topic Re: How soon can i get a second crdit card? in Credit Cards

How soon can i get a second crdit card?

Anonymous — Fri, 02 Nov 2012 22:03:35 GMT

Looking to get a second credit card only had my first CAP ONE for 5 months with 500 limit. how soon can i apply for a second card?

Re: How soon can i get a second crdit card?

Anonymous — Fri, 02 Nov 2012 22:04:43 GMT

What are your scores?

How many INQ's do you have?

Any baddies?

Re: How soon can i get a second crdit card?

distantarray — Fri, 02 Nov 2012 22:19:18 GMT

@Anonymous wrote:
Looking to get a second credit card only had my first CAP ONE for 5 months with 500 limit. how soon can i apply for a second card?

at anytime, best thing to do is open an account with DCU digital credit union online and do a secured credit card so you can get your REAL credit score most lenders will use. DCU secured card unlike capital one will grow with you, and does graduate (meaning it will become unsecured if you manage it well) The Fico 04 Equifax score you get for free monthly for having a DCU account would cost you $240 a year so it's a huge benefit also they're very good with helping people as their credit gets better.

Secured cards are good cause it shows lenders in a manual review of your credit that you do not live paycheck to paycheck and have funds set aside for things, and it helps cause you'll be 100% approved and do not have to go the route of subprime lenders with super high interest rates. Also some subprime lenders can hold you back from getting and account with companies like American Express in the near future. Like First Premier should be avoided with extreme prejudice for this reason.

It might not sound very nice to have to put money down on a credit card now, but it will pay off in the future A LOT. I had 2 secured cards for $1,000 and $1,500 with 1 store card Kays Jewelers for $400. For about 14 months. My friend had 1 Discover card and closed other accounts for a 3+ year history. I was able to get approved for American Express at $5,500 and Navy Federal for $17,000, Chase Sapphire $5,000 and Chase Freedom for $3,000 in 14 months of history. My friend only got approved for a $500 Chase Freedom...... So you need 2-3 good cards and a good solid history. Using 1 card does not benefit you very much.

Then you should apply for a walmart card for a free Fico08 score. Walmart card is good cause it can graduate into a Walmart Discover card where you can use in most places and they're good about credit limit increases etc.

Keep those 3 for about a year and keep your balances low before the due dates then in a year you should be able to get prime cards like American Express and Chase cards.

Re: How soon can i get a second crdit card?

jsucool76 — Fri, 02 Nov 2012 22:22:47 GMT

I would just apply for a second card now. Go for a GE store card of some sort (whatever store you happen to shop at a lot).

Re: How soon can i get a second crdit card?

adavis425 — Fri, 02 Nov 2012 22:39:10 GMT

@jsucool76 wrote:
I would just apply for a second card now. Go for a GE store card of some sort (whatever store you happen to shop at a lot).

How quickly can you fill out an app?

Re: How soon can i get a second crdit card?

Anonymous — Fri, 02 Nov 2012 23:06:42 GMT

@adavis425 wrote:
@jsucool76 wrote:
I would just apply for a second card now. Go for a GE store card of some sort (whatever store you happen to shop at a lot).
+1
How quickly can you fill out an app?

No, you need to wait until your card reports for the 6th time.

Re: How soon can i get a second crdit card?

jsucool76 — Fri, 02 Nov 2012 23:18:25 GMT

@Anonymous wrote:
@adavis425 wrote:
@jsucool76 wrote:
I would just apply for a second card now. Go for a GE store card of some sort (whatever store you happen to shop at a lot).
+1
How quickly can you fill out an app?

No, you need to wait until your card reports for the 6th time.

? Where did you hear that?

Re: How soon can i get a second crdit card?

Anonymous — Fri, 02 Nov 2012 23:27:59 GMT

@jsucool76 wrote:
@Anonymous wrote:
@adavis425 wrote:
@jsucool76 wrote:
I would just apply for a second card now. Go for a GE store card of some sort (whatever store you happen to shop at a lot).
+1
How quickly can you fill out an app?

No, you need to wait until your card reports for the 6th time.
? Where did you hear that?

If he only has one card, he needs to wait until he has a history established with that card. A minimum of 6 months is required, but generally 1 year is better. He should be able to get another toy limit card at the 6 month point. I would recommend applying for a basic card with your bank at that point.

Also, the INQ from the first card will have less impact at that point.

I started my apps in February 2012 after my first card had reported for the 6th time and I had established a credit score.

I should rephrase "need" to should. The terms will be better. It is worth the wait.

Re: How soon can i get a second crdit card?

jsucool76 — Fri, 02 Nov 2012 23:30:17 GMT

@Anonymous wrote:
@jsucool76 wrote:
@Anonymous wrote:
@adavis425 wrote:
@jsucool76 wrote:
I would just apply for a second card now. Go for a GE store card of some sort (whatever store you happen to shop at a lot).
+1
How quickly can you fill out an app?

No, you need to wait until your card reports for the 6th time.
? Where did you hear that?
If he only has one card, he needs to wait until he has a history established with that card. A minimum of 6 months is required, but generally 1 year is better. He should be able to get another toy limit card at the 6 month point. I would recommend applying for a basic card with your bank at that point.

Also, the INQ from the first card will have less impact at that point.

I started my apps in February 2012 after my first card had reported for the 6th time and I had established a credit score.

You need to wait 6 months in order to establish a FICO score, not in order to app for another card. You can app whenever you want. Store cards are recommended for those starting out their credit journey, as they don't have very strict UW requirements. While waiting 6 months is ideal since by then your chances of getting a card are a lot higher (provided you didn't incur and lates on your original card) it isn't a requirement. I do get where you're coming from though

Edit: Just reread OP, I would wait the extra month till you hit 6 since you're already at 5 months. I sped through the OP originally and thought OP has just gotten his first card. +1 to dustink

Re: How soon can i get a second crdit card?

Sitori — Fri, 02 Nov 2012 23:30:15 GMT

Actually..if you go read my extremely long thread (lol) you'll see that I just applied for Cap1 MC, got approved and then 3 days later applied for the Discover More and got approved. I also just got approved for the Amazon store card last week....so honestly I think it really depends on your CR and scores. I have no baddies and my scores are in the mid 600's.

BUT

I ONLY HAVE 3 MONTHS HISTORY!! And with crap First Premier. Depending on what CC you want, I'd say go for it....just dont app for Chase like I did and get denied. lol. They want the history

Re: How soon can i get a second crdit card?

namvet — Fri, 02 Nov 2012 23:31:53 GMT

You can get another secured card now if you want. A better plan is to wait another month and see if you have a credit score. Then apply for a unsecured card.

Re: How soon can i get a second crdit card?

Anonymous — Fri, 02 Nov 2012 23:32:36 GMT

@Sitori wrote:
Actually..if you go read my extremely long thread (lol) you'll see that I just applied for Cap1 MC, got approved and then 3 days later applied for the Discover More and got approved. I also just got approved for the Amazon store card last week....so honestly I think it really depends on your CR and scores. I have no baddies and my scores are in the mid 600's.

BUT

I ONLY HAVE 3 MONTHS HISTORY!! And with crap First Premier. Depending on what CC you want, I'd say go for it....just dont app for Chase like I did and get denied. lol. They want the history

Doesn't it take 6 months to get a credit score? Have you had credit of any kind in the past?

Re: How soon can i get a second crdit card?

Anonymous — Fri, 02 Nov 2012 23:33:50 GMT

@jsucool76 wrote:
@Anonymous wrote:
@jsucool76 wrote:
@Anonymous wrote:
@adavis425 wrote:
@jsucool76 wrote:
I would just apply for a second card now. Go for a GE store card of some sort (whatever store you happen to shop at a lot).
+1
How quickly can you fill out an app?

No, you need to wait until your card reports for the 6th time.
? Where did you hear that?
If he only has one card, he needs to wait until he has a history established with that card. A minimum of 6 months is required, but generally 1 year is better. He should be able to get another toy limit card at the 6 month point. I would recommend applying for a basic card with your bank at that point.

Also, the INQ from the first card will have less impact at that point.

I started my apps in February 2012 after my first card had reported for the 6th time and I had established a credit score.
You need to wait 6 months in order to establish a FICO score, not in order to app for another card. You can app whenever you want. Store cards are recommended for those starting out their credit journey, as they don't have very strict UW requirements. While waiting 6 months is ideal since by then your chances of getting a card are a lot higher (provided you didn't incur and lates on your original card) it isn't a requirement. I do get where you're coming from though

Edit: Just reread OP, I would wait the extra month till you hit 6 since you're already at 5 months. I sped through the OP originally and thought OP has just gotten his first card. +1 to dustink

And I shouldn't have said "need" more like "should". Sorry about that.

Re: How soon can i get a second crdit card?

Sitori — Fri, 02 Nov 2012 23:38:26 GMT

@Anonymous wrote:
@Sitori wrote:
Actually..if you go read my extremely long thread (lol) you'll see that I just applied for Cap1 MC, got approved and then 3 days later applied for the Discover More and got approved. I also just got approved for the Amazon store card last week....so honestly I think it really depends on your CR and scores. I have no baddies and my scores are in the mid 600's.

BUT

I ONLY HAVE 3 MONTHS HISTORY!! And with crap First Premier. Depending on what CC you want, I'd say go for it....just dont app for Chase like I did and get denied. lol. They want the history
Doesn't it take 6 months to get a credit score? Have you had credit of any kind in the past?

No..the only thing I had was student loans that I was paying on for a couple of years but have been in deferrment since I'm back in school. The only credit I had was a FP card that I signed up with in July with a $300 limit. When I got my report pulled all my scores where in the mid 600's at the time that I got the FP card. Sooo.. Not sure.... ?? lol

Re: How soon can i get a second crdit card?

jsucool76 — Sat, 03 Nov 2012 00:03:03 GMT

@Sitori wrote:
@Anonymous wrote:
@Sitori wrote:
Actually..if you go read my extremely long thread (lol) you'll see that I just applied for Cap1 MC, got approved and then 3 days later applied for the Discover More and got approved. I also just got approved for the Amazon store card last week....so honestly I think it really depends on your CR and scores. I have no baddies and my scores are in the mid 600's.

BUT

I ONLY HAVE 3 MONTHS HISTORY!! And with crap First Premier. Depending on what CC you want, I'd say go for it....just dont app for Chase like I did and get denied. lol. They want the history
Doesn't it take 6 months to get a credit score? Have you had credit of any kind in the past?

No..the only thing I had was student loans that I was paying on for a couple of years but have been in deferrment since I'm back in school. The only credit I had was a FP card that I signed up with in July with a $300 limit. When I got my report pulled all my scores where in the mid 600's at the time that I got the FP card. Sooo.. Not sure.... ?? lol

Student loans count for the 6 month rule. It is still credit history, just installment as opposed to revolving. My student loans are in deferrment now (still in school) and I got a score before I even applied for a card.

Re: How soon can i get a second crdit card?

Anonymous — Sat, 03 Nov 2012 00:12:21 GMT

@Sitori wrote:
@Anonymous wrote:
@Sitori wrote:
Actually..if you go read my extremely long thread (lol) you'll see that I just applied for Cap1 MC, got approved and then 3 days later applied for the Discover More and got approved. I also just got approved for the Amazon store card last week....so honestly I think it really depends on your CR and scores. I have no baddies and my scores are in the mid 600's.

BUT

I ONLY HAVE 3 MONTHS HISTORY!! And with crap First Premier. Depending on what CC you want, I'd say go for it....just dont app for Chase like I did and get denied. lol. They want the history
Doesn't it take 6 months to get a credit score? Have you had credit of any kind in the past?

No..the only thing I had was student loans that I was paying on for a couple of years but have been in deferrment since I'm back in school. The only credit I had was a FP card that I signed up with in July with a $300 limit. When I got my report pulled all my scores where in the mid 600's at the time that I got the FP card. Sooo.. Not sure.... ?? lol

So your length of credit is actually a few years because of the student loans.

I got my credit score in February 2012. Since then I have got the cards in my signature, other than the US Bank college visa which I used to get my credit score.

So simply put, this person should just wait the month until they hit the 6 month point. At that time they can get some okay cards. This month they need to get their card to report a balance between $5-$45.

Re: How soon can i get a second crdit card?

Sitori — Sat, 03 Nov 2012 00:21:14 GMT

Oh got it....Well some CC companies argued my "what about my student loan" statements when I was apping... "No those dont count"

I guess not for applying for credit? They only count to give you a score? lol

Re: How soon can i get a second crdit card?

jsucool76 — Sat, 03 Nov 2012 00:22:53 GMT

@Sitori wrote:
Oh got it....Well some CC companies argued my "what about my student loan" statements when I was apping... "No those dont count"
I guess not for applying for credit? They only count to give you a score? lol

Student loans aren't a revolving account, they are an installment account. They're different.

Re: How soon can i get a second crdit card?

Anonymous — Sat, 03 Nov 2012 00:24:34 GMT

@Sitori wrote:
Oh got it....Well some CC companies argued my "what about my student loan" statements when I was apping... "No those dont count"
I guess not for applying for credit? They only count to give you a score? lol

They gave you a score and allowed you to get the cards you got. But yes, they alone will not allow you to get approved for prime accounts.

Re: How soon can i get a second crdit card?

Sitori — Sat, 03 Nov 2012 00:32:50 GMT

sigh....I'm studying the 206 bones of the body, the nerves and the 700+ muscles in the body, and figuring out how credit works is harder....something is wrong with this picture.