My brother is trying to get a credit card. We tried to pull his credit but there's nothing there. He has 0 history. Nothing.
He applied at his bank (CHASE) for a student card and got declined.
He then applied for discover student and got declined.
He then applied for a cap one student and got declined.
Now we are afraid he's attempted too many. What do students do if they have 0 credit??!?!?!? I thought student cards would expect kids to have no credit history. I would expect him to get maybe 300 bucks or so of credit, but he's getting declined.
Any ideas??? What should we do?
Do your parents have a card with a long history, low utilization and perfect payment history that they can add him as an AU to the card to give him an instant history? Make sure it is one that reports AUs to all three credit bureaus (they don't need to actually give him a card just get his name on there so it will create a history for him) then he can reapply when he has a history.
Alternatively, try getting a secured card from a CU or one of the big banks... yes he will have to put the money down but many of them (not orchard) will mature to non secured after 9-12 months and he will get his deposit money back and will get a history... it will take 6 months to get him a score at all this way whereas with an AU he will get one as soon as that card reports
If you have a job and direct deposit to the bank/CU, that can help as well.