best time to apply for a 2nd Card?

[Anonymous]

I have no idea if this is the best spot for this but I need some advice. I’m 20 years old and kinda new to this credit card thing.

I recently got my first card back in January, a Capital One Platinum. I’ve paid my balance in full every month. but I’ve been wanting to get a card with rewards.

my credit scores are TU698 EQ692 and the Experian App shows my FICO8 as a 721.

I really want to get an Amex, I used their prequalification website and they said I was prequalified for the Everyday card but I really want to get the Blue Cash everyday card.

so my questions are could I possibly get the Blue Cash instead of the Everyday Card and should I be waiting longer to get a new card.

[Anonymous]

My comments in blue below.

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@Anonymous wrote:
I have no idea if this is the best spot for this but I need some advice. I’m 20 years old and kinda new to this credit card thing.

I recently got my first card back in January, a Capital One Platinum. I’ve paid my balance in full every month. but I’ve been wanting to get a card with rewards.

Paying in full is a good thing to do, because it prevents you from ever having to pay interest. While that is good for your wallet, FICO doesn't have a way to see whether you pay in full or not, so that doesn't affect your score.  What  does affect your score is your utilization.  Look at your reports and see the dollar amount that Cap One has reported to the three bureaus.  (It will likely be a different amount each month.)  Divide that balance by your credit limit and you will get a percent.  That % is your CC utilization.  For the best score you will want a CC utilization < 8.99%.  You also want some positive dollar amount reported -- it could be as little as $5.

my credit scores are TU698 EQ692 and the Experian App shows my FICO8 as a 721.

Are your TU and EQ scores from Credit Karma?  If so, you should ignore those.  We can suggest a place you can get true FICO scores.

I really want to get an Amex, I used their prequalification website and they said I was prequalified for the Everyday card but I really want to get the Blue Cash everyday card.

so my questions are could I possibly get the Blue Cash instead of the Everyday Card and should I be waiting longer to get a new card.

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Do you have any open loans?  If not, we can suggest a way to get a 30 point boost to your scores, which in turn may help you get the next card you want.

[ChargedUp]

Amex almost exclusively uses Experian in their decisions and a 721 Fico 08 is decent.. If you qualify for one revolver, then I don't see why there would be an underwriting difference between Blue Cash and Everyday. The only real difference is one rewards with cash back and the other rewards with MR points.

[Anonymous]

Score wise, you are probably good to go on the Amex BC card...but is that Plat your first credit card? If so, and you have no loans, I'd wait a couple more months (when that Plat hits 6-7 months) just to show a longer history. If it were me, I would wait until July to app. However, I *think* you will be alright if you app now. Just don't expect any high CL or good APR! (It can happen, I know, but don't get set on it)

[Remedios]

Unless OP has different type of accounts, such as student loans, he would not even have generated fico score by now as it takes 6 months. 

If that's the case, I'd suggest he waits with any apps until they do because the options outside secured cards will be fairly limited. 

[Anonymous]

Great point, Remedios.  Our OP would be well served at this point by pulling his credit reports and telling us what accounts are listed on them, and when the report says each account was opened.

[pinkandgrey]

Have you tried the prequal site for Discover? They love thin files and often hand out decent SLs. But as everyone else said, be sure your accounts are old enough. As for the Amex, I would think that you could get the BCE if the ED is an option. Good luck!

[HeavenOhio]

Welcome, @Anonymous.

Apply for another card when your Capital One Platinum is six months old. What you want to avoid is denials for going for cards that might be out of your reach. To help you with that, we'd need to know what other accounts (open and closed) are on your profile, along with the dates the accounts were opened. Given your 721 FICO 8, I'm betting that your other accounts will work in your favor.

[Anonymous]

oh yeah I forgot to mention that, I have student loans from the Feds for a total of about 10.5k. First one was taken in Fall 2016 and I’ve had a new one added on every Fall since. My average length of credit is 1 year 4 months.


Edit: those loans and my credit card are the only thing I have on my credit.