cancel
Showing results for 
Search instead for 
Did you mean: 

No Credit, But Would Like to Establish Some, Advice?

tag
Anonymous
Not applicable

No Credit, But Would Like to Establish Some, Advice?

Hi Guys, I'm new here so here is a little background information about myself, I'm a 21 year old student and I thought that now would be a good time to establish a credit history now that I will be graduating in a little over a year. I currently work part time at my school and make about $9360 a year. I have never had any loans, and I have also never been an AU on any card. I have absolutely no credit history whatsoever. I live with my parents in California, where I also was born. I commute to school, and I have never paid any bills (car insurance, phone bill, etc). I have been banking with Chase for the past two and a half years, and have never had a checking or savings account anywhere else.  I do not plan on applying for any of Chase's credit cards because from what I've read here my chances of being aproved in my current situation are zero, especially since I never have over $3,000 in my account. I would prefer an unsecured credit card but I understand that beggars can't be choosers. Do you guys have any advice on where I should apply and who might approve me? Thank you very much.

Message 1 of 29
28 REPLIES 28
Anonymous
Not applicable

Re: No Credit, But Would Like to Establish Some, Advice?

Welcome to the boards and to the credit world. Smiley Happy With zero credit history your best bet is indeed a secured card. Try applying for a Capital One secured card, and then when you have 12 months of positive payment history with that card, try for a Discover Card and/ or Barclay Rewards.

 

You may be able to get a student card at this time (i.e., Discover student card), but I do think your best chance for success is to start with a secured card.

Message 2 of 29
Anonymous
Not applicable

Re: No Credit, But Would Like to Establish Some, Advice?

Chase actually might approve you. I was approved when I was younger and earned less (though I already had had a thin credit history). But since you have banking relationship, you should try, nothing to lose, really.

Capital One secured card will be a good first step if Chase denies you. Apply for their secured card, then use it for 6 - 7 months (6 statements reported) before trying an unsecured.
Message 3 of 29
Anonymous
Not applicable

Re: No Credit, But Would Like to Establish Some, Advice?


@Anonymous wrote:

Welcome to the boards and to the credit world. Smiley Happy With zero credit history your best bet is indeed a secured card. Try applying for a Capital One secured card, and then when you have 12 months of positive payment history with that card, try for a Discover Card and/ or Barclay Rewards.

 

You may be able to get a student card at this time (i.e., Discover student card), but I do think your best chance for success is to start with a secured card.


Thanks, I'll try filling out their application now. xD

 

EDIT:

 

I applied for Capital One's secured mastercard and was immediately declined. Smiley Sad

Message 4 of 29
Anonymous
Not applicable

Re: No Credit, But Would Like to Establish Some, Advice?

Capital one platinum is one you could be approved for unsecured. My gf was in the same boat and was approved for $300 limit recently

Message 5 of 29
Anonymous
Not applicable

Re: No Credit, But Would Like to Establish Some, Advice?


@Anonymous wrote:

Capital one platinum is one you could be approved for unsecured. My gf was in the same boat and was approved for $300 limit recently


Wow really? I might try that thanks

Message 6 of 29
Anonymous
Not applicable

Re: No Credit, But Would Like to Establish Some, Advice?

Try a store card. Best Buy, Walmart, Target. Best Buy/Citi was the first company to approve me after I started my credit rebuilding.
Message 7 of 29
Anonymous
Not applicable

Re: No Credit, But Would Like to Establish Some, Advice?

Applying for the Capital One Platinum won't work well if you were declined for the Capital One secured card. Sometimes it is hard to get started when you don't have a credit history.

 

Try applying for the Discover Student Card and see how that works out.  Make sure it is the student version you apply for, and not the regular Discover. They may counter with a secured card.

 

https://www.discovercard.com/application/apply?execution=e1s1

Message 8 of 29
Anonymous
Not applicable

Re: No Credit, But Would Like to Establish Some, Advice?

OpenSky Visa is also a secured Visa card that has been mentioned on the board and they do not perform a credit check, if you can't get another card to approve you at this time. 

 

 

https://www.openskycc.com/Default.aspx

 

 

Once you receive and use the card for 12 months, you should be able to get a Capital One Card, Discover Card, or Barclay Rewards and start building further. I'd recommend 12 months (instead of 6 months) to show a more solid payment history, and for better chances of success for applying before another major card.

 

 

Message 9 of 29
Anonymous
Not applicable

Re: No Credit, But Would Like to Establish Some, Advice?


@Anonymous wrote:

Hi Guys, I'm new here so here is a little background information about myself, I'm a 21 year old student and I thought that now would be a good time to establish a credit history now that I will be graduating in a little over a year. I currently work part time at my school and make about $9360 a year. I have never had any loans, and I have also never been an AU on any card. I have absolutely no credit history whatsoever. I live with my parents in California, where I also was born. I commute to school, and I have never paid any bills (car insurance, phone bill, etc). I have been banking with Chase for the past two and a half years, and have never had a checking or savings account anywhere else.  I do not plan on applying for any of Chase's credit cards because from what I've read here my chances of being aproved in my current situation are zero, especially since I never have over $3,000 in my account. I would prefer an unsecured credit card but I understand that beggars can't be choosers. Do you guys have any advice on where I should apply and who might approve me? Thank you very much.


Definitely a good time to start establishing a credit history!

 

Given that you have a banking relationship with Chase, it actually might not hurt to try with them--have you checked the Chase website to see if you're prequalified for anything? I think I've seen examples recently of people in similar situations being approved for Chase Freedom with a very low limit, which would be a good place to start building. Discover would also be a good place to start, they often like thin (or even nonexistent) files and have been known to approve people with no history for an unsecured card.

Message 10 of 29
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.