Zero credit, denied for secured card?

keepcalmandkickass · ‎05-22-2014

I'm 20, and have zero credit. I applied for Capital One's secured card, but that was an instant denial. I don't know how i'm supposed to build credit if i can't even get a secured credit card... seems like quite the viscious cycle there. What can i do to improve my chances of getting approved for the Capital one secured card, or any secured card out there?

I liked the idea of the fairly low opening deposit for the Capital One card, and don't have $300 to lay down to build credit on.

Any advice of what i should do to build credit for my future would be really appreciated. My family's not very focused financially, so I'll appreciate whatever help you can throw my way..

Thanks!!!

Skye12329 · ‎05-22-2014

You could try a secured card through your bank. What were the reasons for denial?

BK7 - 2/21
Cap1 QS - 2k (4/21)
Mission Lane - 4k (11/21)
Venmo - 900 (11/21)
SavorOne - 2500 (12/21)
VentureOne - 2000 (7/22)

TiggerDat · ‎05-22-2014

You can try another bank from the list below. I think that FNBO would be good if you aren't going to carry a balance

Bank	Fee	APR	$ APR	Penalty	Int	Graduate	Ap Fee	Activation	Rewards
FNBO	$19	17.99%	25.24%	No	0.05%	No?	No	No	No
USAA	$35	9.90%	9.90%	No	0.54%	No	No	No	No
Open Sky	$29	17.50%	17.50%	21.50%	No	No	No	No	No
Harley Davidson by US Bank	$0	22.99%	23.99%	No	No	No	No	No	Harley	$10 Harley at signup
Merrick	$36	17.45%	22.45%	No	No	CLIs	No	No	No	additional card fee $10/ea
BofA	$39	20.24%	24.99%	29.99%	No	12 mo.	No	No	No	If you apply for a regular account then you might be offered a secured card with rewards.
Wells Fargo	$25	18.99%	23.99%	No	No	12+	No	No	No
Citizens	$24	23.99%	24.99%	29.99%	yes	?	No	No	No
Citibank	$29	18.74%	?	?	No	18	No	No	No
US Bank	$35	20.99%	23.99%	No	No	No	No	No	No
PNC	$36	18.99%	21.99%	28.99%	No	No	No	No	No
5/3	$24	23.99%	24.99%	29.99%	yes	?	No	No	No
Capital One - variable deposit	$29	22.90%	22.90%	No	No	CLIs	No	No	No
First Progress	29-44	11.99-19.99%	14.99-23.99%	No	No	No	No	No	No

It is by will alone I set my mind in motion.....
Always follow these rules: Only take a HP for a new account. Always use the best rewards card for that reward category. Don't close a card unless you know you really should. Never use more than 35% of a credit limit. Recon as much and as best you can. Use the introductory period to the best advantage. Get the signup bonus. Whenever possible PIF or balance transfer so you pay less in interest. Never give an excellent rating when it is actually the norm. Always look for a discount as more is always better.
Always accept candy from strangers because they have the best candy or from people you know have good candy.

keepcalmandkickass · ‎05-22-2014

Thanks so much, I'll check those out ASAP. And im not sure of the exact wording they used for the reason for my denial, just no credit history, basically

mirachi · ‎05-22-2014

If you're in college right now, you can also look into student cc's

Last app 5/7/2014

No apps until 3/31/2016!