Applications & FICO scores

[Anonymous]

I just began credit history 1 month ago, only have FAKO scores.  Question:  Does that mean I should not apply for anything until I have FICO scores (my file will still show zero when HP or SP are done?)  or if I apply,  the CC company can see my credit lines even if I still do not have FICO scores and make their decision?  Can I still apply witout FICO?  Please advise.

[newhis]

Yes, you can apply without a FICO score. Yes, they will see your current cards, payments, limits and short history. 

Some lenders want to see at least 6-12 months before giving credit, some will give you credit with low limits and high APR.

I decided to wait 6 full statements with 2 cards (1 secured and 1 unsecured) before applying for anything else. I got the Amex PRG with the 50K promo. Good things come to those who wait. I have Freedom with 3.5K, Amex ED with 6K, Discover now 3.5K and Venture 15K. Not a single denial after the first 2 cards I got over a year ago. I see some people going for 8-10 cards (with shopping card trick) and end with a bunch of cards with 200-500 limits and very high APRs. I do prefer getting 6-7 cards in 2 years when you start without score.

Good luck if you go for more cards or wait a few months.

[Anonymous]

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@newhis wrote:

Yes, you can apply without a FICO score. Yes, they will see your current cards, payments, limits and short history. 

Some lenders want to see at least 6-12 months before giving credit, some will give you credit with low limits and high APR.

I decided to wait 6 full statements with 2 cards (1 secured and 1 unsecured) before applying for anything else. I got the Amex PRG with the 50K promo. Good things come to those who wait. I have Freedom with 3.5K, Amex ED with 6K, Discover now 3.5K and Venture 15K. Not a single denial after the first 2 cards I got over a year ago. I see some people going for 8-10 cards (with shopping card trick) and end with a bunch of cards with 200-500 limits and very high APRs. I do prefer getting 6-7 cards in 2 years when you start without score.

Good luck if you go for more cards or wait a few months.

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Sound advice, thank you very much.  

[newhis]

There is not a single path to good credit profile. Some people prefer to have a few cards, others more, some high limits, others any limits, some get many cards early so their AAoA is not affected when they apply for more cards, some only go for cards with opening bonus, some people close the cards they don't use, some keep them if they don't have AF and use them once every 6-12 months to keep them open.

In the end, you have to choose your path and the path may change on your journey. You can learn a lot here. You just have to set your priorities and go with that.

Now I know that my Freedom will always be at 22.9% APR. If I waited a little longer I could have it at 18.9% or lower. I know is ok because I will not carry a balance, but know that I can get cards with 12.9% it really looks bad, almost like a joke. BofA can lower your APR and others too. Well at least I got $200 bonus. Things like that.

Good luck with your credit path and journey. 

[Anonymous]

Are you saying that Chase won't EVER lower your APR on the freedom card ??? If so, I'm glad I held off. Even with a 790 EX score I only got 17.99% APR on the Slate I applied for Friday.

[newhis]

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@Anonymous wrote:
Are you saying that Chase won't EVER lower your APR on the freedom card ??? If so, I'm glad I held off. Even with a 790 EX score I only got 17.99% APR on the Slate I applied for Friday.

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For 99.9% of the people the APR will never change. Some people even get to the point to cancel the card, wait for a lower APR pre-qual and get the card again.