Hi.
Newbie. Obviously! 
So, I'm in the process of building my credit score. My current scores are as seen below in my signature.
I currently have a Capital One (secured) w/ a credit limit of $350 that I got over a year ago to work towards increasing my credit. I've recently requested it to be converted to an unsecured, got a 'no'. Requested a credit limit increase, no again. OK, fine. No big deal. (Sidenote: they did an automatic increase from the original $250 to $350 just out of the blue about 8-9 months ago)
I just recently got approved for a Discover Card w/ a limit of $1,200.
I'm going this Friday to meet w/ my CU loan officer to apply for an auto re-finance to shave a year off my current loan terms.
I completely understand that after this Friday, I won't be able to apply for any new credit for a while to give my credit & the inquiries a chance to recover.
But my question is, for someone who only has 2 credit cards, what's the recommended time between applications for a new credit card?
I'd ultimately like to have 3-4 credit cards that I cycle through on a regular basis long-term.
You're taking a bunch of inquiries anyway, just go and open up a third card now. Mathematically you're better off getting all the negatives out of the way and aging immediately, instead of taking another hit in the future when you don't have to.
The whole six month thing is for gold-plated people, which neither you nor I are. You want (and debatedly need FICO-wise) another credit card, just go get one. Talk to your CU at the same time you go for the auto-loan refinance and see what they can do for you would be my suggestion. Leverage the relationship for all that it's worth 
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@Revelate wrote:You're taking a bunch of inquiries anyway, just go and open up a third card now. Mathematically you're better off getting all the negatives out of the way and aging immediately, instead of taking another hit in the future when you don't have to.
That's my belief as well. I prefer to get everything over and done with then, go to the garden and watch the dust settle, and the crops grow.
I wish you well on your credit journey!
@cassie3783 wrote:Hi.
Newbie. Obviously!
So, I'm in the process of building my credit score. My current scores are as seen below in my signature.
I currently have a Capital One (secured) w/ a credit limit of $350 that I got over a year ago to work towards increasing my credit. I've recently requested it to be converted to an unsecured, got a 'no'. Requested a credit limit increase, no again. OK, fine. No big deal. (Sidenote: they did an automatic increase from the original $250 to $350 just out of the blue about 8-9 months ago)
I just recently got approved for a Discover Card w/ a limit of $1,200.
I'm going this Friday to meet w/ my CU loan officer to apply for an auto re-finance to shave a year off my current loan terms.
I completely understand that after this Friday, I won't be able to apply for any new credit for a while to give my credit & the inquiries a chance to recover.
But my question is, for someone who only has 2 credit cards, what's the recommended time between applications for a new credit card?
I'd ultimately like to have 3-4 credit cards that I cycle through on a regular basis long-term.
Capital One expects you apply for an unsecured card, I suggest you try the preapproval on Capital One site and apply if you like what they offer. You don't have that many inquiries, so I don't see the point in waiting.
@namvet wrote:The 6 month rule applies to new credit or established credit. Take your time and build a score that will benefit you later. Pick your cards carefully. Everyone has a opinion so listen to all the recommendations and then make your choice. Good luck! Patience is the key!
I'd suggest doing the math on thin-file FICO building. For ease of example, say 0 revolving tradelines now, desire to get 3.
Open 3 up immediately: At the one year mark
- No impact from inquiries on one's FICO score
- 3 tradelines with 12 months each for an aggregate payment history of 36 entries
- Any time beyond that is postive AAoA (since min is one year).
Vs. the six month rule: at the one year mark
- 2 inquires still reporting, one six months old, one brand spanking new
- 3 tradelines, one with 12 months, one with six months, one brand spanking new for an aggregate payment history of 18 entries.
- AAoA is effectively still a year (six months by calculation), but now you need another six months to move one's AAoA to the point it can increase beyond a year.
Further issue, there's a bunch of entry prime cards that a clean slate with a year's history can get... and that set of call it another 3 applications can be made at day 366 if one so desires, to setup good, solid tradelines that one'll keep for years. Still going with the six month rule, that's another 12-18 months out to acquire the same cards... the analysis at the 2 and 3 year marks are overwhelmingly in favor of the app spree method rather than stretching it out.
Even when you look at this with regards to the pretty FICO people, you're still adding tradelines and taking inquiry damage on the extended plan every six or so months... vs. getting what you want out of the way in one shot.
Personally I expect to make a 3 application spree at the end of this year, and probably another 3 application spree at the end of year three of my credit journey... and that's really all it'll take to establish the tradelines I want for probably decades to come. The discipline is the same either way so it's not even more difficult socially to do that, but the benefits are easy to recognize vs. otherwise. I'd rather be at 720+ in 4 years rather than ~5.5 with 9 tradelines (on the assumption I don't close any, which is unlikely).
But to each their own; however, it's worth doing your own mockups regardless.
Edit: spelling snafus.
I think it comes down to long term goals and where one is in the credit journey. Some people apply their scores to death and don't care about inquiries.
I pretty much use the "What would you decide looking at this credit history/profile?" method. It's far gentler to the ego than DLG's "Would you loan you money?!" approach, LOL!
Starting Score: 675