile work for you

Thank you!

Re: First time credit card applicant, nervous!

Anonymous — Thu, 01 Jun 2017 21:24:38 GMT

Amex BCE would be an excellent choice.

If you're planning on travel, going with the ED for MR would be helpful perhaps

Re: First time credit card applicant, nervous!

Anonymous — Thu, 01 Jun 2017 21:30:44 GMT

@Anonymous wrote:
Amex BCE would be an excellent choice.

If you're planning on travel, going with the ED for MR would be helpful perhaps

Thank you! I will take a look at AMEX.

Re: First time credit card applicant, nervous!

Anonymous — Thu, 01 Jun 2017 21:34:03 GMT

Also, I think there was a post listed and deleted suggesting to look at my bank for credit cards. I thought about that, but I use a local bank (Suntrust), and I hadn't heard much or good things about their cards. They actually offered me a card maybe 1 year ago, maybe more, but I was not interested in credit cards (wanted to avoid at all costs). I guess I should have accepted it then.

Re: First time credit card applicant, nervous!

Anonymous — Thu, 01 Jun 2017 21:36:42 GMT

So far I've never had an issue with my Discover being accepted anywhere in the US. Was recently in the Caribbean and it was even accepted in many port cities, which was very surprising.

I'd do Chase first, then Amex, then Citi and call it quits for 6-12 months.

Re: First time credit card applicant, nervous!

Anonymous — Thu, 01 Jun 2017 21:40:31 GMT

It was mine, lol. Not sure why it got deleted. Kept trying to edit it, maybe that's why. My bank is how I got started with credit cards, figured it was a good way to go at the time since I already banked with Chase anyway. If Suntrust has an online prequal, give it a shot and see if anything comes up. If your primarily using it for everyday expenses anyway, might be a good way to get your foot in the world of credit. Better cards will come in time.

Re: First time credit card applicant, nervous!

Anonymous — Fri, 02 Jun 2017 03:12:20 GMT

I'd consider a Suntrust prequal too, if you can. Some people would hesitate getting a credit card from where they bank, but if you are primarily using it just to get your foot through the door, it shouldn't be an issue. Show good payment history for 6 months-1 year and you'll have much better opportunities (starting lines, apr rates, etc.) with more attractive credit card offerings in the future. That Quicksilver and DoubleCash will be much better offers after you generate some positive history, for instance. Good luck to you!

Re: First time credit card applicant, nervous!

Anonymous — Fri, 02 Jun 2017 05:00:44 GMT

I started this January to build my revolving credit...

First Card: Capital One Platinum (After 3 months Changed to Quicksilver) It has nice earning potential with 1.5% Cashback I'd Suggest: Platinum and trying to upgrade or going for QS.

Second Card: Amazon Chase. I'd Suggest: Amazon Version but if your not a Amazon shopper maybe you can check Chase prequal site

I also acquired the AMEX ED and BCE after I added some history. The BCE is my favorite card at the moment. My scores were 690-710 when I applied. I went through the prequal part of the site and picked up awesome sign up bonuses.

I did get a College Cash Back card from Wells Fargo. So if you want to it's worth a shot to talk to SunTrust for sure and see what they have to offer.

My scores didn't change much from the inquires and new accounts. They dropped a little then rebounded in the next month so I wouldn't worry about that too much.

Good Luck on whichever cars you pick!! 😃