Credit Card Forum
  1. #1
    Green Member
    Join Date
    Mar 2012
    Location
    New york
    Posts
    2

    Default How long does it take to establish credit?

    (Updated 2013) hi all!

    I am new to the credit card world and i am looking for some advice! I'm 22 years old and i received my first credit card on 12/1/11. The card is a Capital One Secured credit card with a 200$ cl.

    I think i made a big mistake after doing some reading on this forum.

    2 days ago i applied for two credit cards :S. One being the AMEX Zync card and the Capital One cash rewards card. I was denied both (with no surprise). How does this affect my credit and what should i be doing now?

    AMEX told me i have no credit history after running my social security. Is this because my account is too young? I really want to do right with credit cards so i can have good credit. How long does it take to establish credit so I can get an unsecured card?
    Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiTweet this Post!
    Reply With Quote Reply With Quote

  2. #2
    Centurion Member
    Join Date
    Dec 2011
    Location
    Texas
    Posts
    140

    Default

    6 months of pay history will get you are credit score. So don't app for more new credit until you get your score. Then take your time and app only once each month period for best results. Do your research and don't apply for cards that you won't qualify for. Good luck. Patience is the key to a great credit score.

    Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiTweet this Post!
    Reply With Quote Reply With Quote

  3. #3
    Centurion Member
    Join Date
    Mar 2012
    Location
    San Francisco, CA
    Posts
    542

    Default

    Agree with Namvet. Only thing I would say is I like to app in sprees to get hard inquiries all at same time and then stop for a while.

    Only other thing I would recommend, if you can get another secured card such as Capital One, 2 cards with history when your credit file gets going will help you more. Amex for example likes at least 2 accounts with history.
    Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiTweet this Post!
    Reply With Quote Reply With Quote

  4. Centurion Member
    Join Date
    Mar 2012
    Location
    USA
    Posts
    344

    Default

    whats your annual income? you should go for a student card before trying to get an amex zync (since you have already been denied once.)
    Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiTweet this Post!
    Reply With Quote Reply With Quote

  5. #5
    Green Member
    Join Date
    Mar 2012
    Location
    New york
    Posts
    2

    Default

    My annual income at this time is about $35,000. Now that i have applied twice before my 6 months, should i apply again once i have an actual "credit history" or just wait? Also, i thought that applying a lot can hurt your score.

    thank you again guys
    Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiTweet this Post!
    Reply With Quote Reply With Quote

  6. #6
    Centurion Member
    Join Date
    Mar 2012
    Location
    San Francisco, CA
    Posts
    542

    Default

    Quote Originally Posted by creditnoob View Post
    My annual income at this time is about $ 35,000. Now that i have applied twice before my 6 months, should i apply again once i have an actual "credit history" or just wait? Also, i thought that applying a lot can hurt your score.

    thank you again guys
    You need to run your credit report and score unless you are sure you have no history. Do not apply for cards you can't get. Every time you apply, you hurt your credit score a little for 2 years. You definitely can't apply for anything but a newbie card before 6 months. Can't think of the newbie cards off hand, but if you aren't in college, it might be tough. Check out the local credit unions as they might be willing to work with you. If you have any close relatives in military, NFCU is the way to go.
    Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiTweet this Post!
    Reply With Quote Reply With Quote

  7. #7
    Green Member
    Join Date
    Apr 2012
    Location
    International
    Posts
    9

    Default

    I had no credit history about 6 months back, applied for a basic Capital One card and used it to build credit. Just got approved for my first amex last week.

    Moderator's Advice: Try this out......
    Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiTweet this Post!
    Reply With Quote Reply With Quote

+ Reply to Thread
 
These forum posts are not provided or commissioned by the bank advertiser. Posts have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
Advertiser Disclosure: The credit card offers that appear on this site are from credit card issuers from which CreditCardForum.com receives compensation. This compensation may impact how and where products appear on this site, including the order in which they may appear within listing categories. CreditCardForum.com does not include all credit card offers that might be available to consumers in the marketplace.