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First credit card was approved. How long for another?

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Established Member

First credit card was approved. How long for another?

So I got approved for a WF Cash Wise card a few months ago with a 1500 SL as my first CC. I think I did pretty well here and took a giant shortcut vs starting out with a secured card that I figure many have faced. 

 

How long should I actually wait before trying to go for another? Reading online seems the general idea is anywhere from 3-6 Months. Some of the cards thats have have interested me are the Capital One Quicksilver Cash Rewards Card and the Chase Freedom or the Chase Freedom Unlimited.  Am I trying to aim too high to get these cards just starting out with credit with thin chances of approvals? 

 

I already got a pre-approval for a Credit One Card but it was utter junk compared to what I have now.

 

Thanks!

 

Message 1 of 20
19 REPLIES 19
Established Contributor

Re: First credit card was approved. How long for another?

I think the general opinion is that Chase would like to see a year of credit history.  Of course people have been approved outside of that guideline but most are denied.

 

Congrats on the WF card.  I know many people would love to have that as their first card.

 

 

 FICO 8
Message 2 of 20
Frequent Contributor

Re: First credit card was approved. How long for another?

Congrats on the WF card.

 

Yes, you should wait 3-6 months between apps. Since you already have a 1.5% cashback card, adding a category card makes sense. Have you considered Discover it Cash Back? Like the CF, it's a 5% rotating category card and is popular on this board.

 

Have you analyzed your spend? If there's a particular category you spend a lot on, you might benefit from a card that targets that category. For example, if you buy a lot of groceries, picking up a 3% no-AF grocery card may make sense. Or, if you drive a lot, a gas card may make sense.

 

As for the cards you specifically mentioned:

Chase Freedom - a good choice when you have at least 1 year of credit history.

Chase Freedom Unlimited - a 1.5% card that is redundant to your WF card.

Capital One Quicksilver Cash Rewardsa 1.5% card that is redundant to your WF card.

Credit One Card - Stay away from Credit One and other subprime lenders.

 

EDIT: I didn't realize that you won't have a credit score until you hit the 6 month mark. Definitely wait until then for your second card. Also, other posters have good suggestions on lenders to look at. However, the first step is really to analyze your spend so that you know you're targeting the highest/best rewards for your lifestyle. There's no point in getting a 6% grocery card if you spend $10/week on groceries but $40/week on gas. Finally, you may want to look at posts by folks with slim files who have done well managing their credit score. I believe I've seen posts by people who hit 800 within 2 years.





Message 3 of 20
Community Leader
Senior Contributor

Re: First credit card was approved. How long for another?

Hi OP and welcome to MyFICO

 

Congratulations on getting an unsecured card as your first one.

 

As others have said, waiting 3-6 months is a good timeframe before applying for another card. I just want to offer some other tips as you continue your credit journey to make it the best it can be. 

 

*Never, ever miss a payment. 

*Try to keep your statement balance below 28.9% ($433), preferably <8.9% ($133). 

*Always pay a little more than the minimum payment if you can’t PIF. 

*Keep reading posts on the forum. It’s a powerhouse of information from folks who are more than willing to guide you in the right direction. 

 

So, in 3 months when you’re ready to apply for another card, let us know your FICO scores and how you’re doing. We are here for you. 

 

GL2U

GOALS: Garden til APR 2020 and 800 Club



JUN 2019: EX 788, TU 794, EQ 779
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $25K || NFCU CashRewards $20K || Macy's $20K || Discover IT $18.7K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 4 of 20
Established Contributor

Re: First credit card was approved. How long for another?

+1 to all

 

Congrats on getting in the credit world without a securd card, that is sweet!

 

Wait until you get a credit score (if you dont have one yet)

 

Stay away from credit one or any other subprime cards.

 

Be picky and choosy on your next card(s) and fit them to your lifestyle.

i.e. amazon if you purchase a lot there, disco if you want the rotated catagories,

store branded visa/mc if you do shop at that place-like a gas card or costco or walmart etc.

 

Also read a bit more if you have time on these forums, wowzers, there is a lot of info at your fingertips.

 

And as mentioned, do PIF or at least min pay +some before the due date,

and it IS OK to pay before statement cut.

 

Get credit to work for you, not you working for it.  GL!

 

 



[Penfed Platinum Rewards 10k][TD Ameritrade-2k][BOA Cash Rewards 22k][NFCU cashRewards 25k][TDcash 5k][IHG 14.2k][BOA 15.8k][Amazon Prime Store 10k][Amazon PrimeVS 500][Amex BCE 6k][WellsFargo CashWise 14k][PNC Core 19.5k][WalmartMC 10k][SearsMC 12.5k][Lowes 35k][Toyota 15k][Capital One 5250][BP 10k][Home Depot 24.2k][Chase FU 6.6k][Discover 22.5k]
- [BOA CR $12.5k][Amex SC+ $13.5k][Amex B4B $35k][Chase Ink $45k][PNC $25k]
Message 5 of 20
Established Contributor

Re: First credit card was approved. How long for another?


@credit-user-19 wrote:

So I got approved for a WF Cash Wise card a few months ago with a 1500 SL as my first CC. I think I did pretty well here and took a giant shortcut vs starting out with a secured card that I figure many have faced. 

 

How long should I actually wait before trying to go for another? Reading online seems the general idea is anywhere from 3-6 Months. Some of the cards thats have have interested me are the Capital One Quicksilver Cash Rewards Card and the Chase Freedom or the Chase Freedom Unlimited.  Am I trying to aim too high to get these cards just starting out with credit with thin chances of approvals? 

 

I already got a pre-approval for a Credit One Card but it was utter junk compared to what I have now.

 

Thanks!

 


Hi, and welcome! That is certainly a great card and limit to start out with! I'm a little over one year in now, and I have found that the friendliest lenders for someone with less than a year of credit history is Capital One, Discover, and AMEX. Also good places to look are at credit unions or your current bank. I bank with Wells Fargo and it never even occurred to me to start there lol. Capital One has some good cards, but since you are early in your history, there is a good chance that you'll end up with a starter card that is bucketed. In other words, you'll get an approval, but you'll have a hard time getting it to grow. Discover can be incredibly generous. That wasn't really the case for me (I started at $500 with them), but they have great rewards and categories, and all of their CLI are a SP, so they're very easy to grow. AMEX may also start a little low, but they have a lot of potential for growth with their 3x CLI.

 

With that said, I would wait until you are at 6 months and have your credit scores. Then you can check prequals and apply for 1 or 2 cards, and then GARDEN! Let your oldest card age to 1 year and then maybe go for Chase at that time. Spreading out your applications will help you get better cards and limits. Spread yourself too thin and you'll only get toy limits and possibly denials. You are off to a good start, so don't let it get to your head that you'll be approved for anything you want. 



Aug 2019:

Stats:
Message 6 of 20
Established Member

Re: First credit card was approved. How long for another?

Thanks for the suggestions all!

 

I have been using it quite alot and did get a nice cash back bounus.

 

I plan every month to pay in full and have been doing so. 

Message 7 of 20
Valued Contributor

Re: First credit card was approved. How long for another?

Welcome To myFICO Forums!!!

You are off to a Great StartSmiley Happy

and

Message 8 of 20
Member

Re: First credit card was approved. How long for another?

I agree completely!!! I got my 1st unsecured card with discover 3 months ago. Definitely wanted to get another card to add to my wallet so I ended up going with a amex just yesterday which in retrospect is a little redundant to what I already have but my major goal was to have more revolving accounts and even better utilization. I know that Chase is a little finicky so you might want to go for it after a year. Plus, also heard that they were not as enthusiastic about credit limit increases so you might have a better chance at a better limit about a year down-the-line.
|| Disc $2K || AMEX $2K || CU secured cc $1K || 1 car lease || FICO 8 TU 751 || FICO 8 EXP 760 || FICO 8 EQ No idea || File est 2017 || No baddies/missed payments || Overall util 1-5% ||
Message 9 of 20
Community Leader
Senior Contributor

Re: First credit card was approved. How long for another?

Id wait roughly 6 months for a Disco or Amex, and then another 6 months for the other.... Think of chase further down the road... even so much as to wait for BOTH the Disco and Amex to grow a bit... Chase likes at least a year of experience and doesn't want to be the first card out of the gate.. and remember theres not really much auto luv and CLIs with chase require an HP or shuffling limits from another card.....

 

Congratulations on skipping the line and getting the WF card.... 

-J

 

 

 

Message 10 of 20
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