08-22-2013 04:37 PM
Hi all. It seems that when I apply for a card, I get declined for not having enough positive trade lines. So I'm looking for suggestions on what cards I can add that I am also likely to be approved for. I was thinking of applying for a Bank of America card, hoping for (at worst) getting their counter offer (99/500 I think?). Has anyone had luck with this? What about other options for someone with a thin profile?
FICO scores bought on this site: Equifax: 650, Experian: 663, TransUnion: 663
I only have one credit card - Cap1, $300 secured. 5% util.
I have an 18 month old car loan, never late.
I have a paid off car loan.
I have one or two (Depending on the CRA) very old collections (less than $500) falling off within a 6 months to a year.
Thank you for any suggestions on building a thicker profile.
08-22-2013 05:20 PM
So since I bank with Chase, I tried their pre-qualified thingy. Thye said I was pre-qualified for either the Chase Slate or Chase Freedom. After a bit of research I decided to apply for the Chase Freedom. BOOM! Approved for $500 unsecured. I cannot believe they actually insta-approved me. That's a pretty good feeling!
08-22-2013 05:44 PM
Congrats on the card!!!! I would also suggest getting into a credit union as they have better rates than the bigger banks and you can try for a secured card. Let them age for a yr keeping on time payments and you will see your scores rise nicely. Keep your util % between 1-9 % on one card and a $0 bal on the other. Rotate them every month.
08-22-2013 05:52 PM
Thanks! I hadn't considered alternating balances between the cards. I will give that a shot! I have been keeping sub 9% on the Cap1. Its kind of nice to get a card now with some rewards ($100 if I use $500 in 3 months + 5% gas, 1% otherwise) instead of a rebuilder. I really think my banking history with Chase helped, so that's something to consider with anyone in the same boat as me with a thin credit file.
08-22-2013 07:43 PM
09-06-2013 02:18 PM
Since I keep getting offers in the mail, I went ahead and applied for a United Mileage Plus Explorer card (Chase) as well and got instant approval for $5,000. I could not believe my eyes.
I believe what was holding me back before from obtaining new cards is that my only credit card was less than 6 months old. I feel like I've come a long way since I joined up here. I've gotten numerous bad marks removed from my credit (including two First Premier chargeoffs) and it is all finally starting to pay off.
Thanks MyFico peeps!
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO