Should I apply for another credit card?

[Anonymous]

I'm 18 and I have the CapitalOne Journey card with a $300 limit. My credit score is 713. This is my only card and I got it in October (5 months of credit history now). I also have 6 inquiries (didn't know they were bad.) I pay all my bills in full before they're due. Should I apply for another credit card? If yes, when and which do you recommend? The FICO thing says I should apply for the Chase Freedom based on my credit score, which I kind of want, but I would rather have an AMEX. Also I don't think that chart takes into account that I only have 5 months history.

[Anonymous]

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@Anonymous wrote:

I'm 18 and I have the CapitalOne Journey card with a $300 limit. My credit score is 713. This is my only card and I got it in October (5 months of credit history now). I also have 6 inquiries (didn't know they were bad.) I pay all my bills in full before they're due. Should I apply for another credit card? If yes, when and which do you recommend? The FICO thing says I should apply for the Chase Freedom based on my credit score, which I kind of want, but I would rather have an AMEX. Also I don't think that chart takes into account that I only have 5 months history.

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A good score isn't enough to get approved for a card.  How does your entire credit profile look like?  Chase goes by their internal score in additon to your scores.  

[L-TWT]

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@Anonymous wrote:

I'm 18 and I have the CapitalOne Journey card with a $300 limit. My credit score is 713. This is my only card and I got it in October (5 months of credit history now). I also have 6 inquiries (didn't know they were bad.) I pay all my bills in full before they're due. Should I apply for another credit card? If yes, when and which do you recommend? The FICO thing says I should apply for the Chase Freedom based on my credit score, which I kind of want, but I would rather have an AMEX. Also I don't think that chart takes into account that I only have 5 months history.

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@congrats on being financially savvy @ 18 to know you CS, when I was that young I had no clue about CS's. But to answer your question, you first must ask yourself, is your $300 CL adequate enough for your monthly spend? B/c trying to open another CC acount with less than 5 months credit history, will leave u with very little choices with reqards to rewards, APR's & nice initial CL's.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

I'm 18 and I have the CapitalOne Journey card with a $300 limit. My credit score is 713. This is my only card and I got it in October (5 months of credit history now). I also have 6 inquiries (didn't know they were bad.) I pay all my bills in full before they're due. Should I apply for another credit card? If yes, when and which do you recommend? The FICO thing says I should apply for the Chase Freedom based on my credit score, which I kind of want, but I would rather have an AMEX. Also I don't think that chart takes into account that I only have 5 months history.

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A good score isn't enough to get approved for a card.  How does your entire credit profile look like?  Chase goes by their internal score in additon to your scores.  

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what do you mean entire credit profile? what else is there? lol

[Anonymous]

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haha well im looking t

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@L-TWT wrote:

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@Anonymous wrote:

I'm 18 and I have the CapitalOne Journey card with a $300 limit. My credit score is 713. This is my only card and I got it in October (5 months of credit history now). I also have 6 inquiries (didn't know they were bad.) I pay all my bills in full before they're due. Should I apply for another credit card? If yes, when and which do you recommend? The FICO thing says I should apply for the Chase Freedom based on my credit score, which I kind of want, but I would rather have an AMEX. Also I don't think that chart takes into account that I only have 5 months history.

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@congrats on being financially savvy @ 18 to know you CS, when I was that young I had no clue about CS's. But to answer your question, you first must ask yourself, is your $300 CL adequate enough for your monthly spend? B/c trying to open another CC acount with less than 5 months credit history, will leave u with very little choices with reqards to rewards, APR's & nice initial CL's.

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haha thank you! and well im looking to see where im prequalified and i got prequalified for BoA and Discover but I've applied for discover before and got denied so i dont want to apply to them again. I want to get an AMEX card asap but i saw somewhere they wont take someone with only 1 credit line

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[Anonymous]

So I just applied for the BankAmericard Cash Rewards Visa Signature Card credit card and got denied... even though I was preapproved

[Anonymous]

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@Anonymous wrote:

So I just applied for the BankAmericard Cash Rewards Visa Signature Card credit card and got denied... even though I was preapproved

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Did you use the pre approval link on BoFA's web site? If so, it's not actually a pre approval. It's just marketing.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

So I just applied for the BankAmericard Cash Rewards Visa Signature Card credit card and got denied... even though I was preapproved

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Did you use the pre approval link on BoFA's web site? If so, it's not actually a pre approval. It's just marketing.

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yes i did. thanks for letting me know. now i know for the future

[Anonymous]

Got my first CC in Apr2014 & applied for an AMEX BCE in Nov2014 & was approved for $3500. Didn't try any prequal cause I opted out in my last year of high school 

Background: I was 19 for both apps, first CC was $500 but I got a $500 CLI a few weeks before AMEX approval (wasn't reported yet though), applied for Macy's two months before AMEX approval, & listed annual income at $15,000 (student) 

I say it's not impossible but because you're almost at 6 months I would try for CLI first then apply for a new card

[lord_kinbote]

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@Anonymous wrote:

So I just applied for the BankAmericard Cash Rewards Visa Signature Card credit card and got denied... even though I was preapproved

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You just took atleast one inquiry for the app, so I would try to recon.  I am not sure how they are on reconsiderations, so maybe someone else can chime in.