Hey folks… I got my first secured credit card about 6-7 months ago, and I’ve been using it responsibly with low utilization rates and always making on-time payments. I just checked my credit score today, and it’s at 712! As soon as I got the notification from Experian that my score was calculated, I jumped on Capital One’s website to see if I was pre-approved for one of their unsecured cards, and I was…
I applied for the Capital One Savor and got approved! The card has a $5,000 limit, gives 3% cash back in a few categories, and 1% on everything else.
So, was this a good decision? How long should I wait before I apply for another card? Would love to hear your thoughts…
Awesome job!!!..Great card and a solid limit! I’d say wait about 6-9 months before you apply for another one. Normally, I’d suggest 3-6, but since you don’t have much credit history, it might shake things up a bit. Don’t stress if it does; you’ll bounce back just fine…
You’re on the right track…I’d recommend figuring out which card you wanna go for next, but I’d hold off on applying for another 6 months to a year. Definitely avoid applying for any new cards within a year of planning to get something big like a car loan or mortgage. But I think you should grab one or two more cards that you can see yourself using long term. Down the road, that’ll help your average age of accounts and boost your scores when you’re ready to apply for something else.
You actually snagged a SavorOne, by the way! The Savor got discontinued recently. It had 4% cash back in certain categories but came with an annual fee. The SavorOne is a solid card, though. I’ve got a bunch of 5% cards now, so I use it a bit less, but the fact that it has no foreign transaction fees makes it super handy for traveling abroad…
