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Multiple Credit Card Applications Question

jppratt95
Member

Multiple Credit Card Applications Question

Okay, so I just graduated from college and am beginning to deal with more and more monthy bills. I finally decided to apply for a general purpose credit card that I was quoted as having a high chance of acceptance to (request came from Mint). However, I think my aspirations were too high as I was denied due to a very limited credit history and average-at-best credit score (656). I want to dumb it down and get a very basic card for a while to help build credit, and I was looking at Capital One Platinum. I can almost assure myself that I will be approved, but am still weary of the second inquiry hit within a month. Should I go ahead and apply or tough it out a while longer? If so, how long? I've heard 6 months but could I shave that off a bit?

 

I want to clarify, too, that I don't NEED one. I know that looks bad to creditors. I just would like to start putting rent, car payments, grocery trips, etc. on credit cards so I can build credit up as I begin the next chapter of my life. 

12 REPLIES 12
Tiara89
Established Member

Re: Multiple Credit Card Applications Question

You may want to start with Cap One, and Discover Pre Approval sites they may start you off with a secured card because you don’t have any credit history but it’s a start and also you may want to get all 3 of your FICO Scores try Credit Check Total they only charge $1 for a 7 Day Trial.
Hyatt (10K) AMEX ED (10K) AMEX BCED (2K) BJ's Mastercard (5.9K) BP Visa (1.6K) Cap One QS (2.7K) Discover IT (4K) 2nd Discover IT (7K) Neiman M. (8K) Nordstrom (15K) Saks (7K) VS (2.2K) Target (3.3K)

FICO Scores EX: 704 EQ: 690 TRANS: 683
Started Rebuilding: 2016
Goal Score: 800
Message 2 of 13
SouthJamaica
Super Contributor

Re: Multiple Credit Card Applications Question


@jppratt95 wrote:

Okay, so I just graduated from college and am beginning to deal with more and more monthy bills. I finally decided to apply for a general purpose credit card that I was quoted as having a high chance of acceptance to (request came from Mint). However, I think my aspirations were too high as I was denied due to a very limited credit history and average-at-best credit score (656). I want to dumb it down and get a very basic card for a while to help build credit, and I was looking at Capital One Platinum. I can almost assure myself that I will be approved, but am still weary of the second inquiry hit within a month. Should I go ahead and apply or tough it out a while longer? If so, how long? I've heard 6 months but could I shave that off a bit?

 

I want to clarify, too, that I don't NEED one. I know that looks bad to creditors. I just would like to start putting rent, car payments, grocery trips, etc. on credit cards so I can build credit up as I begin the next chapter of my life. 


One avenue is to join a credit union, and take out a secured credit card.


Total revolving limits 663000 (585000 reporting) FICO 8: EQ 716 TU 742 EX 713

Message 3 of 13
jppratt95
Member

Re: Multiple Credit Card Applications Question

Do secured cards not give you a hit for inquiry on credit history?

Message 4 of 13
Tiara89
Established Member

Re: Multiple Credit Card Applications Question

It usually is. But it also depends on the lender.

Hyatt (10K) AMEX ED (10K) AMEX BCED (2K) BJ's Mastercard (5.9K) BP Visa (1.6K) Cap One QS (2.7K) Discover IT (4K) 2nd Discover IT (7K) Neiman M. (8K) Nordstrom (15K) Saks (7K) VS (2.2K) Target (3.3K)

FICO Scores EX: 704 EQ: 690 TRANS: 683
Started Rebuilding: 2016
Goal Score: 800
Message 5 of 13
jppratt95
Member

Re: Multiple Credit Card Applications Question

So what is the reasoning / benefit behind going secured vs a general card with less perks? The Capital One card I mentioned is designed for people with limited credit. The low end of the score range says 630, but there are reviews where people say they were approved with a 500-something. No annual fee, no foreign transactiuon fees, no penalty APR, etc

 

https://www.nerdwallet.com/blog/credit-cards/capital-one-platinum-credit-card-review-average-credit/

Message 6 of 13
HeavenOhio
Community Leader
Senior Contributor

Re: Multiple Credit Card Applications Question

The benefit to a secured card is that approval is easier.

 

What's on your credit report right now? Are there any negatives (late payments, etc.)?

Message 7 of 13
jppratt95
Member

Re: Multiple Credit Card Applications Question

Score is 656. 99% on time payments, 0 usage, 11 accounts (mostly student loans and a car loan right now), but 2 derogatory marks. Both were over a year ago when I had to go to the ER and the bills were a mixup. Went to me when they were supposed to go to my parents and I never saw them. Either way, they're both paid off and everything now.

Message 8 of 13
kcos194
New Contributor

Re: Multiple Credit Card Applications Question

I was approved for the platinum with scores worse than yours, around the high 500’s. Only issue with capital One is you’ll likely get a low starting limit with that card, I’d guess less than 1k, more likely $300 (seems to be the magic SL number for that card). It’s not a bad place to start, but I would try other Pre-Approval sites first.

In terms of the inquiry, I’d do it now so that both inquiries age together and the impact lessens equally, IMO.
3/27/2018: EX 604 EQ 595 TU 585
CapOne QS $500 CapOne Plat $300

6/14/2018: EX 582 EQ 583 TU 603
Message 9 of 13
Janus
Senior Contributor

Re: Multiple Credit Card Applications Question

Just use the prequal page at those that were suggested. If they cannot find anything for you, then you may need to look into Secured Card. Either with those two mentioned, or your local Bank/CU. 

If you don't alreadu have a Bank accnt. I would suggest opening one, and build a ralationship with them.

 






Message 10 of 13
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