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Regular Contributor
Siopao
Posts: 125
Registered: ‎03-09-2013
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BofA declined due to thin credit

Hello all!  I'm not sure if this would be the right section to post this since it's technically "building" credit instead of "rebuilding".

 

My GF is very new to credit.  She has ZERO tradelines.  Basically a blank slate.  When opening up her checking account, she also applied for a CC which got denied.  I'm sure it was becuase of having no credit history.

 

My question to you all is, What is the best way to go about starting her credit?  I was thinking of having her sign up for a secured card with BofA.  So far she just has that one inq from BofA.

Starting Score: 660 (BK discharged 2/2012)
Current Score: 684 - EQ | 679 - EX (Lender pull)
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angelcred10
Posts: 218
Registered: ‎03-12-2013
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Re: BofA declined due to thin credit

I'm in her situation, Ive seen people on the boards recommending secured although if you really don't mind you could add her to your card (you use it, not her!) and it will help her Age of accounts without her ever getting a HP on her Credit Report/History..

 

 


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Valued Member
VinceYoung
Posts: 95
Registered: ‎02-08-2013
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Re: BofA declined due to thin credit

You have 3 choices.

 

1) Secured Credit Card - You give them a certain amount of money and you can borrow against it then pay it back. Some companies will let that graduate to an unsecured after x amount of time (1+ year)

 

2) Go through a credit union (preferably one you have an account with!). That is how I started with no credit history. That $500 unsecured credit card has landed me a $1,000 Chase Freedom, $700 Walmart Store Card, $1,500 Discover IT Card, and a $1,000 American Express BCE.

 

3) If you have a credit card (and are responsible with it!!! No derogs, no lates, no baddies at all with the account!!!) You can add her as an AU (If you are willing to risk it! This is a very weighted decision!) This will give her a good history to start with!




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HiLine
Posts: 3,172
Registered: ‎10-19-2012
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Re: BofA declined due to thin credit

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/

 

Established Contributor
ObeyJohnny12
Posts: 591
Registered: ‎05-05-2012
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Re: BofA declined due to thin credit


Siopao wrote:

Hello all!  I'm not sure if this would be the right section to post this since it's technically "building" credit instead of "rebuilding".

 

My GF is very new to credit.  She has ZERO tradelines.  Basically a blank slate.  When opening up her checking account, she also applied for a CC which got denied.  I'm sure it was becuase of having no credit history.

 

My question to you all is, What is the best way to go about starting her credit?  I was thinking of having her sign up for a secured card with BofA.  So far she just has that one inq from BofA.


I think getting a secured card trough BofA is a great idea since they are her primary bank, they are more willing to help her through that option. There's also Cap One's secured which is a great way to build credit, unfortunately it doesn't graduate so once she reaches primeville she can simply close it. Still think BofA secured is a great option since it graduates and she can add the 123 rewards to it after having for a certain amount of time. 

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HiLine
Posts: 3,172
Registered: ‎10-19-2012
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Re: BofA declined due to thin credit


ObeyJohnny12 wrote:

Siopao wrote:

Hello all!  I'm not sure if this would be the right section to post this since it's technically "building" credit instead of "rebuilding".

 

My GF is very new to credit.  She has ZERO tradelines.  Basically a blank slate.  When opening up her checking account, she also applied for a CC which got denied.  I'm sure it was becuase of having no credit history.

 

My question to you all is, What is the best way to go about starting her credit?  I was thinking of having her sign up for a secured card with BofA.  So far she just has that one inq from BofA.


I think getting a secured card trough BofA is a great idea since they are her primary bank, they are more willing to help her through that option. There's also Cap One's secured which is a great way to build credit, unfortunately it doesn't graduate so once she reaches primeville she can simply close it. Still think BofA secured is a great option since it graduates and she can add the 123 rewards to it after having for a certain amount of time. 


One drawback of this card though is that it is reported as a secured card. If you get a Capital One secured card it will be reported as a regular credit card. :smileyhappy:

 

Member
therealjojo
Posts: 13
Registered: ‎03-05-2013
0

Re: BofA declined due to thin credit

The same thing happened to me last year. Went to BofA to open a checking account, applied for a credit card upon the recommendation of the personal banker, got denied because I had no history or score. Some time later I got a counter offer in the mail for their secured card. I took the secured card route but she could also go with becoming an AU, joining a CU, trying a CapOne newcomers card etc.

 

My sister also had no score but she's currently a student so she got a Discover It for students.

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Regular Contributor
angelcred10
Posts: 218
Registered: ‎03-12-2013
0

Re: BofA declined due to thin credit

[ Edited ]

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.

 

as for the question, you are kind of seeing the pattern I suppose?


Starting Score: 635 Current Score: 686 Citi 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
Chase Slate - $1,000
AMEX Everyday - $4,000
Sallie Mae - $2,500
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HiLine
Posts: 3,172
Registered: ‎10-19-2012
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Re: BofA declined due to thin credit


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.

 

Regular Contributor
angelcred10
Posts: 218
Registered: ‎03-12-2013
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Re: BofA declined due to thin credit


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.


Starting Score: 635 Current Score: 686 Citi 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
Chase Slate - $1,000
AMEX Everyday - $4,000
Sallie Mae - $2,500
New!! Citi Double Cash - 1K
CC Pay-Off Challenge!!!!!

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