Credit Cards

[lydiadietz]

I'm in the process of rebuilding my credit after 2 co's in 2003. I live in NYC so they've been removed from my reports, but I currently have a thin credit file. I need something that pulls EX, where my score is 750. I currently have a Credit One card with a $200 limit, and a Household Bank card with a $750 limit. Both of which are just over a year old. Credit unions are not readily available here, I have no family in the military, etc, so recommendations for CU cards aren't really helpful. I don't have a car, and I'm not that big a shopper. I'm mostly looking for a prime bank card, but one of my co's was Providian so Chase makes me a little nervous as I know that Wamu was blacklisting for them. Not sure if that still flies. Any ideas?

[creditwherecreditisdue]

High scores (750's) are not indicative of the results you will receive with a thin credit file. If you find a bank that will approve you most likely it will be for a smaller CL. For best results you need to get yourself set up in a relationship with a CU, and you can do it! There are many national CU's that will allow you to join, Alliant being one. You are much better off starting with a card with a decent CL that way as opposed to a smaller CL from a bank. Go to the bank later - they tend to follow the CL's that other's have given you.

[lydiadietz]

Yeah, I've looked. I don't belong to, or work for a qualifying organization. I'm also not interested in setting up yet another account just to cross my fingers and hope they approve me for a credit card. It just seems pointless and annoying.

[creditwherecreditisdue]

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lydiadietz wrote:
Yeah, I've looked. I don't belong to, or work for a qualifying organization. I'm also not interested in setting up yet another account just to cross my fingers and hope they approve me for a credit card. It just seems pointless and annoying.

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Would a denial or a small credit limit from a bank be less so?

Good luck.

[lydiadietz]

I didn't mean to be snarky, it's just that I've spent hours and hours looking at CU's and could never find one that I was eligible to join for whatever reason and so I gave up. It's obviously not a route I can take.

[fused]

Have you tried applying with the bank you have accounts with?

[illtakecreditforthat]

I agree with creditwherecreditisdue that the best route would be a CU.  You can join many CUs by joining a participating organization (i.e. PTA).

However, if you're not interested, try something like the CITI Forward card which is marketed to people with new or limited credit.  Go to CITI's website and check it out.

Message Edited by illtakecreditforthat on 07-31-2009 09:49 AM

[lydiadietz]

My checking/savings are with Citi and I've read on these forums that they won't approve you unless you have 3 cards that have been open more than a year and I only have 2.

[usmc58555]

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lydiadietz wrote:
I didn't mean to be snarky, it's just that I've spent hours and hours looking at CU's and could never find one that I was eligible to join for whatever reason and so I gave up. It's obviously not a route I can take.

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many of the CU's discussed on this board have "open" membership to people who subscribe or are members to some specific dues paying organization particular to each CU.

For a one time one, one year fee, you gain membership eligibility to a CU and you are not required to stay a member to that qualifying organization once you establish the CU account.

Since you have a thin file with no real monthly debt payments a CU like ALLIANT can be much more friendly to you.

occasionally you have to pay to play.

[illtakecreditforthat]

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lydiadietz wrote:

My checking/savings are with Citi and I've read on these forums that they won't approve you unless you have 3 cards that have been open more than a year and I only have 2.

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I don't know if that is an underwriting requirement.  The Forward is targeted for people who basically want a student card but aren't students.  

Any major bank in this environment will be difficult, which is why I would suggest a card designed for credit beginners.

BTW, if you have a CITI savings/checking, go to the branch, discuss your situation with the manager, and ask him/her for their opinion.