Thin file.. help?

[Anonymous]

I have a thin file, no credit score at all. The only thing I have is a Discover IT card for $500 with like a $200 BAL. Got that card June 1 (just one month old)

I have like 7 or 8 INQ per report.. Applied for several cards last month..

Now that my card is one month old, do I have a chance for anything? Or should I wait?

[Brian_Earl_Spilner]

Stop applying until you get a score. It takes 3 months to generate a VantageScore, which almost nobody uses, and 6 to get a FICO. You already have a lot of inquiries that will count against you for a year and stay on your report for 2 years. Some banks like Barclay won't approve you with too many inquiries. Expect to probably start out with some store cards and secured cards, so save up money for a decent deposit as what you deposit will be your limit until it graduates or you close it. There are a few banks that will let you add money to your secured account later like NFCU, Wells Fargo, and Discover. But, you said you already have a discover. Is it secured, or unsecured? What cards are you after, what are your goals? If you give everyone an idea, they can help you plan out your apping.

[Anonymous]

My Discover is unsecured. My goal is to get big limit cards. Honestly I don’t really care about rewards and all that. Just give me the limits lol

[Anonymous]

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@Anonymous wrote:
My Discover is unsecured. My goal is to get big limit cards. Honestly I don’t really care about rewards and all that. Just give me the limits lol

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Patience and on- time payments will eventually lead you to higher CL.

By all means, I don't want to disrespect you but any CC companies giving high limits = not improving your current financial situation. Always use credit when you have the cash for it.  my 2 cents of knowledge.

[Anonymous]

My financial situation is perfect 😁 that’s not why I want credit.

[Anonymous]

@dhi How long did you have your secured cards before you was approved for the chase and BofA card?

[jesseh]

One month.. Relax!

To anyone I would advise to wait at least 6mo to generate the first score before applying for another one.

In your case, with the stack of inquiries, wait at least a year so your score doesn't get impacted by that as much.

Don't forget, applying for a lot of credit tells creditors you may be desparate for money you can't pay back.

[HeavenOhio]

Welcome, @Anonymous.

Which cards were you declined for?

At times, having a card reporting for a couple of months is sufficient for a second card before a score generates. But given your recent declines and the associated inquiries, I agree with the others when they say to wait until a score is generated.

In the meantime, request a CLI (credit limit increase) on your Discover card sometime soon after the third statement. If you're declined, don't worry about it. There's no waiting period before you can try again, and you can make another request soon thereafter.

Also, stick around the forum, learn what you can, and ask questions. You don't want to waste apps on cards that aren't within your reach right now. And you also don't want to waste apps on cards that aren't going to do you any good.

[Anonymous]

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@Anonymous wrote:
@Anonymous How long did you have your secured cards before you was approved for the chase and BofA card?

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Applied for Chase (have a primary joint account for checking and savings) after one month of discover secured card.

4 months later applied for BOA (have regular savings account with them) 

[HeavenOhio]

Good job, dhi. It's unusual go get a Chase card until one's oldest card reaches a year old. The OP has burned some inquiries, and he's been denied a few times. It probably wouldn't be worth the risk to apply for Chase until down the road.

Speaking of Chase, @Anonymous should be aware of their 5/24 rule. If one has opened five or more accounts in the past 24 months, denial is probable. If a Chase card is desired early on, one should build slowly during his first year.