Is it better to wait 3 months ?

[SDMarik]

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@Mdowning30 wrote:

My Chase Freedom Unlimited is my newest account I opened in mid January. Would it be best to let that age this month which it will hit the 3 month mark and FICO should award me some extra points ? Before I apply for another card...

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Congrats on the new card!!

It depends on the rest of your file, if what you have there is correct and you have 2 cards with a combined CL of $800, I would wait a while on any new apps. Especially if you have any derogatories and/or no installment loans.

You can ask for an invite to the X1 card, they base approvals more heavily on income than fico scores and their approval has been reported to be a soft pull most of the time. You might have to wait a little for the invite, however.

Unfortuantely your Fico scores seem to be below what most issuers look for. You would probably be better off paying these for 6 months (at least) before trying for another one. Unfortunately the cap one secured wont give a CLI, and the Chase would be a hard pull. With a file that thin you are likely pretty sensitive to another HP this soon. If you use the chase and pay in full every month, they might give you an automatic increase around the 6 month mark. 

Companies like credit one are a little better about issuing cards to people with lower fico scores, but they don't have a very good reputation and the annual fees relative to the credit limits are nuts. 

I don't think you will see much of a score increase, just by hitting three months. The more on time payments you make, the better, and will definately help your score faster than someone with a thicker file, but If it was me I would wait a bit before the next one.

[Mdowning30]

I think I have a "thick" dirty scorecard, because I also have a car loan with capital 1 and before that I had a 72 month installment loan with Chrysler Capital. So my first account goes back 7.5 years.

[bigseegar]

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@Mdowning30 wrote:

I think I have a "thick" dirty scorecard, because I also have a car loan with capital 1 and before that I had a 72 month installment loan with Chrysler Capital. So my first account goes back 7.5 years.

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I get it from your posts that you want to do what you want to do even though you ask for advice but then don't listen to that advice from folks with more experience and knowledge who are truly trying to help you. But trust me on this, 2 little tiny limit credit cards where one of them is a Secured card where you have a total of only $800 combined CL and two auto loans is NOT a thick file, not even close and your scores are part of the proof of that. Plus it doesn't matter what you, me or anyone else on here thinks, it's what the credit issuer thinks and sees in your file. Then add in the baddies you have stated in other posts and your file needs work. I'm sorry and not being ugly at all but it does and we're just trying to tell you how to do that based on your questions.

[GatorGuy]

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@Mdowning30 wrote:

I think I have a "thick" dirty scorecard, because I also have a car loan with capital 1 and before that I had a 72 month installment loan with Chrysler Capital. So my first account goes back 7.5 years.

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Thick/thin deals with how many current TLs you have. Which I believe you need 4 for a thick file while you have listed 3.

The age of your accounts affect when you have a mature file not thick/thin.

[Mdowning30]

I am paying attention to what you guys are advising, im just providing more details into my profile.

[Anonymalous]

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@Mdowning30 wrote:

I am paying attention to what you guys are advising, im just providing more details into my profile.

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You mentioned in a previous thread that you had an 8 year banking relationship with Chase. Due to that relationship, they decided to give you a chance, and approved you. But the $500 SL means they're not willing to give you any more than the bare mininum, until you prove yourself by becoming more credit worthy.

I understand the frustration with having a low credit limit. A year ago, when I was unscorable, I got my first credit card. It had -- and still has -- a CL of $300. I had to think about almost every purchase, check the balance almost daily, and paid it off multiple times a month. It was a lot of work. But I built my payment history for 6 months, got added as an AU to a card with a long history, and then asked for a CLI. I was rejected. So I applied for new card... and Chase denied me. Two strikes, and at the time, my FICO 8 scores were more than 100 points higher than yours (some were more than 150 points higher). On my third try, I applied to a lender known to give large SLs and generous CLIs (Navy), and was successful. I got a much higher SL, and they almost doubled it 3 months later.

I failed 2 times out of 3, and you're in a much worse position than I was. If you apply for a new card, you'll probably get denied, and even if you're approved you'll end up with a toy limit. It would be best to garden, and for much longer than just 3 months. Even 6 months probably isn't enough. Your scores should get a nice boost when you pass a year without a new card or hard pull, and that's probably a good target.

At that point, your primary focus shouldn't be the rewards offered by a card, or whether you want to be "in" with a particular financial institution. Instead, look at lenders known for giving out high SLs and generous CLIs, like some of the big national credit unions. You're using stepping stones to build your credit profile, and can't just jump to the end. You mentioned AmEx, which isn't the worst choice, since they're known to be fairly friendly to thin files and for tripling the SL with the first CLI. But your scores are really low. And to improve them, you need time and a perfect payment history.

[SDMarik]

You said the Chase was your newest card, was the Cap 1 secured your first card ever? Do you have any older cards that are closed, but had a couple of years of positive payment history?

It's always super tempting to try to pick up more cards once you get an approval, the "bug" bites hard, I know full well. However, if these 2 revolving accounts are the only two you have (and have ever had), you really should wait a while before anything else. Your file is probably pretty sensitive, you will thank yourself in the long run if you wait on this.

[Anonymous]

Don't be like me, who foolishly added so many cards within 1 yr and incurred tons of HPs AND denials. I wish I had known this site sooner and apped very sparingly. If I had, my SLs would be higher. Unless your score is mid 700s, I think it wise to just garden and after getting to 700 maybe app for 2 cards per year.

[Mdowning30]

Thanks for all the suggestions.

[Mdowning30]

Should be getting both my Discover and Amex this week, already have the digital version of the Amex. This would put me at 4/24, so next up would probably be Chase Sapphire Preferred only if I'm pre approved for a 100K bonus offer, if that becomes available...