Seeking general advice

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3 posts
jwthrush
 
Posts: 2
Joined: Thu Jul 23, 2015 8:29 pm

Seeking general advice

Postby jwthrush » Thu Jul 23, 2015 8:50 pm

Hi all,

I was recently approved for my first credit card. I went into college at 23 with no credit history to speak of and racked up quite a bit of Student Loan debt (read over $90k). I've been making my payments on time with zero late payments for 3 years. Around the time my repayments started I applied for a CC through my Credit Union with a $1,000 credit limit and was shot down due to debt to income ratio (huge surprise, right? lol)

Fast forward to last week and I was approved $4.5k on a Chase Freedom card which I was really stoked about so I can continue to build my credit worthiness. I have relatively good credit scores of 732 TU and 734 EQ.

My question is, should I wait before applying for other cards? I don't want to appear as though I'm scrambling for resources I suppose.

I appreciate any and all help from people with far more experience than I.


takeshi
Centurion Member
Centurion Member
 
Posts: 1733
Joined: Wed Jun 05, 2013 3:12 pm
Location: US

Re: Seeking general advice

Postby takeshi » Fri Jul 24, 2015 7:54 am

It's difficult to say for certain. A given credit profile will only support so much new credit seeking. We can generalize that thinner and poorer credit profiles support less than thicker profiles in good standing but we can't really determine where you are on the spectrum based on the information provided. It sounds as if the 3 years of payments has probably helped but you'd know how much your student loan debt has been reduced in that span of time.

The Freedom approval is a good sign but we really can't use that to tell if you'd get approvals with others or end up looking as engaging in risky credit seeking. I doubt the latter. If Chase was concerned they probably would not have approved you for 4.5 (APR would also be a helpful indicator). However, you have to keep in mind that creditors aren't all identical and one could possibly consider X to be too risky while another could not. My best guess is that another app shouldn't be a problem.

Is the Freedom the only card that you have?

jwthrush
 
Posts: 2
Joined: Thu Jul 23, 2015 8:29 pm

Re: Seeking general advice

Postby jwthrush » Fri Jul 24, 2015 10:31 am

Yeah, the Freedom is the first and only card I have. The APR is 18.99% which is almost smack in the middle of their rates and my total debt is down a little less than $6k since my first denied application.



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