Thin file, how long until next app?

[this]

Hi,

I was wondering if anyone has advice on when I should apply for my next card. My plan is to wait until December of this year, but I'm not sure if that's too early/late.

Last year October I applied for a student Journey Capital One card, but got instantly denied. A week later I got the notice, and it said that the credit agency had no data about me (thin file)

Late November I applied for the secured Mastercard from Capital One. Got approved, and and I am using that currently.

Right now Credit Karma gives me a score of 723 (I don't trust this high score though, since my history is new). Credit dot com and Credit Seasame can't give me a score yet. I think it'll take a few more months.

Also on January I went to Citibank and they offered me their Citi Forward card, so I signed up for that too. Still waiting to see wether I got approved or not.

Anyway, I wanted to get the Amex BCE and Discover IT this year. Again my plan is to wait until December, but I know these cards can be hard to get.

Summary:
October 2013: Cap One Student Journey : Denied

November 2013: Cap One Secured Mastercard: Approved

January 2014: Citi Forward for Students: Pending

I graduated college last year and took time off (took a long time to find work), then worked a bit, but I'm going back to school again this year to take a few more classes.

My income last year was $7000 working for 4 months. I have a job offer starting October this year but I haven't discussed salary yet. I'm guessing somewhere around 30 - 40k (hopefully!)

Thanks for any advice and feedback.

[-Wade-]

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@this wrote:

Hi,

I was wondering if anyone has advice on when I should apply for my next card. My plan is to wait until December of this year, but I'm not sure if that's too early/late.

Last year October I applied for a student Journey Capital One card, but got instantly denied. A week later I got the notice, and it said that the credit agency had no data about me (thin file)

Late November I applied for the secured Mastercard from Capital One. Got approved, and and I am using that currently.

Right now Credit Karma gives me a score of 723 (I don't trust this high score though, since my history is new). Credit dot com and Credit Seasame can't give me a score yet. I think it'll take a few more months.

Also on January I went to Citibank and they offered me their Citi Forward card, so I signed up for that too. Still waiting to see wether I got approved or not.

Anyway, I wanted to get the Amex BCE and Discover IT this year. Again my plan is to wait until December, but I know these cards can be hard to get.

Summary:
October 2013: Cap One Student Journey : Denied

November 2013: Cap One Secured Mastercard: Approved

January 2014: Citi Forward for Students: Pending

I graduated college last year and took time off (took a long time to find work), then worked a bit, but I'm going back to school again this year to take a few more classes.

My income last year was $7000 working for 4 months. I have a job offer starting October this year but I haven't discussed salary yet. I'm guessing somewhere around 30 - 40k (hopefully!)

Thanks for any advice and feedback.

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You really need your Fico scores ( the CK score means nothing )  Also with a thin file don't app so fast .......wait alease 6 months between apps untill you get some history

[colinstu]

Use your new Cap1 card for a year and see where you stand from there. Do not even bother going for a BCE this year (or maybe even the next). You might have a chance at Discover IT student card at 6mo of history with your Cap1 card but you'd be much safer at a year+. Give us an update on the status of the Forward card when you get the news. 

Don't bother rushing the early part of the credit process. Lots of INQs/HPs and denials isn't going to help you out. Just sit tight, the 1st 6mo-1yr is never fun. Don't bother with getting any store cards imo.

I think you're good for now. The Cap1 card is a good place to start out (it's what I started with. $500 approved Journey card) and within 8mo I applied and was approved for $1500 Citi Forward. (and then a $250 auto CLI on the Cap1, and then SP $500 Cap1 CLI and two $500 SP CLIs on the Forward.... and after a couple years since getting app'd for my first card I applied for some more...). 

Just PIF (or whatever you want to keep UTIL under control) and use the card you have now. Sitting tight is hard but it will pay off. I've seen some early credit builders here have the worst trigger finger and it doesn't get them anywhere. 

[this]

Thank you for your quick replies!

It seems that I underestimated the length of time it takes to build good history. I'll go for the Discover IT (student perhaps) this December, (my Cap One will be 12 months old), and BCE next December (2015). If I get the Discover I'll know my FICO score (:

Yeah, I'lll post back when I hear back from CITI. I called them last week and this week, and each time they said they need more information. Today I emailed them my Social Security card. I think it'll take another week to find out.

[Twas_Sovereign]

I'm in the same boat as you with thin file, but have managed to secure a Chase Freedom and Slate Card. I'm waiting till my next statement when I finally hit my 6 month mark and generate a FICO score. I'm planning on applying for the Discover and Amex BCE hopefully by next month. 

I've also seen a few people secure a Amex BCE with a 6 month credit history which is why I am taking an attempt once I hit my 6 month mark.

[Themanwhocan]

Have you used any other credit before? A student loan, etc? Anything like that could help.

I started from nothing. Never used credit of any kind before. I obtained 1 secured card for 2 days shy of a year. Then went on a pair of 3 app sprees 3 months apart, plus a few later that year (2013). Now I have a reasonably good income and a steady job, and that helps. And I was careful in planning out my applications. But still, obtaining $48400 in credit in 1 year, with all those 5% cash back cards, was definitely no fluke.

So my advise is to get that year of credit age with the cards you have. And spend the next few months planning out in what order to apply for the cards. You don't want any declines, and you want to avoid too many low initial credit limits, since you'll just have to work to increase them later.