So when do I apply for a credit card?

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Kamalayka
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So when do I apply for a credit card?

Postby Kamalayka » Mon May 15, 2017 11:55 pm

I've had a secured Wells Fargo credit for six monthd. During this time, my credit score went from non-existent to 698.

I would like to have a second line of credit to boost my score. But since I only have a few months of credit history, should I wait before applying for a second card? And are there any cards I'm likely to get approved for?


Bacon
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Re: So when do I apply for a credit card?

Postby Bacon » Tue May 16, 2017 2:11 pm

I think 680 is usually the cutoff for good and above credit. So you are in the right range, Getting above 700 would help you more. Given that you are new to credit I'd say you'd probably want to wait a bit longer than typical, with typical being 5-6 months or so. Paying credit on time and how much credit you use (of the total available to you) account for 60-65% of your score. You'll want to make sure these two factors are good before you apply again.

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CarefulBuilder14
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Re: So when do I apply for a credit card?

Postby CarefulBuilder14 » Tue May 16, 2017 3:50 pm

Look into Discover. You might be able to get an unsecured card, but if you can't, even their secured card might be worth your consideration.

Pros:
Great customer service, especially for a no-annual-fee card.
You can start earning cash back cash now.
Many people with great credit and lots of cards find the rewards occasionally useful in the long run.
They are pretty flexible about increasing your credit limit over time, lowering your interest rate, and giving super-low-APR promotions.

Cons:
If you get the secured one, last I checked it took at least 7 months to unsecure. That might be annoying if you barely miss the cutoff for an unsecured card.
Acceptance is good, but still not as good as Visa or MC.
Warranties and sketchy merchants: Schwab Platinum
Price rewind: Costco
Travel insurance: Prestige, CSP
Perks: IHG, Hyatt
Rewards/Offers: Discover, Freedom, ED, BCE
Taxes/Misc: SPG

Limited value, might close: Arrival

Might add: First Tech, proper business card

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kcm7
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Re: So when do I apply for a credit card?

Postby kcm7 » Tue May 16, 2017 5:45 pm

Are you getting any offers in the mail? That was kind of how we figured out my husband was "ready" for another card -- when banks that weren't Credit One started sending him offers.
Cards:

-Capital One Quicksilver
-Barclaycard Arrival (no AF)
- US Bank (no rewards)
-IHG

Kamalayka
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Re: So when do I apply for a credit card?

Postby Kamalayka » Tue May 16, 2017 8:51 pm

kcm7 wrote:Are you getting any offers in the mail? That was kind of how we figured out my husband was "ready" for another card -- when banks that weren't Credit One started sending him offers.


I've been receiving a lot, actually. There was even one in my mailbox today.

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kcm7
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Re: So when do I apply for a credit card?

Postby kcm7 » Wed May 17, 2017 9:39 am

Kamalayka wrote:
kcm7 wrote:Are you getting any offers in the mail? That was kind of how we figured out my husband was "ready" for another card -- when banks that weren't Credit One started sending him offers.


I've been receiving a lot, actually. There was even one in my mailbox today.


What are some examples of offers you've gotten? There's a big difference in getting Credit One/secured card offers and, say, Chase rewards cards. A lot of times, the bank checked your credit before sending you the offer, so these are the cards you're more likely to be approved for (but nothing definite -- they will still reject you if something in your credit profile changed since they sent the mailer).
Cards:

-Capital One Quicksilver
-Barclaycard Arrival (no AF)
- US Bank (no rewards)
-IHG

Kamalayka
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Re: So when do I apply for a credit card?

Postby Kamalayka » Fri Jun 02, 2017 7:56 pm

kcm7 wrote:
Kamalayka wrote:
kcm7 wrote:Are you getting any offers in the mail? That was kind of how we figured out my husband was "ready" for another card -- when banks that weren't Credit One started sending him offers.


I've been receiving a lot, actually. There was even one in my mailbox today.


What are some examples of offers you've gotten? There's a big difference in getting Credit One/secured card offers and, say, Chase rewards cards. A lot of times, the bank checked your credit before sending you the offer, so these are the cards you're more likely to be approved for (but nothing definite -- they will still reject you if something in your credit profile changed since they sent the mailer).


I haven't received offers for secured cards. I do believe at least one or two were Chase rewards cards. One was an American Express. I don't know much about credit cards, though, so I can't be more specific.

cltphotog
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Re: So when do I apply for a credit card?

Postby cltphotog » Sat Jun 03, 2017 11:38 am

If you are using Credit Karma often the suggested cards will link to a no credit check pre approval. Credit Karma said I had a fair chance of getting Chase Sapphire Preferred but upon clicking the pre qualify option Chase said I was approved.
Also I do agree with the Discover secure card option as well!
American Express Hilton Surpass
Chase Sapphire Preferred
Discover IT
Capitol One Quicksilver

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kcm7
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Re: So when do I apply for a credit card?

Postby kcm7 » Wed Jun 07, 2017 11:11 am

Kamalayka wrote:I haven't received offers for secured cards. I do believe at least one or two were Chase rewards cards. One was an American Express. I don't know much about credit cards, though, so I can't be more specific.


If you want to be extra careful, I'd say watch the mail for cards that interest you and apply for those. Because the bank already preapproved you, it's less of a shot in the dark.

I'd hazard a guess that you probably got offers for the AmEX Blue Cash Everyday or the Everyday Card -- and the Chase Freedom Unlimited. But that's just guessing on my part.
Cards:

-Capital One Quicksilver
-Barclaycard Arrival (no AF)
- US Bank (no rewards)
-IHG



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