Kay Jewelers, Pre Qualified. Risky?

[Anonymous]

Hi....

Because I had rehabilitated my credit history with all three credit bureaus(EQ EX and TU), having increased my FICO to 686, out of curiosity I filled out a Pre Qualified credit app for Kay Jewelers. Within of seconds of applying I was Pre Qualified. My issue is that because my credit reports from all three credit bureaus(EQ EX and TU) are thin, and both my revolving credit card and instalment loan under 4 months old, I'm thinking this is more of a hard inquiry hit costing me 5 points on my FICO score and not so much an actual approval. 

So my question is, am I right to assume it'll be a RISK? 

[Jnbmom]

Every application is a risk. Do you have the need for a jewerly card, or are just just trying to build your credit?  Not sure what cards you currently have, but there are better choices IMO to try .

[Anonymous]

@Jnbmom - You ain't kidding about that, a risk indeed! I am so afraid of even doing a soft pull. Lol. Anyways! I would like a Jewelry credit card but it's not a priority. And yes, I'm trying to build credit. All I have right now is one revolving credit card and a instalment loan, both in good standing. But both under 4 months old. I do however have 5 closed paid student loan accounts, none of which are negative. I don't know if the 5 closed student loans help me or not in my quest to rebuild my credit. Only time will tell. If you have any suggestion, please share. 

[Jnbmom]

Have you tried discover? The have the prequalify app which is pretty solid and they don't mind thin files.

[Anonymous]

Op—I would echo both posts from jnbmom...Sound advice and solid suggestion. Play for the long game not the instant gratification. Please keep us posted!

[Anonymous]

@ttulaw - Yeah, you're right! I should just be patient. Let both my revolving credit card account and instalment account, mature. 

[Jnbmom]

It is best to have more than one revolving card, 3 is usually a solid base to build on.

I would encourage you to try the discover prequalify,  you may be pleasantly surprised. 

[Anonymous]

OP—As already states, Discover is great for someone in your position, a good revolver and low risk for a thin file. Far more worth the risk than a retail card. Risk will always be oresent, but getting and staying informed with research and discussion will mitigate much of that risk.