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Want to apply, but is it a bad idea?

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Anonymous
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Want to apply, but is it a bad idea?

I had credit cards for 4 months now. My credit history is a year and 4 months now though because of a student loan. I really want a AMEX or Chase freedom, but not sure if I should pull the trigger. I already got an auto CLI on one card and my other cards are doing well. Always pay in full and never over 8% of my limit and heavy usage for all of them. I applied for AMEX in September but was denied Smiley Sad I got the CITI Thank you preferred at my highest limit of 1.5k though shortly after. I plan on buying a condo in May though so not sure if I can afford the INQ right now, especially if it's a waste.

 

Thanks!

Message 1 of 8
7 REPLIES 7
Anonymous
Not applicable

Re: Want to apply, but is it a bad idea?


@Anonymous wrote:

I had credit cards for 4 months now. My credit history is a year and 4 months now though because of a student loan. I really want a AMEX or Chase freedom, but not sure if I should pull the trigger. I already got an auto CLI on one card and my other cards are doing well. Always pay in full and never over 8% of my limit and heavy usage for all of them. I applied for AMEX in September but was denied Smiley Sad I got the CITI Thank you preferred at my highest limit of 1.5k though shortly after. I plan on buying a condo in May though so not sure if I can afford the INQ right now, especially if it's a waste.

 

Thanks!


Now to May? Can't hurt.

 

Keep in mind both of those are most typically EX pullers.

Message 2 of 8
Anonymous
Not applicable

Re: Want to apply, but is it a bad idea?

Aw man Smiley Sad seems like everytime I apply for a card it's Experian haha I have 3 EX in the past year. Also, I tried the prequal link and got nothing Smiley Sad should I still try? I don't want to risk it too much.
Message 3 of 8
Anonymous
Not applicable

Re: Want to apply, but is it a bad idea?


@Anonymous wrote:
Aw man Smiley Sad seems like everytime I apply for a card it's Experian haha I have 3 EX in the past year. Also, I tried the prequal link and got nothing Smiley Sad should I still try? I don't want to risk it too much.

Freeze your EX.

 

For reference though, I got approved for AMEX PRG+ED with 9 INQ on my EX and CSP/SWA with 10 INQ on my EX.

 

My EX score is/was similar to yours.

Message 4 of 8
Anonymous
Not applicable

Re: Want to apply, but is it a bad idea?

Wow really??? How much credit history did you have?

Message 5 of 8
Anonymous
Not applicable

Re: Want to apply, but is it a bad idea?


@Anonymous wrote:

Wow really??? How much credit history did you have?


Well, when my App-o-rama started I was sitting at just over 3yrs AAoA. Then I added a couple of AMEX cards which backdated me up to 4yrs 1 month AAoA....That didn't last long. Now i'm back at 3yrs AAoA.

 

Credit file is fairly thick for it's age. Oldest account is 8yrs+ old. Have a couple of old C/O's showing for a few more months.

Message 6 of 8
Anonymous
Not applicable

Re: Want to apply, but is it a bad idea?

3 years is still good! And 8 years of total history is a lot. My AAOA is pretty low right now because of all the new credit. I believe it's at 5 months lol first loan started August '13. I turned 18 in July so I didn't get to start any credit cards until then though Smiley Sad so that's another concern. Who knew the credit world was so hard? 

Message 7 of 8
Themanwhocan
Senior Contributor

Re: Want to apply, but is it a bad idea?


@Anonymous wrote:

I had credit cards for 4 months now. My credit history is a year and 4 months now though because of a student loan. I really want a AMEX or Chase freedom, but not sure if I should pull the trigger. I already got an auto CLI on one card and my other cards are doing well. Always pay in full and never over 8% of my limit and heavy usage for all of them. I applied for AMEX in September but was denied Smiley Sad I got the CITI Thank you preferred at my highest limit of 1.5k though shortly after. I plan on buying a condo in May though so not sure if I can afford the INQ right now, especially if it's a waste.

 

Thanks!


Your highest limit is 1.5K, so you need to garden for a while. Ideally for a year (in other words, 8 more months). If you keep getting toy limits, then you'll keep using more inquiries trying to get toy limits increased to slightly larger toy limits, etc. And if you're getting toy limits, then its likely that you will also waste inquiries on cards you will be denied.

 

Its much better to apply after a year and get $8.5K, then apply for another card and get $4.5K, etc, rather than wasting many inquiries and getting more cards with starter limits. You have the starter cards you need, now you need to build a credit report that shows you are responsible, and not desperate for credit.





TU-8: 804 EX-8: 805 EQ-8: 788 EX-98: 767 EQ-04: 752    
TU-9 Bankcard: 837 EQ-9: 823 EX-9 Bankcard: 837
Total $443,800
Message 8 of 8
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