First time credit card applicant, nervous!

[Anonymous]

Hi everyone. I've been reading the myFICO community boards for a while contemplating applying for a credit card. Been a little scared/nervous to even get one, but here I am. I've been asking friends and family for suggestions, but I'm not getting too much help from them, so I thought I ask here where I know I could get some good feedback. I'd really appreciate suggestions for a good first credit card, that I'd would likely get approved for, and also won't take a huge hit to my scores when applying. I was thinking about applying for either the Capital One Quicksilver or the Citi Double Cash because I wanted a rewards card. But the more I read about the hit people take from applying for the Capital One card, I don't know if it would be worth it, or if my scores are even good enough for that card. Should I apply for a secured card instead, and worry about rewards later?

Another piece I want to keep in mind, now that I'm actively monitoring my scores and credit reports, is that I'll likely be moving to an apartment in a few months which will be affected by how my score changes due to this new credit card. That application will also add another inquiry to my report, I don't want to end up in the 500s, and I'm worried about that since it will be 2 new inquiries within 2-3 months. How much of a problem do you think I'd have applying for an apartment, so close to applying for a credit card, and how much of a problem for my score do you think it would be?

My FICO scores (Equifax: 691, TU: 714, Experian: 695)

Payment History: Very Good (no missed payments)

I only have 1 open account (student loan) 

Credit History: longest account 8 yrs, AAoA: 6.5 yrs

I hope my questions make sense, I'm kind of jumping all over the place. Thanks for your help! 

[Anonymous]

Not sure on the apartment question ... but with those scores and so few new accounts, my first target would be a Chase card that is suitable to your needs/desires. 

[CreditInspired]

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@Anonymous wrote:

Another piece I want to keep in mind, now that I'm actively monitoring my scores and credit reports, is that I'll likely be moving to an apartment in a few months which will be affected by how my score changes due to this new credit card. That application will also add another inquiry to my report, I don't want to end up in the 500s, and I'm worried about that since it will be 2 new inquiries within 2-3 months. How much of a problem do you think I'd have applying for an apartment, so close to applying for a credit card, and how much of a problem for my score do you think it would be?

My FICO scores (Equifax: 691, TU: 714, Experian: 695)

Payment History: Very Good (no missed payments)

I only have 1 open account (student loan) 

Credit History: longest account 8 yrs, AAoA: 6.5 yrs

I hope my questions make sense, I'm kind of jumping all over the place. Thanks for your help! 

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IMO, you'll be okay on renting an apartment with your scores and number of inquiries. Apartments now use tenant screening services and their major concerns are have you ever been evicted from an apartment, do you pay your rent on time, have you filed bankruptcy in the last 10 years, do you have any judgements against you, do you owe any landlords any monies, and do you have a crimial record. If you are good on those fronts, the apartment is yours with your scores. Two new inquiries will not cause your scores to drop a 100 points. Good luck to you.

[dragontears]

A few inquiries and a new account is not going to drop your scores 100 points, in fact there is a good chance getting a credit card and using it responsibly will raise your score.
I disagree with the chase suggestion, chase normally doesn't want to be your very first card (they tend to prefer that you have 6 to 12 months of history with another card).
Have you done the prequal on cap1 website?

[Gidgetmom]

You are pretty good with most lenders with those scores (YMMV), but they will probably charge you mid to upper APR's.  

You have to find the card that works for you.  Figure out how you want to use the card and find one that will reward you for that spend. That's the best advice I can give! 

You'll take a slight drop for the  INQ and new account, but it should rebound nicely with ontime payments and low utilization reporting.

[Anonymous]

@CreditInspired thank you! I'm good on those accounts regarding the apartment, so that makes me feel better. I might be over estimating how much the credit card inquiry will hit my score. I just want to be cautious. I guess I could see things snowballing downhill if I get denied for a card, then try and apply for another one and now I'm at 590 lol

[Anonymous]

Chase Credit Journey is free and will show you pre-qualifications that are somewhat accurate.

Discover prequal page also is somewhat accurate especially if it shows you an APR range of 3% or so.

[Anonymous]

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@dragontears wrote:
A few inquiries and a new account is not going to drop your scores 100 points, in fact there is a good chance getting a credit card and using it responsibly will raise your score.
I disagree with the chase suggestion, chase normally doesn't want to be your very first card (they tend to prefer that you have 6 to 12 months of history with another card).
Have you done the prequal on cap1 website?

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That's good to know about Chase, thank you. 

I have done the pre approval on the capital one website but I think where I question whether I should apply is according to my FICO scores I'm in the "Fair" credit score range and this card is reserved for "good" credit, but according to Capital One's description I'd say I would fall into "Excellent Credit," because if student loans count, I've made on time payments for over 3 years and haven't defaulted or have any negative payment history. So according to them I would possibly qualify for the Quicksilver card or the Venture card, but seeing my FICO scores, I'm not sure. I don't want to be declined for aiming too high on my first card.

[AverageJoesCredit]

Check out the Amex prequals as well. If you can get get one of those, the credit limit s can grow very fast the first year and a half and may help you land orher csrds that catch your interest. Good luck on your journey, being cautious means you care so make your profile work for you

[Anonymous]

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@Gidgetmom wrote:

You are pretty good with most lenders with those scores (YMMV), but they will probably charge you mid to upper APR's.  

You have to find the card that works for you.  Figure out how you want to use the card and find one that will reward you for that spend. That's the best advice I can give! 

You'll take a slight drop for the  INQ and new account, but it should rebound nicely with ontime payments and low utilization reporting.

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My primary use would be for everyday purchases, gas, groceries, and I'd pay it off monthly. At the moment I only use a debit card, and I'm only now looking into a credit card because hotel reservation/car rentals etc. have been a pain, and I also want to diversify my mix of credit.

Thank you for your input!