topic Re: The joys of hunting for a credit card with no credit history (Yikes!) in Credit Cards

The joys of hunting for a credit card with no credit history (Yikes!)

Anonymous — Thu, 10 Dec 2009 18:47:58 GMT

I've been working on getting a credit card for the last few months, and nothing seems to be working out. At twenty years old i'm wishing i had been an AU on my dad's account fresh out of highschool, or had even applied for a credit card back when i was recieving offers daily. Now that i'm searching, nothing seems to be biting. At this point i'm about ready to just go for a secured card so i can build credit on that one in hopes of attaining a "real" CC as soon as possible... any suggestions on a credit card for a part time working full time student who needs a way to build credit (Secured or Unsecured)

Thanks!

Re: The joys of hunting for a credit card with no credit history (Yikes!)

MarineVietVet — Thu, 10 Dec 2009 19:40:55 GMT

@Anonymous wrote:
I've been working on getting a credit card for the last few months, and nothing seems to be working out. At twenty years old i'm wishing i had been an AU on my dad's account fresh out of highschool, or had even applied for a credit card back when i was recieving offers daily. Now that i'm searching, nothing seems to be biting. At this point i'm about ready to just go for a secured card so i can build credit on that one in hopes of attaining a "real" CC as soon as possible... any suggestions on a credit card for a part time working full time student who needs a way to build credit (Secured or Unsecured)
Thanks!

Welcome to the forums.

You can be added as an AU at any time. You will still inherit the entire history of the account.

Re: The joys of hunting for a credit card with no credit history (Yikes!)

moondog7324 — Thu, 10 Dec 2009 19:44:23 GMT

1. There is nothing wrong with a secured card, especially when starting or rebuilding credit.

2. Join a Credit Union- there are many based on locale, job, military etc. (if you have any close family member in the service- I highly reccomend NFCU)

3. Open a savings account this account will be only used for credit building- Put $50 a pay into this account- more if you can afford it..

4. When you reach $1000 ask for a secured credit card at the CU, you will have shown discipline and responsibilty by making those regular deposits.

5. Enjoy your new card- never let the balance get above $300, and try to pay in full each month to avoid finance charge.

6. Stop applying for credit elswhere- too many inquiries will get you denied everytime.

7 Keep making those regular savings deposits and wait until 13 months to apply for another credit card(if you want one)

8. You can get decent scores with just a few really good accounts!!

Re: The joys of hunting for a credit card with no credit history (Yikes!)

BungalowMo — Thu, 10 Dec 2009 19:50:07 GMT

Many companies have student cards available. Check into that, or maybe someone will see your post & recommend one.

Re: The joys of hunting for a credit card with no credit history (Yikes!)

keith021 — Thu, 10 Dec 2009 20:03:54 GMT

@Anonymous wrote:
I've been working on getting a credit card for the last few months, and nothing seems to be working out. At twenty years old i'm wishing i had been an AU on my dad's account fresh out of highschool, or had even applied for a credit card back when i was recieving offers daily. Now that i'm searching, nothing seems to be biting. At this point i'm about ready to just go for a secured card so i can build credit on that one in hopes of attaining a "real" CC as soon as possible... any suggestions on a credit card for a part time working full time student who needs a way to build credit (Secured or Unsecured)
Thanks!

To joining a CU if you haven't already. I got my first credit card in my name back in June. I'm a member of Suncoast Coast Schools FCU and I applied for their Student Visa rewards card. I was approved after I faxed in verification that I was a student. (I sent in my class schedule) I'm in Florida and I believe they only pull Equifax. It was a good feeling to be approved with absolutely no credit history reporting on my Equifax file at the time and I was unemployed! I was thinking about going the secured card route, but I was approved for a regular Visa. I hope you are able to find a student credit card that only requires you to be a student. Good luck!

Re: The joys of hunting for a credit card with no credit history (Yikes!)

DI — Thu, 10 Dec 2009 21:30:01 GMT

@Anonymous wrote:
I've been working on getting a credit card for the last few months, and nothing seems to be working out. At twenty years old i'm wishing i had been an AU on my dad's account fresh out of highschool, or had even applied for a credit card back when i was recieving offers daily. Now that i'm searching, nothing seems to be biting. At this point i'm about ready to just go for a secured card so i can build credit on that one in hopes of attaining a "real" CC as soon as possible... any suggestions on a credit card for a part time working full time student who needs a way to build credit (Secured or Unsecured)
Thanks!

What helped myself obtain my first card during my junior year in college was a student loan reporting. My student loan was opened in August 1999 and I received my first credit cards in November 2000. It was a Target, Dillard's and and Penney's card. A year later I received a Capital One , GTE Visa, ATT Universal, MBNA college logo card and Discover card. I must have had about 8-9 cards. All those cards except for Target and Capital One became negative. I lived it up during my college years.

Fast forward 9 years later, all those tradelines has been deleted. Discover and Citi MBNA(now BOA) all gave me a new card.

One thing I made sure not to do was default on my student loan. Because of that, my scores quickly rebound and I was able to get new cards.

Message Edited by DI on 12-10-2009 03:30 PM

Re: The joys of hunting for a credit card with no credit history (Yikes!)

Anonymous — Thu, 10 Dec 2009 21:56:43 GMT

@Anonymous wrote:
I've been working on getting a credit card for the last few months, and nothing seems to be working out. At twenty years old i'm wishing i had been an AU on my dad's account fresh out of highschool, or had even applied for a credit card back when i was recieving offers daily. Now that i'm searching, nothing seems to be biting. At this point i'm about ready to just go for a secured card so i can build credit on that one in hopes of attaining a "real" CC as soon as possible... any suggestions on a credit card for a part time working full time student who needs a way to build credit (Secured or Unsecured)
Thanks!

Have yoru Dad add you now, and this will be the same effect as if you had been on the account "fresh out of high school."

When you become an AU, you inherit the entire history, age, CL, etc. So adding you as an AU now will be the same as adding you 2 years ago.

Once you are an AU, then you are well advised to go with a good CU....even secured at first if necessary. If you can qualify for NFCU or PSECU membership, apply there after you are an AU on Dad's account and it is reporting on CR's.

Re: The joys of hunting for a credit card with no credit history (Yikes!)

DI — Thu, 10 Dec 2009 22:00:00 GMT

@Anonymous wrote:
@Anonymous wrote:
I've been working on getting a credit card for the last few months, and nothing seems to be working out. At twenty years old i'm wishing i had been an AU on my dad's account fresh out of highschool, or had even applied for a credit card back when i was recieving offers daily. Now that i'm searching, nothing seems to be biting. At this point i'm about ready to just go for a secured card so i can build credit on that one in hopes of attaining a "real" CC as soon as possible... any suggestions on a credit card for a part time working full time student who needs a way to build credit (Secured or Unsecured)
Thanks!
Have yoru Dad add you now, and this will be the same effect as if you had been on the account "fresh out of high school."

When you become an AU, you inherit the entire history, age, CL, etc. So adding you as an AU now will be the same as adding you 2 years ago.

Once you are an AU, then you are well advised to go with a good CU....even secured at first if necessary. If you can qualify for NFCU or PSECU membership, apply there after you are an AU on Dad's account and it is reporting on CR's.

What if there's a high balance on dad's credit card? That won't help the OP obtain new credit.

Re: The joys of hunting for a credit card with no credit history (Yikes!)

Anonymous — Thu, 10 Dec 2009 22:06:04 GMT

@DI wrote:
@Anonymous wrote:
@Anonymous wrote:
I've been working on getting a credit card for the last few months, and nothing seems to be working out. At twenty years old i'm wishing i had been an AU on my dad's account fresh out of highschool, or had even applied for a credit card back when i was recieving offers daily. Now that i'm searching, nothing seems to be biting. At this point i'm about ready to just go for a secured card so i can build credit on that one in hopes of attaining a "real" CC as soon as possible... any suggestions on a credit card for a part time working full time student who needs a way to build credit (Secured or Unsecured)
Thanks!
Have yoru Dad add you now, and this will be the same effect as if you had been on the account "fresh out of high school."

When you become an AU, you inherit the entire history, age, CL, etc. So adding you as an AU now will be the same as adding you 2 years ago.

Once you are an AU, then you are well advised to go with a good CU....even secured at first if necessary. If you can qualify for NFCU or PSECU membership, apply there after you are an AU on Dad's account and it is reporting on CR's.

What if there's a high balance on dad's credit card? That won't help the OP obtain new credit.

My post was related to the OP "WISH" that they had been added to Dad's account as AU previous. It appears OP is under the misinformation that when you are added as an AU somehow affects what is reported to the AU.

However, AU on high balance card is still more likely to attract some credit than is absolutely no credit history at all.....this I know from experience myself and many others have assisted in the process.

But again, I would assume that OP would attempt to select an AU account that does NOT have high balance, but a good history.

Message Edited by txjohn on 12-10-2009 02:06 PM

Re: The joys of hunting for a credit card with no credit history (Yikes!)

Anonymous — Thu, 10 Dec 2009 23:52:46 GMT

Hey guys,

thanks for all the help on this issue thus far...

Keith, i definitely want to look into getting into a student CU (I'm a resident of Missouri) Do you know of any resources to use to find such a credit union?

Moondog, i appreciate the steps you laid out. I do have a second cousin who just graduated from the Air Force Academy, but i doubt that will help me qualify for some sort of military CU. At this point i just need to find some route to establish credit (one that will actually approve me given i have no credit history)

txjohn, i should have clarified. My father at one point had amazing credit, which is exactly what he needed as he was/is a real estate investor. I guess you could say he pulled an Alexander the Great move, expanding his holdings too quickly, and things only got worse last year as you can imagine. When it rained it poured. Needless to say, the humbling experience has essentially rendered the possibility of me being an AU obsolete. In fact, i think he is currently trying to become an AU on my mom's new account (so i do need to see if i can "sign on" there)

If anyone has anymore suggestions about steps to take given my postion, i'd be quite grateful

-Jordan

Re: The joys of hunting for a credit card with no credit history (Yikes!)

MarineVietVet — Fri, 11 Dec 2009 00:27:06 GMT

Sorry to hear about your dad's troubles. That definitely rules out using his credit to help you.The account your mom has can help you IF the account is older than any of yours, IF the payment history is long and clean, IF the utilization is very low, and IF it will report to the CRA's. Not all cards will do this. You need to ask the company first. You will inherit the entire history of this account. One caveat however; if this account starts to go south (as what happened to your dad) your credit will be affected as well. Keep that in mind.

Re: The joys of hunting for a credit card with no credit history (Yikes!)

Anonymous — Fri, 11 Dec 2009 02:18:49 GMT

Thanks Marinevietvet,

Yeah, its been a tough few years, i think we are just finally rebounding now. You're right, his credit will not help mine. With my parents knowledge of how to manage a credit card (years of success) plus a little bit of experential failure to remind of dangers of abusing good credit in any shape or form, you can bet good credit is the goal here. Ergo, in their case and in mine, reporting to the CRA's is absolutely necessary as you pointed out. Frankly, i don't know if i'd be after a credit card at this point if it wasn't for my basic understanding of the importance of accruing good credit.

On another note, do most cards allow for several AU's or just one other? And also, does an AU always experience the bad effects of poor credit choices, surely an AU can get out of that situation right?

Thanks for your help again!

Re: The joys of hunting for a credit card with no credit history (Yikes!)

MarineVietVet — Fri, 11 Dec 2009 04:38:12 GMT

@Anonymous wrote:
Thanks Marinevietvet,
Yeah, its been a tough few years, i think we are just finally rebounding now. You're right, his credit will not help mine. With my parents knowledge of how to manage a credit card (years of success) plus a little bit of experential failure to remind of dangers of abusing good credit in any shape or form, you can bet good credit is the goal here. Ergo, in their case and in mine, reporting to the CRA's is absolutely necessary as you pointed out. Frankly, i don't know if i'd be after a credit card at this point if it wasn't for my basic understanding of the importance of accruing good credit.

On another note, do most cards allow for several AU's or just one other? And also, does an AU always experience the bad effects of poor credit choices, surely an AU can get out of that situation right?

Thanks for your help again!

I know that Citi allows more than one AU but that's the only one I'm sure about.

An AU can experience both the benefits and the hazards of being on another account but they can also remove themselves from the account at any time.

Good luck to you.

Re: The joys of hunting for a credit card with no credit history (Yikes!)

UpNUp — Fri, 11 Dec 2009 05:18:06 GMT

@MarineVietVet wrote:
@Anonymous wrote:
Thanks Marinevietvet,
Yeah, its been a tough few years, i think we are just finally rebounding now. You're right, his credit will not help mine. With my parents knowledge of how to manage a credit card (years of success) plus a little bit of experential failure to remind of dangers of abusing good credit in any shape or form, you can bet good credit is the goal here. Ergo, in their case and in mine, reporting to the CRA's is absolutely necessary as you pointed out. Frankly, i don't know if i'd be after a credit card at this point if it wasn't for my basic understanding of the importance of accruing good credit.

On another note, do most cards allow for several AU's or just one other? And also, does an AU always experience the bad effects of poor credit choices, surely an AU can get out of that situation right?
Thanks for your help again!
I know that Citi allows more than one AU but that's the only one I'm sure about.

My husband is an AU on two of my Chase accounts

An AU can experience both the benefits and the hazards of being on another account but they can also remove themselves from the account at any time.

Good luck to you.

Re: The joys of hunting for a credit card with no credit history (Yikes!)

haulingthescoreup — Fri, 11 Dec 2009 12:25:15 GMT

Dunadan wrote:

Thanks Marinevietvet,
With my parents knowledge of how to manage a credit card (years of success) plus a little bit of experential failure to remind of dangers of abusing good credit in any shape or form, you can bet good credit is the goal here...

What a great term for it! I call my past habits being in a credit coma, but I think I like "experiential failure" a whole lot more.

American Express allows multiple AU's, as does USAA. (Just to add to the Citi and Chase mentions.)

Good luck and congrats on your comeback!

Re: The joys of hunting for a credit card with no credit history (Yikes!)

elaine829 — Fri, 11 Dec 2009 17:53:45 GMT

I live in missouri. you should try your bank for a credit card. My daughters had accounts at commece bank and when they turn 18 they apply for the banks credit card and each of them got a credit card for 2,000. They didnt even have a credit score because you have to have a account for 6 months before you have a credit score.Also if u live in missouri theres community america they pull transunion and they want to see check stubs to prove income.

Re: The joys of hunting for a credit card with no credit history (Yikes!)

moondog7324 — Sat, 12 Dec 2009 01:53:04 GMT

In the original post he says 'nothing seems to work'- So I assume you have gotten some recent inquiries- do you know how many you have? That is one reason prefer the save to secured method, you create good habits and you eliminate wasting time and valuable inquiries applying multiple times.

Re: The joys of hunting for a credit card with no credit history (Yikes!)

Anonymous — Sat, 12 Dec 2009 16:06:50 GMT

Thanks for the help elaine and haulingthescoreup,

Moondog, I've made three credit card inquiries (student cards at Capital One, Discover, and Citi, all three denied me for lack of credit history.)

It was frustrating that even when the terms required little or no credit, i still got turned down for lack of credit. I hope three inquiries isn't going to be a nasty ding. In regards to the save to secured method you had mentioned, what does that entail? I think you might be talking about joining a local credit union, opening a savings account and making monthly deposits... Is my assumption correct?

-Jordan

Re: The joys of hunting for a credit card with no credit history (Yikes!)

Anonymous — Sat, 12 Dec 2009 16:31:24 GMT

@Anonymous wrote:
Thanks for the help elaine and haulingthescoreup,

Moondog, I've made three credit card inquiries (student cards at Capital One, Discover, and Citi, all three denied me for lack of credit history.)
It was frustrating that even when the terms required little or no credit, i still got turned down for lack of credit. I hope three inquiries isn't going to be a nasty ding. In regards to the save to secured method you had mentioned, what does that entail? I think you might be talking about joining a local credit union, opening a savings account and making monthly deposits... Is my assumption correct?
-Jordan

Yes. If you don't have a lump of cash to put into savings, then open the account and make regular deposits until you have enough (the minimum requirment) and then apply for the secured card. You keep earning interest on the savings, you get a credit card for use and to report to your CR, and if you PIF each month it costs you nothing.

Re: The joys of hunting for a credit card with no credit history (Yikes!)

Anonymous — Sat, 12 Dec 2009 16:52:44 GMT

Well that sounds full of win!