Hey all!
I am new here! I'm 21 years old and am trying to build my credit from scratch. I avoided credit cards/loans for the longest time, and now I am regretting the thin file that comes with that. But I'm here now and I am in need of some advice. So first a little background on my credit...
in May '14 I applied for an auto loan and was approved with no credit, but didn't accept the offer... paid cash for the car instead.
in Sep '14 I applied for an appartment lease. Approved and have never missed a payment.
in May '15 I applied for a Huntington Voice card and was denied because of my thin file.
in Aug '15 I applied for a Sallie Mae Loan for school and was denied again.
In Nov '15 Applied and Approved for a USAA Secured card with a $300 limit. I never carry a ballance and use 10% or less of my credit.
Yesterday Applied for a Credit One pre approved offer and canceled it 10 mins later after seeing pages of horror stories...
My score in December '15 was 554(Experian)... and since having the secured card my credit is now at 670. (Equifax-652)
I am going to be ending my lease early on my apartment (roommate issues 
) which I know will affect my credit score negatively. But I am in need of a new car and I will have to either get a loan or a lease on something.
So my question to you veterans is this: How long after opening your first card should you apply for another card? Or should I avoid that with all of this with all of these upcoming factors.
Thanks guys, I look forward to your suggestions!
@Anonymous wrote:Hey all!
I am new here! I'm 21 years old and am trying to build my credit from scratch. I avoided credit cards/loans for the longest time, and now I am regretting the thin file that comes with that. But I'm here now and I am in need of some advice. So first a little background on my credit...
in May '14 I applied for an auto loan and was approved with no credit, but didn't accept the offer... paid cash for the car instead.
in Sep '14 I applied for an appartment lease. Approved and have never missed a payment.
in May '15 I applied for a Huntington Voice card and was denied because of my thin file.
in Aug '15 I applied for a Sallie Mae Loan for school and was denied again.
In Nov '15 Applied and Approved for a USAA Secured card with a $300 limit. I never carry a ballance and use 10% or less of my credit.
Yesterday Applied for a Credit One pre approved offer and canceled it 10 mins later after seeing pages of horror stories...
My score in December '15 was 554(Experian)... and since having the secured card my credit is now at 670. (Equifax-652)
I am going to be ending my lease early on my apartment (roommate issues
So my question to you veterans is this: How long after opening your first card should you apply for another card? Or should I avoid that with all of this with all of these upcoming factors.
Thanks guys, I look forward to your suggestions!
Welcome to MyFico
There is no need to wait if youre considering another card. What card are you looking at? I wuld check CapitalOne's preapproval site and see if anything comes up. If not, you may have to go with another secured card until your credit file ages a bit.
@Anonymous wrote:
@Anonymous wrote:Hey all!
I am new here! I'm 21 years old and am trying to build my credit from scratch. I avoided credit cards/loans for the longest time, and now I am regretting the thin file that comes with that. But I'm here now and I am in need of some advice. So first a little background on my credit...
in May '14 I applied for an auto loan and was approved with no credit, but didn't accept the offer... paid cash for the car instead.
in Sep '14 I applied for an appartment lease. Approved and have never missed a payment.
in May '15 I applied for a Huntington Voice card and was denied because of my thin file.
in Aug '15 I applied for a Sallie Mae Loan for school and was denied again.
In Nov '15 Applied and Approved for a USAA Secured card with a $300 limit. I never carry a ballance and use 10% or less of my credit.
Yesterday Applied for a Credit One pre approved offer and canceled it 10 mins later after seeing pages of horror stories...
My score in December '15 was 554(Experian)... and since having the secured card my credit is now at 670. (Equifax-652)
I am going to be ending my lease early on my apartment (roommate issues
So my question to you veterans is this: How long after opening your first card should you apply for another card? Or should I avoid that with all of this with all of these upcoming factors.
Thanks guys, I look forward to your suggestions!
Welcome to MyFico
There is no need to wait if youre considering another card. What card are you looking at? I wuld check CapitalOne's preapproval site and see if anything comes up. If not, you may have to go with another secured card until your credit file ages a bit.
Their website says I'm pre-aproved for the Capital One Platinum card with 24.9%apr... no clue on the cl. They also recomended their Quicksilver One card with 0% for 6mo and 1.5%cash back... though I'm not sure if that counts as a pre-approval.
My fear is that I already have several hp on my credit... and I fear adding another with my history being realitively new and getting an auto loan sometime this summer/fall.
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:Hey all!
I am new here! I'm 21 years old and am trying to build my credit from scratch. I avoided credit cards/loans for the longest time, and now I am regretting the thin file that comes with that. But I'm here now and I am in need of some advice. So first a little background on my credit...
in May '14 I applied for an auto loan and was approved with no credit, but didn't accept the offer... paid cash for the car instead.
in Sep '14 I applied for an appartment lease. Approved and have never missed a payment.
in May '15 I applied for a Huntington Voice card and was denied because of my thin file.
in Aug '15 I applied for a Sallie Mae Loan for school and was denied again.
In Nov '15 Applied and Approved for a USAA Secured card with a $300 limit. I never carry a ballance and use 10% or less of my credit.
Yesterday Applied for a Credit One pre approved offer and canceled it 10 mins later after seeing pages of horror stories...
My score in December '15 was 554(Experian)... and since having the secured card my credit is now at 670. (Equifax-652)
I am going to be ending my lease early on my apartment (roommate issues
So my question to you veterans is this: How long after opening your first card should you apply for another card? Or should I avoid that with all of this with all of these upcoming factors.
Thanks guys, I look forward to your suggestions!
Welcome to MyFico
There is no need to wait if youre considering another card. What card are you looking at? I wuld check CapitalOne's preapproval site and see if anything comes up. If not, you may have to go with another secured card until your credit file ages a bit.
Their website says I'm pre-aproved for the Capital One Platinum card with 24.9%apr... no clue on the cl. They also recomended their Quicksilver One card with 0% for 6mo and 1.5%cash back... though I'm not sure if that counts as a pre-approval.
My fear is that I already have several hp on my credit... and I fear adding another with my history being realitively new and getting an auto loan sometime this summer/fall.
The pre approval for the platinum card is a pretty good indicator that you'll be approved and you wouldnt know the CL until after yuo apply. The recommendation for the QS One is not any kind of pre approval.
Capital One pulls all 3 credit bureaus so just be aware of that if you do apply.
As long as you dont get crazy a few credit card inquiries wont hurt your chances of an auto loan later this year. There is no requirement that you get another card but over time you want to have at least 3 to maximize your scores. Good luck in whatever route you choose and don't hesitate to ask more questions and participate in the forums.
You shouldn't have any credit impact from ending your lease early as long as you are removed from financial obligation. Leases have no direct bearing on credit unless you default and owe money.
@Anonymous wrote:
7-10 day messages aren't necessarily a denial with Cap1. Hubby got the same message and still got both a QS1 and Platinum. Call them and see. Might just be a verification issue.
Thats good to know. I called and didnt really get anywhere, but I havent heard that I was denied (supposedly they send an email)... I might call again today and see if I can get more answers out of the cRep.
Keeping my fingers crossed 