topic Re: Getting a New Credit Card in Credit Card Applications

Getting a New Credit Card

Anonymous — Tue, 15 Sep 2015 04:26:41 GMT

So I posted before, however I used Credit Karma to receive my credit scores and I read that CK was absolutely inaccurate lol....

So I pulled my actual scores and heres what they are.

EQ:633

TU:668

EX:672

I currently have one credit card I received July 31, 2015. (From Cap One) Platinum Card.

I have fixed my util rate back to 0%. I have nothing to pay on the card. It was $250ish but I just paid it off for to complete my statement.

I am now ready to get a new card. My question is, how soon should I wait before applying for a new card?
I don't want too many inq's on my report. I have 3 HPs. 2 rejected CC companies from when I first started back in Feb/Mar of 2015 earlier this year.

And the 1 HP from July 2015.

So my questions is.

How much longer should I wait to apply for a card and what cards should I aim for?

Re: Getting a New Credit Card

OmarGB9 — Tue, 15 Sep 2015 05:57:25 GMT

Typically waiting at least 6 months is good, a year is even better. You could try going for another card now if you want since you only really have one inquiry in the last 6 months. Although I'd advise to let your scores increase a bit first, and also don't pay down your card to zero. Leave a tiny balance (under 10% of limit) and let it report for optimal scoring.

Re: Getting a New Credit Card

Anonymous — Tue, 15 Sep 2015 05:57:29 GMT

Given your short history you might want to try Discover if you're looking for a major cc. Perhaps, a store credit card to help build your credit if that's what you're looking to do.

Re: Getting a New Credit Card

Anonymous — Tue, 15 Sep 2015 06:19:48 GMT

If it's me i'd try out with AmEx then get a store card or two. Walmart or Amazon perhaps?

I remember when I first got my Costco TE AmEx I had my EX about the same as yours with 2 other credit cards in my file.

AmEx likes thin files. But they'll most likely ask for income verification. That's what they did to me.

Or if you're not too keen on getting the AmEx just get two store cards. Garden for about 6 months and keep your util at a low.

Re: Getting a New Credit Card

Anonymous — Tue, 15 Sep 2015 06:25:46 GMT

Well not trying to do amex yet.

Would barclays be a good start?

Re: Getting a New Credit Card

ddemari — Tue, 15 Sep 2015 06:42:04 GMT

@Anonymous wrote:
So I posted before, however I used Credit Karma to receive my credit scores and I read that CK was absolutely inaccurate lol....

So I pulled my actual scores and heres what they are.
EQ:633
TU:668
EX:672
I currently have one credit card I received July 31, 2015. (From Cap One) Platinum Card.
I have fixed my util rate back to 0%. I have nothing to pay on the card. It was $250ish but I just paid it off for to complete my statement.
I am now ready to get a new card. My question is, how soon should I wait before applying for a new card?
I don't want too many inq's on my report. I have 3 HPs. 2 rejected CC companies from when I first started back in Feb/Mar of 2015 earlier this year.
And the 1 HP from July 2015.
So my questions is.
How much longer should I wait to apply for a card and what cards should I aim for?

Your newest card and only card is from July 2015? so we are talking about 2 months of history which probably did wonders in bringing up your scores! congrats on that.

Chase will want to see history at least 12 months. Barclays im 50/50 on because back inthe day I had a 679 Tu and 2 inquiries and applied for NFL card and denied due to short credit history, just under a year (mind you this was quit a few years back). Amex has been known to let poeple in with short credit history, they gave me my first credit card at 18, granted that was years ago. But you could have luck with the Delta cardl.

If I were you, I would check the prequal at capitalone. i know you have a card of theirs already, but they love giving out more. Maybe apply for a quicksilver visa? see if they have any offers for you. they are a sure bet usually and espcially with those scores.

BOA might give you a platinum cash rewards visa with low limit that can grow or offer you the 99/500 partially secured option.

You have options. I would check prequals and see whats out there. Capitalone Is looking good though to me still and then a years down the road you can diversify your lenders.

Re: Getting a New Credit Card

Anonymous — Tue, 15 Sep 2015 07:33:11 GMT

Thinking of doing Cap1 QS Visa.

Any idea on what my CL would be?

Kinda of want to be in the 1k+

Tired of my $300 CL on my Cap1 Plat. lol.

Re: Getting a New Credit Card

Anonymous — Tue, 15 Sep 2015 08:27:32 GMT

@Anonymous wrote:
Well not trying to do amex yet.
Would barclays be a good start?

Barclays might let you in. They do approve scores within your range but the problem is the history.

So far the only ones I know that are willing to approve short history are Discover, AmEx, and CapOne. But i'm more confident on the last two.

My first three credit cards were BoA ($300 Secured), CapOne ($500 SL), and Amex ($5,000 SL). Applied and approved in that order.

This was in 2013 and I had 0 credit history back then. Hope this helps.

Re: Getting a New Credit Card

Anonymous — Tue, 15 Sep 2015 15:18:06 GMT

Re: Getting a New Credit Card

Callandra — Tue, 15 Sep 2015 16:31:02 GMT

@Anonymous wrote:
Thinking of doing Cap1 QS Visa.

Any idea on what my CL would be?
Kinda of want to be in the 1k+
Tired of my $300 CL on my Cap1 Plat. lol.

I believe the QS Visa starts at a $3k CL.

Your scores are right for Barclays but if you only have two months of payment history, it might not be enough for them. Amex and Discover like thin files (do you have any other credit? Loan, baddies, anything?) so you could look into them. A lot of the other banks like Chase, etc. will probably want more payment history. If there's a store you like to shop at, you could try for their store card too. Otherwise, I would wait until you have 6-12 months of payment history on Cap1 and then just go for the cards you really want.

Re: Getting a New Credit Card

Anonymous — Tue, 15 Sep 2015 16:45:31 GMT

After hours of searching, I am going to apply for NFCU cash rewards. Going to use my brother to get me in.

Any final thoughts?

Re: Getting a New Credit Card

SouthJamaica — Tue, 15 Sep 2015 18:45:39 GMT

@Anonymous wrote:
Well not trying to do amex yet.
Would barclays be a good start?

Pros:

The Barclay Reward cards is not too hard to get, is very good on cash rewards for groceries, utilities, and gas, is user friendly on cashing in your rewards, reviews you for auto CLI's at 6 month intervals, and gives you a free TU FICO score which isn't updated too frequently.

Cons:

It is prohibitively high priced for carrying balances, cash advances, and balance transfers, and CLI requests are always hard pulls.

Bottom line:

I think it's the right card for you to apply for at this stage.