topic Re: How long should i wait until i can apply for another credit card? in Credit Cards

How long should i wait until i can apply for another credit card?

TheRealJosh94 — Mon, 31 Dec 2012 03:47:09 GMT

Hello,

This is my first post and I've been reading alot of great information and advice here on the forum. Well here's a little bit of information about me (if you wanted to know), I'm 18 and i got my first credit card, Capital one journeys the day after my birthday, this year (October). So far I've been under 30% utilization and been paying in full or more on time. I got my credit score today and its at 720, nothing amazing. I want to be at 800+ someday but i know that isnt going to happen anytime soon. I wanted to apply to a new credit card so i can have one more backup credit card, just in case i need it. However, i've been reading some bad reviews on many credit cards and that you need to wait 6 months to apply to a new one. I can wait 6 months so i can have a better history. I just waned some ideas on any real good cards out there that i may apply to later down the road.

Thanks again,

Josh

Re: How long should i wait until i can apply for another credit card?

daybreakgonesXe — Mon, 31 Dec 2012 03:50:30 GMT

@TheRealJosh94 wrote:
Hello,

This is my first post and I've been reading alot of great information and advice here on the forum. Well here's a little bit of information about me (if you wanted to know), I'm 18 and i got my first credit card, Capital one journeys the day after my birthday, this year (October). So far I've been under 30% utilization and been paying in full or more on time. I got my credit score today and its at 720, nothing amazing. I want to be at 800+ someday but i know that isnt going to happen anytime soon. I wanted to apply to a new credit card so i can have one more backup credit card, just in case i need it. However, i've been reading some bad reviews on many credit cards and that you need to wait 6 months to apply to a new one. I can wait 6 months so i can have a better history. I just waned some ideas on any real good cards out there that i may apply to later down the road.

Thanks again,

Josh

Honestly? With such a short history (aka before a year old, but with at least 6 months), go for another student card! I highly recommend the Discover It Student. Also, who do you bank with? If you bank with Bank of America or Wells Fargo, they also have student cards as well! They're easier to be approved for with short history and help you build that positive history and relationship to get regular prime cards down the road

Re: How long should i wait until i can apply for another credit card?

Cageym — Mon, 31 Dec 2012 03:53:18 GMT

Keep paying and let it age a bit. Also since it's your only card right now let it report below 10% so it shows you actually use the card and don't just sock drawer it. That should give you a small boost in your scores.

Re: How long should i wait until i can apply for another credit card?

CreditWorld2013 — Mon, 31 Dec 2012 03:55:02 GMT

@TheRealJosh94 wrote:
Hello,

This is my first post and I've been reading alot of great information and advice here on the forum. Well here's a little bit of information about me (if you wanted to know), I'm 18 and i got my first credit card, Capital one journeys the day after my birthday, this year (October). So far I've been under 30% utilization and been paying in full or more on time. I got my credit score today and its at 720, nothing amazing. I want to be at 800+ someday but i know that isnt going to happen anytime soon. I wanted to apply to a new credit card so i can have one more backup credit card, just in case i need it. However, i've been reading some bad reviews on many credit cards and that you need to wait 6 months to apply to a new one. I can wait 6 months so i can have a better history. I just waned some ideas on any real good cards out there that i may apply to later down the road.

Thanks again,

Josh

Welcome to the forums! Where did you get the 720 score from? To get a real FICO score you need at least 6 Months of Credit History (Student Loans, Credit Card/s, Being an Authorized User, etc.) Given the fact that you just turned 18 I assume you have no negatives on your reports and this is your only account (are you an Authorized User on any accounts?). If that is the case you should keep doing what you are doing with the Joruney card. They should have enrolled you in the Capital One "Credit Steps" program and that means you should get an increase in your credit limit after the 5th-6th statement. After having this card for 6 Months to 1 Year (Even better if you are a College Student) you can apply for cards with most banks and get approved. (Citi, Chase, Discover, etc). Also keep in mind this can only work if you have some income. Good Luck!

Re: How long should i wait until i can apply for another credit card?

Anonymous — Mon, 31 Dec 2012 03:56:50 GMT

Where did you get your score from? It can't possibly be a Fico since you barely even have 3 months of credit history....

[edit]

damn you beat me to it! lol

Re: How long should i wait until i can apply for another credit card?

TheRealJosh94 — Mon, 31 Dec 2012 03:55:57 GMT

I had Capital one but i switch to PNC Bank. I applied to a Students Discover card but got declined because of no history. How many times can i reapply to that card, is there a limit?

Re: How long should i wait until i can apply for another credit card?

daybreakgonesXe — Mon, 31 Dec 2012 03:57:57 GMT

@TheRealJosh94 wrote:
I had Capital one but i switch to PNC Bank. I applied to a Students Discover card but got declined because of no history. How many times can i reapply to that card, is there a limit?

There really isn't a limit, maybe 30 days after a decline? But if you wait for the Capital One Journey to report the 6th statement, you should be as good as gold for the Discover Student card again

Re: How long should i wait until i can apply for another credit card?

CreditWorld2013 — Mon, 31 Dec 2012 04:02:17 GMT

@TheRealJosh94 wrote:
I had Capital one but i switch to PNC Bank. I applied to a Students Discover card but got declined because of no history. How many times can i reapply to that card, is there a limit?

There is no real "limit" to the amount of times you can apply for any card...the only downside is some will auto-deny if you have them within a specific time frame (30 days, 60 days, 3 months, etc) Also you will be getting an inquiry everytime you apply for any credit which starts hurting your score (in this case this won't hurt that much as you are only starting and don't have much of a score to "hurt."

Was "no history" the only reason for denial with Discover? What income can you claim? Do you have any Checking/Savings accounts? When did you apply for Discover and have you tried to recon with Discover.

Re: How long should i wait until i can apply for another credit card?

TheRealJosh94 — Mon, 31 Dec 2012 03:59:09 GMT

I got it from Credit Karma, i know it only does Transunion but dont all 3 credit bureaus report almost the same number? If not then nvm. I'll get again in 6 months, sorry about that!

Re: How long should i wait until i can apply for another credit card?

TheRealJosh94 — Mon, 31 Dec 2012 04:01:33 GMT

Oh okay thats good to know! Then i will definitely try again later down the road!

Re: How long should i wait until i can apply for another credit card?

nicholasyud — Mon, 31 Dec 2012 04:03:56 GMT

This question had been ask so many times in this forum but i suggest you should do a search all over the board then should see some similar thread with your situation.

1. Establish a savings account with a credit union that offers secured loans (make sure rate is not more than 3% above the savings rate) and secured credit cards.

2. Deposit $500 to $1000 into a savings account.

3. Take out a "secured" personal loan. This is a good addition to mix as an installment loan.

4. When you get the loan check (the money you borrow), deposit it back into savings.

5. You now have doubled your savings balance (example: you deposited $1000, then borrowed $1000 which you deposited into savings giving you $2000). The amount of interest you collect on $2000 should be equal to or higher than the interest they charge you for the loan on $1000....so essentially you are not out (of pocket) any cost to build your credit with this loan.

6. Ask for a secured credit card. If they won't approve initially, ask again in 6 months.

7. Once you obtain the secured credit card, only use it for items you PIF each month (don't accrue interest)

8. Pay off the loan at 12 months.

9. At 12 months ask to unsecure the card.

10. You have established to great credit references and credit TL's and built a relationship with a solid credit source....credit union.

11. During the course of the year above, continue working on the repair side of your credit.

12. You may also obtain other builder card such as CapOne or Orchard to add an addition TL and CL.

13. After you pay off the loan to the credit union, continue to make regular deposits to saving, just like you were still paying the loan off. This is a financial habit that you need to continue, and it gives you your emergency fund and savings that protect against unforseen events which can take you by surprise (and hurt your credit if you are short on cash).

Remember you might need 3 credit card and 1 mixed loan for possible fico score. 2 credit card + 1 store card + mixed loan.

Re: How long should i wait until i can apply for another credit card?

CreditWorld2013 — Mon, 31 Dec 2012 04:04:56 GMT

@TheRealJosh94 wrote:
I got it from Credit Karma, i know it only does Transunion but dont all 3 credit bureaus report almost the same number? If not then nvm. I'll get again in 6 months, sorry about that!

Credit Karma doesn't give an actual FICO score. Only "myFICO" can give you a real FICO score (unless some lenders use FICO and send you it in the mail with the reasoning for denial, less than favorable terms, etc). In 6-7 Months from the time you opened the Capital One Journey card, buy your FICO score from here if you try it before that time they will say they can't generate one yet.

Re: How long should i wait until i can apply for another credit card?

TheRealJosh94 — Mon, 31 Dec 2012 04:13:41 GMT

Wow thats one of the best advice I've heard so far!

Thanks!

Re: How long should i wait until i can apply for another credit card?

Anonymous — Mon, 31 Dec 2012 04:23:14 GMT

There's a lot i could comment on, but I will only comment on the secured card part.

You already have an unsecured Cap1 card, no need to take a step backwards. IOW, no need to get a secured when you already got a unsecured.

When your Cap1 hits at least 6 months old, and you still want another CC, that would be the time to app. But for another UNsecured, not a secured.

Re: How long should i wait until i can apply for another credit card?

Anonymous — Mon, 31 Dec 2012 07:14:42 GMT

Get 6 months of history with you cap one Journey and go open a wells Fargo checking account plus student credit card combo.

Do not, and I repeat, DO NOT get a discover student card. You won't get an increase with them until you are 21 years old.

Re: How long should i wait until i can apply for another credit card?

TheRealJosh94 — Tue, 02 Apr 2013 05:03:21 GMT