To apply, or not to apply. That is the question.

[Anonymous]

I've been lurking in these forums for a while, but haven't posted. Mainly just soaking up as much as I can, but now I need some advice.. my credit is rebounding from mid/high 500s, currently 625-650 across the board (with fako ck scores in the mid 700's, not that it's reliable, just found it interesting.) I've just within the last 3 months added a new auto loan to the tune of 24k, and more recently had a cap1 platinum cli from 300 to 3300 (my only card, always pif). Inside of that 3 months my scores have increased 20 to 40pts. My gross income is pacing 55k ish this year.

My question, finally.. at this point is it generally better to wait out for pre-approvals or actively seek another card. I have the disposable income to put to use more credit and I would like to prove my creditworthiness by using another card.

[Anonymous]

I think it would be a good idea to add another card or two. Have you checked to see if you pre-qualify for any cards? Chase's, Citi's, and Capital One's pre-quals are pretty solid, and perhaps Amex's is too. Go see if anything comes up for you.

[Anonymous]

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@Anonymous wrote:

I've been lurking in these forums for a while, but haven't posted. Mainly just soaking up as much as I can, but now I need some advice.. my credit is rebounding from mid/high 500s, currently 625-650 across the board (with fako ck scores in the mid 700's, not that it's reliable, just found it interesting.) I've just within the last 3 months added a new auto loan to the tune of 24k, and more recently had a cap1 platinum cli from 300 to 3300 (my only card, always pif). Inside of that 3 months my scores have increased 20 to 40pts. My gross income is pacing 55k ish this year.

My question, finally.. at this point is it generally better to wait out for pre-approvals or actively seek another card. I have the disposable income to put to use more credit and I would like to prove my creditworthiness by using another card.

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Welcome to the Forums,

I would certantly get another CC, if you go with another Capital One you will in very good shape, something like Venture One or Quicksilver. 

Of course theres also Discover, Chase.. but that depends on your whole profile.

Good luck. 

[Anonymous]

I've checked a few prequal links, nothing substantial has come up. BoA site seems like it "suggests" whatever card I say I'm interested in rather than anything regarding a pre-approval. Discover "suggested" discover it, but the approval scores I'm researching seem in the high 600s. Amex website literally laughed. Not that I blame it.

[Anonymous]

BOAs and Discover's pre-quals are horrible, don't use those. Have you tried Capital One or Chase's?

[Anonymous]

When i got in with Discover around last year Sept. I had a collection showing and my scores were below 700, and i got a SL of 5k. 

but yes Boa and Discover dont trust those 100 nor the other ones, but there is more chance.

[Anonymous]

I didn't think to check preapps with capital one seeing as I already hold a cap1 card. But sure enough both quicksilver and venture are pre-approved. I'm glad I asked. Chase had nothing for me, but the way things are going it will only be a matter of time! I was unsure about the risk of being proactive in seeking credit in my situation, thanks for your quick responses.

[Santi78342]

Try for Venture if you can spend the $3k in 3 months for the 40,000 bonus miles. If not, go for the Quicksilver. The Venture has an annual fee, but it's waived the first year and you can PC it to a no AF card before it hits next year.

Good luck and let us know how it turns out!

[Anonymous]

I agree, if you can meet the spend I would try for the Venture. If not the Quicksilver is good too. Let us know how it goes

[Anonymous]

I'll be damned. Approved, 10k.