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BofA declined due to thin credit

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Re: BofA declined due to thin credit


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 Robot Happy

 

Message 11 of 18
Regular Contributor

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?

Message 12 of 18
Senior Contributor

Re: BofA declined due to thin credit

Yeah, I'd add her to one of your cc accounts. Easier/cheapest/most effective way imo
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Message 13 of 18
Regular Contributor

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?

Message 14 of 18
Regular Contributor

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

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Message 15 of 18
Regular Contributor

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.

Message 16 of 18
Regular Contributor

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.

Message 17 of 18
Highlighted
Blogger

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! Robot Happy

 

Message 18 of 18