09-19-2011 07:46 AM
I'm new to this forum. My situation is that i'm currently starting the process of rebuilding my credit. Currently I don't have a FICO score. I signed up for the 10 day free trial but it didn't generate a score due to me currently not having any open credit for the past 6 months.
What I would like to do next is apply for a credit card. One card that I saw recommended here is the Credit One Bank card. I went on their website and they claim I can do a pre-qualification with them without affecting my credit score.
This is the exact quote from their site "This isn't an application for credit and won't affect your credit score. In less than a minute we'll let you know which credit cards you're pre-qualified for before you even apply."
My question is, should I do the pre-qual? I have nothing to lose if it won't affect my 'non existing' credit anyway, right? But maybe it's some sort of deceptive advertisement. That is why I ask you guys for some advice.
Any help will be greatly appreciated!
09-19-2011 08:02 AM
Credit One is a card I would not get if I had other options I would look into a secured card or if you belong to a credit union see if you can get a card through them. Credit One, and First Premier are bad starter cards and Prime cards frown on them on your CR.
I will let others chime in on this. I personal would not get one.
09-19-2011 08:27 AM
I'd stay away from Credit One, you have alot better options if you're new to credit and just looking to build credit. Like suggested, you can go with a secured card through a CU if you are a member of one, or even a secured card through Bank of America or Citi. Have you tried the Cap One pre-qualifier?
09-19-2011 09:23 AM
you should try the cap1 prequalify link. Capital one is a good place to start with. Applying (approved or not) will put an inquiry on all 3 of your credit report. Only Cap1 does this, typically credit card companies only check 1 credit bureau. The inquiry will hurt your score in short term, but you'll get those points back in a year.
09-19-2011 09:58 AM
I have had a Credit One Bank Visa for the past three years. Credit One is a terrible CC. They charge $8.25/month in fees and a minimum of $1.00 per month in interest, regardless of whether you have used the card. They also charge you $19.95 for CLIs even if the amount of the increase is only $100. The only reason I have the card is because when I opened it I couldn't afford the deposit for a secured card. In the long run, it has cost me a lot more than a secured card deposit in the fees they charge. I'm planning to close my Credit One card as soon as I can zero out my other cards so it won't affect my utilization.
09-19-2011 10:45 AM
Since I don't know what my CR is, I have no idea if they will accept me. Which credit card do you guys recommend that I actually have a decent shot at being approved for? I'm thinking maybe I should just go ahead and apply for a secured credit card instead. I bank with Chase so maybe going there would be the best thing. What do you guys recommend?
09-19-2011 11:55 AM
If you have no score and no credit inq. to get new credit are not going to hurt you.
I would check pre-qual at Cap1 and if they offer you one take it... be careful you read the very top because it might say "sorry we don't have an offer for you BUT you may want to apply for" and then show you a card below and I think some see the card and think they have been pre-qual for it.
Also I might try Citi Forward.
If neither of those are approved I would look into Secured or a local credit union.
I don't think Chase would give you a card with no credit and they don't have secured.
Bank of America in the past has been the favorite go to secured card I think because it typically will unsecure in 9 months and people have reported CLI all the way to 5k after 9 months.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.