How long does it take to establish credit?

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creditnoob
 
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How long does it take to establish credit?

Postby creditnoob » Tue Mar 27, 2012 11:33 am

(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?


namvet
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Postby namvet » Tue Mar 27, 2012 2:39 pm

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.

Crashem
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Postby Crashem » Tue Mar 27, 2012 3:19 pm

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.
Amex Centurion, Amex Platinum, Amex BCP 8k->24k (5/23/12), Amex TE 15k, Cap One 1.5% 15k->20k (8/7/13), CSP 25k, Chase Palladium 100k, Citibank AA 35k (AU), Firestone 1.8k->2.2k->2.4k (8/20/12), JFCU Jloc 30k, PenFed Plat Rewards 30k, SF Fire 30k, US Bank Cash+ 25k


bmw1990Z
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Postby bmw1990Z » Tue Mar 27, 2012 3:31 pm

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.)
Cards in my wallet:
-Citi Forward Card for College Students-July 2011
-American Express Platinum Delta Skymiles--July 2013

creditnoob
 
Posts: 2
Joined: Mon Mar 26, 2012 1:20 pm
Location: New york

Postby creditnoob » Tue Mar 27, 2012 5:27 pm

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

Crashem
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Location: San Francisco, CA

Postby Crashem » Wed Mar 28, 2012 3:34 pm

creditnoob wrote: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.
Amex Centurion, Amex Platinum, Amex BCP 8k->24k (5/23/12), Amex TE 15k, Cap One 1.5% 15k->20k (8/7/13), CSP 25k, Chase Palladium 100k, Citibank AA 35k (AU), Firestone 1.8k->2.2k->2.4k (8/20/12), JFCU Jloc 30k, PenFed Plat Rewards 30k, SF Fire 30k, US Bank Cash+ 25k

Casanova
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Postby Casanova » Wed Apr 04, 2012 7:51 pm

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.



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