- I took out my first car loan just over a year ago and set up auto pay so I'm always timely.
- I have 3 different student loans that payments started on about 6 months ago.
- I got my first credit card earlier this year and have been paying the balance every month.
- I took out a store card a few months ago and pay that off before the statement arrives.
When I applied for the first card, I was initially declined due to my debt to income ratio. They didn't like that I had about 30,000 in debt between my car and student loans and only 32,000 in income. I was able to persuade them to give me a card based on my assets. The only reason those loans aren't paid is because it doesn't make sense to pay off 5% interest when I can invest the money instead...
So my questions is, should I even apply for another card right now considering I have 2 new ones in the last 6 months, my history is quite short, and my debt:income ratio is high? Yea, I was able to talk my bank into approving me, but I doubt that would work with another company. Or is it best to wait for awhile before applying for anything else?