Credit Cards

[todothis]

Hi All,

I was just wandering if some of you could give me pointers.  I have a score of 712 with a thin credit history.  Went for a loan - denied.... not enough use of credit -   Applied for a cc - denied....not enough use of credit.  OK so what am I suppose to do - When I applied for the loan my bank told me we don't foresee any problems (well you need a co-signer because of thin history) They also suggest to get a cc - well those two denies cost me 12 points on my fico score.  Thank you bank...

Now I'm scared of applying for anything since it' bringing my score down. 

Anybody who can help - Fico is saying that I have a great score but on the other hand I feel that I have a bad one.

Any suggestions would be appreciated....

[Tmleverage]

Get a secured credit card from a bank or your credit union

never charge more than 1-9% on it and pay off all but a few dollars

also get a store charge card and a gas credit card and use the same prinipal 

of 1-9% and you will show diverse accounts and good credit management

but don't go above the 1-9%...

[laryn41]

juniper card maybe?

[HouseHunter]

Try a Hooters Mastercard.  I had read that a lot of people get approved for this card and with AU going away, my Mom needed a major credit card to be established by the time all of her medical collections fall off.  She was reluctant to try it because it was a "Hooters" card but she did and got approved with a $500 limit.  If my Mom can get approved with a ton of medical CO's (at least 8-12) then anyone can get approved. 

Also, try the Crown Jeweler's card (www.crownjewelers.com).  It is not a Visa/MC but a charge account and will give you some revolving history.  They report to all three CRA's but you do have to make an initial purchase...just buy the cheapest thing they have and pay the minimum payment for a month or two. 

CJ was one of the first cards I could get because I had a thin file.  It has been great for improving my score and opening up the credit doors.  The best thing is, they don't do a credit check so it will not lower your score.

[bren39]

Thanks HouseHunter I tried Crown Jewelers and got approved up tp 1500...

[fused]

---

todothis wrote:

Hi All,

I was just wandering if some of you could give me pointers.  I have a score of 712 with a thin credit history.  Went for a loan - denied.... not enough use of credit -   Applied for a cc - denied....not enough use of credit.  OK so what am I suppose to do - When I applied for the loan my bank told me we don't foresee any problems (well you need a co-signer because of thin history) They also suggest to get a cc - well those two denies cost me 12 points on my fico score.  Thank you bank...

Now I'm scared of applying for anything since it' bringing my score down. 

Anybody who can help - Fico is saying that I have a great score but on the other hand I feel that I have a bad one.

Any suggestions would be appreciated....

---

Do you have a positive, longstanding relationship with a bank or credit union?

[Revike]

---

bren39 wrote:

Thanks HouseHunter I tried Crown Jewelers and got approved up tp 1500...

---

Just be aware that the CJ account is most useful as a temporary credit-building account. Unless you make a purchase in excess of $500, the initial credit limit of $1500 will be decreased to $500 after 6 months or so. Also, once a purchase is paid off, you need to make a new purchase within 6 months or the account will be closed soon after.

[bren39]

OK,thanks revike.....for the head up...