topic Re: Looking for advice on my next cards (young/thin file) in Credit Card Applications

Looking for advice on my next cards (young/thin file)

Anonymalous — Tue, 22 Feb 2022 21:41:17 GMT

Could use some advice. I had no credit history nine months ago when I got my first personal card. Four months ago, I got added as an AU to an old store card, and became scoreable. Three months ago, I applied for another card, got rejected, then applied and got accepted for what became my second personal card.

Thanks to the AU card, my scores started very high (EQ8 was 784), but I've learned it varies from lender to lender whether that counts. Whatever my scores, I'm still a very young and thin file. My scores are also very sensitive. I lost about 45 points on EX8 when I got my second card, apparently due to 1 HP and AAoA dropping from 11 to 8 years.

Sounds like I could use 1 to 3 more cards to optimize my scores. I'm interested in the Citi Custom Cash, a flat 2% card (probably the FNBO Evergreen), and an Elan Max Cash Preferred, in that order. I'd like functional SLs. Basics:

EX8 731, EQ9 752
AAoA 8 years

1/6 and 2/12 new accounts
4 HPs (EX 1, EQ 1, TU 2)

Do I have a chance? (Particularly the Citi, maybe the Elan.) If I do, what order should I apply for them? And when? Spree, or spaced out? Will waiting help my SLs/chances, or be counter productive? If I wait 3 months, my oldest account will hit the 1 year mark, and so will 2 HPs (1 on EQ 1, 1 on TU). I can do an SSL with Navy Fed, if that helps.

I know my questions are a bit vague, so I appreciate any help.

Re: Looking for advice on my next cards (young/thin file)

CYBERSAM — Tue, 22 Feb 2022 22:11:49 GMT

The longer you wait and garden, the healthier your profile would be! Having said that, if you are not going after any loans then why not grab some cards that would grow with you! Your score is going to drop little more, even if you add 3 CCs it should not go under 700.

FNBO, Citi and Discover are great cards to start and they can grow nicely over time... SP CLI and you can reduce standard APR with them in the future.

In couple of years your score would bounce back and you'll have a stronger profile moving forward.

You are in great shape, just keep the balance low and should have excellent score for the future.

Re: Looking for advice on my next cards (young/thin file)

Remedios — Tue, 22 Feb 2022 22:48:16 GMT

Citi isn't too fond of young profiles, no idea how much weight they place on AU accounts. I'd wait.

FNBO, my 19 year old got approved few weeks ago for $10,000. She has AU accounts on her CR, but she also had 3 of her own at the time she applied, oldest one being 10 months. She got exactly what prequal showed.

Elan and US Bank, you might get approved but it also might be struggle limit. I would wait with them, too.

Applying to improve scores isn't really a way to go about anything. If you have the need for more accounts, go for it.

If you don't, wait till you understand your spending better and can chose card to fit your needs. Don't force yourself to pick cards now unless you truly need them, getting approved with young file is hard enough, app sprees (three cards would fit the description) aren't a good look on young files.

I really don't think you should go for 3 cards. Pick one and let it age.

Re: Looking for advice on my next cards (young/thin file)

Anonymalous — Tue, 22 Feb 2022 23:57:45 GMT

@Remedios, I'm not suggesting an app spree. I'm 9 months in, and I have exactly two cards, less than your daughter and probably far below the average on this forum. And as I suggested, I'm debating waiting at least for my oldest card to age past a year. I don't seem to have the gene for the strange compulsion that drives people to collect dozens of cards. If anything, I need to be prodded to stop doing research and apply.

I'm just not sure where to go from here. I'd prefer to just be able to pick a couple cards I want, and keep them them forever. But the credit game (which I think it is, despite your dislike of the term) seems to encourage card hopping, starting with beginner cards with low limits, and then slowly switching to new cards with better rewards and better limits, leaving a detritus of closed or sockdrawered cards behind. That I haven't started with more cards may be hurting me, because my prequal for the Evergreen showed less than half what your daughter got. I'm really asking about the next step, and maybe the one after that. If not now, then 3 months? 12? 10 years?

Thanks for the advice on Citi. Found that out the hard way with Chase.

Re: Looking for advice on my next cards (young/thin file)

Anonymous — Tue, 22 Feb 2022 23:51:59 GMT

If I were you, I would probably apply for the FNBO Evergreen if you get a preapproval on their site. I would also try to get an SSL from NFCU if you can. After that you need to garden a while. Preferably for about a year. Then you can consider applying for other cards. I doubt Citi and Elan would go anywhere near you right now. It's all up to you. Keep us posted on what you do and good luck.

Re: Looking for advice on my next cards (young/thin file)

FinStar — Wed, 23 Feb 2022 02:58:25 GMT

@Anonymalous wrote:
@Remedios, I'm not suggesting an app spree. I'm 9 months in, and I have exactly two cards, less than your daughter and probably far below the average on this forum. And as I suggested, I'm debating waiting at least for my oldest card to age past a year. I don't seem to have the gene for the strange compulsion that drives people to collect dozens of cards. If anything, I need to be prodded to stop doing research and apply.

I'm just not sure where to go from here. I'd prefer to just be able to pick a couple cards I want, and keep them them forever. But the credit game (which I think it is, despite your dislike of the term) seems to encourage card hopping, starting with beginner cards with low limits, and then slowly switching to new cards with better rewards and better limits, leaving a detritus of closed or sockdrawered cards behind. That I haven't started with more cards may be hurting me, because my prequal for the Evergreen showed less than half what your daughter got. I'm really asking about the next step, and maybe the one after that. If not now, then 3 months? 12? 10 years?

Thanks for the advice on Citi. Found that out the hard way with Chase.

Citi and ELAN are definitely not going to be fruitful results, especially for the 2 particular cards you are targeting. So, as far as your next step, just wait things out. These particular products aren't going anywhere.

The next step would be to revisit things in ~6 months. You can retry FNBO again to see whether much changed between your recent attempt and ~6 months from now -- things like SL and APR. As far as Citi and ELAN, temper expectations. It's possible you could be approved, but there's nothing that any of us can predict as far as SLs or APRs. $500 is the lowest SL that both ELAN and Citi are known to approve.

A SSL is not really a requirement since that would basically lower your AAoA (again) and any recent denial reasons didn't seem to indicate you were missing that [installment loan] component in your overall profile. The decision is up to you if you want to add it, but I personally wouldn't unless there was some necessity.

Re: Looking for advice on my next cards (young/thin file)

Anonymalous — Thu, 24 Feb 2022 00:18:23 GMT

Thanks for the general advice, @CYBERSAM. And thanks for the advice on Citi and Elan, @Anonymous and @FinStar. I'll rule them out, at least for a while. It also indirectly confirms my earlier decision to rule out a local credit with flat 2% CB card, on the grounds that local CUs tend to have somewhat conservative underwriting.

That leaves the Evergreen. I probably won't wait 6 months, because that doesn't seem to be a natural break point. I might try this month, because while the prequal SL may not have been what I hoped, it wasn't too bad, and the APR was better than I expected (in the lower half of the range). But I might wait 3-4 months, because that would allow my oldest account to age past a year.

Re: Looking for advice on my next cards (young/thin file)

FinStar — Thu, 24 Feb 2022 00:37:02 GMT

@Anonymalous wrote:
Thanks for the general advice, @CYBERSAM. And thanks for the advice on Citi and Elan, @Anonymous and @FinStar. I'll rule them out, at least for a while. It also indirectly confirms my earlier decision to rule out a local credit with flat 2% CB card, on the grounds that local CUs tend to have somewhat conservative underwriting.

That leaves the Evergreen. I probably won't wait 6 months, because that doesn't seem to be a natural break point. I might try this month, because while the prequal SL may not have been what I hoped, it wasn't too bad, and the APR was better than I expected (in the lower half of the range). But I might wait 3-4 months, because that would allow my oldest account to age past a year.

If you're looking for 2% alternatives, unless you're specific targeting FNBO as the only absolute, the SYNCB PayPal 2% Cashback is another option.

Re: Looking for advice on my next cards (young/thin file)

HeavenOhio — Thu, 24 Feb 2022 00:45:04 GMT

@Anonymalous, for most cards, I'd suggest applying when your older card is a year old and your newer one is six months old.

Discover would be an exception. I think you could grab that right now. Check their pre-qual. If you grab Discover now, wait six months before your next application.

Don't think about US Bank unless you've gardened for a year. You'd probably also benefit from the thicker file you'll have down the road.

Re: Looking for advice on my next cards (young/thin file)

Anonymalous — Thu, 24 Feb 2022 01:00:03 GMT

@FinStar wrote:
If you're looking for 2% alternatives, unless you're specific targeting FNBO as the only absolute, the SYNCB PayPal 2% Cashback is another option.

Good suggestion, but I decided I didn't want to deal with PayPal.

Re: Looking for advice on my next cards (young/thin file)

Anonymalous — Thu, 24 Feb 2022 01:12:53 GMT

@HeavenOhio wrote:
@Anonymalous, for most cards, I'd suggest applying when your older card is a year old and your newer one is six months old.

Discover would be an exception. I think you could grab that right now. Check their pre-qual. If you grab Discover now, wait six months before your next application.

Don't think about US Bank unless you've gardened for a year. You'd probably also benefit from the thicker file you'll have down the road.

More good advice, thanks. The denial I got from Chase was for the Freedom Flex, and the Discover It seemed like a good alternative, so I tried the prequal shortly after. But while the usual cards showed up, I changed my mind and decided I didn't want to deal with rotating categories. That's why I had my eye on the Citi Custom Cash, with a category based on spend; and on the Elan Max Cash Preferred, whose categories are set once and then persist (which is apparently not the case with the US Bank Cash+). Oh, well. Maybe in the future.

Though if I were starting all over again, I might have gone with Discover as my first card.

Re: Looking for advice on my next cards (young/thin file)

FinStar — Thu, 24 Feb 2022 01:59:47 GMT

@Anonymalous wrote:
@FinStar wrote:
If you're looking for 2% alternatives, unless you're specific targeting FNBO as the only absolute, the SYNCB PayPal 2% Cashback is another option.
Good suggestion, but I decided I didn't want to deal with PayPal.

Fair enough👍

Re: Looking for advice on my next cards (young/thin file)

FishingGuy — Fri, 25 Feb 2022 19:08:22 GMT

IMHO, I would add a card or two now so that they begin to age, and be concerned about building your credit on a long term basis, and not so concerned with rewards. Discover & FNBO may be a good option, if you have medical, dental or vet bills Care Credit may be one to consider.... though it's Synchrony that line usually grows rapidly.

I would even consider a "self lender" type of loan, for the highest amount you can deposit monthly, that the bank or credit union allows. In 12 months.... you'll be in a whole different situation.... in 12 months it shows as the loan was paid in full and helps on your build.