To get or not to get?

[Wavester64]

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@Anonymous wrote:

Hey guys,

First of all, I’m so glad I found this forum - so much information, everyone seems so nice and helpful. Truly awesome community. I’m fairly new to credit world and also still confused. Any input is greatly appreciated and I thank you for your time.

I had no credit history 2 years ago. I got co-sign on new car lease in June, 2018. And I applied for a Capitol One credit card in June, 2019. These are my numbers as of today:

Fico score 739

Equifax 744

Transunion 744

Total accounts 2: 1 auto loan ( $4402 left out of $13,208) 1 credit card( SL $1250)

Revolving util. 0%

Missed payments 0

Inquiries 0-1

No collections, etc.

So as I understand I have a thin file. Do you guys think I should apply for more credit cards? If so, could you recommend any considering my scores? Is there anything else I could do to increase my score?

Thank you so much!

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You might want to see if you pre-qualify for a CHASE card:

https://www.chase.com/prequalified

I would recommend trying for one of them first (Freedom, or Freedom Unlimited) because they are more difficult later to get as you add more CCs to your profile 

[Anonymous]

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@Anonymous wrote:

Thanks everyone! Special thanks to LaHossBoss and staticvoidmain for pointing out 0% revolving util, I will fix it by letting about 5% carry to the statements. As few of you advised I asked for a credit line increase with Capit.1 It will take 2-3 days to hear back from them. I also did pre-approval on Discover website and it went through. So I think I’ll wait and see if I get higher credit limit, then apply for Discover. But to effectively do AZEO I would need one more credit card, right? If so, do you think I should apply at around same time as Discover or should I wait six months or more?( I was thinking American Express maybe, or Citi) Thank you guys so much!

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@Anonymous yes wait until the new higher credit limit is actually reported to your credit report.

Absolutely you should get more than one. when you get one, you're under penalty for a year, so you may as well get them all now.

You are also under penalty until you have at least 3 and if you want to maximize AZEO for the mortgage scores you need a minimum of 5 cards. 

If it were I, I would definitely add 3 now after that new higher credit limit reports. I might go ahead and grab 4, but I'd definitely be doing my homework now to figure out which ones fit my spend, so I am ready to go when it reports.

Read the scoring primer linked at the top of my signature and you can get a lot of insight on how credit scoring works.

[Anonymous]

Thanks, Birdman7, for the link and all the info. Today I have some bad news and some good news. So I got denied the CLI from Capital one, their reason was “Recent use of this account’s existing credit line has been too low”. It’s ok, can’t argue about that. On other hand, I learned that credit karma numbers might not be accurate ( my Transunion and Equifax I posted from credit karma). So I signed up for a free trial at Experian and found out that my Equifax is 757 and Transunion 770! With this new info I decided to apply for 2 new CC. One is definitely gonna be Discover Cashback, and second- I’m still not sure. @Wavester64  , thanks for your advice and I’m sure you’re right, but I don’t want to do business with Chase. I had some issues with them over the checking account long time ago, plus they denied me a secured card June, 2019 yet few days later I got approved for unsecured credit card from Capital One. Hope this makes sense.

So besides Discover, what other credit issuers are good for thin/clean file?

Thanks again!

[Wavester64]

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@Anonymous wrote:

Thanks, Birdman7, for the link and all the info. Today I have some bad news and some good news. So I got denied the CLI from Capital one, their reason was “Recent use of this account’s existing credit line has been too low”. It’s ok, can’t argue about that. On other hand, I learned that credit karma numbers might not be accurate ( my Transunion and Equifax I posted from credit karma). So I signed up for a free trial at Experian and found out that my Equifax is 757 and Transunion 770! With this new info I decided to apply for 2 new CC. One is definitely gonna be Discover Cashback, and second- I’m still not sure. @Wavester64  , thanks for your advice and I’m sure you’re right, but I don’t want to do business with Chase. I had some issues with them over the checking account long time ago, plus they denied me a secured card June, 2019 yet few days later I got approved for unsecured credit card from Capital One. Hope this makes sense.

So besides Discover, what other credit issuers are good for thin/clean file?

Thanks again!

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Makes total sense and I agree with your decision 100% 

[VintageMel]

Amex is often thin file friendly.  I would recommend checking with them for prequalification.

Based on a recent experience I had, I would strongly recommend you apply with Discover first.  I applied for a Citi card, and then Discover the next day.  Despite having what looked to be a solid pre-approval offer from Discover with a firm interest rate, they denied me due to recent inquiries.  They seem to be especially cautious as of late (justifiably so).

[Anonymous]

I went ahead and applied for Discover Cash Back, and I got approved! Yay! SL $1750 Now I tried pre-approval with Amex, didn’t show anything I’m still on the hunt for my last CC

[AllZero]

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@Anonymous wrote:

I went ahead and applied for Discover Cash Back, and I got approved! Yay! SL $1750 Now I tried pre-approval with Amex, didn’t show anything I’m still on the hunt for my last CC

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Congratulations on your approval!

[VintageMel]

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@Anonymous wrote:

I went ahead and applied for Discover Cash Back, and I got approved! Yay! SL $1750 Now I tried pre-approval with Amex, didn’t show anything I’m still on the hunt for my last CC

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Drat.  I know that's not what you wanted to see from AmEx, but congrats on the Discover approval!!  I am slightly jealous.

I think some of the CUs that are popular around here might be good options, but I'll let someone more knowledgeable on that front chime in.

[Remedios]

Congrats on your new card 

Please feel free to start approval thread in the approvals forum if you wish to do so. 

This thread is now locked.