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Cards for Limited History to Help Rebuild?

New Member

Cards for Limited History to Help Rebuild?

Hello.

 

I am twenty-six years old and am looking to rebuild my credit. I got my first credit card when I was eighteen through Capital One and I was inexperienced and knew nothing about credit. Needless to say that things didn't go very well. The card was charged-off and has since fallen off of my credit report leaving me with no credit history. I have two collections that are supposed to fall off of my report soon, both for amounts under 100.00. I have a Capital One secured card ( have had it since June of this year, it's a 400.00 limit ) and recently acquired a Capital One platinum card ( just got it in the mail yesterday, so it isn't reporting yet, the limit is 500.00 ). I have always paid on time, paying in full except for one month where I only paid a little over the minimum payment before the due date. Other than that, I've been consistent with my payments and now that I have gotten the hang of things, I plan to keep the reporting utilization as low as possible. My last reported utilization was 11%.

 

I really can't seem to get anything else because I have a limited history and I've been thinking about getting a Bank of America secured card soon to help. I applied for the Bank Americard to see what they would counter with and they countered with the fully secured option, not the partially secured. The reason for their denial was that my AAoA was too minimal and that I don't have enough credit history at my disposal. Credit Karma said I have FAIR odds of getting approved for a Chase Freedom card so I applied for that and got the 7-10 day message. I also tried for a Walmart card and after calling it in, I found out that I was denied for that and will be getting a denial card soon. I haven't been going crazy with the applications. I have less than ten, about four or five of them being older.

 

I don't know what my FICO scores are and don't plan to check them for awhile, but my most recent FAKO scores are as follows:

 

Transunion: 655

Experian: 634

Equifax: 634

 

So basically, I'm posting this to ask for advice on what to do now. I'm pretty sure that the best advice would be to do some gardening, but I figured that I would ask anyway. Also, if anyone has any cards that I should look into in the future, the help would be greatly appreciated. I'm just trying to get my credit history cleaned up as much as possible, to fix the damage done in my youth.

 

Thanks!

Gardening until I finally can check my FICO scores.
Capital One Secured Card, 400.00 CL, Opened 06/2011 | Capital One Platinum Card, 500.00 CL, Opened 11/2011
Message 1 of 23
22 REPLIES
Mega Contributor

Re: Cards for Limited History to Help Rebuild?


Shizume wrote:

Hello.

 

I am twenty-six years old and am looking to rebuild my credit. I got my first credit card when I was eighteen through Capital One and I was inexperienced and knew nothing about credit. Needless to say that things didn't go very well. The card was charged-off and has since fallen off of my credit report leaving me with no credit history. I have two collections that are supposed to fall off of my report soon, both for amounts under 100.00. I have a Capital One secured card ( have had it since June of this year, it's a 400.00 limit ) and recently acquired a Capital One platinum card ( just got it in the mail yesterday, so it isn't reporting yet, the limit is 500.00 ). I have always paid on time, paying in full except for one month where I only paid a little over the minimum payment before the due date. Other than that, I've been consistent with my payments and now that I have gotten the hang of things, I plan to keep the reporting utilization as low as possible. My last reported utilization was 11%.

 

I really can't seem to get anything else because I have a limited history and I've been thinking about getting a Bank of America secured card soon to help. I applied for the Bank Americard to see what they would counter with and they countered with the fully secured option, not the partially secured. The reason for their denial was that my AAoA was too minimal and that I don't have enough credit history at my disposal. Credit Karma said I have FAIR odds of getting approved for a Chase Freedom card so I applied for that and got the 7-10 day message. I also tried for a Walmart card and after calling it in, I found out that I was denied for that and will be getting a denial card soon. I haven't been going crazy with the applications. I have less than ten, about four or five of them being older.

 

I don't know what my FICO scores are and don't plan to check them for awhile, but my most recent FAKO scores are as follows:

 

Transunion: 655

Experian: 634

Equifax: 634

 

So basically, I'm posting this to ask for advice on what to do now. I'm pretty sure that the best advice would be to do some gardening, but I figured that I would ask anyway. Also, if anyone has any cards that I should look into in the future, the help would be greatly appreciated. I'm just trying to get my credit history cleaned up as much as possible, to fix the damage done in my youth.

 

Thanks!


Find out what your FICO scores are on this site. Your FAKO scores could be way off.




EQ FICO 548 3/3/16
Message 2 of 23
Valued Contributor

Re: Cards for Limited History to Help Rebuild?

Pull your Equifax FICO to get a feel for where you are, skip the other two as they aren't much more accurate than FAKO's at this point.  Depending on the results I would look at Barclay's Carnival card as it's fairly easy to get.

Message 3 of 23
New Contributor

Re: Cards for Limited History to Help Rebuild?

With your 2 Cap 1 cards you are well on your waySmiley Happy As you mentioned your self, garden. You have only had the oldest card for 5 months now... just be patient and let them age until they're both a year old. Then start applying for a couple of prime cards. Don't bother to get more starter cards right now and wasting INQ's just to have to dump those cards later. You are doing good!!!


Starting Score: 500’s
Current Score: EQ Fico 707 TU Fico 737 TU08 Fico (Wal-Mart)736 EX Fico 733
Goal Score: 760+


Take the FICO Fitness Challenge
Message 4 of 23
New Member

Re: Cards for Limited History to Help Rebuild?

Varakai: I figured that's what I had to do. I guess I need to find myself some patience and put it to good use.

 

Boomhower: I just tried to pull my Equifax FICO score and got this message:

We regret that we cannot provide you with your FICO® score report as your report at Equifax does not meet the minimum scoring criteria. If you were using a credit card, it was not charged.

If you have not already done so, you may want to try ordering your credit report from the other national credit bureau - TransUnion.In addition, your non traditional credit data may be reported to alternative credit reporting agencies and Fair Isaac Credit Services, Inc. can help you get access to this information if present.

Please call Fair Isaac Credit Services at 1-866-838-3427 to obtain a copy of your Fair Isaac Credit Services consumer report.This report does not include a score.To expedite the call, please specify to the representative that you are interested in obtaining a copy of your Fair Isaac Credit Services consumer report.

For any additional questions regarding myFICO.com, please call myFICO.com customer service at 1-800-319-4433 Monday - Friday 6:00AM - 6:00PM or Saturday 7:00AM - 4:00PM PST.

Thank you
myFICO® Customer Care

I have no idea what that means.

Gardening until I finally can check my FICO scores.
Capital One Secured Card, 400.00 CL, Opened 06/2011 | Capital One Platinum Card, 500.00 CL, Opened 11/2011
Message 5 of 23
Mega Contributor

Re: Cards for Limited History to Help Rebuild?


Shizume wrote:

Varakai: I figured that's what I had to do. I guess I need to find myself some patience and put it to good use.

 

Boomhower: I just tried to pull my Equifax FICO score and got this message:

We regret that we cannot provide you with your FICO® score report as your report at Equifax does not meet the minimum scoring criteria. If you were using a credit card, it was not charged.

If you have not already done so, you may want to try ordering your credit report from the other national credit bureau - TransUnion.In addition, your non traditional credit data may be reported to alternative credit reporting agencies and Fair Isaac Credit Services, Inc. can help you get access to this information if present.

Please call Fair Isaac Credit Services at 1-866-838-3427 to obtain a copy of your Fair Isaac Credit Services consumer report.This report does not include a score.To expedite the call, please specify to the representative that you are interested in obtaining a copy of your Fair Isaac Credit Services consumer report.

For any additional questions regarding myFICO.com, please call myFICO.com customer service at 1-800-319-4433 Monday - Friday 6:00AM - 6:00PM or Saturday 7:00AM - 4:00PM PST.

Thank you
myFICO® Customer Care

I have no idea what that means.


Do you have a least 6 months of history on any tradeline?? If you don't, FICO cannot produce a score yet.




EQ FICO 548 3/3/16
Message 6 of 23
Valued Contributor

Re: Cards for Limited History to Help Rebuild?

If your accounts are only 5 months old, you probably dont have a FICO score yet. You'll have to wait another month.

Starting Score: EQ 681 5/2011, EX 656 6/2011 (PSECU), TU98 642 6/2011
Current Score: EQ 741 12/2011, EX 730 08/15 (PSECU), TU08 710 08/15
Goal Score: 725+ across the board


Take the FICO Fitness Challenge

Message 7 of 23
Valued Contributor

Re: Cards for Limited History to Help Rebuild?

I guess I was a bit late... : )

Starting Score: EQ 681 5/2011, EX 656 6/2011 (PSECU), TU98 642 6/2011
Current Score: EQ 741 12/2011, EX 730 08/15 (PSECU), TU08 710 08/15
Goal Score: 725+ across the board


Take the FICO Fitness Challenge

Message 8 of 23
New Member

Re: Cards for Limited History to Help Rebuild?

My secured card started reporting in June of this year, as I mentioned. I knew my history was very limited, which is why I never bothered with FICO scores until it was suggested here.

Gardening until I finally can check my FICO scores.
Capital One Secured Card, 400.00 CL, Opened 06/2011 | Capital One Platinum Card, 500.00 CL, Opened 11/2011
Message 9 of 23
New Member

Re: Cards for Limited History to Help Rebuild?


-Cain- wrote:
If your accounts are only 5 months old, you probably dont have a FICO score yet. You'll have to wait another month.

So I should try to get my FICO score sometime in December? Or should I wait until January?

Gardening until I finally can check my FICO scores.
Capital One Secured Card, 400.00 CL, Opened 06/2011 | Capital One Platinum Card, 500.00 CL, Opened 11/2011
Message 10 of 23