I recently moved to the US and only have a secured card

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
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eibwen
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I recently moved to the US and only have a secured card

Postby eibwen » Tue Dec 25, 2012 9:40 pm

I am new to the forums, recently moved to the US, wasn't very savvy with how credit works here. I applied for a no. of different credit cards after I got my ssn and got rejected by all. Then, learned about secured cards, got it from PNC which on retrospect wasn't a good idea. I think boa or usbank are better as they unsecure after a year of good history.

So, I am still learning about this credit game (or so I think) here in the US and this forum has been a great help in clearing things up over the last few weeks. Only regret is, found it a bit late and ended up having 6 hard inquiries on my report with out any credit lines. Now, after 7 months of building up a history decided to go on an app spree, since I received pre-approved offers from discover and capital one.

I went ahead and applied for more and no-hassle cash rewards, approved for both. My FICO at this time was 724. Got rejected for chase freedom. Applied for a PRG-amex recently to take advantage of backdating, was approved. Now, I have 3 unsecured cards albeit with low limits, should I cancel the secured card before it completes a year? Will it be bad for my credit to cancel it before it completes year and what is the process after that considering they don't unsecure it?

Secondly, is it wise to apply for an amex revolver (looking at delta gold) in jan to take advantage of backdating? I already have 10 hard inquiries on my report, 4 recent.

Thanks


eibwen
Green Member
Green Member
 
Posts: 8
Joined: Tue Dec 25, 2012 8:23 pm
Location: Cleveland

Postby eibwen » Fri Dec 28, 2012 7:37 pm

Bumping this, post got approved today but was posted on the 25th.

Money card
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Postby Money card » Fri Dec 28, 2012 10:30 pm

If you have 10 hard inquiries on your credit report I wouldn't apply. it seems like your very aggressive in applying for credit cards and I think that's 1 of the reasons that you got turned down.

since you have 3 credit cards I would go out and enjoy using them. unless your traveling on company business and they tell you that you have to have a Delta American express, if your company tells you that you have to have that card then fine. But if you don't travel on business I would stick with the 3 cards. like I said use them pay your bill in full and don't apply for any more for a while.

eibwen
Green Member
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Posts: 8
Joined: Tue Dec 25, 2012 8:23 pm
Location: Cleveland

Postby eibwen » Wed Jan 02, 2013 7:12 pm

Money card wrote:If you have 10 hard inquiries on your credit report I wouldn't apply. it seems like your very aggressive in applying for credit cards and I think that's 1 of the reasons that you got turned down.

since you have 3 credit cards I would go out and enjoy using them. unless your traveling on company business and they tell you that you have to have a Delta American express, if your company tells you that you have to have that card then fine. But if you don't travel on business I would stick with the 3 cards. like I said use them pay your bill in full and don't apply for any more for a while.


No, actually I am not very aggressive in applying. The inquiries are mostly because I applied to 3 cards without a credit history, no credit lines so these were wasted. The rest are my secured card, auto loan inquiry, apt. check and the 4 apps six months later in dec. This is when I got cards to increase my spending limit as it was frustrating to use a card with a 500 limit.
I am thinking of applying for the delta because it would backdate and increase the period of my credit history.



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