In need of solid advice on appying for 2nd card

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faali
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In need of solid advice on appying for 2nd card

Postby faali » Mon Feb 09, 2015 6:39 pm

After applying for a couple of unsecured cards without any luck, I currently have a secured CapOne with a $200 CL. Its been 3 months and I've paid the balance in full on time each month. This is the only credit card I have. The score that shows on the credit tracker is in the 720s. The only negatives are 4 recent inquiries, short credit history and low credit availability.

I have read around that 3 months is something like the minimum to try to apply for another card.. What would you recommend with my history? Should I wait longer or go ahead and apply for an unsecured?

Also, which card would be the best to apply for?


takeshi
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Postby takeshi » Tue Feb 10, 2015 8:39 am

It's never just about time. If you only have one card that is a few months old and 4 inquiries then you should probably look at other secured cards -- preferably those that don't require hard pulls. That said, the CRA's that you have hard pulls with and the age of the hard pulls also matter. If you have a CRA reporting fewer or no hard pulls then it may be worth applying with a creditor that pulls that CRA.

faali
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Postby faali » Tue Feb 10, 2015 3:33 pm

So I should just apply for a second secured until the inquiries fall off my credit report?

Thanks for your response btw

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CarefulBuilder14
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Postby CarefulBuilder14 » Tue Feb 10, 2015 6:18 pm

faali wrote:So I should just apply for a second secured until the inquiries fall off my credit report?

Thanks for your response btw


If you want to have a high limit card ASAP that you can use for larger transactions that will earn some basic rewards, then look at secured low or no-fee credit cards from credit unions. I've never had one, but I've heard good things about SDFCU's secured card. I think it costs $5 for an outsider to join some consumer council and become eligible for membership.

If you want to be using prime, unsecured cards with potentially great rewards ASAP, then consider applying again for rewards cards in maybe 4 months.
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ingramjuan
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Postby ingramjuan » Tue Feb 10, 2015 8:28 pm

Try not to apply for anything else for 9 months. You need some time to past. If not mistaken hard inquires stay on your report for 2 years. This should give you also some time to build a good credit history.
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obxfisherman
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Postby obxfisherman » Sat Feb 14, 2015 2:53 pm

I would agree with the others who caution you to wait a little while longer before applying. How old are the Inquiries that you have? I was once in this situation once before also. I had a secured card with limited credit. the trick here is to go to a credit card company that is extremely generous with Credit Approvals. In my opinion that would be GECRB, Now known as Synchrony Bank. They issue the amazon.com card, lowes, walmart, mens warehouse etc. The only downside to them is their APR is horrid at like 25% but it is a good stepping stone....that's the only reason I still have them honestly....Now I have many higher end cards such as Marriott, Chase Freedom, Discover etc. It kind of depends on what you are looking for, but I would still wait, and then apply for a store card to assist in building credit..that's what I did, worked out ok for me, scores in 750 now.
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Postby Crashburn » Fri Feb 20, 2015 12:20 pm

I seem to be in a similar situation. We recently moved to the US so starting fresh with building a credit history.

I would recommend first checking how many hard inquiries you have. I checked it on credit karma. After getting the car financing, plus a secured credit card at BoA and Comcast I had 3-4 on each bureau. After 3 months I applied for a Discover credit card (passed the pre-check) but got denied. I then decided to 1) increase the CL on my BoA card (should have done that when I initially applied for it) and 2) to get another secured card instead - this time from Capital One. Those hard checks 'cost' me 7 point on my credit score.

The result of the increased credit line (from 1500 to 7500) hasn't been reported yet but I hope that that will offset some of the 7 lost points.

Overall for you I'd say: check how many hard inquiries you have and whether you can afford to lose points. The safest option is to then go for a secured card. The BoA one is good with decent rewards but I would recommend putting the limit as high as possible when you initially set it up (meaning you have to pay the full amount in as a interest free deposit). That way you avoid another hard check later down the road.

Also, back when we moved here our consultant at Chase advised that as a newbie you have higher chances of getting a credit card from them when you have a long banking relationship with them and at least 15k$ in your account. So it might be worth opening a debit/savings account with them now and just let it sit there with a few hundred bucks or if you can afford it place 15k in the account. They said to at least wait 3 months but better 6-9months before applying for the credit card. Getting direct deposit into your account also increases the chance of getting the card.



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