topic Student with a thin file in Credit Cards

Student with a thin file

Anonymous — Mon, 07 Nov 2016 17:54:31 GMT

Long time reader first time caller so here it goes...

I'm a student. Never had any loans and never been an AU on a card or anything else.

July 2016. Applied at Chase and BofA and instantly declined because "no history". Ok bad start. I did more research. Applied for the Cap1 Journey Student card with reasonable hope... and declined instantly because "no history". That led me to Discover. I applied directly for the secured card and was approved instantly. Did a $600 CL.

Fast forward to today. Obviously FICO won't give me a score with only one 3-month old account. My FAKO (VantageScore) is 665. I've been keeping my Discover card utilization below 20% (Only popped over once and that was still well under 30%). Only three cycles are done: July - Sep are reported as current.

I guess I really have two questions. First, is 665 -- albeit a FAKO -- any good? My only baddies are the 3 hard pulls it lists.

Second, I would like to get an unsecured Visa ASAP but I do not want to risk an unfruitful hard pull. Looking at the WF student card although I don't especially want to deal with them. Are there any better suggestions? (Waiting is a valid suggestion too, of course.)

Thank you!

Re: Student with a thin file

AverageJoesCredit — Mon, 07 Nov 2016 17:58:32 GMT

Could try for Navy Federal as it seems they can be good for builders but not sure on short history. Congrats on getting a Discover , secured or not, you got a foot in. Maybe pick up a store card or two just to build some history and then maybe go back to Cap One. Good luck on your journey

Re: Student with a thin file

garagebandking — Mon, 07 Nov 2016 18:04:09 GMT

The FAKO scores may or may not be any good. The only thing you can really count on is a FICO score.

You should have one since there's an account reporting...it just might not be showing up in your Discover online profile. Are you in any credit monitoring program that provides a real FICO?

I'd probably rock the Disco for 6 months and start checking Barclays/CapOne/Amex/Chase/Citi for prequal offers and see what fit my needs.

You have the right idea in mind trying to keep hard pulls down.

You can build history and tradelines quickly if you go for store cards etc...but you want to consider what is important to you...it is usually a good idea to only apply for cards that can be useful to your spending patterns. Having 3 credit cards (I'd prefer from visa/mc/disco) will help maximize your score.

Re: Student with a thin file

Anonymous — Mon, 07 Nov 2016 18:08:39 GMT

@AverageJoesCredit wrote:
Could try for Navy Federal as it seems they can be good for builders but not sure on short history. Congrats on getting a Discover , secured or not, you got a foot in. Maybe pick up a store card or two just to build some history and then maybe go back to Cap One. Good luck on your journey

I wish I were eligable for them! And thank you I'm looking forward to my graduation letter someday! I was considering the Amazon.com store card but wasn't sure if it's worth the inquiry even if I could be certain of approval. Thanks

Re: Student with a thin file

Anonymous — Mon, 07 Nov 2016 18:12:16 GMT

@garagebandking wrote:
The FAKO scores may or may not be any good. The only thing you can really count on is a FICO score.

You should have one since there's an account reporting...it just might not be showing up in your Discover online profile. Are you in any credit monitoring program that provides a real FICO?

I'd probably rock the Disco for 6 months and start checking Barclays/CapOne/Amex/Chase/Citi for prequal offers and see what fit my needs.

You have the right idea in mind trying to keep hard pulls down.

You can build history and tradelines quickly if you go for store cards etc...but you want to consider what is important to you...it is usually a good idea to only apply for cards that can be useful to your spending patterns. Having 3 credit cards (I'd prefer from visa/mc/disco) will help maximize your score.

Gotcha. And I was assuming that I'm being played by the 6 month rule. Discover is my only FICO source at the moment, I believe it's a TU FICO 8. I just checked Chase prequals and they give nada. I'm guessing this is because I have no FICO 8 yet?

Even if I was certain of approval for store cards I'm not sure it'd be worth the hard pull to me so I think I will go for the more useful cards. Thanks!

Re: Student with a thin file

garagebandking — Mon, 07 Nov 2016 19:59:45 GMT

@Anonymous wrote:
@AverageJoesCredit wrote:
Could try for Navy Federal as it seems they can be good for builders but not sure on short history. Congrats on getting a Discover , secured or not, you got a foot in. Maybe pick up a store card or two just to build some history and then maybe go back to Cap One. Good luck on your journey
I wish I were eligable for them! And thank you I'm looking forward to my graduation letter someday! I was considering the Amazon.com store card but wasn't sure if it's worth the inquiry even if I could be certain of approval. Thanks

If you want in with Navy Federal...you can use the Navy League San Diego affiliation that's talked about on the forum...pretty easy process (will cost you $25)...but I just went through it and it was very worthwhile.

Re: Student with a thin file

Anonymous — Mon, 07 Nov 2016 23:00:43 GMT

Welcome to the site. You wait until your Discover account gives you a FICO score, which will probably come around the 6 month period. Keep utilization low, make payments on time. When 6 months comes, try the SP CLI. At the same time, you can either apply for another card then and get a rather low SL or wait another 6 months until you've had a year of good history, which would get you better approvals. I recommend waiting the full year and just trying to get CLIs on the secured card for now. Discover secured is as good as it gets...you're not really missing out on many benefits besides the credit line. I started out like you, a student with just one lowly $500 CL non-secured card. I spent well and got 3 HP CLIs (didn't know about HP vs. SP then) before I went out to apply for more. Got everything I wanted and more. History don't come quickly obviously!

P.S. An HP is not a "baddie." Baddies are missed payments, bankruptcies, chargeoffs, stuff that is actually really bad for scores. An HP is just an HP.

Re: Student with a thin file

newhis — Mon, 07 Nov 2016 23:42:17 GMT

Why you want a Visa card ASAP? Is that because some places do not take Discover?

I know you don't want another secured card but you already app for BofA, maybe you can request to use the same HP and get a secured card.

If you want to max your score, go with the secured loan/pay 91%/keep for 5 years, explained in a thread under 'understanding FICO score' forum.

Wait 6-7 months, maybe you can unsecured both Discover and BofA at that time. Even ask for CLI. Your score should be mid 700s. You will be able to get other cards with good limits. Good luck.

Re: Student with a thin file

Anonymous — Tue, 08 Nov 2016 00:46:52 GMT

@garagebandking wrote:
@Anonymous wrote:
@AverageJoesCredit wrote:
Could try for Navy Federal as it seems they can be good for builders but not sure on short history. Congrats on getting a Discover , secured or not, you got a foot in. Maybe pick up a store card or two just to build some history and then maybe go back to Cap One. Good luck on your journey
I wish I were eligable for them! And thank you I'm looking forward to my graduation letter someday! I was considering the Amazon.com store card but wasn't sure if it's worth the inquiry even if I could be certain of approval. Thanks
If you want in with Navy Federal...you can use the Navy League San Diego affiliation that's talked about on the forum...pretty easy process (will cost you $25)...but I just went through it and it was very worthwhile.

I second this approach! It does not take long and Navy FCU is very much worth it! They are my PFI (primary finincial institution). Beyond that I would try for the Sportsman Guide Visa from Comenity, they are generally pretty flexible on who they will accept. You also mentioned you were a student I would suggest thinking about getting the Amazon Prime Card, it is pretty easy to get through Synchrony, and actually has useful rewards (5% cash back!!!) to us students it is a great option, I do not believe you would have an issue being approved. Good luck on your credit journey.

Re: Student with a thin file

BirchBarlow — Tue, 08 Nov 2016 01:09:14 GMT

I wouldn't write off the prime lenders just yet. BoA and Chase are known for being difficult to get into without excellent credit. If you can't get approved for a fair credit card you should still be able to get a secured card. Both Cap1 and Citi offer a secured MasterCard so I would start there since you said you need a card to cover places that don't accept Discover. Assuming you pay on time and in full every month, you should eventually be able to graduate to a rewards card with Citi or Cap1.

Re: Student with a thin file

Anonymous — Tue, 08 Nov 2016 05:25:42 GMT

I'm a student with about three months credit history as well. From what I understand, WF likes to see a previous relationship with them. My first (and so far only) credit card was actually the WF cashback college card. I had a checking account with them since I was in middle school, and was approved with a $1,200 cl. Also, the rewards for the first six months are pretty good with 3% on gas, grocieries, and drugstores. However, if I were you I would hold off on applying for any card until you generate a Fico score (I know, waiting really sucks), since you already have three hps and it could really hurt to have another hp on your account. With that said if you absolutely had to apply for a Visa card right now, I think it'd be in your best interst to apply for a secured card.

Re: Student with a thin file

Pway — Tue, 08 Nov 2016 06:28:41 GMT

@Anonymous wrote:
I'm a student with about three months credit history as well. From what I understand, WF likes to see a previous relationship with them. My first (and so far only) credit card was actually the WF cashback college card. I had a checking account with them since I was in middle school, and was approved with a $1,200 cl. Also, the rewards for the first six months are pretty good with 3% on gas, grocieries, and drugstores. However, if I were you I would hold off on applying for any card until you generate a Fico score (I know, waiting really sucks), since you already have three hps and it could really hurt to have another hp on your account. With that said if you absolutely had to apply for a Visa card right now, I think it'd be in your best interst to apply for a secured card.

I totally agree with this statement. Wait until you have generated a fico score. There is no rush and no need to generate wasteful hp at this point. Give it some more time and you will get there. I believe it is 6 months and you are half way there. You have Discover, which is a great card to have. Use that card responsible and they will treat you well. Remember this credit game is a marathon not a sprint.

Re: Student with a thin file

Anonymous — Tue, 08 Nov 2016 13:09:34 GMT

@Anonymous wrote:
Welcome to the site. You wait until your Discover account gives you a FICO score, which will probably come around the 6 month period. Keep utilization low, make payments on time. When 6 months comes, try the SP CLI. At the same time, you can either apply for another card then and get a rather low SL or wait another 6 months until you've had a year of good history, which would get you better approvals. I recommend waiting the full year and just trying to get CLIs on the secured card for now. Discover secured is as good as it gets...you're not really missing out on many benefits besides the credit line. I started out like you, a student with just one lowly $500 CL non-secured card. I spent well and got 3 HP CLIs (didn't know about HP vs. SP then) before I went out to apply for more. Got everything I wanted and more. History don't come quickly obviously!

P.S. An HP is not a "baddie." Baddies are missed payments, bankruptcies, chargeoffs, stuff that is actually really bad for scores. An HP is just an HP.

Are you saying a CLI is possible without increasing my deposit? Thanks for the heads up on HP vs. SP CLI's.

@newhis wrote:
Why you want a Visa card ASAP? Is that because some places do not take Discover?
I know you don't want another secured card but you already app for BofA, maybe you can request to use the same HP and get a secured card.

If you want to max your score, go with the secured loan/pay 91%/keep for 5 years, explained in a thread under 'understanding FICO score' forum.

Wait 6-7 months, maybe you can unsecured both Discover and BofA at that time. Even ask for CLI. Your score should be mid 700s. You will be able to get other cards with good limits. Good luck.

Yup the acceptance rate is my only real beef with Discover. I would like to retire my visa debit card. I was at the time approved instead for the BofA secured card but I couldn't bring myself to pay the $39 AF. Do you have a link to the secured loan thread?

@Anonymous wrote:
@garagebandking wrote:
@Anonymous wrote:
@AverageJoesCredit wrote:
Could try for Navy Federal as it seems they can be good for builders but not sure on short history. Congrats on getting a Discover , secured or not, you got a foot in. Maybe pick up a store card or two just to build some history and then maybe go back to Cap One. Good luck on your journey
I wish I were eligable for them! And thank you I'm looking forward to my graduation letter someday! I was considering the Amazon.com store card but wasn't sure if it's worth the inquiry even if I could be certain of approval. Thanks
If you want in with Navy Federal...you can use the Navy League San Diego affiliation that's talked about on the forum...pretty easy process (will cost you $25)...but I just went through it and it was very worthwhile.
I second this approach! It does not take long and Navy FCU is very much worth it! They are my PFI (primary finincial institution). Beyond that I would try for the Sportsman Guide Visa from Comenity, they are generally pretty flexible on who they will accept. You also mentioned you were a student I would suggest thinking about getting the Amazon Prime Card, it is pretty easy to get through Synchrony, and actually has useful rewards (5% cash back!!!) to us students it is a great option, I do not believe you would have an issue being approved. Good luck on your credit journey.

I might be eligible through family to I need to make a few calls haha. If not I'll probably go through the affiliation route although I hate to put down $25 and get declined. If I was guaranteed approval for the Amazon store card I would probably get it as I wouldn't have any issue putting something on it each month. Does anybody know if they pull FICO or what?

Re: Student with a thin file

Anonymous — Tue, 08 Nov 2016 13:22:46 GMT

@BirchBarlow wrote:
I wouldn't write off the prime lenders just yet. BoA and Chase are known for being difficult to get into without excellent credit. If you can't get approved for a fair credit card you should still be able to get a secured card. Both Cap1 and Citi offer a secured MasterCard so I would start there since you said you need a card to cover places that don't accept Discover. Assuming you pay on time and in full every month, you should eventually be able to graduate to a rewards card with Citi or Cap1.

When I actually went into a Chase branch I was pretty much told that I shouldn't apply with them for a couple years. I probably wouldn't have any trouble getting another secured card, but with some of the never-going-to-graduate stories I've heard, I am reluctant. Hearing tales of graduations is why I favored Discover.

@Pway wrote:
@Anonymous wrote:
I'm a student with about three months credit history as well. From what I understand, WF likes to see a previous relationship with them. My first (and so far only) credit card was actually the WF cashback college card. I had a checking account with them since I was in middle school, and was approved with a $1,200 cl. Also, the rewards for the first six months are pretty good with 3% on gas, grocieries, and drugstores. However, if I were you I would hold off on applying for any card until you generate a Fico score (I know, waiting really sucks), since you already have three hps and it could really hurt to have another hp on your account. With that said if you absolutely had to apply for a Visa card right now, I think it'd be in your best interst to apply for a secured card.
I totally agree with this statement. Wait until you have generated a fico score. There is no rush and no need to generate wasteful hp at this point. Give it some more time and you will get there. I believe it is 6 months and you are half way there. You have Discover, which is a great card to have. Use that card responsible and they will treat you well. Remember this credit game is a marathon not a sprint.

Yup the waiting game sucks but I do know it's the smart thing to do here. Prince, you said you got that high a CL with no file?

Re: Student with a thin file

newhis — Tue, 08 Nov 2016 15:34:59 GMT

@Anonymous wrote:
@newhis wrote:
Why you want a Visa card ASAP? Is that because some places do not take Discover?
I know you don't want another secured card but you already app for BofA, maybe you can request to use the same HP and get a secured card.

If you want to max your score, go with the secured loan/pay 91%/keep for 5 years, explained in a thread under 'understanding FICO score' forum.

Wait 6-7 months, maybe you can unsecured both Discover and BofA at that time. Even ask for CLI. Your score should be mid 700s. You will be able to get other cards with good limits. Good luck.

Yup the acceptance rate is my only real beef with Discover. I would like to retire my visa debit card. I was at the time approved instead for the BofA secured card but I couldn't bring myself to pay the $39 AF. Do you have a link to the secured loan thread?

I got BofA secured with $39 AF, then did a chat and was able to add the Rewards to it before I even got the card (almost 3 years ago). With the rewards I got more than $39 for the AF and used BankAmeriDeals for extra cashback. At 7th month asked for unsecure. Started with 1k and 2 HP later (unsecure and CLI) it is at 10k. Also was able to remove the AF forever before it hit the next year.

The loan trick is to have a credit mix in your reports. With it you will get an average of 30 point jump. Here is the link:

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Secure-technique/td-p/4506756

it only works if you don't have an open loan. It works best if you don't have even a closed loan.

Good luck in you journey.

Re: Student with a thin file

Anonymous — Wed, 09 Nov 2016 01:09:18 GMT

@Anonymous wrote:
@Anonymous wrote:
Welcome to the site. You wait until your Discover account gives you a FICO score, which will probably come around the 6 month period. Keep utilization low, make payments on time. When 6 months comes, try the SP CLI. At the same time, you can either apply for another card then and get a rather low SL or wait another 6 months until you've had a year of good history, which would get you better approvals. I recommend waiting the full year and just trying to get CLIs on the secured card for now. Discover secured is as good as it gets...you're not really missing out on many benefits besides the credit line. I started out like you, a student with just one lowly $500 CL non-secured card. I spent well and got 3 HP CLIs (didn't know about HP vs. SP then) before I went out to apply for more. Got everything I wanted and more. History don't come quickly obviously!

P.S. An HP is not a "baddie." Baddies are missed payments, bankruptcies, chargeoffs, stuff that is actually really bad for scores. An HP is just an HP.
Are you saying a CLI is possible without increasing my deposit? Thanks for the heads up on HP vs. SP CLI's.

Yes but sorry, I got it wrong. Only Cap1 secured can get CLIs without increasing the deposit. My bad. Everything else I said still stands and it looks like that's everyone's recommendation. Wait the six months then decide what you may want to apply for.

Re: Student with a thin file

Anonymous — Wed, 09 Nov 2016 01:11:36 GMT

I would also really look into Marvel MasterCard from Synchrony for your next card. It's a really good fit for most students who spend a lot on dining and entertainment. As mentioned, Synchrony is not hardass on approvals. If you are big on groceries or gas though, look elsewhere.

Re: Student with a thin file

brother7 — Thu, 10 Nov 2016 13:29:52 GMT

I have a friend with nothing on her credit report except for several hard inquiries from failed attempts to get credit. I confirmed this by checking her Credit Karma which listed zero accounts and was not able to generate a score.

Our first attempt to get her first credit card was Discover it (unsecured). Denied.

Our second attempt was the Capital One Platinum card. Approved with 300 SL.

With no credit score, I would recommend you apply for the Capital One Platinum card. What I like about this starter card is that if you treat it well, after your 6th statement, they'll bump up your CL. At the same 6 month mark, you can contact them and request a PC to Capital One Quicksilver, a nice 1.5% cashback card. I know 3 people who have done this so I know that it works.

Good luck in your search for card #2

Re: Student with a thin file

Anonymous — Thu, 10 Nov 2016 13:52:23 GMT

@newhis wrote:
@Anonymous wrote:
@newhis wrote:
Why you want a Visa card ASAP? Is that because some places do not take Discover?
I know you don't want another secured card but you already app for BofA, maybe you can request to use the same HP and get a secured card.

If you want to max your score, go with the secured loan/pay 91%/keep for 5 years, explained in a thread under 'understanding FICO score' forum.

Wait 6-7 months, maybe you can unsecured both Discover and BofA at that time. Even ask for CLI. Your score should be mid 700s. You will be able to get other cards with good limits. Good luck.

Yup the acceptance rate is my only real beef with Discover. I would like to retire my visa debit card. I was at the time approved instead for the BofA secured card but I couldn't bring myself to pay the $39 AF. Do you have a link to the secured loan thread?

I got BofA secured with $39 AF, then did a chat and was able to add the Rewards to it before I even got the card (almost 3 years ago). With the rewards I got more than $39 for the AF and used BankAmeriDeals for extra cashback. At 7th month asked for unsecure. Started with 1k and 2 HP later (unsecure and CLI) it is at 10k. Also was able to remove the AF forever before it hit the next year.

The loan trick is to have a credit mix in your reports. With it you will get an average of 30 point jump. Here is the link:
http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Secure-technique/td-p/4506756
it only works if you don't have an open loan. It works best if you don't have even a closed loan.

Good luck in you journey.

Ah gotcha. They no longer have a record of my application so any chance to get that without another HP is gone.

I'll read into that, thanks!

Re: Student with a thin file

Anonymous — Thu, 10 Nov 2016 14:48:23 GMT

@Anonymous wrote:
I would also really look into Marvel MasterCard from Synchrony for your next card. It's a really good fit for most students who spend a lot on dining and entertainment. As mentioned, Synchrony is not hardass on approvals. If you are big on groceries or gas though, look elsewhere.

I'll take a look there. Thanks!

@brother7 wrote:
I have a friend with nothing on her credit report except for several hard inquiries from failed attempts to get credit. I confirmed this by checking her Credit Karma which listed zero accounts and was not able to generate a score.

Our first attempt to get her first credit card was Discover it (unsecured). Denied.
Our second attempt was the Capital One Platinum card. Approved with 300 SL.

With no credit score, I would recommend you apply for the Capital One Platinum card. What I like about this starter card is that if you treat it well, after your 6th statement, they'll bump up your CL. At the same 6 month mark, you can contact them and request a PC to Capital One Quicksilver, a nice 1.5% cashback card. I know 3 people who have done this so I know that it works.

Good luck in your search for card #2

Cap1 doing PC's? That would be awesome... If it wasn't for getting declined for the Journey Student I would be more optimistic for the Platinum. Hmm... I also have a concern about income. I am a full-time student with a part-time job so I do have income but it's not great.