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How soon is too soon to apply again?

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How soon is too soon to apply again?

So, I'm almost 40 and never owned a CC until about 4 months ago. I know.. face palm. Long story short - I left home still wet behind the ears, married young and let him wash what little bit of credit I had down the toilet. We're talking low 5's for a decade. There were some auto repo's, medical bills, etc.. just typical irresponsible things that could've been avoided if I wasn't so naiive to how credit works. I pretty much gave up and started paying cash for everything. 

 

Flash forward to about 6 mos ago - my current hubs made me download CK and I got all excited when I saw I had somewhat mid 6's. (Of course, I know now Vantage & FICO are different.) Hubs persuaded me to apply for a Navy Go CC in May & I was appoved w/ a 15K CL. Woah. They offered a free EQ FICO and I noticed it was different than what CK reported, so that's how I ended up here. My score jumped 110 points on CK.. not sure what my FICO was before I got the card. I just applied 2 days ago & was approved for a Cap1 QS w/ 5K CL.

 

So, here's my stats:

- OPEN: 2 installment accts (student loans $9K total) - on time/good standing

- OPEN: 1 revolving (Navy Go - QS hasn't hit CRA yet) - PIF monthly/0 balance/low UTI

- 0 collections

- 2 HI within 6 mo

- AAoC is 6y

- CLOSED: 2 installment accts (vehicle loans) - on time/good standing

- CLOSED/SOLD: 2 +120d late installment accts (my student loans came out of deferment - I had no idea. It's 5 mos worth of those w/ the last baddie being 2/2015. They were reopened under my current loans)

 

The simulator says I'm only going to receive a 5 point bump for the Cap1 QS. I'm hoovering between 678-691 FICO8 now. Hubs said I need a 3rd CC. Would that push me over 7 and if so, how soon is too soon to apply? Short term goal is to reach the 740 club. Hoping this is the right forum to ask this..TIA!


FICO8 as of 09/2019
Message 1 of 34
33 REPLIES 33
Frequent Contributor

Re: How soon is too soon to apply again?

Welcome. 

 

If I was in your situation, I’d wait a minimum of 6 months before I applied for an additional card. 

 

You’ve got 2 cards with good, usable limits. Use them appropriately, PIF (but let at least a very small balance report on at least one of them, FICO penalizes for $0 revolving balance), and let them age. 

 

Personal Credit -
AMEX: Platinum, Green, Cash Magnet, Schwab Investor
PNC: Cash Rewards
NFCU: Flaghship Rewards, Cash Rewards, More Rewards, CLOC
PSECU: Founders
BB&T: Spectrum Cash Rewards
CapOne: Quicksilver
Discover: IT Chrome
Synchrony: PayPal 2%, PayPal Credit
Barclays: Uber
Store Cards: Target
AU Cards: Citi Rewards+

Business Credit-
AMEX: Blue Business Plus, Amazon Prime, Simply Cash Plus
Message 2 of 34
Valued Contributor

Re: How soon is too soon to apply again?

Personally, I would limit my applications for credit cards and revolving lines of credit to 1 account every six months. By doing this you will always be below Chase's 5/24 rule which some other CC issuers seem to be slowly adopting. 


















Your FICO credit scores are not just numbers, it’s a skill.

Message 3 of 34
Established Member

Re: How soon is too soon to apply again?

Thanks for validating how I was feeling. I see so many contributors, yourself included, who have a ton of cards. I have no idea how you guys handle them all! Is 3 CC's enough for my overall credit health? Especially if I can negotiate a CLI down the road?


FICO8 as of 09/2019
Message 4 of 34
Established Member

Re: How soon is too soon to apply again?


@Medic981 wrote:

Personally, I would limit my applications for credit cards and revolving lines of credit to 1 account every six months. By doing this you will always be below Chase's 5/24 rule which some other CC issuers seem to be slowly adopting. 


I had to google the 5/24 rule after reading your Chase covet thread. Lol. 


FICO8 as of 09/2019
Message 5 of 34
Frequent Contributor

Re: How soon is too soon to apply again?

There is no specific number you need. That said, if you’re looking for max FICO points, a minimum of three cards with only one of them reporting a very small balance is ideal. 

 

Again, this is if you’re trying to maximize your score and it isn’t necessary to race to that point.  Check prequals in about 6 months (AMEX and Discover might be good options) and then pick up another card that’s useful to you. 

 

Personal Credit -
AMEX: Platinum, Green, Cash Magnet, Schwab Investor
PNC: Cash Rewards
NFCU: Flaghship Rewards, Cash Rewards, More Rewards, CLOC
PSECU: Founders
BB&T: Spectrum Cash Rewards
CapOne: Quicksilver
Discover: IT Chrome
Synchrony: PayPal 2%, PayPal Credit
Barclays: Uber
Store Cards: Target
AU Cards: Citi Rewards+

Business Credit-
AMEX: Blue Business Plus, Amazon Prime, Simply Cash Plus
Message 6 of 34
Super Contributor

Re: How soon is too soon to apply again?


@Hut1 wrote:

Thanks for validating how I was feeling. I see so many contributors, yourself included, who have a ton of cards. I have no idea how you guys handle them all! Is 3 CC's enough for my overall credit health? Especially if I can negotiate a CLI down the road?


You can get a perfect score with 1 card.








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Message 7 of 34
Established Member

Re: How soon is too soon to apply again?


@CreditSweeper wrote:

There is no specific number you need. That said, if you’re looking for max FICO points, a minimum of three cards with only one of them reporting a very small balance is ideal. 

 

Again, this is if you’re trying to maximize your score and it isn’t necessary to race to that point.  Check prequals in about 6 months (AMEX and Discover might be good options) and then pick up another card that’s useful to you. 

 


That's very helpful. Thank you. It seems like every month or so, they have new offers that come out to lure you in. It's overwhelming. I have my cashback card, and my points card and I have no idea where to go from there. Lol. I don't travel much, but maybe I should consider it in case I do.

 

One question I did have is, should you try to diversify your lenders? Does that make a difference with FICO calc's?


FICO8 as of 09/2019
Message 8 of 34
Established Member

Re: How soon is too soon to apply again?


@Brian_Earl_Spilner wrote:

@Hut1 wrote:

Thanks for validating how I was feeling. I see so many contributors, yourself included, who have a ton of cards. I have no idea how you guys handle them all! Is 3 CC's enough for my overall credit health? Especially if I can negotiate a CLI down the road?


You can get a perfect score with 1 card.


I have so many questions. Lol.


FICO8 as of 09/2019
Message 9 of 34
Frequent Contributor

Re: How soon is too soon to apply again?


@Hut1 wrote:

@CreditSweeper wrote:

There is no specific number you need. That said, if you’re looking for max FICO points, a minimum of three cards with only one of them reporting a very small balance is ideal. 

 

Again, this is if you’re trying to maximize your score and it isn’t necessary to race to that point.  Check prequals in about 6 months (AMEX and Discover might be good options) and then pick up another card that’s useful to you. 

 


That's very helpful. Thank you. It seems like every month or so, they have new offers that come out to lure you in. It's overwhelming. I have my cashback card, and my points card and I have no idea where to go from there. Lol. I don't travel much, but maybe I should consider it in case I do.

 

One question I did have is, should you try to diversify your lenders? Does that make a difference with FICO calc's?


Diversification can have its positives, for sure. From a FICO standpoint, however, it makes zero difference. 

Personal Credit -
AMEX: Platinum, Green, Cash Magnet, Schwab Investor
PNC: Cash Rewards
NFCU: Flaghship Rewards, Cash Rewards, More Rewards, CLOC
PSECU: Founders
BB&T: Spectrum Cash Rewards
CapOne: Quicksilver
Discover: IT Chrome
Synchrony: PayPal 2%, PayPal Credit
Barclays: Uber
Store Cards: Target
AU Cards: Citi Rewards+

Business Credit-
AMEX: Blue Business Plus, Amazon Prime, Simply Cash Plus
Message 10 of 34
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