In many cases there can be a short term dip, but since you have so few cards... I doubt it.. (or it will rebound in 6 months but your in a position you might actually GAIN points after they start reporting) Also you don't have the typical thin file (but you don't have the limits to compete but you have the long age to help you out here) ... Definitely think Discover esp if youd like a discover would be a good option, (discover doesn't have a SUB unless you get it through possibly Amazon or get a referral, but they have this nifty offer in addition to 0% for a year or more, plus double cashback (at the end of the year they give you the same amount of cashback than you earned during the year) So you get the conventional cashback during the year and it gets doubled on your anniversary. Also Amex would likely work for you as well...
Usually its considered a total of 3 credit cards is the "magic" number.. but id still think on what youd like. Do think the second one would best be suited by a Discover or Amex revolver.. but that third one.. Might want something with even tastier rewards. Esp if you have the pay in full mentality...
Good luck
-J
You could also try a credit card from your current bank that holds your checking and/or savings account. Since they will have a history with you they may be a great choice. Also it can make managing it easy since usually it can all be done from the same online portal. Just a thought. Good luck on your upcoming apps.
@Anonymous wrote:
My question is which credit card issuerer is more thin friendly? Also should I secure an auto loan or credit card first to minimize score impact.
As somone mentioned, your credit history / age will make up for a thin file (unlike me, who has < 1 year history). Regarding, applying for a loan, if you are curious about your qualifications, you can go to CapitalOne Auto Navigator, enter your information, and see if you are prequalified for an auto loan. This will not affect your credit, as it uses a soft pull. I imagine you'll qualify, and then you can see what sort of rates they will offer. Of course, you can always search for better rates, but it's a risk free way to see what's available to you. When I was auto loan shopping, I was unable to get prequalified until I had two credit cards, but also had very little history and no previous loans. If you've had a mortgage, I think you should have no problems. When I finally prequalified with CapitalOne, I went to DCU and also applied for a loan through them (they approved me AND gave me a better interest rate) and I also got a credit card using the same hard pull. You could try something similar with your bank or credit union.
*If for whatever reason you don't get prequalified with CapitalOne Auto Navigator, there is a strong chance you'll have a hard time qualifying elsewhere. In that case, I would apply for a second credit card, and then wait a month and let it report before trying the prequal again to see if that helps (worked for me).
**Edited to Add: When I applied for my first two cards, there was a small dip in my scores, and they came back up within a month. When the third card hit my report, there was a rise in my scores, followed by a large dip when the auto loan and inquiries hit. It took about three months for that to start coming back up.**
