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Moderator Emeritus
cheddar
Posts: 6,794
Registered: ‎09-29-2007
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Re: College Student looking to build credit

[ Edited ]


Greg34 wrote:
Well as everyone stated. I got denied... Does that hurt my credit score? I guess I'm just going to apply for a credit Card through my Bank (Wachovia).
 
Aftermath: I wasn't saying my roommate knew more than people on this board, I'm just saying that he was in the exact same situation as me and got approved for bluesky with no credit.
 
Thanks for all the help


Sorry to hear about your denial.
 
Yes, the inquiry will hurt your credit score slightly, IF you have a report at all.  You may have gotten denied because they could not even find a file on you, so they couldn't pull an inquiry.
 
Did you call myFICO customer service to find out the issue with pulling your report?
 
Edit: Scratch that last question.  Your answer was crossposted with my question.
 


Message Edited by cheddar on 06-27-2008 08:32 AM
----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. :smileysurprised: )
New Contributor
Greg34
Posts: 71
Registered: ‎06-26-2008
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Re: College Student looking to build credit

Cheddar,
 
Yeah I called them, they said there was no report on me at all... So does that mean the denial will not hurt my record?
Moderator Emeritus
cheddar
Posts: 6,794
Registered: ‎09-29-2007
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Re: College Student looking to build credit

[ Edited ]


Greg34 wrote:
Cheddar,
 
Yeah I called them, they said there was no report on me at all... So does that mean the denial will not hurt my record?


The good news is that it probably does mean that.  Since you have no EX report, Amex was not able to pull one, so there should be no record of that inquiry once a report is generated.
 
Has anyone ever heard of a brand new file being created on the basis of an inquiry alone?  I have only heard of them being created for new tradelines.  Anyone else?
 
Greg, I know it's not what you wanted to hear, but you're going to have to set your sights a little lower than you had hoped.  You might want to try Capital One or a local credit union to get started.  The Citi MtvU Visa is also a good option for students with no history, as others have mentioned.  Then, I would suggest after a year or so of usage and timely payments, you can consider moving up to the cards you want.
 


Message Edited by cheddar on 06-27-2008 08:40 AM
----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. :smileysurprised: )
New Contributor
Greg34
Posts: 71
Registered: ‎06-26-2008
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Re: College Student looking to build credit

Thanks again Cheddar, you rock!
 
And yeah, you're right... I should of just set my sites a little lower. No big deal, I really just wanted a card that I can build my credit with. I could care less as to what name is on it.
Frequent Contributor
techgirl
Posts: 371
Registered: ‎12-28-2007
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Re: College Student looking to build credit

Greg you should get one free credit report a year. URL address: annualcreditreport.com. You will need to know your information - if you have any. You can also call the credit reporting agencies and ask why you are unable to pull your credit and perhaps they can help you.
 
Good luck. Credit Unions are great places to obtain credit too.
05/12: approx 680 across the board
04/08 EQ: 730 TU: 748 EX: 718
03/08: EQ: 713 TU: ? EX: ?
12/07: EQ: 689 TU: 711 EX: 721
New Contributor
Greg34
Posts: 71
Registered: ‎06-26-2008
0

Re: College Student looking to build credit

[ Edited ]
So I'm doing a little more research on cards right now...
 
I'm looking at the "Citi Platnium Select for College students" on creditcards.com and it says you need "good credit". But at the same time the MTVu card says the same thing... Should I try one of those or should I go with the Capital One for students that says "limited/ average credit"
 
Remember, I don't plan on carrying a balance so a high APR doesn't scare me.
 
 
Here is the link...
 


Message Edited by Greg34 on 06-27-2008 09:07 AM
Frequent Contributor
braznyc
Posts: 394
Registered: ‎12-10-2007
0

Re: College Student looking to build credit

Sorry for the denial but I would still bet a dollar on waiting until the Fall semester start and hitting up your bookstore or student center. The actual reps for said creditors are on most campuses during this time. Right now though as I'm sure you already know credit is hard to obtain. My university has a credit union open to current students and alums. I would look to see if your school has one too. They're slow on the approval but they actually review you an all the folks I know who had no credit got credit wit our school's union.

Just be patient and if all else fails due to the current credit crunch and recession get a secured card with Citibank, Wamu, or BOFA. Those usually have a $300 minimum. I know funds can be low while you're in college but it would be worth it. I still say try Citi's MTVU, Citi is very student friendly. Again Good luck!
Frequent Contributor
techgirl
Posts: 371
Registered: ‎12-28-2007
0

Re: College Student looking to build credit

Well, if you haven't pulled your credit and you don't know your score, and you already have been denied once, I would go for the ones for students with no history - Cap one or BoA. I prefer BoA over Cap one even though it is a secured card. When you do get your card, and let's say your balance is $300.00 only charge like $30.00 on it and then pay it off every month and build your credit - do not max your card. (sound like a mom don't I) :smileywink:
05/12: approx 680 across the board
04/08 EQ: 730 TU: 748 EX: 718
03/08: EQ: 713 TU: ? EX: ?
12/07: EQ: 689 TU: 711 EX: 721
Regular Contributor
akhan
Posts: 164
Registered: ‎10-28-2007
0

Re: College Student looking to build credit



Greg34 wrote:
So I'm doing a little more research on cards right now...
 
I'm looking at the "Citi Platnium Select for College students" on creditcards.com and it says you need "good credit". But at the same time the MTVu card says the same thing... Should I try one of those or should I go with the Capital One for students that says "limited/ average credit"
 
Remember, I don't plan on carrying a balance so a high APR doesn't scare me.
 
 
Here is the link...
 


Message Edited by Greg34 on 06-27-2008 09:07 AM




My recommendation is to stay away from Cap1 cards for limited credit. These usually have awful terms and hefty annual fees. The secured card with BOA or Citi might be an option. I think Citi takes a little longer to unsecure, but your money earns interest while secured as a deposit, so that's an incentive (If you even have funds you want to tie up to build credit)

Otherwise, I'd really recommend the Citi mtvu card. Not having any credit file, they might give you a small credit line, but rewards-wise, this is an unbeatable card. (A lot of 5% back stuff). The worst that can happen is a denial, so the only negative mark would be an inquiry. If for some reason you can't get a Citi card, any other lender who would approve you wouldn't care about one inquiry.
Moderator Emeritus
cheddar
Posts: 6,794
Registered: ‎09-29-2007
0

Re: College Student looking to build credit

[ Edited ]


akhan wrote:


Greg34 wrote:
So I'm doing a little more research on cards right now...
 
I'm looking at the "Citi Platnium Select for College students" on creditcards.com and it says you need "good credit". But at the same time the MTVu card says the same thing... Should I try one of those or should I go with the Capital One for students that says "limited/ average credit"
 
Remember, I don't plan on carrying a balance so a high APR doesn't scare me.
 
 
Here is the link...
 


Message Edited by Greg34 on 06-27-2008 09:07 AM




My recommendation is to stay away from Cap1 cards for limited credit. These usually have awful terms and hefty annual fees. The secured card with BOA or Citi might be an option. I think Citi takes a little longer to unsecure, but your money earns interest while secured as a deposit, so that's an incentive (If you even have funds you want to tie up to build credit)

Otherwise, I'd really recommend the Citi mtvu card. Not having any credit file, they might give you a small credit line, but rewards-wise, this is an unbeatable card. (A lot of 5% back stuff). The worst that can happen is a denial, so the only negative mark would be an inquiry. If for some reason you can't get a Citi card, any other lender who would approve you wouldn't care about one inquiry.

Cap1 is actually not bad for starter cards.  AF on those cards only runs about $29, which is not bad, considering you can dump them after you get other cards after a year or so.  I mentioned Cap1 because I know for a fact that they do approve with no credit report on file.
 
To the previous poster(s), the BofA Secured card is a wonderful card for those with limited history, but they will not approve without a credit score, and have even been known to deny for a fully secured card even with scores in the lwo 600s.  BofA Secured is probably the hardest secured card there is to get, and is not a good recommendation for someone with zero credit history.
 


Message Edited by cheddar on 06-27-2008 11:43 AM
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App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. :smileysurprised: )

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