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Frequent Contributor
Posts: 411
Registered: ‎05-01-2010
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New Laws - Credit Card with No Credit

My girlfriend (who is over 21) has been trying to get a credit card. She has no credit at all (and nothing negative either) and was declined from a Citi Student Visa as well as a Visa through her bank (which she has a 5 year history). She has a good amount of income. I'm imagining it's these new laws that are making it so hard (I had no problem getting a Citi Student Visa with no credit or income). What is the next thing to try? I know she doesn't want to keep applying and getting denied because that looks bad on your report.

Contributor
Posts: 87
Registered: ‎06-27-2009
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Re: New Laws - Credit Card with No Credit

A few years ago when the CU I had 2 accounts with denied me a Secured CC, I went to Bank of America.  I didnt have any problem getting approved, I made all my payments on time, and in nine months went unsecured. I had extremely poor credit. So, in my experience, BOFA as been an asset to me.

I hear Orchard Bank is an ok rebuilder card. Im new to all of this, so more experienced people may chime in with better advice. Good luck!


03/12/14 Fico 698 EXP

Senior Contributor
Posts: 3,197
Registered: ‎01-24-2010
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Re: New Laws - Credit Card with No Credit

She probably has to start with a secured card (IMO preferably 2), and then it she treats it well, she should have good credit.

 

It is best to put down as large a deposit as one can afford so you have a decent limt for use without getting close to the limit.  

 

Do a litle research before you do you next applicaion.  I like 

 

1.  CITI has a nice secured where the money goes into 18 month CD,  AF $29.   Deposit is fixed for 18 months.

 

2.  Capital One has new secured card for young adults where you can get unsecured CLI with good use,  AF $24   Can easily add to deposit along the way.

 

Others with good securd cards include

Wells Fargo

US Bank

BofA

HSBC/Orchard

 

Also check out your local credit unions, they often are very good with new people starting out. 

 

 

 

 

 

Frequent Contributor
Posts: 306
Registered: ‎12-30-2008
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Re: New Laws - Credit Card with No Credit

If you can join NFCU I would get their secured card. It reports as an unsecured if I remember everything right

Frequent Contributor
Posts: 306
Registered: ‎12-30-2008
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Re: New Laws - Credit Card with No Credit

Also you can ask somebody to add you as an AU to his cards with good history and get  like a store card, local CU card, overdraft protection at your local bank. Hope this helps

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