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NO Credit AT ALL, Who to apply with?

Epic Contributor

Re: NO Credit AT ALL, Who to apply with?

Amex declined because no credit file!!
Message 11 of 32
Moderator Emeritus

Re: NO Credit AT ALL, Who to apply with?


Creditaddict wrote:

citi Student needed further processing

Capital One Declined

Household offered Secured.

 

REALLY AMEX!!! 


I'm surprised too!!!!!!!Smiley Happy

Message 12 of 32
Valued Contributor

Re: NO Credit AT ALL, Who to apply with?

My son applied for Capital One, $19 a year fee.  Approved.

 

Nearly a year later, he applied for a second Capital One, no fee.  Approved.

 

Amex approached him twice and offered him "preapproved" offers of credit (even though he had opted out in the spring).  Approved for one card.  Did not respond to the other Amex offer.

 

He is nearing his 2 year credit mark.   When he gets to the 2 yr mark, he will ask Capital One for a product change.  No more fees.

 

Takes time. 

Message 13 of 32
Valued Contributor

Re: NO Credit AT ALL, Who to apply with?

This is the best advice.

 


score_building wrote:
if i had to start over, i'd start with a CU cc >>> then app major bank after about 6mos - 1year.

 

 

IN VINO VERITAS.
Message 14 of 32
Regular Contributor

Re: NO Credit AT ALL, Who to apply with?

My Wife started with Macy's...  she had no score...  One year later, that $100 Macy's card is $2k and she has 700+ Ficos...  She did apply in store.

 

She skipped right past the sub-prime stuff by starting with Macys.

Message Edited by spiritcraft1 on 10-21-2009 02:01 PM
11/6/09 TU 724 / EX 739 (FICO from CU) / EQ 701
Message 15 of 32
Established Member

Re: NO Credit AT ALL, Who to apply with?

I am 34 years old, single, have a decent income (45K/yr), and until last month I never had a loan in my life except for one student loan. I started looking into the possibility of buying a home and found that I need to get some credit cards in order to build my credit before anyone will approve me for a mortgage. I ran my FICO scores and found I had 700+ scores (good scores, right?). Additionally, my student loan showed all on time payments and there was nothing bad on my report... So, I thought, getting a couple credit cards shouldn't be a problem.

 

I walked into my bank and applied for a card. I was rejected due to a "thin" credit history. I started reading these MyFICO forums and found that when you are rejected for a card, you can call the underwriting department of the financial institution that denied you and request "reconsideration". I found a phone number that went directly to the underwriting department of my bank on one of the postings on MyFICO, called ithe number, told the underwriter my story, and immediately got approved for the card.

 

Moral of the story: IMO, a thin credit history means you will likely be rejected for credit. BUT, there is something you can do about it.Don't give up, call any lending institution that denies you and plead your case. If you are being rejected because you have been responsible you whole life and have not taken out any loans, you should be able to get a credit card with a small limit.

 

P.S.

My bank is Chase (formerly Washington Mutual)

 

Good numbers here: http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&thread.id=136936

Message Edited by JaneKathleen on 10-27-2009 08:38 AM
Message Edited by JaneKathleen on 10-27-2009 08:41 AM
Message 16 of 32
New Member

Re: NO Credit AT ALL, Who to apply with?

When I had no credit history, I applied for an Amex For Students, a Citibank MC, Discover and two MC's from small-time banks. All applications were approved. My CL was about $500 on each card. Within a year, all CL's had been raised to ~1000 dollars.

 

I closed all but Discover and Citi MC within a few years.

 

So ask your friend to try for an Amex. Good luck to him!

 

=============

TU (10/2009): 813

EQ (10/2009): 804

EX (10/2009): 799 

Message 17 of 32
Established Member

Re: NO Credit AT ALL, Who to apply with?

I've noticed that credit card companies love to approve students for cards. I had tons of offers coming in the mail when I was in college, but I never took advantage of them because I didn't feel I needed a credit card. Once I graduated, although my income went up and nothing negative had been added to my credit report, the offers stopped coming in... I find it all somewhat strage, but then again, I find a lot of the things credit card companies do kinda strange...
Message 18 of 32
Regular Contributor

Re: NO Credit AT ALL, Who to apply with?

Quark4...I'm really impressed with your high credit scores! awesome job! I was just wondering what have you done to keep up such good scores. I'm getting my credit back and learning as i go any tips would be helpful and again great job.
Message 19 of 32
Frequent Contributor

Re: NO Credit AT ALL, Who to apply with?


JaneKathleen wrote:
I've noticed that credit card companies love to approve students for cards. I had tons of offers coming in the mail when I was in college, but I never took advantage of them because I didn't feel I needed a credit card. Once I graduated, although my income went up and nothing negative had been added to my credit report, the offers stopped coming in... I find it all somewhat strage, but then again, I find a lot of the things credit card companies do kinda strange...

 

This isn't strange at all.... credit card companies assume that most students' parents will help pay off any debt racked up on their cards, especially when the nasty collectors start calling....

 

Students should apply and get a card (w/ no AF, if poss) that they use to buy pizza every few months, then PIF it.... great way to build up credit history. 

Message Edited by writemikep on 10-27-2009 01:43 PM
Message 20 of 32