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@Tydawg & @Gemini101- OK! I will stop the Self Lender process now... It sounded like the same process of a shared secured loan but I guess I misunderstood something. Would it be best to get a long term loan or a shorter term? As far as secured CC, I tried a couple online to no avail, so I will take the advice given to me in one of the replies and take a wad of cash and my earnings statements to a CU and try to get one from there.
my college daughter was in same spot , open credit union account and got a master card unsec.
To the OP :
- you have a job and make a decent salary ?
-where do you bank ? you have a checking or savings account anywhere ?
I currently make right about $30k with my cell phone car insurance and rent as my only bills. My company offers a debit card to load my paychecks on and I've been using that as my only source of banking. I am going to open a CU account monday,
yes, open up a checking and savings account at local CU. If your company does direct deposit, do that into checking.
You should not have a problems with a CC at a credit union. They will most like start you out with low credit limit. They started my daughter at 500.
The credit union I used to work at had a policy where we would automatically approve a $500 unsecured limit if you had a -0- score and could provide proof of income, they are out there and you should be much happier there than loading your pay onto a prepaid card, if you have any additional questions feel free to drop into the forums again! Glad to hear you were able to stop the process there are much better ways to build your credit an luckily you came to a good starting place and Gemini, I, and others can steer you where to go. Best of luck
-tydawg
So much good information and things to think about,,,! Thanks guys!
@Gemini- I did the prequalify thing for like 5 banks and as I understand it, that process is only a soft pull. The card I actually did a full application on is CapOne Secured, thinking they would absolutely approve me if I have a deposit in hand... I was wrong. I've tried to pull my report with Credit Karma as well as Discover's credit program and they both said I had too thin of a file and the only thing they could report on is my name, address, and employer. As far as the credit union thing, I already started looking at reviews on CUs and I have it narrowed down to Delta Community CU, Georgia's Own CU, or State Department CU.
@Anonymous wrote:So much good information and things to think about,,,! Thanks guys!
@Gemini- I did the prequalify thing for like 5 banks and as I understand it, that process is only a soft pull. The card I actually did a full application on is CapOne Secured, thinking they would absolutely approve me if I have a deposit in hand... I was wrong. I've tried to pull my report with Credit Karma as well as Discover's credit program and they both said I had too thin of a file and the only thing they could report on is my name, address, and employer. As far as the credit union thing, I already started looking at reviews on CUs and I have it narrowed down to Delta Community CU, Georgia's Own CU, or State Department CU.
That is the unfortunate thing about having a -0- score I went took a quick peek at the offerings of the CUs you mentioned I would immediately narrow it down to Delta or Georgia's own based on the availability of student or young adult credit card, I may have missed if you said if you were a student or not but it does look like the nice thing about the Delta Community CU credit card is that you qualify regardless of whether or not you are a student, they also have some decent checking options and received an A+ health rating from a deposit to loan account ratio. So personally I would establish a relationship with Delta but I do not believe you would be wrong in choosing one over the other, only you can decide what is best, but getting a credit card seemed very high on the list of priorities and rightly so!
I would go with Gemini's plan but wait two months after the SSL before getting the cards. With the SSL and six months of having two secured cards, you should be able to get your choice of a wide variety of cards.
The credit union is the biggest thing. I don't know how your employer's card works but one that was available at my previous employer took a hefty chunk in fees. It was something like $2 every time you swiped the card to make a purchase.