Is It Gardening Time?

[Anonymous]

Now that I understand what gardening means I was wondering if someone could help me decide whether now is the time to do so. I was approved for Capital One Platinum and Chase Freedom cards on the same day. Have very little credit history, these are my first credit cards, both with anticipated high APR and low limits. FAKO scores listed below, not sure about any FICO scores since the SW I signed up for yesterday doesn't seem to be working. I'm considering also applying for Barclay Rewards and Discover It cards. My reasoning was that if I'm denied at least all the HP inquiries would drop at the same time. But maybe its better to work with these two cards and apply for more in 6 months to a year vs. adding two additional HP to my report right now. Not sure! Assistance is appreciated

[coldnmn]

In my opinion garden for 6 months to show some positive history. Congrats on your new cards!

[mongstradamus]

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@coldnmn wrote:

In my opinion garden for 6 months to show some positive history. Congrats on your new cards!

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I agree with cold on this one :-)

[Anonymous]

Understood Feel like I got lucky with Chase so I don't mind cultivating my tiny garden for awhile Thank you both!

[SevenNEW]

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@CallaLilyLover wrote:

Understood Feel like I got lucky with Chase so I don't mind cultivating my tiny garden for awhile Thank you both!

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Also, Cap 1 will probably raise your CL within 6 months, which will put you in a better situation with new lenders. To the garden indeed!

[Anonymous]

Sweet! I have another question if no one minds, not sure whether its necessary to start a new thread for each additional question but if so please lmk. Does frequency of card use matter or is it the amount you spend that matters when building good credit history? Since the limits are so low I would prefer not to spend over $100 on either card but I dont know if one transaction per month, like my cable/internet bill, or a few different transactions per month like movies, dinner, electric bill etc., would be better. If there's a link where this is explained please include it! I didnt run across it but maybe I put in the wrong keywords when using the search engine. Thanks everyone  

[BluePoodle]

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@CallaLilyLover wrote:

Sweet! I have another question if no one minds, not sure whether its necessary to start a new thread for each additional question but if so please lmk. Does frequency of card use matter or is it the amount you spend that matters when building good credit history? Since the limits are so low I would prefer not to spend over $100 on either card but I dont know if one transaction per month, like my cable/internet bill, or a few different transactions per month like movies, dinner, electric bill etc., would be better. If there's a link where this is explained please include it! I didnt run across it but maybe I put in the wrong keywords when using the search engine. Thanks everyone  

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Congrats on your new cards. I don't think it matters much as long as you either PIF or pay down to under 10% util. You are probably on the credit steps with Cap 1. So you may get an auto incread or at lease at 6 months can request an increase. Cap1 likes usage. I am less familiar with Chase other than what i have read on these boards.

[Anonymous]

Ok, got it. Thank you!

[Open123]

Congrats on your new cards!

In my view, you're off to a great start.  In this case, since you're new, you should definitely garden for 6-12 months.  At this point, the most important thing is to use your cards and pay them on time.  Until you're ready to app again, utility isn't a big deal, unless you prefer to see a nominally higher Fico or Fako score.

However, when you do app, do bring your utility below 10% for optimal results.  All things being equal, on month 8, you should app for an Amex Charge card, such as the PR Gold with the sign-up bonus and first year fee waived.  At month 12, app for the Barclay Arrival and/or other cards that fit your needs.

Good luck!

[Swapmeet]

This may be a little off-topic here, but I think that your cap1 card comes with a free Fico score each month....So you can at least elliminate one of those Fakos--which are really meaningless.