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DaveSignal
Posts: 2,111
Registered: ‎07-29-2011
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Re: Newbie Credit Help!

My wife gets that when she tries to pull her credit reports or get a FICO from here.  This site still has not been able to generate a FICO, even after me adding her as AU on a few cards.  For her, it is because she doesn't have enough credit since she had only been in the country for about 1 year at the time she tried to pull reports.  She doesn't really need any of her own credit cards or loans though, so we will just continue to let that be and use my credit.

 

As far as starting out and trying to build credit, though, your options are either a student card or card or sub-prime unsecured card which will come with an annual fee and probably various other unnecessary fees, or a secured card.  I would recommend the secured card for 6 months and then, with on-time payments, you will be able to get approved for better cards.

 

And as an added thought, also not helping is your income.  A creditor is going to think how can they possibly get paid when you are making only $11,000/year, but they probably aren't considering that you don't have other debt you are currently paying and don't have all of normal expenses as most non-college students.

 

Are you on a meal plan?  Are you living in a dormitory?  If so, maybe you could add the costs of food and housing, which is already paid for, to your annual income?

 

 

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EmilyHeather
Posts: 15
Registered: ‎07-07-2012
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Re: Newbie Credit Help!

Just did the Experian credit score. It says I have no score. boooo.

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EmilyHeather
Posts: 15
Registered: ‎07-07-2012
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Re: Newbie Credit Help!

I live at home so i have no meal plan or dorm fees. Maybe its me but I thought for being a senior in high school/freshman college, making 11,000 on my own is good. I guess not in a creditors eyes though

Senior Contributor
jsucool76
Posts: 3,670
Registered: ‎12-11-2011
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Re: Newbie Credit Help!


EmilyHeather wrote:

I live at home so i have no meal plan or dorm fees. Maybe its me but I thought for being a senior in high school/freshman college, making 11,000 on my own is good. I guess not in a creditors eyes though


Do you get any scholarships or grants (any FA you are NOT required to pay back), You are technically allowed to include that in your income. 

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Crashem
Posts: 3,096
Registered: ‎01-26-2012
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Re: Newbie Credit Help!


EmilyHeather wrote:

I live at home so i have no meal plan or dorm fees. Maybe its me but I thought for being a senior in high school/freshman college, making 11,000 on my own is good. I guess not in a creditors eyes though


Emily,

 

Look at my last post.  Apply for student cards and you will be fine.  Get 2-3 cards (ie app all on same day), and if you are going to do Cap One, app for that last.

               LIMITS IN CARD DESCRIPTIONS
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DaveSignal
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Re: Newbie Credit Help!


EmilyHeather wrote:

Maybe its me but I thought for being a senior in high school/freshman college, making 11,000 on my own is good.


Yes, but lenders are not usually handing out prime cards with high lmits to high school students or college freshman.  They, in general, want to think that after all of your monthly expenses (house, food, utilities, car, insurance) which usually amount to somewhere around $1000-$2000/month depending on cost-of-living for your area, that you can still make your minimum monthly payment and won't default on your debt.  

EX:694 TU:744 EQ:777
Amex ED $19.5k - BoA Travel Rewards $15k - CSP $5k - SDFCU EMV $15k - NFCU goRewards $20k - Barclays Arrival $6.5k
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BigDaddy18
Posts: 673
Registered: ‎04-23-2009
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Re: Newbie Credit Help!

Maybe just maybe to help out your credit or at least get your foot in the door one of your parents could add you as an authorized user to one of their cards to help you build a litte bit of credit?


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Revelate
Posts: 9,648
Registered: ‎12-30-2011
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Re: Newbie Credit Help!

[ Edited ]

EmilyHeather wrote:

I live at home so i have no meal plan or dorm fees. Maybe its me but I thought for being a senior in high school/freshman college, making 11,000 on my own is good. I guess not in a creditors eyes though


Oh hold on, you are 18 right?

 

Sub-21 there's some issues with obtaining a credit card now I think, though I haven't read the actual legislation that went into effect with the CARD act, you quite likely are running into issues with your age regardless.  If you're under 18 though (freshman college, might be) you're just plain stuck.

 

The whole please wait thing isn't a big deal, it is NOT an auto-denial.  Wait till those responses come back before you do ANYTHING else.  If you get approved for both of those, you're done, just use them responsibly and you'll be fine.

 

If you don't get approved, well as a prior poster said, for unsecured credit, if it's not a Student version, don't even bother; however, in your case I'd encourage you to save up $400 or so and go open up two secured cards: BOFA (min $300) and Cap 1 (min $99).  You shouldn't care, AT ALL, about limits right now, but you want to establish your credit history ASAP.

 

The Cap 1 card is partially secured, so you'll have 2 x $300 CL's, which is just fine.  You're out the $300 for a year (when the BOFA card graduates); however, that BOFA card can now get their 1-2-3 rewards package which makes it, well, frankly the best card on the planet right now for anyone either just starting out or in a limited credit history situation.  You'll have to pay around $70 in annual fees but that is *no big deal* in the long term.  Your credit is hugely important in today's society, and the return on investment is literally hundreds or even thousands to one over a lifetime for establishing it well.

 

Anyway, it's right to establish your credit now, but it's also right to have a plan when applying.  Most store / unsecured cards are just going to deny you outright currently.

 

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EmilyHeather
Posts: 15
Registered: ‎07-07-2012
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Re: Newbie Credit Help!

I'm 19. Im going to wait and see if I get approved for the td or citi card. If not I'm probably just going to do the secured one. I'd rather pay $300 or $99 for the secured and get it over with.
I've also heard there's a discover card thats good as a first time no credit app. True?
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Revelate
Posts: 9,648
Registered: ‎12-30-2011
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Re: Newbie Credit Help!


EmilyHeather wrote:
I'm 19. Im going to wait and see if I get approved for the td or citi card. If not I'm probably just going to do the secured one. I'd rather pay $300 or $99 for the secured and get it over with.
I've also heard there's a discover card thats good as a first time no credit app. True?

Student version of Discover More yes, otherwise no.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
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