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Hello everyone,
I've been browsing the forums for a while, finding a bunch of useful information about credit in general (thanks!), but this is my first time posting.
I'm new to credit--I've gotten my first CC in 08/2011, it's a Capital One Platinum MC with a CL of $500 with an expected Credit Steps CLI to $750 in a couple of statements. Currently, that's the only LOC I have, and, as far as I understand, I have to wait for a couple of more months to even get a FICO rating. I pulled my own free report from EQ recently and I've got three hard inqs: one from COne from 08/2011 and two from 03/2011 (when I tried to apply for a CC from the bank I have a checking account with & from when I tried to apply for the GECRB Amazoncard, both denied).
Right now my util is fairly high, but I always PIF and I'm planning on bringing it down to no more than 20% starting with this cycle.
I'm currently thinking ahead and trying to figure our where to go next. My long term goal is to keep the number of my cards low--I'd like to have one each of MC, Visa, AmEx, & maybe a Discover, so I'm looking for your recommendations on what to get next and, more importantly, when?
I've been browsing around and the cards I like are Citi Forward and Chase Freedom in the VIsa category, and BCE and Blue in the AmEx category. I haven't really thought about Discover much at this point.
My questions are: which one of the cards above would be easiest to get? And how long do you recommend me waiting before applying for it? (I like to think that patience is one of my virtues. ) Any other helpful comments are more than welcome!
Welcome to the forums!
The Chase Freedom and the Citi Forward are probably a better shot than the AmEx but I'm not sure how much account history they want to see before they approve you. Obviously you need a score reporting so as soon as 6 months are up you might have a shot. Maybe someone can pipe in here with AAoA required. They are both good cards, but hace differences. The Freedom only gives you decent rewards in rotating categories every quarter. The Forward gives you 5x points in certain permanent categories but 1 point is not always 1%. You'll have to evaluate what matches your spending habits.
The Blue Cash is gonna take at least 2 years of history from what I understand.
I like your strategy of 1 of each network, that is what I have done. You might also consider a B of A card, they have a few different levels ie basic, platinum, signature. They have been known to upgrade you to a better product after a while but YMMV. Same with USAA.
Good luck, let us know what you figure out.
Chase has some nice cashback categories, but I like the USAA AMEX card too. You're a shoo-in if they give you a preapproved offer.
I am in nearly the exact same situation as you are. I opened up a capital one card back in August and am interested in getting a second credit card once I have actual credit scores in a few months. I always pay in full and have kept statement balances down to about 7%.
I am not sure which cards I will have a shot at with only 6 months of history though.
Thanks for the welcome, LTomBerry!
USAA Amex also seems interesting, I will definitely keep it in mind.
Right now I'm thinking that my best bet might be to wait a couple of more months (for my score to be generated & for me to get the CLI from Cap1) and then maybe apply for a Walmart Discover (I should at least qualify for the store card, I hope), and wait for about 6 months more and let my history build up before I try for one of the Visas. I'll definitely post an update with the results.
Good luck in whichever one you choose to apply for, espnjunkie! And please let us know how it goes!
@DantGwyrdd wrote:Thanks for the welcome, LTomBerry!
USAA Amex also seems interesting, I will definitely keep it in mind.
Right now I'm thinking that my best bet might be to wait a couple of more months (for my score to be generated & for me to get the CLI from Cap1) and then maybe apply for a Walmart Discover (I should at least qualify for the store card, I hope), and wait for about 6 months more and let my history build up before I try for one of the Visas. I'll definitely post an update with the results.
Good luck in whichever one you choose to apply for, espnjunkie! And please let us know how it goes!
If you are a member of USAA, they put pre-approvals on an "offers" tab, that appear to be a guaranteed approval.
Thanks for the tip!
Ok, here's an update on my progress.
I recently got approved for a Kohl's card with a $300 limit (I do most of my pant/shirt shopping there so I figured that I might as well be getting all the discounts), which, according to the myFico Equifax report, hasn't started reporting yet.
Since six months has passed since I got my Cap One (my first card), and I really wanted a rewards card to funnel my purchases through & myFico Score Watch estimated that waiting for the Kohl's card to show up could make my score go up to 10 points either up or down (it's at 697 as it is), and my util would rise a bit due to recent purchases on my Cap One (it should report in a couple of days); I decided to go ahead and try for either Chase Freedom or Discover More.
Chase gave me the 7-10 days message, which got me a little bummed out (felt like a pre-denial), but... I thought "what the heck, what's done is done, let's try for Discover!" And it worked! Got instant approved for a Discover More with $1000 CL, which is my biggest one so far, and quite good enough--with the money I make as a grad student, I really shouldn't be spending more than that (plus rent) anyway.
So, I'm pretty satisfied with the overall outcome.
P.S. Oh, and I had tried for a Walmart store card, but I couldn't even app without a (US) driver's licence.
P.S. 2: It doesn't seem Cap One HPed EQ for the Kohl's card. Might have something to do with the fact that I already have a MC with them?
EDIT: Found out that Kohl's pulled EX.
So your starting scores were 697? I'm in the same position just a month behind you haha. I opened up my Cap One card back in August. I'm targeting Amex Zunc at the six month mark and perhaps citi forward. The Cap One is upto a $750 limit for me. I have heard Chase wants to see a minimum of one year of history but YMMV. I have heard of people getting AMEX Zync approved with just six months of history so that gives me hope.
Yup, according to myFico at least.
Good luck with Amex! I'm still looking for a Visa, and that'll probably be another attempt at Chase or a Citi Forward.