Hi all,
My name is Connor and I am very new (about one week) to credit and thus new to this forum as well. I decided it's about time to start building credit. I am 22 years old and work part time, making approx. 20k per year. I am living with my parents.
I have applied for two cards with a thin file. The first is Chase Freedom (I've been a Chase checking account holder for 7 or so years). The app is still pending so we'll see what will happen there. I applied for the Discover It card, was declined, but was offered the Discover It Secured Card. I went for that with a $200 deposit/credit limit.
My first question is, regardless of the outcome of Chase Freedom, should I apply for any more cards or just stick with the Discover It Secured Card for now?
My second is just any other advice any of you have for me regarding next or future steps. If there is anything else needed known about me for advice to be given feel free to ask. Thanks in advance!
@Anonymous wrote:
@furthur wrote:Hi all,
My name is Connor and I am very new (about one week) to credit and thus new to this forum as well. I decided it's about time to start building credit. I am 22 years old and work part time, making approx. 20k per year. I am living with my parents.
I have applied for two cards with a thin file. The first is Chase Freedom (I've been a Chase checking account holder for 7 or so years). The app is still pending so we'll see what will happen there. I applied for the Discover It card, was declined, but was offered the Discover It Secured Card. I went for that with a $200 deposit/credit limit.
My first question is, regardless of the outcome of Chase Freedom, should I apply for any more cards or just stick with the Discover It Secured Card for now?
My second is just any other advice any of you have for me regarding next or future steps. If there is anything else needed known about me for advice to be given feel free to ask. Thanks in advance!Welcome to the forums! I am new here as well. I'd recommend not applying any more at this point. You're already in with Discover.. Considering their secured card is not a given (many people are just denied with no offer for secured) I'd say let that grow. Also you can recon the Chase card and see what they say. They may just need to ask you some questions.
Thanks for the reply, I've seen some people call the Chase recon even before they hear a decision. Should I do that, or wait to hear one way or the other first?
Welcome to the forums!
I agree on not applying for any more cards for now. I started with a $500 Discover it and only had that card for over a year. I'd recommend stincking with what you have now, build a positive history on the Discover (and the freedom if you do end up getting that) over time you may be able to unsecure the card, and building that history will get you off to a good start for other lenders. 
@Anonymous wrote:I would first recommend calling Chase to see the status of your application and if necessary recon it. Let them know you're wanting to continue your relationship with them, since you already have prior history with Chase banking. Chances are with your limited history if they do approve you the limit will be minimal. No hurt in calling a credit analyst.
Are you in school? Getting a student card would improve your overall chances of expanding your very limited portfolio. If you're not, stick with the secured card and let that grow.
I will call Chase recon tomorrow, too tired now. Thanks for the advice!
I'm not currently in school, so for now it looks like i'll stick with the Discover Secured and (hopefully) Chase Freedom.
@furthur wrote:
@Anonymous wrote:I would first recommend calling Chase to see the status of your application and if necessary recon it. Let them know you're wanting to continue your relationship with them, since you already have prior history with Chase banking. Chances are with your limited history if they do approve you the limit will be minimal. No hurt in calling a credit analyst.
Are you in school? Getting a student card would improve your overall chances of expanding your very limited portfolio. If you're not, stick with the secured card and let that grow.
I will call Chase recon tomorrow, too tired now. Thanks for the advice!
I'm not currently in school, so for now it looks like i'll stick with the Discover Secured and (hopefully) Chase Freedom.
Best of luck to you and update us tomorrow! Come join us in the garden and grow your credit and soon enough you will be able to graduate to some great cards