First "Real" CC Approval

[Anonymous]

I began building my credit in October 2017 when I got a Discover secured card with a security deposit of $200 making my CL also $200. Shortly after that, I made a Self Lender account to help boost my scores. After about 7-8 months, my Discover card was upgraded to unsecured and I was granted a CLI. I gardened from then until now, with my Self Lender account being paid off in November which left only my Discover card with a CL of $2,400. I had thought about applying for another but didn't focus on it until recently. I researched a lot, mostly into cash back cards since I don't travel/dine a lot (I'm 19) and I had initially wanted a card like the Chase Freedom, Unlimited, or Citi DC. I knew these cards were not the easiest to get so I started to check for any pre-qualified cards. I checked everywhere and the only offers I had were Amex. I had pre-qualifications for the gold card and the cash magnet. The AF on the gold card makes it basically useless to me at this point, so I researched into the cash magnet and saw it as a great option. I mainly didn't want to waste a HP on a denial and seeing as it's almost the same as the Unlimited (besides the UR points but I'm not getting a CSR/CSP anytime soon), I went for it. I was auto-approved with a SL of $3,800 with a 730 score and $15,000 annual income. Since I had just "graduated" my secured Discover to a unsecured card, I see this as my first real approval. I know I should probably have more than 2 accounts and I definitely want to get in with Chase so now I'm wondering when would be the best time to apply for other cards. I have no need for them right now, but for the AAoA would it be better to have new cards closer together? Rather than wait another year and bring it down even more. Currently at 1 yr, 3 mos with just my Discover.

[Anonymous]

@Bruuzu -

Welcome to the myFICO forum! We're thrilled that you joined us!

Super Congrats on getting your first "real" credit card with Amex!

The Cash Magnet is a terrific cash back card. It's a great choice.

The short answer to your question is Yes. Since you're still relatively

new to building credit, it's best to get new cards you feel you need

as close together in time as possible so they can all age together.

In addition, getting more Amex cards will result in soft pulls for

existing members like you. So it's a great win win: you can add 1 or 2

more cards and not take a hit to your excellent EX 730 score.

Congrats again on your success. Please feel free

to keep us posted on your progress. Thanks for sharing!

P.S. Don't forget about the Amex 3x CLI after 61 days.

Don't be surprised if your $3,800 SL becomes 10k or more.

[Cred4All]

Well said @AllThingsInTime.  Op, congrats on the new card!

[Priory_Man]

Congrats on the approval, Amex is a great bank to grow with.

[Anonymous]

Congratulations! Nice SL too!

[Anonymous]

That's great news Congrats on the upgraded DISCO and AMEX CM! Welcome Aboard

[Anonymous]

19 years old

$15k annual income

$3800 Amex

i'm so jealous! LOL congrats on your new card!!!

[Anonymous]

Congrats on your approval and Welcome to Amex family !!!!!

[xaximus]

Congrats on the approval and keep it up! Manage your credit well and the CSP/CSR and many other cards will open up.

[Anonymous]

Congrats, I'm sure a great feeling!

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@Anonymous wrote:

I began building my credit in October 2017 when I got a Discover secured card with a security deposit of $200 making my CL also $200. Shortly after that, I made a Self Lender account to help boost my scores. After about 7-8 months, my Discover card was upgraded to unsecured and I was granted a CLI. I gardened from then until now, with my Self Lender account being paid off in November which left only my Discover card with a CL of $2,400. I had thought about applying for another but didn't focus on it until recently. I researched a lot, mostly into cash back cards since I don't travel/dine a lot (I'm 19) and I had initially wanted a card like the Chase Freedom, Unlimited, or Citi DC. I knew these cards were not the easiest to get so I started to check for any pre-qualified cards. I checked everywhere and the only offers I had were Amex. I had pre-qualifications for the gold card and the cash magnet. The AF on the gold card makes it basically useless to me at this point, so I researched into the cash magnet and saw it as a great option. I mainly didn't want to waste a HP on a denial and seeing as it's almost the same as the Unlimited (besides the UR points but I'm not getting a CSR/CSP anytime soon), I went for it. I was auto-approved with a SL of $3,800 with a 730 score and $15,000 annual income. Since I had just "graduated" my secured Discover to a unsecured card, I see this as my first real approval. I know I should probably have more than 2 accounts and I definitely want to get in with Chase so now I'm wondering when would be the best time to apply for other cards. I have no need for them right now, but for the AAoA would it be better to have new cards closer together? Rather than wait another year and bring it down even more. Currently at 1 yr, 3 mos with just my Discover.

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