topic Re: Should I apply for another credit card? in Credit Cards

Should I apply for another credit card?

Anonymous — Tue, 24 Mar 2015 13:26:15 GMT

I'm 18 and I have the CapitalOne Journey card with a $300 limit. My credit score is 713. This is my only card and I got it in October (5 months of credit history now). I also have 6 inquiries (didn't know they were bad.) I pay all my bills in full before they're due. Should I apply for another credit card? If yes, when and which do you recommend? The FICO thing says I should apply for the Chase Freedom based on my credit score, which I kind of want, but I would rather have an AMEX. Also I don't think that chart takes into account that I only have 5 months history.

Re: Should I apply for another credit card?

Anonymous — Tue, 24 Mar 2015 13:40:21 GMT

@Anonymous wrote:
I'm 18 and I have the CapitalOne Journey card with a $300 limit. My credit score is 713. This is my only card and I got it in October (5 months of credit history now). I also have 6 inquiries (didn't know they were bad.) I pay all my bills in full before they're due. Should I apply for another credit card? If yes, when and which do you recommend? The FICO thing says I should apply for the Chase Freedom based on my credit score, which I kind of want, but I would rather have an AMEX. Also I don't think that chart takes into account that I only have 5 months history.

A good score isn't enough to get approved for a card. How does your entire credit profile look like? Chase goes by their internal score in additon to your scores.

Re: Should I apply for another credit card?

L-TWT — Tue, 24 Mar 2015 13:45:00 GMT

@Anonymous wrote:
I'm 18 and I have the CapitalOne Journey card with a $300 limit. My credit score is 713. This is my only card and I got it in October (5 months of credit history now). I also have 6 inquiries (didn't know they were bad.) I pay all my bills in full before they're due. Should I apply for another credit card? If yes, when and which do you recommend? The FICO thing says I should apply for the Chase Freedom based on my credit score, which I kind of want, but I would rather have an AMEX. Also I don't think that chart takes into account that I only have 5 months history.

@congrats on being financially savvy @ 18 to know you CS, when I was that young I had no clue about CS's. But to answer your question, you first must ask yourself, is your $300 CL adequate enough for your monthly spend? B/c trying to open another CC acount with less than 5 months credit history, will leave u with very little choices with reqards to rewards, APR's & nice initial CL's.

Re: Should I apply for another credit card?

Anonymous — Tue, 24 Mar 2015 14:04:29 GMT

@Anonymous wrote:
@Anonymous wrote:
I'm 18 and I have the CapitalOne Journey card with a $300 limit. My credit score is 713. This is my only card and I got it in October (5 months of credit history now). I also have 6 inquiries (didn't know they were bad.) I pay all my bills in full before they're due. Should I apply for another credit card? If yes, when and which do you recommend? The FICO thing says I should apply for the Chase Freedom based on my credit score, which I kind of want, but I would rather have an AMEX. Also I don't think that chart takes into account that I only have 5 months history.
A good score isn't enough to get approved for a card. How does your entire credit profile look like? Chase goes by their internal score in additon to your scores.

what do you mean entire credit profile? what else is there? lol

Re: Should I apply for another credit card?

Anonymous — Tue, 24 Mar 2015 14:04:16 GMT

haha well im looking t

@L-TWT wrote:
@Anonymous wrote:
I'm 18 and I have the CapitalOne Journey card with a $300 limit. My credit score is 713. This is my only card and I got it in October (5 months of credit history now). I also have 6 inquiries (didn't know they were bad.) I pay all my bills in full before they're due. Should I apply for another credit card? If yes, when and which do you recommend? The FICO thing says I should apply for the Chase Freedom based on my credit score, which I kind of want, but I would rather have an AMEX. Also I don't think that chart takes into account that I only have 5 months history.
@congrats on being financially savvy @ 18 to know you CS, when I was that young I had no clue about CS's. But to answer your question, you first must ask yourself, is your $300 CL adequate enough for your monthly spend? B/c trying to open another CC acount with less than 5 months credit history, will leave u with very little choices with reqards to rewards, APR's & nice initial CL's.

haha thank you! and well im looking to see where im prequalified and i got prequalified for BoA and Discover but I've applied for discover before and got denied so i dont want to apply to them again. I want to get an AMEX card asap but i saw somewhere they wont take someone with only 1 credit line

Re: Should I apply for another credit card?

Anonymous — Tue, 24 Mar 2015 14:20:32 GMT

So I just applied for the BankAmericard Cash Rewards Visa Signature Card credit card and got denied... even though I was preapproved

Re: Should I apply for another credit card?

Anonymous — Tue, 24 Mar 2015 14:29:11 GMT

@Anonymous wrote:
So I just applied for the BankAmericard Cash Rewards Visa Signature Card credit card and got denied... even though I was preapproved

Did you use the pre approval link on BoFA's web site? If so, it's not actually a pre approval. It's just marketing.

Re: Should I apply for another credit card?

Anonymous — Tue, 24 Mar 2015 19:14:29 GMT

@Anonymous wrote:
@Anonymous wrote:
So I just applied for the BankAmericard Cash Rewards Visa Signature Card credit card and got denied... even though I was preapproved
Did you use the pre approval link on BoFA's web site? If so, it's not actually a pre approval. It's just marketing.

yes i did. thanks for letting me know. now i know for the future

Re: Should I apply for another credit card?

Anonymous — Tue, 24 Mar 2015 20:02:58 GMT

Got my first CC in Apr2014 & applied for an AMEX BCE in Nov2014 & was approved for $3500. Didn't try any prequal cause I opted out in my last year of high school

Background: I was 19 for both apps, first CC was $500 but I got a $500 CLI a few weeks before AMEX approval (wasn't reported yet though), applied for Macy's two months before AMEX approval, & listed annual income at $15,000 (student)

I say it's not impossible but because you're almost at 6 months I would try for CLI first then apply for a new card

Re: Should I apply for another credit card?

lord_kinbote — Tue, 24 Mar 2015 20:07:06 GMT

@Anonymous wrote:
So I just applied for the BankAmericard Cash Rewards Visa Signature Card credit card and got denied... even though I was preapproved

You just took atleast one inquiry for the app, so I would try to recon. I am not sure how they are on reconsiderations, so maybe someone else can chime in.

Re: Should I apply for another credit card?

Creditaddict — Tue, 24 Mar 2015 20:08:11 GMT

1. I would check pre-qual on chase.com - Those ARE solid pre-approvals

2. I would apply for Amex Everyday, or blue, or delta

3. check pre-qual for capital one for a new better card than journey - those are also SOLID pre-approvals.

4. locate the backdoor number in "Helpful threads" towards the back and call BofA and ask for a reconsideration.

Re: Should I apply for another credit card?

Anonymous — Mon, 20 Apr 2015 09:14:52 GMT

@Anonymous wrote:
Got my first CC in Apr2014 & applied for an AMEX BCE in Nov2014 & was approved for $3500. Didn't try any prequal cause I opted out in my last year of high school

Background: I was 19 for both apps, first CC was $500 but I got a $500 CLI a few weeks before AMEX approval (wasn't reported yet though), applied for Macy's two months before AMEX approval, & listed annual income at $15,000 (student)

I say it's not impossible but because you're almost at 6 months I would try for CLI first then apply for a new card

hi i was just wondering

a) what does CLI mean?

b) which AMEX card did you apply for?

Re: Should I apply for another credit card?

Kirmie2010 — Mon, 20 Apr 2015 10:37:07 GMT

BofA pre approval works finefor me, We recommend, isnt a pre approval. Congratulations! is a pre approval. Did yours have Congratulations! or something else? (confuses alot of people because a denial looks like an approval)

Short history, I wouldnt app for another card for about 2 months. Maybe a cap1 quicksilver now or in a few months a barclay rewards/chase freedom or discover it card.

discover, chase, bofa, usbank, amex, citi all have pre approval sites, you may try those. If it doesnt say Congratulations! first, its not a pre approval.

(Discovers is worded weird as well and seems like an approval)

*edit*
CLI=Credit Limit Increase

and I dunno about the AMEX, they have eluded me thus far!

Re: Should I apply for another credit card?

Anonymous — Mon, 20 Apr 2015 11:58:43 GMT

I would hold off on applying for any more cards for a couple of months. You are continuing to drive inqs onto your report without benefit. After two months have passed, I would check out Chase's prequal site. Freedom is a good card that many people keep as part of their rotation. Additionally, Chase's prequal site is fairly solid; you can generally rely on the results.

Do you bank at a credit union? One of the other good solutions for you might be to apply for a credit card through your credit union (if you have one). Even if it is only $500, it is an improvement on what you have now.