Following rejected cc app, how long to wait before applying for CC again.

[Stormandshadow]

Hi all.   I applied for the unsecured Discover IT - as I read that they pulled Equifax (my highest at 658).  Foolish mistake on my part -- because I would have been okay with secured, although I would not choose Discover for secured.  Of course, they pulled Experian (my worst at 545) .  I am down to two,  albeit,  one big baddie - a 2016 charge off ($3600) by GM, but have opened only one new credit line - in years -- so really need to get that going as well. Up until around three months ago, I had no inquiries on my reports.

I made the mistake of going to an auto lease broker - didn't realize that in addition to the scores he pulls,   car manufacturers separately pull scores as well.  I wound up with four total inquiries.  A few weeks later,  I opened a line (secured loan) with my credit union, and my scores went up - Equifax in particular.  I realized that I really needed to open more lines ...so I figured I would try Discover. Rejected.  So...I now have five inquires on my reports - and no card - secured or otherwise.

My question :  I would like to apply for the Cap One Secured (not taking any chances), but that will mean yet another inquiry.  Should I wait before I apply for the card?  If so, how long? I realize that the benefits of adding the credit line may outweigh the risk of another inquiry, but not sure about this.  Any thoughts, suggestions would be greatly appreciated.

Many thanks in advance.

 

PS - Preapprovals from Cap One online and via mail - for Quicksilver....but even so, I'm  reluctant to apply - don't want to take another chance.

[cashnocredit]

Don't wait.

check out this master thread on secured credit cards. Try to find one that graduates. If you get turned down you can always pick one that doesn't do inquiries.

 

 

[shifter]

2 hours ago, Stormandshadow said:

 although I would not choose Discover for secured. 

Why not? Disco's secured product is probably the best offering in their portfolio. Graduates quickly and allows $2500 limit. 

On another note, when you want a creditor to pull your best CRA you freeze the other two. Disco would have pulled EQ if the others were on ice. 

[MP80]

Agreed with cash and shifter. Go for it, why wait? Do you want to rebuild quickly or just sits around and wait? Be aggressive! 

[Stormandshadow]

1 hour ago, shifter said:

 

On another note, when you want a creditor to pull your best CRA you freeze the other two. Disco would have pulled EQ if the others were on ice. 

Thanks for the feedback . You are  correct about Discover. I know because when I asked what was pulled - the rep said Exp,but added that the CRA pulled is random.   Will most creditors ignore frozen reports and simply rely on the one that is active?  

Will they tell you that they must have info from all three ?  When I recently told a Hyundai sale rep that my

EQ was around 648 (or 658} he offered a 0$ down lease and $349 monthly payment on a new (fully loaded) Tuscon.  Of course, I didn't let him run my credit because wasn't sure what he would pull.  I later read that Hyundai

goes with highest score. ...Perhaps I should freeze TU and EX for now and see what happens. 

 

 

[Stormandshadow]

Many thanks to all, really appreciate the great feedback.  I will follow up and keep you posted.

[MP80]

Good luck！


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[Stormandshadow]

Many thanks again.

 

[Stormandshadow]

Okay guys, I'm in!!!  Instant approval Cap One Platinum , and only $49.00 deposit required for a  $200 line for starters.  

I can deposit more (over a few weeks) to increase line - up to $1000, (but need to re-check that). In a way almost like

a partialyl secured card.  Now I'm wondering....should I do another?

Thank you ...thank you...thank you!

[MP80]

Congrats!   Normally there's a time-barred application in between 6 months for any new app, not sure about secured card though, other members may chime in regards to additional info on the current policy issued by Cap One.  

[shifter]

13 hours ago, Stormandshadow said:

Will most creditors ignore frozen reports and simply rely on the one that is active? 

Very few actually. Most pull only one CRA exclusively. Some choose one at random for each app but will not pick another when the one they pick is frozen. But there's a few that you can direct where you want through freezes. 

[Stormandshadow]

Thanks,  suspected that was the case.  I also realize  that a car dealer can promise anything and then change the story when he runs your score.  Yesterday rec'd approval from Cap One secured MC at 49.00 deposit for 200 line (per my last post yesterday) Is it too soon to apply for one more credit card - from another  bank or company?

[Kat58]

In your case, I would wait 6 months before applying for another CC. Since the new Cap One is your only CC, make sure you let a small balance (~$5) report on your statement, not $0. Auto enhanced FICO scores are not the same as regular FICO 08 scores. Neither are the scores you get from Cap Ones' credit tool or CreditKarma. Here's a link to a list of free FICO scores...