topic Re: Got First Credit Card - Next Step? in Credit Cards

Got First Credit Card - Next Step?

Anonymous — Mon, 08 Oct 2012 01:50:51 GMT

Hi everyone,

I just got my first credit card--the student card from Wells Fargo as I have posted before, with a $1,600 CL. Still waiting to receive it. In August I applied for the Capital One secured card (back when my income was lower), but the income was insufficient so I was denied.

I was just looking for some advice on what to do next. I would like to have as many lines of credit going as possible to get a good start, but with the two recent inquiries, am wondering what you guys think I should do next. Should I wait for the Wells Fargo to report until I apply again for anything? And what should I try to apply for next (or should I wait a while before starting anything?). With just one card, I feel like I should get another card to have at least two going right now.

Just looking for a gameplan!

Thanks!

Re: Got First Credit Card - Next Step?

jsucool76 — Mon, 08 Oct 2012 01:55:16 GMT

@Anonymous wrote:
Hi everyone,

I just got my first credit card--the student card from Wells Fargo as I have posted before, with a $1,600 CL. Still waiting to receive it. In August I applied for the Capital One secured card (back when my income was lower), but the income was insufficient so I was denied.

I was just looking for some advice on what to do next. I would like to have as many lines of credit going as possible to get a good start, but with the two recent inquiries, am wondering what you guys think I should do next. Should I wait for the Wells Fargo to report until I apply again for anything? And what should I try to apply for next (or should I wait a while before starting anything?). With just one card, I feel like I should get another card to have at least two going right now.

Just looking for a gameplan!

Thanks!

Damn everyone gets better limits on their WF than I did! lol

I was also denied for the cap1 secured card, but they gave me the plat with a $3000 limit. I would wait for the WF to report (I think mine reported within a week or so), and then maybe try for the citi forward student or something else you can actually make use of.

Remember cap1 does a triple pull, so you have 1 inquiry from cap1 on each report.

Re: Got First Credit Card - Next Step?

Anonymous — Mon, 08 Oct 2012 01:59:25 GMT

Sorry! That's why I'm hestitant on re-applying for Capital One now (it's been over 45 days already). I was just wondering if with the inquiries I already have, if in a month or so (when WF reports), will I have a shot at the Citi or anything. I'd like to try to rack up the student cards now (since I'm a senior ) but not so sure since all the inquiries are relatively new.

Re: Got First Credit Card - Next Step?

Shogun — Mon, 08 Oct 2012 02:09:28 GMT

Just a suggestion, if you're going to app, do it in spree. That way HPs all age off at the same time rather than slowly slipping off over months. Just my personal opinion.

Re: Got First Credit Card - Next Step?

Anonymous — Mon, 08 Oct 2012 02:11:47 GMT

I know that would have been ideal, I just didn't expect to get denied for my first one, so I went ahead and applied for the second one a month later.

Do you think from where I'm at now, I should still wait to apply for another account? I'd like to eventually get into the cycle of doing app sprees and gardening, but I'd feel more comfortable with at least another account on the report before I wait a year.

Re: Got First Credit Card - Next Step?

jsucool76 — Mon, 08 Oct 2012 02:13:31 GMT

@Anonymous wrote:
I know that would have been ideal, I just didn't expect to get denied for my first one, so I went ahead and applied for the second one a month later.

Do you think from where I'm at now, I should still wait to apply for another account? I'd like to eventually get into the cycle of doing app sprees and gardening, but I'd feel more comfortable with at least another account on the report before I wait a year.

My first cards were spread out within like a month. It is just more of, don't get your WF now, and then in like 3 months apply for another card, then 2 months later, another.

Re: Got First Credit Card - Next Step?

Anonymous — Mon, 08 Oct 2012 02:23:06 GMT

@Shogun wrote:
Just a suggestion, if you're going to app, do it in spree. That way HPs all age off at the same time rather than slowly slipping off over months. Just my personal opinion.

So i may be too new to challenge your advice or to give out my own (and i know that many ppl on this forum love sprees and are sucessful), but aren't app sprees frowned upon?

I read that these socalled app sprees can be seen that a borrower is in bad need of credit and thus a much more riskier applicant.

Re: Got First Credit Card - Next Step?

jsucool76 — Mon, 08 Oct 2012 02:25:13 GMT

@Anonymous wrote:
@Shogun wrote:
Just a suggestion, if you're going to app, do it in spree. That way HPs all age off at the same time rather than slowly slipping off over months. Just my personal opinion.
So i may be too new to challenge your advice or to give out my own (and i know that many ppl on this forum love sprees and are sucessful), but aren't app sprees frowned upon?

I read that these socalled app sprees can be seen that a borrower is in bad need of credit and thus a much more riskier applicant.

Lots of inquiries usually mean desperate for credit, however, many do app sprees because A)all the inqs age off together and B) your AAoA takes all the hit at once as opposed to taking a hit every couple of months.

Re: Got First Credit Card - Next Step?

Shogun — Mon, 08 Oct 2012 02:58:36 GMT

@Anonymous wrote:
@Shogun wrote:
Just a suggestion, if you're going to app, do it in spree. That way HPs all age off at the same time rather than slowly slipping off over months. Just my personal opinion.
So i may be too new to challenge your advice or to give out my own (and i know that many ppl on this forum love sprees and are sucessful), but aren't app sprees frowned upon?

I read that these socalled app sprees can be seen that a borrower is in bad need of credit and thus a much more riskier applicant.

Of course it could be seen that way. There's always the YMMV of course. I'm not suggesting doing like 12 apps or anything, Ususally only 3-4 max. Then with a year of gardening the accounts are gaining strength.

Re: Got First Credit Card - Next Step?

Anonymous — Mon, 08 Oct 2012 03:09:55 GMT

Do you guys think it'll be a waste of another inquiry if I try to apply for the Citi student card after a month or so of the Wells Fargo account reporting? And is the Capital One student card even worth applying for (assuming I could get it this time, just don't want 3 pulls again).

Re: Got First Credit Card - Next Step?

jsucool76 — Mon, 08 Oct 2012 10:00:40 GMT

If you app cap1 journey you'll end up with a 500 limit that will turn to 750 in 6 months and stay there. Lol.

Re: Got First Credit Card - Next Step?

gettnthere — Mon, 08 Oct 2012 10:09:18 GMT

@JSU, lol how are you gonna complain that WF gave everyone a higher limit than you, when CAP1 gave YOU a higher limit than 99.99% of the population. Lol im just messing with you, though I an envious of your cap1 limit.

Re: Got First Credit Card - Next Step?

Tran92 — Mon, 08 Oct 2012 10:16:10 GMT

I never heard of getting denied from a secured card lol. I mean what's the risk? Nice credit limit on the WF student card. Just pif and keep utilization low every month. Then you will be on a good path.

Re: Got First Credit Card - Next Step?

Anonymous — Mon, 08 Oct 2012 10:26:55 GMT

@gettnthere wrote:
@Anonymous, lol how are you gonna complain that WF gave everyone a higher limit than you, when CAP1 gave YOU a higher limit than 99.99% of the population. Lol im just messing with you, though I an envious of your cap1 limit.

Today I learned I am the 0.01%.

Re: Got First Credit Card - Next Step?

navigatethis12 — Mon, 08 Oct 2012 12:05:08 GMT

I may wait until it reports just so another lender can see that someone else approved it. It does not guarantee you will get another card, but it cannot hurt anything. I also would not be concerned about inquiries when your history is so little. If you shop at any stores, that would be a good card to get in my opinion. That is where I started and am glad that I did.

Re: Got First Credit Card - Next Step?

gettnthere — Mon, 08 Oct 2012 13:27:34 GMT

@swampsystems, lol what did they give you? I want to be part of that 0.01%

Re: Got First Credit Card - Next Step?

Anonymous — Mon, 08 Oct 2012 13:30:20 GMT

@gettnthere wrote:
@Anonymous, lol what did they give you? I want to be part of that 0.01%

I went from a $300 Visa and a $500 MC to a $6,000 Visa and a $5,000 MC. I also have friends with Venture cards and several thousand in limits.

Re: Got First Credit Card - Next Step?

nicholasyud — Mon, 08 Oct 2012 13:38:01 GMT

Just my own advice......if I were you I going to go back to WF and ask them for a secured CC because they already hard pull ........so there won't be another one .......and might ask well wait till those two post on your account about 2 3 months then app for some store card or sears or maybe gas card........ maybe 3 line of credit would be the best for your score and please don't screw them all up like us lol..........

Re: Got First Credit Card - Next Step?

creditnocash — Mon, 08 Oct 2012 13:39:15 GMT

@Anonymous wrote:
@gettnthere wrote:
@Anonymous, lol what did they give you? I want to be part of that 0.01%
I went from a $300 Visa and a $500 MC to a $6,000 Visa and a $5,000 MC. I also have friends with Venture cards and several thousand in limits.

my freind went to cabelas with 100 dollars worth of purchases and they asked if he wanted to apply he said sure. they gave him an 8k limit with to my knoweldge no history. he doesn't want to pull his reports. im sure he's an au on some of his parents accounts or something.

i went in with best buy 14 month history 2500 limit and macy's im not sure what the limit was but had it for a year. and they denied me because lack of credit accounts.

and got the 7-10 day. at that point i had no idea what a recon number was. but luckily since i built those other cards so far i have not needed to use one.

Re: Got First Credit Card - Next Step?

gettnthere — Mon, 08 Oct 2012 14:01:39 GMT

@swamp, im still waiting on my call from exec office to see if there are gonna do something. They requested some financials before they come to a decision, so i guess it looks like i have a "decent" shot at joining you