ADVICE ON WHICH CARD TO APPLY FOR AND APPROVAL ODDS

[Anonymous]

I am hoping forums members could give some advice, I don't have bad credit (I don't have any debt) just need to establish credit

I would like to apply for a cash back credit card (2 if possible) but I am worried about approval due to thin credit history.

Not sure which cards I should apply for and hoping forum members could help.

I pulled from all 3 bureaus the only things showing on reports are listed below.

Capital One Secured Credit Card with CL=1150. $0 balance  OPENED MAY 2011. 

Regions Bank $30K home equity line on my rental property - OPENED MAY 2001 - PAID OFF IN FULL JUL 2001

Target Card. $200 Opened 1999 - CLOSED 2009

CHASE $15000 OPENED 1999 - CLOSED 2015 ( AUTHORIZED USER) 

0 INQUIRES

0 PUBLIC RECORDS

MY FICO 8  SCORES ARE  EX-775   EQ-796  TU-801

I can be added as an authorized user to my daughter CC"s if that would help -  I had her start establishing credit 2 years ago (21 year old college student, she charges and I pay the bills  - at least for another year anyway - LOL) I pay DIS and AMEX off every month and let Chase report a balance, but pay balance off in full every month

DISCOVER STUDENT - Cash Back   CL=$6800 - $0 balance, Opened November 2017

AMEX BCP - CL = $7000 - $0 balance. - Opened November 2018

CHASE PREFERRED - CL $8000 - $712.00 Balance - Opened November 2018

0 PUBLIC RECORDS

2 INQUIRIES

DAUGHTERS FICO 8 SCORES ARE: EX - 750   EQ -750  TU -748

Would appreciate any advice or suggestions on which card(s) that would be best to apply for. 

Thanks in advance,

Delete

[Anonymous]

Amex and Discover are both prime issuers that like thin files.
Discover gave me several auto credit limit increases even through the last recession.
Discover cards have no annual fees to the best of my knowledge.
Amex was cutting people off during the last recession.

[SouthJamaica]

---

@Anonymous wrote:

I am hoping forums members could give some advice, I don't have bad credit (I don't have any debt) just need to establish credit

I would like to apply for a cash back credit card (2 if possible) but I am worried about approval due to thin credit history.

Not sure which cards I should apply for and hoping forum members could help.

I pulled from all 3 bureaus the only things showing on reports are listed below.

Capital One Secured Credit Card with CL=1150. $0 balance  OPENED MAY 2011. 

Regions Bank $30K home equity line on my rental property - OPENED MAY 2001 - PAID OFF IN FULL JUL 2001

Target Card. $200 Opened 1999 - CLOSED 2009

CHASE $15000 OPENED 1999 - CLOSED 2015 ( AUTHORIZED USER) 

0 INQUIRES

0 PUBLIC RECORDS

MY FICO 8  SCORES ARE  EX-775   EQ-796  TU-801

I can be added as an authorized user to my daughter CC"s if that would help -  I had her start establishing credit 2 years ago (21 year old college student, she charges and I pay the bills  - at least for another year anyway - LOL) I pay DIS and AMEX off every month and let Chase report a balance, but pay balance off in full every month

DISCOVER STUDENT - Cash Back   CL=$6800 - $0 balance, Opened November 2017

AMEX BCP - CL = $7000 - $0 balance. - Opened November 2018

CHASE PREFERRED - CL $8000 - $712.00 Balance - Opened November 2018

0 PUBLIC RECORDS

2 INQUIRIES

DAUGHTERS FICO 8 SCORES ARE: EX - 750   EQ -750  TU -748

Would appreciate any advice or suggestions on which card(s) that would be best to apply for. 

Thanks in advance,

Delete

I think you're in fine shape to apply for whatever cash back card you want, except possibly Chase, which generally prefers thicker files.  I would take a look at American Express Cash Magnet, American Express Blue Cash Everyday, Citibank Double Cash Mastercard, US Bank Cashback Plus, Bank of America Cash Rewards, possibly some credit union cash back cards, and pick the one that works best for you.

---

[Anonymous]

Thank you, do you think it would help to be an authorized user on my daughter's accounts?  I would like AMEX and Chase but seems like I keep seeing that Chase wants to see that you have 5K CC in place already, not sure if the previous history as authorized user would help

[Anonymous]

Thank you for your response, do you think I would be approved for 2 if I applied for both at the same time, (tonight). Also, do you think I should be added as an authorized user to my daughter's accounts would that help or hurt scores in the long runs. I could remove when she graduates in 2020 and I am no longer paying the bills.

[Anonymous]

I am open to other opinions but I would like to see what credit line Discover grants you before considering becoming an authorized user. May or may not get good starting line but either way it can grow with use.
Authorized route likey has 5/24 impact and may not help much.
With a thin good file the question will likely be your credit line not whether you will be approved. Most of the forum members would be happy to start over with a thin good file.

[Anonymous]

---

@Anonymous wrote:
I am open to other opinions but I would like to see what credit line Discover grants you before considering becoming an authorized user. May or may not get good starting line but either way it can grow with use.
Authorized route likey has 5/24 impact and may not help much.
With a thin good file the question will likely be your credit line not whether you will be approved. Most of the forum members would be happy to start over with a thin good file.

---

Ok, thank you, I have always saved, invested and paid cash for everything because that is how I was raised. Unfortunately, it is not great for establishing a credit history. If I were to apply for 2 credit cards tonight, how many points do you think I will lose on my scores and how long before I see an increase in scores?

[Anonymous]

You can always check the online prequalifiers.  They are only soft inquiries so you don't have to worry about them hurting your credit.  I would try Amex and Discover first to see if they have any recommendations for you.  Even if you aren't prequalified, that doesn't mean you won't be approved if you apply.

Is you Capital One still secured after all of these years?

[Anonymous]

The most accurate answer is that we do not know. Like the final resting place of the Roswell aliens, the Fico algorithms are well guarded secrets. If your file is thin, new accounts and inquiries can move the total score more easily than for a thick file.
However, given the scores you listed you have room to absorb that.
No one can predict the future with certainty but my thought would be to start with one new card and let that build a little history before getting a second card.

[Anonymous]

---

@Anonymous wrote:

You can always check the online prequalifiers.  They are only soft inquiries so you don't have to worry about them hurting your credit.  I would try Amex and Discover first to see if they have any recommendations for you.  Even if you aren't prequalified, that doesn't mean you won't be approved if you apply.

Is you Capital One still secured after all of these years?

---

Thank you for responding,  yes, It is, not sure how to get it unsecured? I gave them 1100.00 when opening it in May 2011.  Does each site have an area for pre-approval?