Advice on second card

Anonymous · ‎09-28-2015

Any opinions on the Citi ThankYou for students? Or the Journey Student from Cap 1? Should I try for a regular card instead of a student?

I was thinking about applying for a second card in a few months. I'm researching my options right now. How hard are they to get approvals for? Thanks!

Edited:

Denied Citi Thank you Student. TU fico = 664 Unsure of other scores.

Anonymous · ‎09-28-2015

@Anonymous wrote:
Any opinions on the Citi ThankYou for students? Or the Journey Student from Cap 1? Should I try for a regular card instead of a student?
I was thinking about applying for a second card in a few months. I'm researching my options right now. How hard are they to get approvals for? Thanks!

Hello and welcome!

You would get more accurate answers if you would include your 3 scores, hopefully Fico vs Fako, your AAOA, inquiries on each bureau, and if you have any bad remarks.

For scoring purposes you should ideally have 3 cards. And have only 1 reporting a balance each month.

Have you checked Chase, Citi, Capital One, Amex, Bank of America, US Bank, etc for prequalified offers? They tend to be solid if they list a specific APR instead of a range.

EDIT:

I see that you were denied. I would reach out to EO (backdoor number) and see if they can be of assistance. It might cost you a 2nd HP. You should check all the prequals listed above. Barclays is running again but its hit or miss.

I would love to see you add two cards with only one HP. Cap1 would probably approve you. I also would say maybe Chase Freedom and a cobranded card if that would benefit you.

If you continue to get denials you could try a credit union, but that may depend on your income.

Anonymous · ‎09-28-2015

@Anonymous wrote:
@Anonymous wrote:
Any opinions on the Citi ThankYou for students? Or the Journey Student from Cap 1? Should I try for a regular card instead of a student?
I was thinking about applying for a second card in a few months. I'm researching my options right now. How hard are they to get approvals for? Thanks!
Hello and welcome!

You would get more accurate answers if you would include your 3 scores, hopefully Fico vs Fako, your AAOA, inquiries on each bureau, and if you have any bad remarks.

For scoring purposes you should ideally have 3 cards. And have only 1 reporting a balance each month.

Have you checked Chase, Citi, Capital One, Amex, Bank of America, US Bank, etc for prequalified offers? They tend to be solid if they list a specific APR instead of a range.

EDIT:

I see that you were denied. I would reach out to EO (backdoor number) and see if they can be of assistance. It might cost you a 2nd HP. You should check all the prequals listed above. Barclays is running again but its hit or miss.

I would love to see you add two cards with only one HP. Cap1 would probably approve you. I also would say maybe Chase Freedom and a cobranded card if that would benefit you.

If you continue to get denials you could try a credit union, but that may depend on your income.

Do you think I should try cap 1, or leave it alone?

Callandra · ‎09-28-2015

Have you tried the Cap1 prequal? I would think you would get approved for Journey.

Quicksilver $10,000 | Better Balance Rewards $2000 | Sallie Mae $3500 | Freedom $3500

Last HP: 9/27/2015

Anonymous · ‎09-28-2015

Or you could stick to the plan of showing some history with your Discover card so your in a better place to apply for other cards, preferably better cards, months later. These cards arent going anywhere I assure you. A denial was a warning sign. Again, you do not need to rack up all your cards at once.

This isnt a race.

Anonymous · ‎09-28-2015

@Callandra wrote:
Have you tried the Cap1 prequal? I would think you would get approved for Journey.

I'm not 21 yet, so I can't use the prequals

Anonymous · ‎09-28-2015

@Anonymous wrote:
Or you could stick to the plan of showing some history with your Discover card so your in a better place to apply for other cards, preferably better cards, months later. These cards arent going anywhere I assure you. A denial was a warning sign. Again, you do not need to rack up all your cards at once. This isnt a race.

You're right. I know you're right lol. Do you think the denial will hurt my standing w/ Discover. Will they try to cld my limit or anything?

kdm31091 · ‎09-28-2015

Ugh. This is what I warned you about last night. You are just starting out. You just got a Discover. You need to use it, pay it, use it, pay it. Build a history. Do not research other cards. Do not apply for other cards. This isn't a race. Stick to your original plan.

It really disheartens me to see people just starting out rushing out to apply for more cards. I won't blame this forum, because at the end of the day, an individual's choices are their own but you really need to just WAIT. Be patient.

No, I don't think the denial will hurt you with Discover. You just started with them so it's unlikely they will CLD a brand new account. But definitely don't app for anything else, for the pure reason that you need to build history.

Anonymous · ‎09-28-2015

I Ihighly doubt it. All Discover would see is the hard inquiry and one extra likely isn't setting off alarms. That doesnt mean get nutty and start off on a spree.

Your first card is with a good lender and has a nice limit. Great start!

Anonymous · ‎09-28-2015

@Anonymous wrote:
@Anonymous wrote:
Or you could stick to the plan of showing some history with your Discover card so your in a better place to apply for other cards, preferably better cards, months later. These cards arent going anywhere I assure you. A denial was a warning sign. Again, you do not need to rack up all your cards at once. This isnt a race.
You're right. I know you're right lol. Do you think the denial will hurt my standing w/ Discover. Will they try to cld my limit or anything?

Nah. You will be fine.

I do like what HF says though. If you can avoid a triple hit by cap1 then why not? I mean, aside from them having a line of credit that doesnt get balance chased in times of a crisis, they dont have much else to offer...other than they are more open/lenient with approvals.

Your limit on your disco was what, 4500? That is great for that card. Continue to request CLIs with disco, never use your debit card. Look at how you spend your money. See what you need before you apply. As long as you dont have a car loan or mortgage to shop for, you will be fine.

I would also encourage grabbing a bonus when possible, and combining inquiries too (although early on this can hurt your AAOA).

What are your stats, where are they from?

Time to be patient, show some history of repayment, etc.