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start with a easy card like one from a local credit union. i started unsecured 500$ from my credit union. when i had new credit portfolio i applied for a new card every year (my second card discover CLI every 6 months anyhow) then once established i applied yearly when i had a lot of cash saved up. this way i made a big $ buy and used 0% to pay say 2k laptop off in 6 months with cash in hand. i steer clear from store cards. cant use them everywhere and low limits (besides kay jewlers, gave me 25k limit)
Agree with your 6 month timeline, and that Discover IT should be next.
After that, look at your spending and figure what works best for you. AmEx BCE would be doable in a year - maybe even some Chase or Citi card.
Way too often. 6 new cards out of 11 apps in the last 4 months.
MUST STAY IN THE GARDEN NOW!!!!
Your plan will be just fine. Spread them out. Get what is useful to you. Dont apply just to get a card. Chill on the store cards. Time for prime time cards. I did it the same way after becoming a member here 3 yrs ago and learned a lot. And have never been denied yet after BK. First card was 12/15 and spread out around 4-6 months roughly. There's a pattern and it worked. Each card came with a higher SL and a lower APR. Discover is the lowest at 13.4%. Starting scores were 540-560 range. 3 yrs later is present scores. Good Luck! Your on your way..................My last 4 cards HP's are below from EQ only 2 are scoreable. TU & EX have 0 scoreable inq's.
I am LOL 24 which is actually 8/10 plus an auto loan.
Jan 2018 ~ 4 apps 4 cards (PenFed Pwer Cash Rewards, Discover It, Chase Freedom Unlimited, Sam's Club MC)
Apr 2018 ~ 1 app 1 cards (BBVA)
Jul 2018 ~ 3 apps 2 cards, Amex declined for prior negative relationship in 2009 ( USB Cash+, WF Propel Amex)
Sep 2018 ~ 1 app 1card (Citi Best Buy MC)
So, I apply for a batch of them or atleast 1about every 3 months.
FU, Propel Amex, and BBVA were app'd in branch when opening checking or savings acct's for SUB's. Once I find out they are pulling I usually point at the card I want to go with my new acct. They always seem to have a display of them on their desks.
I went the Golden Checking routeonline with the USB+ & was shown cards with their starting limits to choose from with the checking acct and I accepted the Cash+ with the $14k line.
Sam's MC and Best Buy MC were app'd in store to take advantage of some deal.
I think that's a good idea, giving it a few months in between apps helps lessen the impact of the inq, card shows up on profile and shows a few months of age and other things.
A few things to keep in mind and as others have mentioned.
- Get cards that are useful or beneficial to you, don't just app for a card just because you "want" it. Have a use for it or it has a benefit to you.
- Personally, I'd have a card in each category, a travel card, a miles card, a points card and a cashback card. Have a card with no FTF in case you travel and go to other countries.
- Try to get cards that cover a decent amount of categories, not just one and one only, unless your spending is high in that specific category.
- I wouldn't get anymore store cards, I personally don't like them very much but they have their advantages. Get what you use and shop at often, if not, SD it.
- Add a CU as another member mentioned.
- Keep your usage across all lines under 8.9% percent.
- When apping for cards, check the SUBs to see what is the best SUB available, some cards may have multiple different SUBs.
- Setup auto-pay on all your cards, make extra payments, this has been known to help with CLIs. Also helps in protecting you from missing a payment.
Keep up the good work and looking forward to see your journey!
@Anonymous wrote:
I plan to apply every six months for 1 card of choice to keep Hard pulls to a minimum and give some time in between to use my new cap 1 qs
Welcome, @Anonymous.
Once every six months is a great timeline. It'll keep new accounts and inquiries in check. And it'll generally keep you from exceeding Chase's 5/24 requirement. (If one has opened five or more cards within the past 24 months, Chase will likely deny.) If you've piled up cards in a short time, slowing down to one card every six months will bring you under 5/24 eventually.
As a side note, close Fingerhut after obtaining your next card. Its business model is to sell products for too much money in exchange for granting easy-to-obtain credit.
Also, zero in on "major" cards (Visa, MasterCard, AMEX, Discover) rather than store cards. You might find that you're well covered by the majors and don't need the store cards. Once your major cards are in place, you can grab a store card or two if you shop there frequently and the card offers a significant reward that you wouldn't receive otherwise.
And check in here whenever you're considering an application. List your current accounts, their limits, their current balances, and their ages (or date opened). That'll help the gurus here to steer you toward cards that'll benefit you and steer you away from cards that may result in a denial.