Apply for Citi or Chase... or wait?

[Reazon]

Hello all,

Been reading alot for a long while now, thank you all.  I'm helping my wife get the best and most credit possible.

She has 8 months on her credit file, just one account, retail card only $300 limit.(that is reporting now)

we since opened a discover secured $300, which is on the way.

And Capital One for $500 unsecured, opened 1 month ago, will report Jan 7

Experian lists her Fico 8 at 683, for some reason her scores aren't pulling up from Trans, and EX. ( maybe a new credit file?)

but creditkarma and others show her Fako score at 674.

Sorry for the long question.

But I'm understanding the 5/24 rule, we should be at 3 accounts.

Should we go ahead and apply for a Citi card, or Chase card?

The real question here is should we wait for the other 2 accounts to report to credit reports and hope for a score bump,

or should we apply now, with only 1 account and 5 inquiries?

Thanks everyone for your time

[Anonymous]

The only scoring bump for new accounts is that very first one, new accounts after typically dings your score for lowering of AAoA and resetting of AoYA (if previous AoYA was > 12 months). Even with that, I suggest letting those 3 accounts age for a bit (at least until TU and EQ scores generate) before making next move, both Chase and Citi are known to want to see at least 1 year of revolving history

[Remedios]

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@Reazon wrote:

Hello all,

Been reading alot for a long while now, thank you all.  I'm helping my wife get the best and most credit possible.

She has 8 months on her credit file, just one account, retail card only $300 limit.(that is reporting now)

we since opened a discover secured $300, which is on the way.

And Capital One for $500 unsecured, opened 1 month ago, will report Jan 7

Experian lists her Fico 8 at 683, for some reason her scores aren't pulling up from Trans, and EX. ( maybe a new credit file?)

but creditkarma and others show her Fako score at 674.

Sorry for the long question.

But I'm understanding the 5/24 rule, we should be at 3 accounts.

Should we go ahead and apply for a Citi card, or Chase card?

The real question here is should we wait for the other 2 accounts to report to credit reports and hope for a score bump,

or should we apply now, with only 1 account and 5 inquiries?

Thanks everyone for your time

---

I would wait. Neither one of the issuers is particularly friendly towards young files. 

Wait till her oldest card is at least 1 year old

[Anonymous]

Haha I win this time!

[Reazon]

sounds good , we are willing to wait.

also we shop alot at Target and Kohls.

Do you think we'd be safe applying for either?

, and save the last slot per say for citi or chase in 12 months

or even go for a best buy credit card? even if they offer store card?

[Remedios]

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@Reazon wrote:

sounds good , we are willing to wait.

also we shop alot at Target and Kohls.

Do you think we'd be safe applying for either?

, and save the last slot per say for citi or chase in 12 months

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She has three cards now, which is optimal for scoring purposes. I'd hold off on any apps for the time being. 

Let her profile age for a while. 

You can scratch the Target itch with their debit card and Kohls will still be there later. 

[PointsBonus]

With your Experian score I encourage you to apply for a AMEX Gold and if approved Delta Gold AMEX.

[FinStar]

Given the OP's initial question regarding Citi and/or Chase, it would be inadvisable to apply for the products you suggested @PointsBonus.

This almost sounds like an ill-advised sales pitch for unintended products. I feel that the advice that was already provided seems fairly solid.

[AverageJoesCredit]

Wait, and as always, if you are choosing to app Chase credit cards, theirs take precedence over all else due to 5/24. I would let your cards age and then app. Chase doesnt like to be first for most profiles so proceed with caution.

Also, Viper, as Finstar mentioned, the Amex suggestion seems too specific. I can see when we see Experian scores in range where an Amex might be suggestable but we cant predict what a poster is looking for in their credit card or if they want to pay AF.

[SomewhereIn505]

Hi OP,

Chase and Citi looks more favorably when you have 6 plus months experience with a card.  Work on growing your Cap One and try to avoid opening up more credit, especially if you want in with Chase. They have a 5/24 rule which has been expanded to more of their cards lately.