Hello all. I'm looking for some advice on establishing credit. I am 22 years old and I am a full-time student as of this spring semester (and will likely be one for the next several years). I live with my parents and work part time. I really want to start getting credit so I can have a shot at actually getting a house someday. I have no credit currently, no student loans, no credit cards, nothing. It was either one year or two years ago that I applied for some Capital One card and was denied due to not having credit. Now I'm paranoid to apply for anything else for fear of another hard pull. So here are my significant details that may affect my ability to get credit:
*I have been employed for only six months straight and make around $400-500 a month (and also self-employed for many years)
*Again, recently became full time student
*No housing payments
*Denied for credit one or two years ago
*Total balance of bank accounts is under $1k
Other things to note are that I recently received a "pre-approved" application for a Discover It card in the mail. I researched this and received conflicting information. There is an opt out number on the bottom so it does appear to be one of the actually "pre-approved" apps. I fear applying for it as I suspect I'd be denied. Also, it seems many apps want to know yearly income, but this has not been stable for me year to year so how does one calculate this?
That's it for now. Thanks in advance 
Welcome to the forum!
Secured cc; will your parents add you as an AU on one of their cards?
Secured cc; will your parents add you as an AU on one of their cards?
Wow, fast responses, thank you all I'm all paranoid about applying for a student card because some silly part of my brain thinks that's what I did already...can't remember. I've been in and out of school so maybe I applied a year or two ago when I was a student at the time.
I'm finding stories about people getting rejected for Capital One's secured card, which is the one I'm interested in, so I'm of course paranoid about that. I'm not sure if I should take a chance with the pre-approved Discover, go for the Capital One secured, or some other option to start credit. So much mixed info about whether or not being pre-approved makes a difference.
I don't think my mother has credit, and my father refuses to add me to his or co-sign, despite the fact that I spend very carefully and am very frugal with my money. We have a poor relationship, so I try to attribute it to that instead of his lack of faith in me...
Are there any CUs near you? Who do you bank with?
I think BOA offers secured cards, could try them, then after like 6 months you could apply for discover it student.
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I would try a local cu and ask about a secured cc. I would also try the shopping cart trick to see if you can get a store cc without any HP's.
Here's the thread on trying the shopping cart trick
http://ficoforums.myfico.com/t5/Credit-Cards/Express-Preapproval-Shopping-Cart-Trick/m-p/1822043#M50...
BoA , DCU both have really good secured cards. Word of caution, DCU is a CU and its best to have your membership established first before applying for their secured cc. Joining will be a Hp on your EQ and an additional HP for any cc's
http://ficoforums.myfico.com/t5/Credit-Cards/Express-Preapproval-Shopping-Cart-Trick/m-p/1822043#M50...
BoA , DCU both have really good secured cards. Word of caution, DCU is a CU and its best to have your membership established first before applying for their secured cc. Joining will be a Hp on your EQ and an additional HP for any cc's