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frokey

How Long Should I Wait Between Credit Apps?

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Hi all!

 

Trying to rebuild credit and I currently have no revolving accounts, which according to CS and CK is greatly affecting my score (low 600's). I applied for a CapOne Platinum back in January (the 10th I think), but was declined. At the time, I had no checking account which I now have thanks to the advice and suggestions from you guys :)

 

Anyway, I'm wondering how long I should wait before trying again with another card, and whether I should do multiple apps at a time. Also not opposed to store cards (which may be easier to get approved for) or secured cards. I'll try my best to answer any questions you guys might have. As always, thanks for your help!!

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I regret every single store card I opened.  

 

After 30 5 minutes from the dopamine hit for the approval you realize that you are stuck with a sh1tty card that has no purpose.  

 

Many of them only report account status in the months they are actually used.

 

 

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Agreed, get a secured card from a major issuer (BofA, disco, your local bank) vs. a subprime POS bank like First Premier etc.

 

Try to deposit $1,000 or more - 3 figure credit lines are ugly.  If not, do what you can and work it up to 4 figures.

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Thanks muso! Just got a score boost from clearing off an old collection, so hopefully I won't have as hard a time getting approval. Can only afford 3 figures right now on a secured though.

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On 2/11/2019 at 10:21 AM, frokey said:

Thanks ccn3! Any preference between the two, or specific recommendations?

 

cv91915 will undoubtedly confirm, by far the best secured credit card is Navy Federal Credit Union's. NFCU, he has said countless times, is God's gift to the financial industry.  I believe him.

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53 minutes ago, frokey said:

Thanks PotO! I’m not military, so how would I qualify for an account?

 

Although NFCU is great, I was joking about cv91915.  I enjoy pulling his chain. :)

 

To join NFCU you will need a military nexus. Have a family member who is a veteran?  They could join and you could join through them.  In the end it is worth the hassle as they are really good for rebuilders.

 

Other than that, Discover or Bank of America are good.  Whatever you decide, you want a secured card that will graduate.  

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I really should just permalink this somewhere as often as I post it, but try looking here for pre-approvals, will help you gauge your chances.  CapOne and Discover are kinder when starting.  Don't look at the Credit One section, though.  Use what you're learning here to help guide your choices.

 

https://www.doctorofcredit.com/view-personalized-credit-card-offers/

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