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Question By
JeepBuyer

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45 years old, 3 month credit history, +700 scores on TU and Equifax, can I get approved for CC?
I bought a new Jeep 7 months ago via a cash secured loan because the financing option available to me was through Chrysler whereby I was expected to pay $2200 for the privilege to apply in which case I would be awarded a loan at an interest rate of 18.xx% IIRC. The last thing I want to do is start applying for credit cards and getting more Inquiries placed against my credit scores. Based on the below information is 3 months credit history (as reported by CK) enough to get approved or should I want until 2017 when I will have 6 months of credit history. The reason I had no credit history is I got into trouble a while ago, paid off my debts and begin paying cash for everything since my credit was so bad I would not qualify otherwise. I have finally turned it around and I want to keep improving but at the same token I don't want to hurt my credit trying to do too much too fast. I applied for a card CK said I had a Good chance of getting, got denied and it dinged my credit via the inquiry. Here are my stats:

TransUn Equifax
Scores 708 703
CC Util 1% 1%
PayHist 100% 100%
DerMks 0 1
AgCH 3 mo 3 mo
# acct 2 2
Inq 4 9

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I should have said I applied for a credit card that Credit Karma said I had a Good chance of being accepted when my scores were a little over 600 this was a few months ago, I got denied and received the credit inquiries which lowered my credit scores and was a bit depressing.  I feel like at 700+ I should be in a better position but wasn't sure how important LENGTH of credit history mattered.  My cash secured loan for my Jeep was for $46,000.  Also I am down to $23k remaining on that loan, should I just pay it off fast and get another bump on my credit or should I take my time paying it off (maybe another year) so as to have an open account.

Lastly what are some good cash back reward cards I should have a good shot at getting accepted by?

Reply by
fleuriste

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1 Person Helped

Hop over to the MyFico forums.  They have good advice as to what cards to apply for when you are building your credit.  You might start with a secured card and move up from there.  You might not be quite ready for rewards cards, but the people there will know more than I do on that.

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