topic Re: Wrong Card Choice?! in Credit Cards

Wrong Card Choice?!

Anonymous — Fri, 31 Jul 2015 16:04:39 GMT

I'm 24 year old graduate student who works full time. I decided to start researching building my credit because I want to consolidate my student loans without a consigner. When I initally applied, my score wasn't strong enough on its own to consolidate. So - here I am on a misson to go from 626/ 631 to 700+ across the board in a year and a half.

Up to this point I had : Three store cards (Limits: $2,500 & 1,300 & $1,000)

AU on a Capital One card ($3,500)

I wanted a card with cash back rewards that I would use for gas, groceries etc. then pay off twice a month. I joined creditkarma to see my scores and the offer that was given to me was for a CapitalOne QuicksilverOne Card. Not knowing any better I applied thinking that the cash back percentage was pretty good across the board (Approved $2,000).

Now - I found myfico and I'm like SHOOT I think I should of applied for a Discover it Card because I really do utlize the things that fall into their 5% rotating categories....would it be bad to now go for the discover it like a week after approval for the CapOne? I dropped 3 points for the hard inquiry for the CapOne.

Thoughts?

Re: Wrong Card Choice?!

kdm31091 — Fri, 31 Jul 2015 16:05:46 GMT

Don't be upset. Quicksilver is a great all purpose spend card.

Show some history (3-6 months) on the QS and then apply for the Discover

Re: Wrong Card Choice?!

Anonymous — Fri, 31 Jul 2015 16:09:57 GMT

+1 kdm

Re: Wrong Card Choice?!

Anonymous — Fri, 31 Jul 2015 16:15:02 GMT

I actually did the same thing. I wasn't as familiar with all the bonus plans and 1.5% sounded a bit better than some other cards I looked at. I don't regret it. My CL has quadrupled since I joined Cap 1.

Discover now has my interest after seeing the 5% perks. I just bought a house and will be utilizing home improvement and dept stores quite a bit through Sept. I have to decide between Discover and Chase now. Chase doesn't like more than 5 new accounts in a 2 year period. This is going to be my 5th new account. I don't think we made a wrong choice. I just think we have to spread our choices out when we are first building our profile. Each step serves a purpose

Re: Wrong Card Choice?!

Anonymous — Fri, 31 Jul 2015 16:20:11 GMT

Because my authorized user CapOne is like 15-20 years old I think if I make on time payments and pay it off as planned - I'll see nice ClIs in time.

Just sad because ALL of categories i use often . I have too many hard inquires though. Also - I'm opening up an account with Chase, got the $300 offer so I know I'll prob look at their cards at some point.

Re: Wrong Card Choice?!

go_FICO_self — Fri, 31 Jul 2015 16:21:43 GMT

@Anonymous wrote:
Because my authorized user CapOne is like 15-20 years old I think if I make on time payments and pay it off as planned - I'll see nice ClIs in time.

Just sad because ALL of categories i use often . I have too many hard inquires though. Also - I'm opening up an account with Chase, got the $300 offer so I know I'll prob look at their cards at some point.

since you're starting out, you should focuse on quality AND quantity. both cap1 and discover are good starting choices. So, I would app for both, instead of either/or.

Re: Wrong Card Choice?!

kdm31091 — Fri, 31 Jul 2015 16:23:54 GMT

@go_FICO_self wrote:
@Anonymous wrote:
Because my authorized user CapOne is like 15-20 years old I think if I make on time payments and pay it off as planned - I'll see nice ClIs in time.

Just sad because ALL of categories i use often . I have too many hard inquires though. Also - I'm opening up an account with Chase, got the $300 offer so I know I'll prob look at their cards at some point.
since you're starting out, you should focuse on quality AND quantity. both cap1 and discover are good starting choices. So, I would app for both, instead of either/or.

Right, but shouldn't rush into it. OP needs to build history and their score first, not just app away.

Re: Wrong Card Choice?!

go_FICO_self — Fri, 31 Jul 2015 16:26:13 GMT

@kdm31091 wrote:
@go_FICO_self wrote:
@Anonymous wrote:
Because my authorized user CapOne is like 15-20 years old I think if I make on time payments and pay it off as planned - I'll see nice ClIs in time.

Just sad because ALL of categories i use often . I have too many hard inquires though. Also - I'm opening up an account with Chase, got the $300 offer so I know I'll prob look at their cards at some point.
since you're starting out, you should focuse on quality AND quantity. both cap1 and discover are good starting choices. So, I would app for both, instead of either/or.
Right, but shouldn't rush into it. OP needs to build history and their score first, not just app away.

he has 15-20 yr credit history!

Re: Wrong Card Choice?!

kdm31091 — Fri, 31 Jul 2015 16:27:20 GMT

@go_FICO_self wrote:
@kdm31091 wrote:
@go_FICO_self wrote:
@Anonymous wrote:
Because my authorized user CapOne is like 15-20 years old I think if I make on time payments and pay it off as planned - I'll see nice ClIs in time.

Just sad because ALL of categories i use often . I have too many hard inquires though. Also - I'm opening up an account with Chase, got the $300 offer so I know I'll prob look at their cards at some point.
since you're starting out, you should focuse on quality AND quantity. both cap1 and discover are good starting choices. So, I would app for both, instead of either/or.
Right, but shouldn't rush into it. OP needs to build history and their score first, not just app away.
he has 15-20 yr credit history!

As an AU. As you said, they are just starting out with their own actual history though.

There is no harm in letting newly established accounts age and then trying for the Discover. The fact of the matter is OP's scores are low. Time and responsible usage will help this and gain them a better Discover approval.

Re: Wrong Card Choice?!

Anonymous — Fri, 31 Jul 2015 16:27:53 GMT

My AAOA without the AU card is only like 3 years ish

Re: Wrong Card Choice?!

go_FICO_self — Fri, 31 Jul 2015 16:28:57 GMT

right, i'm guessing then the account is 15-20 yrs old, and he's be au on it for much less. letting accounts agie is always a prudent choice.

Re: Wrong Card Choice?!

Anonymous — Fri, 31 Jul 2015 17:05:42 GMT

3 years is a good age for almost any cardapp. it's three years with three accounts last week that may give him problems. I don't know if that's a fact I'm just going to stay with the 3 thing. New accounts hurt more than anything take it from me I saw a 40 point drop and my first denial ever because of new accounts not the age or inquiries.

Re: Wrong Card Choice?!

Anonymous — Fri, 31 Jul 2015 17:13:17 GMT

In my experience, Capital One doesn't hit your report for 2-3 months after approval. IMO, go after the Discover card as well, especially with the Double Cash promo going on. I believe today is the last day for new applications to this promo, if that's important to you.

Re: Wrong Card Choice?!

Anonymous — Fri, 31 Jul 2015 17:18:00 GMT

Well, regardless of whether you get approved or not, you still need to let the accounts age and build a good history with them. I would call Discover and find out when is the last day of applying to receive the 5% cash back.

Re: Wrong Card Choice?!

Anonymous — Fri, 31 Jul 2015 17:22:51 GMT

WOW - yeah i saw that promotion, didn't realize it ended today.

That would definetely be a huge factor for me. Also - really? It doesn't show up for 2-3 months? Hmm..so the inquiry showed up in your experience, but not the actually line of credit?

Re: Wrong Card Choice?!

kdm31091 — Fri, 31 Jul 2015 17:22:59 GMT

The double cash promo is pretty meaningless if you cannot get approved. Just saying.

Re: Wrong Card Choice?!

kdm31091 — Fri, 31 Jul 2015 17:23:20 GMT

You cant overlook good judgement because of a promo.

Re: Wrong Card Choice?!

Anonymous — Fri, 31 Jul 2015 17:25:38 GMT

I feel like I would get approved, but my chances will be better and my CL will be better after 3-6 months.

I'm still curious about when my capital one will show up because I want it to show so my overall utlization is a better percentage.

By the way ALL, I am a female hahaha

Re: Wrong Card Choice?!

Anonymous — Fri, 31 Jul 2015 17:29:12 GMT

@kdm31091 wrote:
You cant overlook good judgement because of a promo.

+1 besides, more promos will come up in the future and by then, you're scores will (hopefully) be better. I know is tempting but not the end of the world.

Re: Wrong Card Choice?!

Anonymous — Fri, 31 Jul 2015 17:36:19 GMT

Pretty sure the 2x promo is running til September. See http://www.nerdwallet.com/blog/tips/discover-it-double-your-cash-back/

I think you should hold off and get your scores up as well. Still plenty of time to apply if the info on that link is accurate.

But why are your scores lagging? Negatives? Discover doesn't seem to mind thin files, but likes them clean.