Just started got first CC, should I apply for more?

[Anonymous]

So I just recently applied and was approved for Bank of America cash rewards credit card, 99 down, 500 credit limit. After doing a bit more reading, it is best to have low utilization and pay in full to start to get good score right? So I see of other people having multiple cards and wondering if it would  be wise to try and get a second and even third one now, just applied on Sat at BOA and was approved, or should I use the one for a bit and then apply for others in a few months?

Thanks,

[bdhu2001]

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@Anonymous wrote:

So I just recently applied and was approved for Bank of America cash rewards credit card, 99 down, 500 credit limit. After doing a bit more reading, it is best to have low utilization and pay in full to start to get good score right? So I see of other people having multiple cards and wondering if it would  be wise to try and get a second and even third one now, just applied on Sat at BOA and was approved, or should I use the one for a bit and then apply for others in a few months?

Thanks,

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Do you have any idea of what your FICO score is?  If you got approved for BofA and it's unsecured, I'd apply for a Cap1 card and Discover.  If you don't have an installment loan, I would also get a shared loan at Alliant.  After that, I would garden and let everything age.

Make sure that your card reports less than 10% on statement date.  If you get more than 1 card, then they should report $0 at statement cut date.  Even though you'd be gardening, your credit is so new that I'd want my file to show good anytime it's pulled.

If your credit is so new that nothing shows for FICO, wait 7 months.  If your score is good after the wait, apply for a Walmart or Discover card so you can get a free FICO score.

[Anonymous]

Well I went down to BOA and told them I wanted to apply for a CC, and then they told me I was denied for the regular one, but that I could get a partially secured one, with 99 down and 500 credit limit so I got that. 

I don't think my fico sore would show anything as this my first time at something like this, never had any loans or anything like that. I treid to do one of those yearly free credit report and they said they couldn't find me after getting a letter from them, forgot which one I treid to get my report from but after calling talking to them they said that if I have never had anything that I wouldn't show up. Just have a checking/saving account with BOA and decided to try and get a credit card and see if I can build good credit and get a good score so I can be good in about 2-3 years to get a house. That is my plan as of right now so hoping that will be enough time to get there??

[Jesi]

Have you ever heard of the shopping cart trick?

It's a good way to get a store card or two to start building credit and it's a soft pull which is better than a hard pull and an easy way to get a card without having to actually apply for one. You go to the store website, put some stuff in the cart as though you're buying it, input your information and start checking out as though you fully intend to. Once you put in your name and address and hit next you get to the page where you would then put in your credit card info. A popup will come up saying "You've been preapproved" and usually will just ask for the last 4 digits of your social security number. Victoria's Secret is one of the easiest ones to get, before I heard of the shopping cart trick my husband actually applied because we heard it was an easy one to get. He was denied. I read about the shopping cart trick about 20 minutes later, tried it, and he was preapproved for $350, less than an hour after being denied. I decided to give it a go. I was also preapproved for $350 but only got a $150 limit, still not sure why, I keep intending to call and inquire... Express is another that we were both able to get. I was able to get a NY&Co and my husband got a J.Crew. We don't shop at these stores but wanted something in our report and in my opinion these are safe cards for us to have on there because we never shop there they won't get maxed out and get us into trouble like some other ones will. Some people get the trick to work with Overstock. We weren't able to so we just applied and shockingly he got a $1,000 limit, every few weeks we request a credit limit increase and they approve it. We're up to $1,600 now on there and we have very high 500 to very low 600 scores. Not great as we are just rebuilding credit so this, for us after always being denied and having no credit cards for 10 years, is good. Comenity bank is the company that has most of these cards. Don't apply for them, only take advantage of the pop up. Try for one or two and that will help build your credit.

[joltdude]

JUST SAY NO TO the SCT...

You just got a SECURED card from BoA... use it aggressively and even pay some of it off BEFORE the statement date.. and pay it all off after the statement date ..Rinse and repeat.... 

Just say NO to the "Shopping Card Trick"

SCT is even causing hard pulls for some cards at this point.. if you accept it.. its not what it used to be...

Caveat Emptor!

Some reading on store cards in general

 http://ficoforums.myfico.com/t5/Credit-Cards/how-bad-are-store-cards-really/td-p/3947868

http://ficoforums.myfico.com/t5/Credit-Card-Applications/URGENT-Comentity-Bank-NOW-REQUIRES-HARD-PUL...

http://ficoforums.myfico.com/t5/Credit-Card-Applications/Shopping-cart-trick-work-for-you-Please-add...

[Jesi]

I haven't nor has my husband had a hard pull from the shopping cart trick and we have done 6 between the two of us.

[CYBERSAM]

BofA is not an easy bank to grow with especially if you have no credit or new credit. However it is done, so now just wait till you generate a FICO score and then you can go with REAL credit card companies such as CapOne, AMEX and DISCOVER. ( The CCs that don't offer CLI with SP, to me are not real CCs! They are just a bank that issue CCs)

You can also ask BofA for your FICO score from the last HP that they did. When they deny you, your entitled to an explanation and copy of your report.

Try CK too and see if they are able to come up with a score and see if anything else is on your report.

[Anonymous]

Thanks for the info guys!

cybersamp, ok great, will try and see if they will give it to me! 

[Anonymous]

I wouldn't rush into applying for a unsecured discover card without knowing your fico; however the secured card is a good option if you are new to credit. Capital one platinum card is a great starter card, easy to obtain, and is almost guaranteed to grow as long as you are responsible and pay your bill on time.

[crrredit]

BOA is a great secured card to start with. It's not that easy to get, compared to other secured cards, so you're off to a good start. I think it has a chance of graduating to an unsecured card, too. Cap One is a decent secured to start with, too. Once your FICO score is established, you'll probably be able to get a Cap One Platinum and maybe even the QS1.