topic Advice on second card in Credit Cards

Advice on second card

Anonymous — Tue, 29 Sep 2015 20:28:40 GMT

Any opinions on the Citi ThankYou for students? Or the Journey Student from Cap 1? Should I try for a regular card instead of a student?

I was thinking about applying for a second card in a few months. I'm researching my options right now. How hard are they to get approvals for? Thanks!

Edited:

Denied Citi Thank you Student. TU fico = 664 Unsure of other scores.

Re: Advice on second card

Anonymous — Mon, 28 Sep 2015 22:48:59 GMT

@Anonymous wrote:
Any opinions on the Citi ThankYou for students? Or the Journey Student from Cap 1? Should I try for a regular card instead of a student?
I was thinking about applying for a second card in a few months. I'm researching my options right now. How hard are they to get approvals for? Thanks!

Hello and welcome!

You would get more accurate answers if you would include your 3 scores, hopefully Fico vs Fako, your AAOA, inquiries on each bureau, and if you have any bad remarks.

For scoring purposes you should ideally have 3 cards. And have only 1 reporting a balance each month.

Have you checked Chase, Citi, Capital One, Amex, Bank of America, US Bank, etc for prequalified offers? They tend to be solid if they list a specific APR instead of a range.

EDIT:

I see that you were denied. I would reach out to EO (backdoor number) and see if they can be of assistance. It might cost you a 2nd HP. You should check all the prequals listed above. Barclays is running again but its hit or miss.

I would love to see you add two cards with only one HP. Cap1 would probably approve you. I also would say maybe Chase Freedom and a cobranded card if that would benefit you.

If you continue to get denials you could try a credit union, but that may depend on your income.

Re: Advice on second card

Anonymous — Mon, 28 Sep 2015 22:52:39 GMT

@Anonymous wrote:
@Anonymous wrote:
Any opinions on the Citi ThankYou for students? Or the Journey Student from Cap 1? Should I try for a regular card instead of a student?
I was thinking about applying for a second card in a few months. I'm researching my options right now. How hard are they to get approvals for? Thanks!
Hello and welcome!

You would get more accurate answers if you would include your 3 scores, hopefully Fico vs Fako, your AAOA, inquiries on each bureau, and if you have any bad remarks.

For scoring purposes you should ideally have 3 cards. And have only 1 reporting a balance each month.

Have you checked Chase, Citi, Capital One, Amex, Bank of America, US Bank, etc for prequalified offers? They tend to be solid if they list a specific APR instead of a range.

EDIT:

I see that you were denied. I would reach out to EO (backdoor number) and see if they can be of assistance. It might cost you a 2nd HP. You should check all the prequals listed above. Barclays is running again but its hit or miss.

I would love to see you add two cards with only one HP. Cap1 would probably approve you. I also would say maybe Chase Freedom and a cobranded card if that would benefit you.

If you continue to get denials you could try a credit union, but that may depend on your income.

Do you think I should try cap 1, or leave it alone?

Re: Advice on second card

Callandra — Mon, 28 Sep 2015 22:55:20 GMT

Have you tried the Cap1 prequal? I would think you would get approved for Journey.

Re: Advice on second card

Anonymous — Mon, 28 Sep 2015 22:56:25 GMT

Or you could stick to the plan of showing some history with your Discover card so your in a better place to apply for other cards, preferably better cards, months later. These cards arent going anywhere I assure you. A denial was a warning sign. Again, you do not need to rack up all your cards at once. This isnt a race.

Re: Advice on second card

Anonymous — Mon, 28 Sep 2015 22:56:59 GMT

@Callandra wrote:
Have you tried the Cap1 prequal? I would think you would get approved for Journey.

I'm not 21 yet, so I can't use the prequals

Re: Advice on second card

Anonymous — Mon, 28 Sep 2015 22:58:17 GMT

@Anonymous wrote:
Or you could stick to the plan of showing some history with your Discover card so your in a better place to apply for other cards, preferably better cards, months later. These cards arent going anywhere I assure you. A denial was a warning sign. Again, you do not need to rack up all your cards at once. This isnt a race.

You're right. I know you're right lol. Do you think the denial will hurt my standing w/ Discover. Will they try to cld my limit or anything?

Re: Advice on second card

kdm31091 — Mon, 28 Sep 2015 23:02:26 GMT

Ugh. This is what I warned you about last night. You are just starting out. You just got a Discover. You need to use it, pay it, use it, pay it. Build a history. Do not research other cards. Do not apply for other cards. This isn't a race. Stick to your original plan.

It really disheartens me to see people just starting out rushing out to apply for more cards. I won't blame this forum, because at the end of the day, an individual's choices are their own but you really need to just WAIT. Be patient.

No, I don't think the denial will hurt you with Discover. You just started with them so it's unlikely they will CLD a brand new account. But definitely don't app for anything else, for the pure reason that you need to build history.

Re: Advice on second card

Anonymous — Mon, 28 Sep 2015 23:02:38 GMT

I Ihighly doubt it. All Discover would see is the hard inquiry and one extra likely isn't setting off alarms. That doesnt mean get nutty and start off on a spree. Your first card is with a good lender and has a nice limit. Great start!

Re: Advice on second card

Anonymous — Mon, 28 Sep 2015 23:03:41 GMT

@Anonymous wrote:
@Anonymous wrote:
Or you could stick to the plan of showing some history with your Discover card so your in a better place to apply for other cards, preferably better cards, months later. These cards arent going anywhere I assure you. A denial was a warning sign. Again, you do not need to rack up all your cards at once. This isnt a race.
You're right. I know you're right lol. Do you think the denial will hurt my standing w/ Discover. Will they try to cld my limit or anything?

Nah. You will be fine.

I do like what HF says though. If you can avoid a triple hit by cap1 then why not? I mean, aside from them having a line of credit that doesnt get balance chased in times of a crisis, they dont have much else to offer...other than they are more open/lenient with approvals.

Your limit on your disco was what, 4500? That is great for that card. Continue to request CLIs with disco, never use your debit card. Look at how you spend your money. See what you need before you apply. As long as you dont have a car loan or mortgage to shop for, you will be fine.

I would also encourage grabbing a bonus when possible, and combining inquiries too (although early on this can hurt your AAOA).

What are your stats, where are they from?

Time to be patient, show some history of repayment, etc.

Re: Advice on second card

kdm31091 — Mon, 28 Sep 2015 23:04:14 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
Or you could stick to the plan of showing some history with your Discover card so your in a better place to apply for other cards, preferably better cards, months later. These cards arent going anywhere I assure you. A denial was a warning sign. Again, you do not need to rack up all your cards at once. This isnt a race.
You're right. I know you're right lol. Do you think the denial will hurt my standing w/ Discover. Will they try to cld my limit or anything?
Nah. You will be fine.

I do like what HF says though. If you can avoid a triple hit by cap1 then why not? I mean, aside from them having a line of credit that doesnt get balance chased in times of a crisis, they dont have much else to offer...other than they are more open/lenient with approvals.

Your limit on your disco was what, 4500? That is great for that card. Continue to request CLIs with disco, never use your debit card. Look at how you spend your money. See what you need before you apply. As long as you dont have a car loan or mortgage to shop for, you will be fine.

I would also encourage grabbing a bonus when possible, and combining inquiries too (although early on this can hurt your AAOA).

What are your stats, where are they from?

Time to be patient, show some history of repayment, etc.

I usually like your posts/advice but OP is literally just starting out. This is not the time to chase bonuses or rewards. It's time to build a foundation first.

Re: Advice on second card

Anonymous — Mon, 28 Sep 2015 23:05:38 GMT

I kinda blame this forum lol Anytime someones starting out theres always the, Have you checked prequals? or Apply for Capital One! bc of course they take darn near everybody. Its not necessary for everyone here to zoom through this process. 3-6 months of positive history can make a world of difference! Its worth the wait.

Re: Advice on second card

Anonymous — Mon, 28 Sep 2015 23:06:35 GMT

I know, I know. I shouldn't have done it, but I'm impatient. I need to learn how to listen to people. Def done apping though. I'm just going to let my Discover grow and maybe in six months app if my score is good.

Re: Advice on second card

Anonymous — Mon, 28 Sep 2015 23:07:27 GMT

@Anonymous wrote:
I Ihighly doubt it. All Discover would see is the hard inquiry and one extra likely isn't setting off alarms. That doesnt mean get nutty and start off on a spree. Your first card is with a good lender and has a nice limit. Great start!

I won't app again for at least six months. Promise I need to stop being greedy. I was lucky to even get Discover lol

Re: Advice on second card

kdm31091 — Mon, 28 Sep 2015 23:08:09 GMT

@Anonymous wrote:
I know, I know. I shouldn't have done it, but I'm impatient. I need to learn how to listen to people. Def done apping though. I'm just going to let my Discover grow and maybe in six months app if my score is good.

Six months will make quite a difference, trust me. Apping any further at this point is a waste of time and HPs.

Re: Advice on second card

Anonymous — Mon, 28 Sep 2015 23:09:19 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
Or you could stick to the plan of showing some history with your Discover card so your in a better place to apply for other cards, preferably better cards, months later. These cards arent going anywhere I assure you. A denial was a warning sign. Again, you do not need to rack up all your cards at once. This isnt a race.
You're right. I know you're right lol. Do you think the denial will hurt my standing w/ Discover. Will they try to cld my limit or anything?
Nah. You will be fine.

I do like what HF says though. If you can avoid a triple hit by cap1 then why not? I mean, aside from them having a line of credit that doesnt get balance chased in times of a crisis, they dont have much else to offer...other than they are more open/lenient with approvals.

Your limit on your disco was what, 4500? That is great for that card. Continue to request CLIs with disco, never use your debit card. Look at how you spend your money. See what you need before you apply. As long as you dont have a car loan or mortgage to shop for, you will be fine.

I would also encourage grabbing a bonus when possible, and combining inquiries too (although early on this can hurt your AAOA).

What are your stats, where are they from?

Time to be patient, show some history of repayment, etc.

I only have CK until my Discover fico score comes in. I plan to pull my real scores soon. My limit is like $4,300. I wasn't expecting that, so I need to be patient.

Re: Advice on second card

Callandra — Mon, 28 Sep 2015 23:16:32 GMT

@Anonymous wrote:
I kinda blame this forum lol Anytime someones starting out theres always the, Have you checked prequals? or Apply for Capital One! bc of course they take darn near everybody. Its not necessary for everyone here to zoom through this process. 3-6 months of positive history can make a world of difference! Its worth the wait.

Whoops, I am guilty of that in this thread, lol. I think it's fine to get a second card to have another one to build with (especially since you can later PC Journey to Quicksilver). However, I built my credit very slowly myself (with a car loan; didn't get a second CC until the car loan was a year old) and hey, I'm in the high 700s now so slow and steady does win the race. I think building with 2-3 cards is fine but I start to wonder when people get 5+ cards to build or apply for a zillion store cards. I would only partially blame the forum because at the end of the day, a person has to make his/her own decisions as kdm said and we are all adults here.

Re: Advice on second card

Kidcat — Mon, 28 Sep 2015 23:27:09 GMT

I concur, with what others have said, tend to the Discover card. I made a lot of mistakes with credit as a college student, and helped my 2 kids avoid the same as college students.

One started with a Chase Freedom in 2008 (with a $300 limit and I think it's still at that)...it was the only card he had until this year when he was instantly approved for a Citi DC. He received the LOWEST apr from Citi. I helped him get a car (in his name). He almost has it paid off (less to $2k left) and his credit score is pushing 800 (he's 25). His approach has obviously been slow and steady, and he's conservative anyway. He get's pre-qual offers in the mail from every major lender weekly...heck I'm jealous...lol

I'm doing the same thing with the youngest. He just got the student Discover. I monitor it, but he is responsible for payment out of the money he gets monthly from me. He knows his budget. So far so good.

Sorry for the long posts, and I don't want to sound preachy. Point is as a student with what I assume is limited income, don't compare where you are with others on the forum who are further along in their careers and journeys. Many on their second, or more credit journeys. Get it right the first time, by taking your time.

Edited for clarification

Re: Advice on second card

Anonymous — Mon, 28 Sep 2015 23:22:44 GMT

@kdm31091 wrote:
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
Or you could stick to the plan of showing some history with your Discover card so your in a better place to apply for other cards, preferably better cards, months later. These cards arent going anywhere I assure you. A denial was a warning sign. Again, you do not need to rack up all your cards at once. This isnt a race.
You're right. I know you're right lol. Do you think the denial will hurt my standing w/ Discover. Will they try to cld my limit or anything?
Nah. You will be fine.

I do like what HF says though. If you can avoid a triple hit by cap1 then why not? I mean, aside from them having a line of credit that doesnt get balance chased in times of a crisis, they dont have much else to offer...other than they are more open/lenient with approvals.

Your limit on your disco was what, 4500? That is great for that card. Continue to request CLIs with disco, never use your debit card. Look at how you spend your money. See what you need before you apply. As long as you dont have a car loan or mortgage to shop for, you will be fine.

I would also encourage grabbing a bonus when possible, and combining inquiries too (although early on this can hurt your AAOA).

What are your stats, where are they from?

Time to be patient, show some history of repayment, etc.
I usually like your posts/advice but OP is literally just starting out. This is not the time to chase bonuses or rewards. It's time to build a foundation first.

Lol. Thank you for your explanation, because I tend to be sensitive! Its ok, I was not very clear, I meant in the future, but yes, you are right!

Re: Advice on second card

Anonymous — Tue, 29 Sep 2015 00:58:48 GMT

Hi. I'm your possible future.

I didn't get a credit card until decades later, only installment loans. I didn't plan and procure a nest egg, so when financial times got REALLY BAD, I fell behind on my bills and am now fighting collection agencies on my credit report.

Don't be like me.

Keep your Discover for at least 12-24 months. Don't apply for any more credit cards. NEVER CLOSE THAT DISCOVER CARD. Saaaaavor it.

Don't be like me. YOU HAVE THE ABILITY TO HAVE A LONG AAoA, SOMETHING THAT ONLY TIME CAN PROVIDE. Don't rush! Savor the Discover.

With retirement averaging at age 60-63 right now, up from 55-58, you'll probably have peers working until they're 68-70. YOU GOT TIME. LOTS OF TIME.