New Credit Card Application...Tips?

[ajcarter]

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@Anonymous wrote:

AAoA looks a little light, if you don't get pre-qual on Amex or Cap1 you might want to start with Barclay as they're easier to get in with from my personal experience...Prime cards usually want to see history and lower inq's.  I wouldnt go app crazy if I were in your shoes.  Maybe try SCT to get decent limits via SP's.  Looks like you need more time and higher limits to get uti down...any chance of getting piggybacked as AU?

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I didnt want to be the dependent son... but Im sure my dad wont mind making me a AU on one of his cards

[ajcarter]

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@Anonymous wrote:

The limits will prosper with time. Run everything through one card, pay it off every week if you have to. Dont use your debit card ever.  Don't take the triple pull from capital one...if you do grab a venture then a quicksilver. You may not get approved for a venture. Then you are stuck with potentially 2 annual fees (v1 + qs1)...but you could get them removed later.

The utilization thing will get better as you add more cards. You could check at amex if you are prequalified. If you can afford the spend, theres a 25k MR point offer after 2k spend, and you can use the same experian inquiry and snag the PRG charge card 50k MR point offer.  Basically spend 3k in 90 days and net 75k MR points.  A decent deal.

I am betting others will chime in,maybe suggest you contact capital one and see if you can get your secured card unsecured?  I bet you could and the limit would increase as well.  And get it converted to a quicksilver.  If they say no.....Who knows they are crazy and encourage folks to carry multiple types of their products so you very well could get approved.   Then combine some cards after 6 months.

When was the last time you requested a CLI with discover?  I dont really care much for the barclays rewards other than getting in the door with them. You would be better off using a regular 2% card instead of one that limits you to categories.

Who do you bank with? You may benefit from a credit union credit card they tend to be higher limits?

I would look at your spending as well and get something that will grow with you or can be PC'd later to better suit your needs.

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I try to use my debit card... only to not go past 50% UTL... but now that i got the discover CLI i can continue using that card and rack up the 1% CB. I want to stay away from Cap One... I dont want to deal with the 3 HP. They dont unsecure secured cards... wish i knew this earlier or i wouldnt have given then a $500 deposit. 

I bank with Chase/Schwab for checking and Barclays for savings... I also got have a MMA with a credit union for some reason. 

[ajcarter]

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@Anonymous wrote:

FWIW I think Barc Apple and Sallie are easiet to get in with..you can PC them later, they're also pretty generous with CLI's if you treat them right.....I tried to PC my secured card NUMEROUS time via phone and they have ALL said the same thing.....if you don't want the secured card you'll have to close it and apply for something else...maybe someone has more info...hth

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Thanks for the reccomendations I will look into those cards

[ajcarter]

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@jeffm4688 wrote:

You have a year and 6 months on one card and 6 months on the other, no reason you can't get a good approval maybe 2.

You shouldn't have an issue grabbing any of the cards listed except maybe the venture as you might not get it.

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Really? i've heard mixed thoughts on that... but i suppose it varies from person to person. 

I dont have any other credit (loans, etc) so my file is pretty thin.

[ajcarter]

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@Anonymous wrote:

I would give barclay rewards card a shot, since their recon (if you do get denied) is much more relaxed than other companies.

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Sounds like a barclay card is the best bet. 

I think ill revisit them once my score jumps a bit, since i got the discover CLI

[jeffm4688]

I have a buddy who is 20, got his first credit card in december of 2014 for $2500 and an installment loan started around 08/2014 and he got approvals with an AAoA of 8 months for amex BCE, chase freedom, venture1, discover and a penfed all in quick succession. Income only being $40K he got approved for some nice limits.

I know not everyone is different but quite a few lenders don't mind thin but clean files.

[Anonymous]

 Good luck! Keep us posted

[ajcarter]

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@Anonymous wrote:

 Good luck! Keep us posted

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Sure will! 

Thank You all for all the tips!