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New to trying to build my credit.

New Member

New to trying to build my credit.

Currently have a car loan I've made payments on for the past five months. This is the only history that I have on my report. My TransUnion credit score is 623. Obviously, that's pretty poor. I've been turned down for a few already, namely Best Buy, Staples, and one or two others. I have no bad history, just.. none. I'd like to build up my credit score a bit more than this car loan's doing it, so, would anyone know of a card that I'd have a real good shot at getting?

 

Thanks.

5 REPLIES
Valued Contributor

Re: New to trying to build my credit.

Try for a CapOne card, see if you have any pre-approved offers with them, Apply if you are denied save up for a secured card or go the sub sub prime first premie and friends will pay almost as the secured card after you pay your fees on a subprime card for the first year.

 

 

Cards: Chase Southwest 20k & CSR 10k & CSP 10k & Freedom 6.6k & Amtrak/Freedom 4.6k, FNBO DISC 25.1k Oregon Duck 5k, & AMEX BCP 15k & Hilton Surpass 7.5k & Delta Gold 6k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 10k, Paypal Extras MC 7.5k, CapOne Venture 15k, QS 2.5k, QS 750, Amazon 5.9k, Walmart 10k, Citi Simplicity 9k, Discover IT 16k and a nice stack of store cards.
Last APP/HP 5/15/2017 Marcus Loan. 30k
Valued Contributor

Re: New to trying to build my credit.


sidney79 wrote:

Currently have a car loan I've made payments on for the past five months. This is the only history that I have on my report. My TransUnion credit score is 623. Obviously, that's pretty poor. I've been turned down for a few already, namely Best Buy, Staples, and one or two others. I have no bad history, just.. none. I'd like to build up my credit score a bit more than this car loan's doing it, so, would anyone know of a card that I'd have a real good shot at getting?

 

Thanks.


Hello and welcome to myFICO. In your situation, many if not most people begin with a secured card. Some banks let you "graduate" your card from secured to unsecured with a year (sometimes more) of good payment. If you are eligible to join a credit union, that would be a great route as well. Good luck and keep us posted on your progress.

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Super Contributor

Re: New to trying to build my credit.

Stop applying for unsecured cards your just hurting yourself more look into BofA secured cards and US bank.

How long have you had the car loan?

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Valued Contributor

Re: New to trying to build my credit.

This is what you should be doing:

 

1. Get a BofA secured card (Why BofA: If you maintain your credit well for a year, they will unsecure you in a year and give you a very nice CL say 5k or so. Chances>80%)

2. Wait 3 months and then get a GE card say JCP, there are many store cards GE has, get any one that suits you (Why: GE cards grow very easily from CL of 300 upto 2000 or so, that will provide you a second card and also some available CL)

3. Once your GE card has 1 statement, apply for a cap 1 platinum (This will become your 3rd line and keep the %age of cards with balance lower)

4. Ten or so months from the date you opened BofA, call the backdoor number and ask to unsecure, they will either unsecure or give you a date (usually 5 days before 1 year point)

 

Use BofA as your primary card and pay online every few days.

 

Once you have your BofA unsecured, you are all set to apply Chase Freedom / Discover IT.

 

note: As others also mentioned, NO other apps except these ones.

Citi Hilton Reserve 22.3K | Citi Thank You 8.2K | CSP 15.5K | Chase Freedom 10K | Chase BA 15K | Chase United 8.5K | Chase Marriott 5K | Discover IT 9K | Club Carlson 13K | Amex SPG 20K | BofA Cash Rewards 11K | BofA Cash Rewards 50K
New Member

Re: New to trying to build my credit.

Thanks guys. Exactly the type of info I was looking for. Appreciate the comments, especially yours vish.