Multiple Credit Card Applications Question

[Anonymous]

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. 

[Anonymous]

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.

[SouthJamaica]

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@Anonymous 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. 

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

[Anonymous]

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

[Anonymous]

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

[Anonymous]

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/

[HeavenOhio]

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.)?

[Anonymous]

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.

[kcos194]

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.

[Anonymous]

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.