topic Re: Short credit history; should I try applying for the Barclaycard Arrival Plus? in Credit Cards

Short credit history; should I try applying for the Barclaycard Arrival Plus?

Anonymous — Tue, 14 Oct 2014 22:07:47 GMT

I have a credit history of only about 2-3 months, but my credit score according to TransUnion (CapitalOne free credit check) is 724.

I'm thinking of applying for the Barclaycard Arrival Plus. Some reviews here https://www.creditkarma.com/creditcard/CCBarclays1244 mentioned they got approved with relatively short credit history, with one of them having only 1 month of credit history! Should I try applying? I'm just wondering what the repercussions would be if I were to be rejected -- would it hurt my chance of applying for a different credit card like the CSP when I hit my 6-month credit history?

Re: Short credit history; should I try applying for the Barclaycard Arrival Plus?

coldnmn — Tue, 14 Oct 2014 23:25:04 GMT

We need more information current cards and credit limits any baddies etc.

Re: Short credit history; should I try applying for the Barclaycard Arrival Plus?

Anonymous — Tue, 14 Oct 2014 23:35:07 GMT

Dude you need some history on your belt before trying to go prime time.

Re: Short credit history; should I try applying for the Barclaycard Arrival Plus?

rlx01 — Wed, 15 Oct 2014 00:11:14 GMT

What's your income?

Re: Short credit history; should I try applying for the Barclaycard Arrival Plus?

ExplicitElicit — Wed, 15 Oct 2014 00:19:46 GMT

@Anonymous wrote:
I have a credit history of only about 2-3 months, but my credit score according to TransUnion (CapitalOne free credit check) is 724.

I'm thinking of applying for the Barclaycard Arrival Plus. Some reviews here https://www.creditkarma.com/creditcard/CCBarclays1244 mentioned they got approved with relatively short credit history, with one of them having only 1 month of credit history! Should I try applying? I'm just wondering what the repercussions would be if I were to be rejected -- would it hurt my chance of applying for a different credit card like the CSP when I hit my 6-month credit history?

You don't generate a FICO until 6 months so I would really wait. Plus the longer you wait the larger a CL you will be initially granted. Don't rush your credit, just let it grow.

Re: Short credit history; should I try applying for the Barclaycard Arrival Plus?

Anonymous — Wed, 15 Oct 2014 03:06:56 GMT

coldnmn: Sorry my bad for missing out on info! I only have a CapitalOne Quicksilver One Card with a $300 CL (they didn't give me a secured card even though I have no credit history, which is pretty neat). I only recently moved to the US. I'm also an AU on my husband's Delta Amex Gold card, and his BoA rewards card. Right now only his Amex card is appearing on my credit report (which I saw from both Credit Karma and Capital One's Credit Tracker).

Nixon: That's true. =/ I'm just tempted to apply for this card after reading about people getting approved for this card despite having little credit history.

rlx01: Household income is $40k; I'm still currently looking for a job.

@ExplicitElicit wrote:
@Anonymous wrote:
I have a credit history of only about 2-3 months, but my credit score according to TransUnion (CapitalOne free credit check) is 724.

I'm thinking of applying for the Barclaycard Arrival Plus. Some reviews here https://www.creditkarma.com/creditcard/CCBarclays1244 mentioned they got approved with relatively short credit history, with one of them having only 1 month of credit history! Should I try applying? I'm just wondering what the repercussions would be if I were to be rejected -- would it hurt my chance of applying for a different credit card like the CSP when I hit my 6-month credit history?
You don't generate a FICO until 6 months so I would really wait. Plus the longer you wait the larger a CL you will be initially granted. Don't rush your credit, just let it grow.

Ah I see.. that's good advice. I guess I'll be more patient. Thanks for the advice!

Re: Short credit history; should I try applying for the Barclaycard Arrival Plus?

Ghoshida — Wed, 15 Oct 2014 06:36:04 GMT

Hello,

Since you're new to the country and are still looking for a job, my suggestion will be

1) Wait for 6 months before applying for a second credit card. Make payments in full to existing credit card. Let the history of your own card and the AU cards grow. Make sure you don't miss any payment.

2) Read about different cards here. Make sure you apply to the card you need the most. For example, if you need a good card to purchase gas and groceries, a Sallie Mae mastercard (from Barclays again) might be better than Arrival+.

3) Do not trust blindly the scores given by Credit Karma; for new card holders, the scores often start at 720; it's akin to no-file or thin-file. Once you do manage to get a Barclay's or a Discover, you'll get monthly free FICO scores, they're a better indicator of your credit than the CK. The CK is a great monitoring tool.

4) Apply for credit after getting a job. It's not a necessary requirement, but I personally feel having access to credit should come after having own income. It is about the discipline, but it's my personal opinion again.

Re: Short credit history; should I try applying for the Barclaycard Arrival Plus?

Anonymous — Wed, 15 Oct 2014 17:42:54 GMT

@Ghoshida wrote:
Hello,

Since you're new to the country and are still looking for a job, my suggestion will be

1) Wait for 6 months before applying for a second credit card. Make payments in full to existing credit card. Let the history of your own card and the AU cards grow. Make sure you don't miss any payment.
2) Read about different cards here. Make sure you apply to the card you need the most. For example, if you need a good card to purchase gas and groceries, a Sallie Mae mastercard (from Barclays again) might be better than Arrival+.
3) Do not trust blindly the scores given by Credit Karma; for new card holders, the scores often start at 720; it's akin to no-file or thin-file. Once you do manage to get a Barclay's or a Discover, you'll get monthly free FICO scores, they're a better indicator of your credit than the CK. The CK is a great monitoring tool.
4) Apply for credit after getting a job. It's not a necessary requirement, but I personally feel having access to credit should come after having own income. It is about the discipline, but it's my personal opinion again.

Thanks Ghoshida! I appreciate your advice.

One question, do you know anything about the credit score provided by CapitalOne? Is that a FAKO too?

Re: Short credit history; should I try applying for the Barclaycard Arrival Plus?

Anonymous — Wed, 15 Oct 2014 17:48:44 GMT

@Anonymous wrote:
@Ghoshida wrote:
Hello,

Since you're new to the country and are still looking for a job, my suggestion will be

1) Wait for 6 months before applying for a second credit card. Make payments in full to existing credit card. Let the history of your own card and the AU cards grow. Make sure you don't miss any payment.
2) Read about different cards here. Make sure you apply to the card you need the most. For example, if you need a good card to purchase gas and groceries, a Sallie Mae mastercard (from Barclays again) might be better than Arrival+.
3) Do not trust blindly the scores given by Credit Karma; for new card holders, the scores often start at 720; it's akin to no-file or thin-file. Once you do manage to get a Barclay's or a Discover, you'll get monthly free FICO scores, they're a better indicator of your credit than the CK. The CK is a great monitoring tool.
4) Apply for credit after getting a job. It's not a necessary requirement, but I personally feel having access to credit should come after having own income. It is about the discipline, but it's my personal opinion again.
Thanks Ghoshida! I appreciate your advice.

One question, do you know anything about the credit score provided by CapitalOne? Is that a FAKO too?

Yes, it's a FAKO.

Re: Short credit history; should I try applying for the Barclaycard Arrival Plus?

Anonymous — Wed, 15 Oct 2014 17:49:51 GMT

@Anonymous wrote:
@Ghoshida wrote:
Hello,

Since you're new to the country and are still looking for a job, my suggestion will be

1) Wait for 6 months before applying for a second credit card. Make payments in full to existing credit card. Let the history of your own card and the AU cards grow. Make sure you don't miss any payment.
2) Read about different cards here. Make sure you apply to the card you need the most. For example, if you need a good card to purchase gas and groceries, a Sallie Mae mastercard (from Barclays again) might be better than Arrival+.
3) Do not trust blindly the scores given by Credit Karma; for new card holders, the scores often start at 720; it's akin to no-file or thin-file. Once you do manage to get a Barclay's or a Discover, you'll get monthly free FICO scores, they're a better indicator of your credit than the CK. The CK is a great monitoring tool.
4) Apply for credit after getting a job. It's not a necessary requirement, but I personally feel having access to credit should come after having own income. It is about the discipline, but it's my personal opinion again.
Thanks Ghoshida! I appreciate your advice.

One question, do you know anything about the credit score provided by CapitalOne? Is that a FAKO too?

Yes it is. Based off the CK score even.

On another note. Just to put some reference in on this. I'm just now getting back into prime card territory myself after 3 years of sub-prime hell after 2 Charge offs 6 years ago and a couple of medical collections..

This is even with a personal income higher than your current household income and a household income over 100K.

Time is gold when it comes to credit profiles.

Re: Short credit history; should I try applying for the Barclaycard Arrival Plus?

Anonymous — Wed, 15 Oct 2014 17:55:16 GMT

@Anonymous wrote:
@Anonymous wrote:
@Ghoshida wrote:
Hello,

Since you're new to the country and are still looking for a job, my suggestion will be

1) Wait for 6 months before applying for a second credit card. Make payments in full to existing credit card. Let the history of your own card and the AU cards grow. Make sure you don't miss any payment.
2) Read about different cards here. Make sure you apply to the card you need the most. For example, if you need a good card to purchase gas and groceries, a Sallie Mae mastercard (from Barclays again) might be better than Arrival+.
3) Do not trust blindly the scores given by Credit Karma; for new card holders, the scores often start at 720; it's akin to no-file or thin-file. Once you do manage to get a Barclay's or a Discover, you'll get monthly free FICO scores, they're a better indicator of your credit than the CK. The CK is a great monitoring tool.
4) Apply for credit after getting a job. It's not a necessary requirement, but I personally feel having access to credit should come after having own income. It is about the discipline, but it's my personal opinion again.
Thanks Ghoshida! I appreciate your advice.

One question, do you know anything about the credit score provided by CapitalOne? Is that a FAKO too?
Yes it is. Based off the CK score even.

On another note. Just to put some reference in on this. I'm just now getting back into prime card territory myself after 3 years of sub-prime hell after 2 Charge offs 6 years ago and a couple of medical collections..
This is even with a personal income higher than your current household income and a household income over 100K.
Time is gold when it comes to credit profiles.

Indeed.

Re: Short credit history; should I try applying for the Barclaycard Arrival Plus?

Anonymous — Wed, 15 Oct 2014 18:02:27 GMT

Appreciate the responses guys!

Perhaps one final question. Since it's almost end of the year and I haven't utilized my free annual credit reports, will I be able to see anything from my free credit report since I have so little credit history?

Re: Short credit history; should I try applying for the Barclaycard Arrival Plus?

Anonymous — Thu, 16 Oct 2014 19:34:51 GMT

Just a heads up ... your score will probably drop at least 30 points for just one inquirysince your file is so thin

Re: Short credit history; should I try applying for the Barclaycard Arrival Plus?

Anonymous — Thu, 16 Oct 2014 19:47:20 GMT

@Anonymous wrote:
Just a heads up ... your score will probably drop at least 30 points for just one inquirysince your file is so thin

Not entirely true. Even if OP doesn't have a FICO score yet, that will probably not be the case. For reference, my GF's score went up about 25 points after acquiring a 2nd card. The addition of revolving credit (when your file is so thin) heavily outweighs the negative of an inquiry IMO of course.

Re: Short credit history; should I try applying for the Barclaycard Arrival Plus?

Anonymous — Thu, 16 Oct 2014 19:48:00 GMT

@Anonymous wrote:
Appreciate the responses guys!

Perhaps one final question. Since it's almost end of the year and I haven't utilized my free annual credit reports, will I be able to see anything from my free credit report since I have so little credit history?

I do believe that since you have your authorized user card and your personal card reporting you'll be able to see your credit reports.

Re: Short credit history; should I try applying for the Barclaycard Arrival Plus?

Anonymous — Thu, 16 Oct 2014 19:58:10 GMT

Every fresh report Iv seen took a dramatic drop for inquires . The score recovers quickly tho . That's if there's nothing going on other than the inquiry.

Re: Short credit history; should I try applying for the Barclaycard Arrival Plus?

Anonymous — Thu, 16 Oct 2014 20:32:11 GMT

@Anonymous wrote:
Every fresh report Iv seen took a dramatic drop for inquires . The score recovers quickly tho . That's if there's nothing going on other than the inquiry.

Well then its definitely a YMMV thing. No where near the case with my gf this month.