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Established Member
Dunadan
Posts: 19
Registered: ‎12-10-2009
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The joys of hunting for a credit card with no credit history (Yikes!)

I've been working on getting a credit card for the last few months, and nothing seems to be working out.  At twenty years old i'm wishing i had been an AU on my dad's account fresh out of highschool, or had even applied for a credit card back when i was recieving offers daily.  Now that i'm searching, nothing seems to be biting.  At this point i'm about ready to just go for a secured card so i can build credit on that one in hopes of attaining a "real" CC as soon as possible...  any suggestions on a credit card for a part time working full time student who needs a way to build credit (Secured or Unsecured)

Thanks!

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MarineVietVet
Posts: 14,914
Registered: ‎07-14-2009
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Re: The joys of hunting for a credit card with no credit history (Yikes!)


Dunadan wrote:

I've been working on getting a credit card for the last few months, and nothing seems to be working out.  At twenty years old i'm wishing i had been an AU on my dad's account fresh out of highschool, or had even applied for a credit card back when i was recieving offers daily.  Now that i'm searching, nothing seems to be biting.  At this point i'm about ready to just go for a secured card so i can build credit on that one in hopes of attaining a "real" CC as soon as possible...  any suggestions on a credit card for a part time working full time student who needs a way to build credit (Secured or Unsecured)

Thanks!


Welcome to the forums.

 

You can be added as an AU at any time. You will still inherit the entire history of the account. 

Frequent Contributor
moondog7324
Posts: 488
Registered: ‎04-09-2008
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Re: The joys of hunting for a credit card with no credit history (Yikes!)

1. There is nothing wrong with a secured card, especially when starting or rebuilding credit.

2. Join a Credit Union- there are many based on locale, job, military etc. (if you have any close family member in the service- I highly reccomend NFCU)

3. Open a savings account this account will be only used for credit building- Put $50 a pay into this account- more if you can afford it..

4. When you reach $1000 ask for a secured credit card at the CU, you will have shown discipline and responsibilty by making those regular deposits.

5. Enjoy your new card- never let the balance get above $300, and try to pay in full each month to avoid finance charge.

6. Stop applying for credit elswhere- too many inquiries will get you denied everytime.

7 Keep making those regular savings deposits and wait until 13 months to apply for another credit card(if you want one)

8. You can get decent scores with just a few really good accounts!!

Senior Contributor
BungalowMo
Posts: 4,243
Registered: ‎05-01-2008
0

Re: The joys of hunting for a credit card with no credit history (Yikes!)

Many companies have student cards available.  Check into that, or maybe someone will see your post & recommend one.


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Regular Contributor
keith021
Posts: 169
Registered: ‎11-01-2009
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Re: The joys of hunting for a credit card with no credit history (Yikes!)


Dunadan wrote:

I've been working on getting a credit card for the last few months, and nothing seems to be working out.  At twenty years old i'm wishing i had been an AU on my dad's account fresh out of highschool, or had even applied for a credit card back when i was recieving offers daily.  Now that i'm searching, nothing seems to be biting.  At this point i'm about ready to just go for a secured card so i can build credit on that one in hopes of attaining a "real" CC as soon as possible...  any suggestions on a credit card for a part time working full time student who needs a way to build credit (Secured or Unsecured)

Thanks!


 

+1

To joining a CU if you haven't already. I got my first credit card in my name back in June. I'm a member of Suncoast Coast Schools FCU and I applied for their Student Visa rewards card. I was approved after I faxed in verification that I was a student. (I sent in my class schedule) I'm in Florida and I believe they only pull Equifax. It was a good feeling to be approved with absolutely no credit history reporting on my Equifax file at the time and I was unemployed! I was thinking about going the secured card route, but I was approved for a regular Visa. I hope you are able to find a student credit card that only requires you to be a student. Good luck!


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Super Contributor
DI
Posts: 5,744
Registered: ‎01-28-2008
0

Re: The joys of hunting for a credit card with no credit history (Yikes!)

[ Edited ]

Dunadan wrote:

I've been working on getting a credit card for the last few months, and nothing seems to be working out.  At twenty years old i'm wishing i had been an AU on my dad's account fresh out of highschool, or had even applied for a credit card back when i was recieving offers daily.  Now that i'm searching, nothing seems to be biting.  At this point i'm about ready to just go for a secured card so i can build credit on that one in hopes of attaining a "real" CC as soon as possible...  any suggestions on a credit card for a part time working full time student who needs a way to build credit (Secured or Unsecured)

Thanks!


What helped myself obtain my first card during my junior year in college was a student loan reporting.  My student loan was opened in August 1999 and I received my first credit cards  in November 2000.  It was a Target, Dillard's and and Penney's card.  A year later I received a Capital One , GTE Visa, ATT Universal, MBNA college logo card and  Discover card.  I must have had  about 8-9 cards.    All those cards except for Target  and Capital One became negative.  I lived it up during my college years.  

 

Fast forward 9 years later, all those tradelines has been deleted.  Discover and Citi  MBNA(now BOA) all gave me a new card.

 

One thing I made sure not to do was default on my student loan.  Because of that, my scores quickly rebound and I was able to get new cards.  

Message Edited by DI on 12-10-2009 03:30 PM
Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
0

Re: The joys of hunting for a credit card with no credit history (Yikes!)


Dunadan wrote:

I've been working on getting a credit card for the last few months, and nothing seems to be working out.  At twenty years old i'm wishing i had been an AU on my dad's account fresh out of highschool, or had even applied for a credit card back when i was recieving offers daily.  Now that i'm searching, nothing seems to be biting.  At this point i'm about ready to just go for a secured card so i can build credit on that one in hopes of attaining a "real" CC as soon as possible...  any suggestions on a credit card for a part time working full time student who needs a way to build credit (Secured or Unsecured)

Thanks!


Have yoru Dad add you now, and this will be the same effect as if you had been on the account "fresh out of high school."

 

When you become an AU, you inherit the entire history, age, CL, etc.  So adding you as an AU now will be the same as adding you 2 years ago.

 

Once you are an AU, then you are well advised to go with a good CU....even secured at first if necessary.  If you can qualify for NFCU or PSECU membership, apply there after you are an AU on Dad's account and it is reporting on CR's.

 

 

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09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Super Contributor
DI
Posts: 5,744
Registered: ‎01-28-2008
0

Re: The joys of hunting for a credit card with no credit history (Yikes!)


txjohn wrote:

Dunadan wrote:

I've been working on getting a credit card for the last few months, and nothing seems to be working out.  At twenty years old i'm wishing i had been an AU on my dad's account fresh out of highschool, or had even applied for a credit card back when i was recieving offers daily.  Now that i'm searching, nothing seems to be biting.  At this point i'm about ready to just go for a secured card so i can build credit on that one in hopes of attaining a "real" CC as soon as possible...  any suggestions on a credit card for a part time working full time student who needs a way to build credit (Secured or Unsecured)

Thanks!


Have yoru Dad add you now, and this will be the same effect as if you had been on the account "fresh out of high school."

 

When you become an AU, you inherit the entire history, age, CL, etc.  So adding you as an AU now will be the same as adding you 2 years ago.

 

Once you are an AU, then you are well advised to go with a good CU....even secured at first if necessary.  If you can qualify for NFCU or PSECU membership, apply there after you are an AU on Dad's account and it is reporting on CR's.

 

 


What if there's a high balance on dad's credit card? That won't help the OP obtain new credit.

Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
0

Re: The joys of hunting for a credit card with no credit history (Yikes!)

[ Edited ]

DI wrote:

txjohn wrote:

Dunadan wrote:

I've been working on getting a credit card for the last few months, and nothing seems to be working out.  At twenty years old i'm wishing i had been an AU on my dad's account fresh out of highschool, or had even applied for a credit card back when i was recieving offers daily.  Now that i'm searching, nothing seems to be biting.  At this point i'm about ready to just go for a secured card so i can build credit on that one in hopes of attaining a "real" CC as soon as possible...  any suggestions on a credit card for a part time working full time student who needs a way to build credit (Secured or Unsecured)

Thanks!


Have yoru Dad add you now, and this will be the same effect as if you had been on the account "fresh out of high school."

 

When you become an AU, you inherit the entire history, age, CL, etc.  So adding you as an AU now will be the same as adding you 2 years ago.

 

Once you are an AU, then you are well advised to go with a good CU....even secured at first if necessary.  If you can qualify for NFCU or PSECU membership, apply there after you are an AU on Dad's account and it is reporting on CR's.

 

 


What if there's a high balance on dad's credit card? That won't help the OP obtain new credit.


 

My post was related to the OP "WISH" that they had been added to Dad's account as AU previous.  It appears OP is under the misinformation that when you are added as an AU somehow affects what is reported to the AU.

 

However, AU on high balance card is still more likely to attract some credit than is absolutely no credit history at all.....this I know from experience myself and many others  have assisted in the process.

 

But again, I would assume that OP would attempt to select an AU account that does NOT have high balance, but a good history.

 

 

Message Edited by txjohn on 12-10-2009 02:06 PM

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
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09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Established Member
Dunadan
Posts: 19
Registered: ‎12-10-2009
0

Re: The joys of hunting for a credit card with no credit history (Yikes!)

Hey guys,

thanks for all the help on this issue thus far...

Keith, i definitely want to look into getting into a student CU (I'm a resident of Missouri)  Do you know of any resources to use to find such a credit union?

Moondog, i appreciate the steps  you laid out.  I do have a second cousin who just graduated from the Air Force Academy, but i doubt that will help me qualify for some sort of military CU.  At this point i just need to find some route to establish credit (one that will actually approve me given i have no credit history)

txjohn, i should have clarified.  My father at one point had amazing credit, which is exactly what he needed as he was/is a real estate investor.  I guess you could say he pulled an Alexander the Great move, expanding his holdings too quickly, and things only got worse last year as you can imagine.  When it rained it poured.  Needless to say, the humbling experience has essentially rendered the possibility of me being an AU obsolete.  In fact, i think he is currently trying to become an AU on my mom's new account (so i do need to see if i can "sign on" there)

 

If anyone has anymore suggestions about steps to take given my postion, i'd be quite grateful :smileyhappy:


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