I'm 22 and have recently started working in the US. I want to start building my credit score, and after a lot of research I decided to apply for the Capital One secured card (which has been approved, and I'm waiting for the card now). I now have two questions:
- I want to get the Capital One Cash Rewards for Newcomers, since it has no annual fee and so I can probably keep it indefinitely to establish a long credit history. Actually I tried to apply for this first, but was denied (maybe because I tried to get it too soon, i.e. as soon as I started working). Then I decided to play it safe and go for the secured card, but I'm wondering if I can/should still get this card? Capital One says I need to wait at least 30 days between applications, but what are my chances of getting approved?
- Also related to the Cash Rewards for Newcomers card, is this a secured card or an unsecured card for bad/no credit? I'm confused because my impression is that you need at least average credit to get an unsecured card.
- Is it a good idea to get multiple secured cards from different banks? Will it help build my credit score faster/easier?
- Is it true that applying for many cards at once will only report one hard inquiry on my credit report?
Any answers are greatly appreciated!