Should I apply for another card?

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t528491
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Should I apply for another card?

Postby t528491 » Sun Aug 05, 2012 4:51 pm

I turned 18 in March, at which time I started building my credit. I was approved for a partially secured Capital One Mastercard ($49 deposit/$200 limit), and I was also added to my mom's Chase Freedom as an authorized user.

I've been paying off the balance every month, and I never carried a balance.
When I checked a couple of days ago, my FICO/TU score was 700.
So I applied for the Discover It, and I was approved with a $1500 credit limit.

Now I'm wondering if I should apply for the Citi Forward or the Amazon Visa. Amazon.com is one of my favorite sites to shop on, so it would be nice to have a card that offers cashback there. However, I don't want to apply if there's no chance of me getting approved for another card.

Should I chance it?
[size=80]
02/12 Authorized user on Chase Freedom ($5000)
08/12 Discover It ($1500)
08/12 American Express Zync (NPSL)
12/12 NFL Visa ($500)[/size]

[size=60]Future cards:
Citi Forward for Students 6/13
American Express Blue Cash Everyday 1/14
Sallie Mae World Mastercard 2014
Chase Freedom 2014
Penfed Platinum Rewards Card 2015[/size]


Bobzig
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Postby Bobzig » Sun Aug 05, 2012 9:30 pm

Maybe you should wait a few months until you're sure what you want. In the mean time start using your Discover.
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t528491
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Postby t528491 » Sun Aug 05, 2012 10:05 pm

Well, I know I would rather have the Citi Forward. I just don't know if it's harder to get approved for that one vs the Amazon Visa.
[size=80]

02/12 Authorized user on Chase Freedom ($5000)

08/12 Discover It ($1500)

08/12 American Express Zync (NPSL)

12/12 NFL Visa ($500)[/size]



[size=60]Future cards:

Citi Forward for Students 6/13

American Express Blue Cash Everyday 1/14

Sallie Mae World Mastercard 2014

Chase Freedom 2014

Penfed Platinum Rewards Card 2015[/size]

kashmac123
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Postby kashmac123 » Thu Aug 09, 2012 3:55 am

Find out which bank backs the Amazon Visa. Then think about it.

hematino
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Postby hematino » Thu Aug 09, 2012 11:12 pm

Pretty sure Chase backs the Amazon Visa.
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Postby Money card » Thu Aug 09, 2012 11:45 pm

your correct.

Crashem
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Postby Crashem » Sat Aug 11, 2012 3:13 am

Chase is definitely one of the harder banks to get on board with. Here is my thinking however. Chase may or may not require one year experience with credit card before approving no matter what the score. But Chase does have consumer friendly reconsideration process with rejection. Personally, I would app for Chase Amazon card. If rejected, then call for reconsideration. Even if rejected after recon, the most likely reason will be lack of 1 year with credit card. In that case, you can't reapply till March. So even with rejection, the hard pull from it will be well aged and barely affecting credit score by next March.
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t528491
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Postby t528491 » Sat Aug 11, 2012 12:22 pm

Well, I tried my luck with the Citi Forward, and I was declined. They said there were too many hard pulls as well as too short of a credit history. I'm not going to bother with the Amazon Visa right now, since I know they're even more strict than Citi.

I'll wait until I'm in college in the spring, then apply for the Citi Forward student card and maybe the Chase Freedom as well.
[size=80]

02/12 Authorized user on Chase Freedom ($5000)

08/12 Discover It ($1500)

08/12 American Express Zync (NPSL)

12/12 NFL Visa ($500)[/size]



[size=60]Future cards:

Citi Forward for Students 6/13

American Express Blue Cash Everyday 1/14

Sallie Mae World Mastercard 2014

Chase Freedom 2014

Penfed Platinum Rewards Card 2015[/size]

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t528491
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Posts: 80
Joined: Sun Aug 05, 2012 12:49 pm
Location: GA

Postby t528491 » Tue Aug 14, 2012 1:33 pm

Should I keep my Capital One secured open? I know I want to close it before the AF is due, but that's not until next March. So I don't know if it would be more advantageous to close it now or then.
[size=80]

02/12 Authorized user on Chase Freedom ($5000)

08/12 Discover It ($1500)

08/12 American Express Zync (NPSL)

12/12 NFL Visa ($500)[/size]



[size=60]Future cards:

Citi Forward for Students 6/13

American Express Blue Cash Everyday 1/14

Sallie Mae World Mastercard 2014

Chase Freedom 2014

Penfed Platinum Rewards Card 2015[/size]

hematino
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Location: Atlantic City, NJ

Postby hematino » Wed Aug 15, 2012 11:22 am

Might as well keep it open until right before the 2013 annual fee is assessed, canceling it in Feb. It will give you another few months of positive history which is good because your credit file looks short. Plus, you technically already paid for it until then so why not? I'm not sure and not hopeful that canceling the card now would trigger a partial return on your annual fee from Capital One. After you build a bit of resonsible history with your Discover It and Zync, you should be able to app and get more mid-range and then eventually prime cards if you wish, and never look back at Capital One. Good luck!
Now she's eyeless.
The snakes she held once
Eat up her hands.



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