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New Credit card or increase limit on the only card???

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New Credit card or increase limit on the only card???

Any help will be appreciated!

 

Hi there,


I moved to US about one year ago. I am a resident (trainee doctor). I got a college rewards credit card from key bank (that I have a checking account with) about one year ago and I have been using it judiciously (Never had a credit utilization of more than 40% and always paid on time). 

I checked my credit score 3 months ago and the experian score was 715 (I did not check transunion and equifax). I had 4 hard pulls over last 1 year (one for credit card, 2 for cell phone contracts, and one for car loan), all were approved. Of these, 2 checks were pretty recent i.e. only a month old. 

Now, 2 weeks ago I got this mailer, offering me a pre-approved offer for CHASE freedom. Till date I have been ignoring multiple pre-approved offers from Capital One, American Express, CHASE SLATE. But I fell for this one and I applied. But unfortunately I was denied. I called Chase and asked for reconsideration, and was denied again. Reason "Not enough credit accounts opened long enough to establish enough credit history". 

Now I am wondering if I should apply for another credit card or increase credit limit on the current student credit card (which has a credit limit of only 300$). Both would involve another hard pull (already there are 5 hard pulls over last one year). Please advise. If you think I should apply for a new card, the which one should I apply for, having just one year of credit history? 

 

Any help will be appreciated!

Message 1 of 5
4 REPLIES 4
Senior Contributor

Re: New Credit card or increase limit on the only card???

I think it is time for a 2nd card to build more history.  

 

Check out Capital One -

Cash Rewards for Newcomers -

Get the card designed to help those new to the U.S. establish credit

Message 2 of 5
Valued Contributor

Re: New Credit card or increase limit on the only card???

One credit card account is any day too little.

 

Cap1 as Wolf3 said is one option. Other option is to take a store card. The advantage of a store card like GEMB ones is that their limits grow to like 1500 very quick and helps your util a lot especially for beginners with low to medium CLs.

Citi Hilton Reserve 22.3K | Citi Thank You 8.2K | CSP 15.5K | Chase Freedom 10K | Chase BA 15K | Chase United 8.5K | Chase Marriott 5K | Discover IT 9K | Club Carlson 13K | Amex SPG 20K | BofA Cash Rewards 11K | BofA Cash Rewards 50K
Message 3 of 5
Senior Contributor

Re: New Credit card or increase limit on the only card???

Store card is good idea also.   Pick one from where you shop.    Show some use.

 

You could try both store and major card.

 

Message 4 of 5
Frequent Contributor

Re: New Credit card or increase limit on the only card???

Try citi, they are easy to get with your score. and than may be 6 - 12 months later hit a big one.

TU Auto enhanced FICO (9/2012): 744
EX FICO (8/2012): 748
EX FICO (6/2010): 739
Message 5 of 5
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