In need of Help Understanding FICO Scores

[Anonymous]

Hello!

I'm completely new to credit lines and such. I never knew how hard it was going to be to try to build credit from scratch after High School. I was foolish and applied for 5 major credit card companies such as Chase, Discover, etc. and was denied. I was later accepted to a Retail credit card. How long does it take to use this store credit card to actually build credit then apply for a credit card that can be used else were other then a retail store, such as Chase Freedom. I have been banking with chase for almost a year and am interested in staying with them. What should I do to build my credit faster. I only have a retail store credit card. How long does it take for a retail card to actually build my credit because I have a "thin credit score" 

Thank you

[Anonymous]

Usually 6-8 months to let the card mature and age the inquiries. This should give you a Fico score as well if this is your first credit card. Have you thought about a secured card?

[Anonymous]

I have, however, I only usually bank with Chase and they don't have a secured credit card. Is there a secured card that wouldn't require a $400 security deposit? I guess everyone would wouldn't it. 

[Anonymous]

Checkout Bank of America. I think they do like a $99/$500...$99 deposit will get you a $500 limit, YMMV. Also try Capital One (they might be easier, but not sure).

[Anonymous]

Would Bank of America accept someone with no credit score? I'd be fine to do the 99/500 but would I get accepted with no credit summary?

[Anonymous]

Not sure...perhaps someone else could chime in.

[Themanwhocan]

---

@Anonymous wrote:
Would Bank of America accept someone with no credit score? I'd be fine to do the 99/500 but would I get accepted with no credit summary?

---

Probably, as one purpose of Secured cards is to allow someone to establish credit for the first time.

However, if you have one card and use it lightly and pay in full each month, thats really all you need. Exactly which card were you able to get without any credit or security deposit?

[Anonymous]

I was able to get a Carsons In Store Credit Card. Not a card you can use outside of the store. Do you still suggust applying for the secured card? Which company has the best secured card? 

[Themanwhocan]

---

@Anonymous wrote:

I was able to get a Carsons In Store Credit Card. Not a card you can use outside of the store. Do you still suggest applying for the secured card? Which company has the best secured card? 

---

As long as the Carlsons card reports to the credit bureaus, that is all you need. Check CreditKarma.com, if it can see the credit line, then its definitely on your reports. Credit Karma updates once a week at most.