cancel
Showing results for 
Search instead for 
Did you mean: 

CC to build credit

New Visitor

CC to build credit

Hello,

I am having an extremely difficult time applying for credit cards in order to start building my credit. I have tried random store cards and get denied due to lack of credit history. I finally applied for a secured card at Wells Fargo, which I've been banking with since 2010, and they still denied me. I have just noticed a card called, "First Progress Platinum Elite Master Card secured credit card" should I apply for it? I also read that getting denied can negatively affect my credit score. Great! Smiley Mad  Or does anyone else have suggestions on where I should go in order to start building my credit? I really would like to know how to get this ball rolling. 

4 REPLIES
New Member

Re: CC to build credit

This sounds like you have some items you need to clear up on your credit report first.  Have you viewed it in the last 6 months? Try applying for a Kohl's card by chance? 

 

My recommendation:

1. View updated credit report from each of three (exp/tra/equ), and also ChexSystems.

2. Dispute/Correct baddies.

3. Pay off/settle any open collections.

4. Wait 30-60 days for corrections to show on report.

5. Try again for a secured credit card.  Capital One tends to be a forgiving bank and great for rebuilding. I read tons of bad reviews on First Progress/First Premier/etc type cards.

 

Regular Contributor

Re: CC to build credit

I would suggest going to annualcreditreport.com and printing all three reports.  They seem to give more info.

Make a spreadsheet with the info from the credit report.  This will help keep all of your items straight and when adding rows, add a few extra Smiley Wink

if any payment is behind get theme up to date

When paying off collections always try to pay for deletion.  Wait 30-60 days and save $60 and buy your three credit reports from here.

Get a cap one secured card and utilize that card wisely

Wait 6-12 months, pull scores again.

Cap1Secured $700 | Chase Slate $700 | Amazon Store $5000 | Discover IT $7000 | Lowe's $8000 | AmEx BCE $20000 | Freedom $3000
November 2014 (myFICOs): Equifax 717 TransUnion 725 Experian 717
January 2014 (myFICOs): Equifax 675 TransUnion 661 Experian 723
Established Contributor

Re: CC to build credit

https://www.sdfcu.org/creditcards

 

SDFCU EMV Visa Platinum Credit Card

Mentioned in the Washington Post recently, the SDFCU EMV Visa Platinum Credit Card features chip-enabled technology, which provides added security and ease of use at payment terminals abroad. Not only does our credit card make overseas travel more convenient and safer, but you will also save with its special features.

Features & Benefits
  • Rates as low as 6.99% APR*
  • Secure chip-enabled technology for use overseas
  • No foreign transaction fees
  • No annual fees
  • Magnetic stripe for ease of use domestically
  • No balance transfer fees
  • Point-per-dollar Flexpoints Rewards Program

Already have an SDFCU Credit Card but you are interested in our EMV chip card? Use the credit card conversion form to let us know. We will transfer your history and balance and issue you a new SDFCU EMV Visa Platinum Credit Card with the same number.

 

 

 

EMV Savings Secured Visa Platinum Card

This is the perfect card to establish or rebuild your credit with the comfort of having funds secured by your Regular Share Savings Account. This card works like a credit card, but is available for lower limits. Simply deposit the amount you want on the card into your savings account, and apply for your card. Plus, your money will earn interest in your savings account.  

Features & Benefits
  • Low 6.99% APR*
  • No income verification or credit check required
  • Limits as low as $250
  • Secure chip-enabled technology
  • No foreign transaction fees
  • No annual fees
  • Flexpoints Rewards for every $1 spent
12/4/12 TU 589 MyFico ~EQ 579 MyFico ~EX 577(Fako)

Myfico 8 scores
7/31/16 TU 710 ~ EQ 699~ Ex 705
My Wallet: Cap1 3,500K ~FH 2950 Credit One 1800~Credit one #2 1500.00~Orchard Bank 400 ~NFCU nRewards 18K~NFCU Cash Rewards signature| 11K ~Care Credit 4,500
Last Negs to fall off: 2-Cap1 CO's PD (fall off 3/17)
Highlighted
Established Member

Re: CC to build credit

Try and go after a Cap1 secure card. There will be a 29 or $99 deposit required for a $200 limit based off your credit score. It doesn't sound like much but long as your credit is clean and your new just starting to build by next year you'll have at least $1000+ worth of credit avalible to you.  You could try for unsecure cards like Orchard Bank, (Just in the process of merging with Cap1) or Credit 1 Bank. These are sub prime lenders who usually work with people with lower credit score.  Like you stated applying regardless of denied or approved does hurt your credit. It puts inquirys on your credit report. Each can hit your for 1-10 points. They will stay on your CR for 2 years and over time decrease the impact they have on your overall score.

 

If your main goal is just to establish credit and you don't really need it to buy anything I would go with the Cap1 Secure card. You will get approved, Then after 2-3 payments made to it, apply for an unsecure card.