topic Re: Secured card with no credit score? in Credit Cards

Secured card with no credit score?

Anonymous — Fri, 30 Jul 2010 16:27:01 GMT

The concept of having to "apply" for a secured card baffles me....But that's a different conversation.

Currently, I have no credit score, due the fact that I paid off all of my debt a few years ago, and there have been no reports to the CRA's for quite a while. That said, I do have credit history - not all of which is good.

Can you recommend any secured cards that are likely to accept my application, considering they won't be able to get a number?

Re: Secured card with no credit score?

ngerasimatos — Fri, 30 Jul 2010 16:47:01 GMT

If you have a history, then you should have a score... unless its been longer than 10 years since you had an account.

Re: Secured card with no credit score?

Anonymous — Fri, 30 Jul 2010 16:48:45 GMT

Actually, FICO doesn't report anything, if you don't have active accounts reporting over the prior six months. Thus, no score.

Re: Secured card with no credit score?

ngerasimatos — Fri, 30 Jul 2010 16:50:29 GMT

I do not believe that is the case, however I could be wrong.

Re: Secured card with no credit score?

Anonymous — Fri, 30 Jul 2010 17:08:18 GMT

Well, I know that it is the case, because (a) it's happening to me, and (b), FICO states the following (as an answer to the question, "What are the minimum requirements for a FICO score?"):

There's really not much to it; in order for a FICO® score to be calculated, a credit report must contain these minimum requirements:

At least one account that has been open for six months or more
At least one undisputed account that has been reported to the credit bureau with in the past six months
No indication of deceased on the credit report (Please note: if you share an account with another person this may affect you if the other account holder is reported deceased).

Nevertheless, I'm still looking for advice on where to go for a secured card with no score...Anyone?

Re: Secured card with no credit score?

Anonymous — Fri, 30 Jul 2010 17:17:21 GMT

@Anonymous wrote:
The concept of having to "apply" for a secured card baffles me....But that's a different conversation.

Currently, I have no credit score, due the fact that I paid off all of my debt a few years ago, and there have been no reports to the CRA's for quite a while. That said, I do have credit history - not all of which is good.

Can you recommend any secured cards that are likely to accept my application, considering they won't be able to get a number?

Public Savings Bank does not do a credit check. They will approve based on identity check. The terms are good. They have $75 application fee but no annual fee, so good choice if you plan to keep for a few years. It does not unsecure.

In 6 months, you will have a score and some positive history, to build on.

Re: Secured card with no credit score?

tobey — Sun, 01 Aug 2010 00:08:29 GMT

I was sort of in the same position as you 6 months ago. Citi and Wells Fargo still approved me for their secured cards when I had no score and history. I prefer Citi because your security deposit goes into an 18-month CD which earns a very nice 4.07% APY. In the end, I will have made money on this card. BofA declined me due to a lack of history (which still baffles me).

Keep it mind though, I didn't have a credit history at all. You actually do have a history and that can make a huge difference--it's not just about the number. You say not all of your history is good. How bad are we talking?

By the way, if you are approved for a secured card, I highly recommend you deposit as much as you can afford. I put 5k down on my Citi card and here I am on my 6 month anniversary getting approved for an unsecured card with a $2000 dollar CL. And a day after that, AMEX approves me for a Zync. I truly believe having a card with a decent CL on my report helped me with that...