Secured card with no credit score?

[Anonymous]

The concept of having to "apply" for a secured card baffles me....But that's a different conversation.

Currently, I have no credit score, due the fact that I paid off all of my debt a few years ago, and there have been no reports to the CRA's for quite a while.  That said, I do have credit history - not all of which is good.

Can you recommend any secured cards that are likely to accept my application, considering they won't be able to get a number?

[ngerasimatos]

If you have a history, then you should have a score... unless its been longer than 10 years since you had an account. 

[Anonymous]

Actually, FICO doesn't report anything, if you don't have active accounts reporting over the prior six months.  Thus, no score.

[ngerasimatos]

I do not believe that is the case, however I could be wrong. 

[Anonymous]

Well, I know that it is the case, because (a) it's happening to me, and (b), FICO states the following (as an answer to the question, "What are the minimum requirements for a FICO score?"):

There's really not much to it; in order for a FICO® score to be calculated, a credit report must contain these minimum requirements:

• At least one account that has been open for six months or more
• At least one undisputed account that has been reported to the credit bureau with in the past six months
• No indication of deceased on the credit report (Please note: if you share an account with another person this may affect you if the other account holder is reported deceased).

Nevertheless, I'm still looking for advice on where to go for a secured card with no score...Anyone?

[Wolf3]

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@Anonymous wrote:

The concept of having to "apply" for a secured card baffles me....But that's a different conversation.

Currently, I have no credit score, due the fact that I paid off all of my debt a few years ago, and there have been no reports to the CRA's for quite a while.  That said, I do have credit history - not all of which is good.

Can you recommend any secured cards that are likely to accept my application, considering they won't be able to get a number?

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Public Savings Bank does not do a credit check.  They will approve based on identity check. The terms are good.   They have $75 application fee but no annual fee, so good choice if you plan to keep for a few years. It does not unsecure. 

In 6 months, you will have a score and some positive history, to build on.

[tobey]

I was sort of in the same position as you 6 months ago. Citi and Wells Fargo still approved me for their secured cards when I had no score and history. I prefer Citi because your security deposit goes into an 18-month CD which earns a very nice 4.07% APY. In the end, I will have made money on this card. BofA declined me due to a lack of history (which still baffles me).

Keep it mind though, I didn't have a credit history at all. You actually do have a history and that can make a huge difference--it's not just about the number. You say not all of your history is good. How bad are we talking?

By the way, if you are approved for a secured card, I highly recommend you deposit as much as you can afford. I put 5k down on my Citi card and here I am on my 6 month anniversary getting approved for an unsecured card with a $2000 dollar CL. And a day after that, AMEX approves me for a Zync. I truly believe having a card with a decent CL on my report helped me with that...