Reply
Blogger
HiLine
Posts: 2,836
Registered: ‎10-19-2012

Re: BofA declined due to thin credit

[ Edited ]

angelcred10 wrote:

HiLine wrote:

angelcred10 wrote:

if your sister had no score history how'd she get approved for a student card through them.. heard they still need a decent score anyway.

 

 


Student cards belong to a different category. They often bear more default risk, but since the amount of risk is limited because of low credit limits, and since the potential reward is huge because the student is likely to build further relationship with the bank, many creditors are willing to go that route.

 


Interesting, I may need to call about this to see if I will get approved as a student last I saw you could still be denied anyway.


You always could be denied no matter what you applied for anyway :robothappy:

 

Regular Contributor
Siopao
Posts: 125
Registered: ‎03-09-2013

Re: BofA declined due to thin credit

Thanks Angelcred.  I will definitely add her once I get my balance down lower.  

 

Does anyone know how long it takes for an AU to show on their credit report?

Starting Score: 660 (BK discharged 2/2012)
Current Score: 684 - EQ | 679 - EX (Lender pull)
Goal Score: 720+

Wallet: NFCU Flagship Signature 14k | NFCU cashRewards 1K | NavCheck 15k | Barclays US Air 2.1k | Merrick 1.4k | Credit One 550 | Cap One 750 | Last app 5.5.2013
Take the myFICO Fitness Challenge
Senior Contributor
youngandcreditwrthy
Posts: 6,154
Registered: ‎08-16-2012

Re: BofA declined due to thin credit

Yeah, I'd add her to one of your cc accounts. Easier/cheapest/most effective way imo
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| Wmt Discover $12.5k | BR Visa $12.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Arrival $12.7k | Smile Gen $7.25k | Dillard's $5k| West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Regular Contributor
Siopao
Posts: 125
Registered: ‎03-09-2013

Re: BofA declined due to thin credit

Thanks all for your suggestions!!!  

 

Another question in regards to Cap one.  Should she even bother applying for an unsecured first?  Or just go straight for the secured?

 

She also has the option of joining a local CU here, TruWest.  Should I have her open an account there as well and maybe try for a secured or unsecured card?

Starting Score: 660 (BK discharged 2/2012)
Current Score: 684 - EQ | 679 - EX (Lender pull)
Goal Score: 720+

Wallet: NFCU Flagship Signature 14k | NFCU cashRewards 1K | NavCheck 15k | Barclays US Air 2.1k | Merrick 1.4k | Credit One 550 | Cap One 750 | Last app 5.5.2013
Take the myFICO Fitness Challenge
Regular Contributor
angelcred10
Posts: 214
Registered: ‎03-12-2013

Re: BofA declined due to thin credit


Siopao wrote:

Thanks all for your suggestions!!!  

 

Another question in regards to Cap one.  Should she even bother applying for an unsecured first?  Or just go straight for the secured?

 

She also has the option of joining a local CU here, TruWest.  Should I have her open an account there as well and maybe try for a secured or unsecured card?


Depends, I personally am about to Recon on a student card from Cap1 (you can see my score is not too great) and the only "credit" I have is a few loans so far on my CR along with some ill-advised inquiries about to expire.

I can keep you updated on how that goes but if not the secured card is a more assured way of starting credit.

 

If you do put her on your account, I would wait a few months and get her own unsecured at that point,

If she wants her own to begin I'm seeing that Bank of America's Secured card actually can (and most likely will) be graduated into an unsecured one


Starting Score: 635 Current Score: 688(discover) 707 (Sallie Mae TU pull) Goal Score:720s
Tried to use Images but it was all Wibbly, Wobbly, and Timey-Wimey.
Cap One Quicksilver $1,300 Wal-Mart $1,000 Best Buy $1.5K DiscoverIT $2.5K Chase Freedom $3K AMEX BCE $2K
NEW: Chase Slate - $1,000
NEW: AMEX Everyday - $4,000
NEW: Sallie Mae - $2,500
CC Pay-Off Challenge!!!!!
Regular Contributor
Siopao
Posts: 125
Registered: ‎03-09-2013

Re: BofA declined due to thin credit


angelcred10 wrote:

Siopao wrote:

Thanks all for your suggestions!!!  

 

Another question in regards to Cap one.  Should she even bother applying for an unsecured first?  Or just go straight for the secured?

 

She also has the option of joining a local CU here, TruWest.  Should I have her open an account there as well and maybe try for a secured or unsecured card?


Depends, I personally am about to Recon on a student card from Cap1 (you can see my score is not too great) and the only "credit" I have is a few loans so far on my CR along with some ill-advised inquiries about to expire.

I can keep you updated on how that goes but if not the secured card is a more assured way of starting credit.

 

If you do put her on your account, I would wait a few months and get her own unsecured at that point,

If she wants her own to begin I'm seeing that Bank of America's Secured card actually can (and most likely will) be graduated into an unsecured one


Thank you!  I'll have her app for a BofA secured.  Then once I get my balance down on one of my cards, I'll add her as an AU.

Starting Score: 660 (BK discharged 2/2012)
Current Score: 684 - EQ | 679 - EX (Lender pull)
Goal Score: 720+

Wallet: NFCU Flagship Signature 14k | NFCU cashRewards 1K | NavCheck 15k | Barclays US Air 2.1k | Merrick 1.4k | Credit One 550 | Cap One 750 | Last app 5.5.2013
Take the myFICO Fitness Challenge
Regular Contributor
Siopao
Posts: 125
Registered: ‎03-09-2013

Re: BofA declined due to thin credit


HiLine wrote:

Your GF has 4 options:

 

1. Put a lot of money in her banking account

2. Getting added as an authorized user

3. Obtaining a secured card

4. Obtaining a studetn card if she is a college student

 

I cover more details about these options on my blog if you're interested:

 

http://hiepsfinance.wordpress.com/credit-builders/applying-for-credit-cards/

 


Thanks HiLine!  Great blog.

Starting Score: 660 (BK discharged 2/2012)
Current Score: 684 - EQ | 679 - EX (Lender pull)
Goal Score: 720+

Wallet: NFCU Flagship Signature 14k | NFCU cashRewards 1K | NavCheck 15k | Barclays US Air 2.1k | Merrick 1.4k | Credit One 550 | Cap One 750 | Last app 5.5.2013
Take the myFICO Fitness Challenge
Blogger
HiLine
Posts: 2,836
Registered: ‎10-19-2012

Re: BofA declined due to thin credit


Siopao wrote:

HiLine wrote:

Your GF has 4 options:

 

1. Put a lot of money in her banking account

2. Getting added as an authorized user

3. Obtaining a secured card

4. Obtaining a studetn card if she is a college student

 

I cover more details about these options on my blog if you're interested:

 

http://hiepsfinance.wordpress.com/credit-builders/applying-for-credit-cards/

 


Thanks HiLine!  Great blog.


Thanks! Glad you like it! :robothappy:

 


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+