topic Re: Can't seem to get my first CC! in Credit Cards

Can't seem to get my first CC!

Anonymous — Sat, 07 Dec 2013 02:19:47 GMT

Hello all,

I was hoping i could get some advice. I am in my mid twenties. I have never used credit of any kind and have never been late on any sort of bill. I make an 'just okay' salary and but my apartment is cheap and i am very frugal so i am able to save a lot. I had been thinking about getting a credit card so i could build a credit history. My main goal would be to get a good rate on a mortgage down the road.

Mid November i tried to join another credit union because my current one doesn't have very good interest rates on savings accounts. I was denied and it is that credit union's policy not to disclose reasons for denial. The only thing they'd tell me was that it was because of my equifax credit report. So i went on that annual credit report website and like usual i was only able to pull TU, it shows some soft pulls from insurance companies etc. EX and EQ always say that the information i provided didn't match anything on file.

I faxed my license,ss card,utility bill and a pay stub to EQ, came back as 'unable to locate a file'. I tried calling and got nowhere. I also called the credit union that denied me and asked if i could come in with documentation to prove my identity. They said i had to 'work it out with equifax'. I only applied for a savings and checking account(no overdraft protection) so i thought that was pretty ridiculous.

So i decided to get a credit card after some research i decided to try for a exxonmobil gas card before i went the secured route. Exxon's smartcard(not the mastercard) could have as low as a hundred dollar limit. Applied online, got the 'manual pressing required'. I called and offered to send ids and paystubs but they said they had to deny because i had no credit history.

Next i decided to try for a secured card through my current CU. I figured I'd stick with them and just get one of those online savings accounts. I applied and send a 300 deposit via the mail. Its secured visa via First national bank of Omaha. I check my status today and found i was denied! I wont know why for sure until i get the letter, i could get anything specific on the phone or online. I guess i could have just made a mistake on the app or something.

Is this normal? If i can't get a secured card through my credit union, is it even possible to get a secured card? I don't want to sign up for one of these sketchy secured cards with ridiculous fees. Will i even be able to get a savings account with GE or Amex with no credit report? I had no trouble joining my current CU went i was 18.

Sorry about the long post, i just wanted to provide you guys with all the information. Thank you in advance for your advice!

Re: Can't seem to get my first CC!

Anonymous — Sat, 07 Dec 2013 02:26:15 GMT

Do you have cellphone or any utilities that you can get to report for you? What about someone to add you as authorized on their card? They can keep the card & not even let you use it, if that makes them happy. You can't hurt their credit that way.

If all else fails, get into school, get the student loan payment and pay it back ASAP. That helped me, I think.

Re: Can't seem to get my first CC!

09Lexie — Sat, 07 Dec 2013 02:40:56 GMT

Welcome to the forum. Without a credit file/score applying for most credit cards will come back as denied. Were you able to get access to your Experian file?

If you have a parent that can add you as an AU to one of their credit cards (with a clean history) that would be the quickest way to jump start your credit.

If you are close to a BoA, apply in person for their secured card.

Cap 1 has a secured card

Discover IT -has granted credit thogue this might be a stretch

SDFCU doesn't require a hp and their card is secured as well

Surprised your current CU does not offer a secured card based on a savings account or a CD.

Re: Can't seem to get my first CC!

jamie123 — Sat, 07 Dec 2013 05:02:25 GMT

There are really only two choices for you.

First, I would suggest applying for a Walmart CC. They tend to be about the only lender that will give a person without any credit an unsecured credit card. They may start you out with a really small CL but don't worry, they are also one of the most generous lenders when it comes to CLI. People on this board have gone from a $500 to $5000 CL in one year. Walmart will also give you a free TU FICO score every month after you sign up for electronic billing so you can track the progress of your credit score

Secondly, I would suggest applying for a Capital One Classic Platinum CC. It is the second easiest unsecured credit card to be approved for. If you aren't approved for this card, apply for the secured version of this card. You put money down and they keep the money in a secured account. That becomes your CL. When you later close the account they will send you your down payment money back.

Once you have one or two cards just sit tight for at least 6 months before applying for new credit. These one or two cards will build you history in six months to allow you to make your next move in building credit. Use your cards gently and pay them on time!

This is something you really need to do now! The only way to build credit takes time. If you were to apply for an auto loan right now chances are you would be denied.

You want to end up with 5 or 6 really good credit cards within the next 2 or 3 years to maximize your credit portfolio. Those 5 or 6 credit cards should be with prime banks that will grow with you for a lifetime. The Walmart card is a card that you should also keep for a lifetime and is the only department store CC you should have.

Apply for the Walmart and Cap1 cards and report back on how you did.

You can do this!

Good luck!

Re: Can't seem to get my first CC!

djc1puno — Sat, 07 Dec 2013 05:32:33 GMT

@09Lexie wrote:
Welcome to the forum. Without a credit file/score applying for most credit cards will come back as denied. Were you able to get access to your Experian file?

If you have a parent that can add you as an AU to one of their credit cards (with a clean history) that would be the quickest way to jump start your credit.
If you are close to a BoA, apply in person for their secured card.
Cap 1 has a secured card
Discover IT -has granted credit thogue this might be a stretch
SDFCU doesn't require a hp and their card is secured as well

Surprised your current CU does not offer a secured card based on a savings account or a CD.

Re: Can't seem to get my first CC!

09Lexie — Sat, 07 Dec 2013 05:46:20 GMT

@jamie123 wrote:
There are really only two choices for you.

First, I would suggest applying for a Walmart CC. They tend to be about the only lender that will give a person without any credit an unsecured credit card. They may start you out with a really small CL but don't worry, they are also one of the most generous lenders when it comes to CLI. People on this board have gone from a $500 to $5000 CL in one year. Walmart will also give you a free TU FICO score every month after you sign up for electronic billing so you can track the progress of your credit score

Secondly, I would suggest applying for a Capital One Classic Platinum CC. It is the second easiest unsecured credit card to be approved for. If you aren't approved for this card, apply for the secured version of this card. You put money down and they keep the money in a secured account. That becomes your CL. When you later close the account they will send you your down payment money back.

Once you have one or two cards just sit tight for at least 6 months before applying for new credit. These one or two cards will build you history in six months to allow you to make your next move in building credit. Use your cards gently and pay them on time!

This is something you really need to do now! The only way to build credit takes time. If you were to apply for an auto loan right now chances are you would be denied.

You want to end up with 5 or 6 really good credit cards within the next 2 or 3 years to maximize your credit portfolio. Those 5 or 6 credit cards should be with prime banks that will grow with you for a lifetime. The Walmart card is a card that you should also keep for a lifetime and is the only department store CC you should have.

Apply for the Walmart and Cap1 cards and report back on how you did.

You can do this!

Good luck!

I am unfamiliar with Walmart being willing to be the first - yes, they will give you a chance with low credit scores and past derogs

Re: Can't seem to get my first CC!

kimmiller112 — Sat, 07 Dec 2013 05:54:29 GMT

I agree with some of the others. If I were in your shoes, I would apply for a secured Cap One, then a Walmart card. Cap One will grow with you with routine use of requests through the EO. Walmart will grow quickly. They are very generous with increases every four months. Once you have had these cards for at least 6 months, I'd be thinking about Discover and Chase Freedom.

Re: Can't seem to get my first CC!

CenturyChild — Sat, 07 Dec 2013 06:08:07 GMT

Walmart may decline without a 6 month history.

No GE card would approve me until I had a 6 month history at least.

The CapOne secured is a good start

Kays Jewelry (or Jareds) and Fingerhut are 2 others that will help with little to no history.

My Advice, Pick 1 or 2 of these and in 6 months youll be able to going a bit better.

Then try Walmart

Re: Can't seem to get my first CC!

SunriseEarth — Sat, 07 Dec 2013 06:29:10 GMT

@09Lexie wrote:
Welcome to the forum. Without a credit file/score applying for most credit cards will come back as denied. Were you able to get access to your Experian file?

If you have a parent that can add you as an AU to one of their credit cards (with a clean history) that would be the quickest way to jump start your credit.
If you are close to a BoA, apply in person for their secured card.
Cap 1 has a secured card
Discover IT -has granted credit thogue this might be a stretch
SDFCU doesn't require a hp and their card is secured as well

Surprised your current CU does not offer a secured card based on a savings account or a CD.

OP, I think the SDFCU option is your best one, if you're unable to have someone add you as an AU to their acccount. It sounds like you're not on anyone's files because you've never had anything to report.

Re: Can't seem to get my first CC!

phillyguy12 — Sat, 07 Dec 2013 06:46:28 GMT

if you dont have credit, def try to get added as an auth user on a family members account, but whats more troubling about your case is the denail of the new bank accounts, you should try checking you ChexSystems report, just to make sure everything is clean, its similar to a credit report but its used by banks shows if you have overdrawn checking/savings or burned any banks in the past, but if you are denied any credit account you should recieve a letter stating the reasons for rejection, and you are entitled to a free copy of your report from the credit bureau they used.

are you a college student if so have to tried apping for any of the student version of the cards? i dont know the difference between a student cc and a reg, i assume limts maybe lower vs traditional unsecured card

Re: Can't seem to get my first CC!

DaylightSlaving — Sat, 07 Dec 2013 07:55:52 GMT

I'm with Jamie123 on this one.

Capital One has an established history of extending credit to those without a credit history, as well as lending to those who are currently rebuilding credit.

I went through this same ordeal last year, and it was a pain. I was what lenders called a "ghost" (someone that literally doesn't have a credit history AT ALL). And even though no credit is better than bad credit, you're still treated nearly the same; no one wants to take the risk.

Fortunately though, Capital One approved me for their Visa Plat CC, and the rest is history. I'd definitely go for it dude; my friend just got approved for the same card last week and he doesn't have any credit either. I'd say your chances are pretty high. Plus dude, Capital One is a pretty great place to start.

Whatever you do, avoid First Premier Bank and Credit One Bank. From my studies, they're only interested in taking advantage of you.

I wish you the best in your journey dude! It's all pretty serious, but remember to have fun with it (maximize rewards and cash back, get some goodies! ).

Re: Can't seem to get my first CC!

Anonymous — Sat, 07 Dec 2013 16:36:22 GMT

Thanks for your help everyone! It seems the consensus was Cap One Secured. I looked over the fine print and didn't see anything objectionable so I applied. I has approved online! I only have to put down $49 deposit for $200. So weird I didn't even have to send any documentation in. Maybe my first denial/inquiry(Either Exxon or the credit union if they did a hard pull) showed up so I'm not a ghost. After 6 months to a year I'll try to get a real card or two with no annual fee and ditch the secured card (To avoid the annual fee). For my Credit Union membership denial, the ChexSystems box was not checked, only Equifax. I've never overdrawn my bank account I think they might use credit reports to verify identity and not bother with manual verification. I am just going to use one of those online savings accounts and stay with my current CU for checking. They are right down the street so it's convenient for getting rolls of quarters etc.

Re: Can't seem to get my first CC!

phillyguy12 — Sat, 07 Dec 2013 18:24:39 GMT

congrats, with the checx systems thing though if you want you can still get a free copy every so often its all apart of the regulations that were passed over the last few years, they are odd though they wont give it yo you online, you can request it online but its mailed to you. if you know you never been overdrawn or burned anyone you should be fine, just seems a little odd to me the bank that deined you for a savings account pulled a credit report, but then again its prob been at least 10 yrs since i opened any kinda of reg bank account so things prob have changed

Re: Can't seem to get my first CC!

the_jan_b — Sat, 07 Dec 2013 19:03:54 GMT

Congrats! May your road to credit be filled with good things!

Re: Can't seem to get my first CC!

09Lexie — Sat, 07 Dec 2013 19:41:15 GMT

Congratulations. Once you begin to generate a CS -usually 6mo- you should add 2 more cc's. If you can, I would suggest going into BoA to add their card - it will graduate. Having two cards now is better than 1.

Re: Can't seem to get my first CC!

DaylightSlaving — Sat, 07 Dec 2013 20:43:23 GMT

@Anonymous wrote:
Thanks for your help everyone! It seems the consensus was Cap One Secured. I looked over the fine print and didn't see anything objectionable so I applied. I has approved online! I only have to put down $49 deposit for $200. So weird I didn't even have to send any documentation in. Maybe my first denial/inquiry(Either Exxon or the credit union if they did a hard pull) showed up so I'm not a ghost. After 6 months to a year I'll try to get a real card or two with no annual fee and ditch the secured card (To avoid the annual fee). For my Credit Union membership denial, the ChexSystems box was not checked, only Equifax. I've never overdrawn my bank account I think they might use credit reports to verify identity and not bother with manual verification. I am just going to use one of those online savings accounts and stay with my current CU for checking. They are right down the street so it's convenient for getting rolls of quarters etc.

Hell yeah! Congrats dude!

When you get the card in the mail, make sure to download the mobile app. It definitely makes life easier!

Phase 2: Take care of her for a short while, and ask for a PC to the Quicksilver card. Bam!

Re: Can't seem to get my first CC!

Anonymous — Sat, 07 Dec 2013 20:52:47 GMT

@Anonymous wrote:
Thanks for your help everyone! It seems the consensus was Cap One Secured. I looked over the fine print and didn't see anything objectionable so I applied. I has approved online! I only have to put down $49 deposit for $200. So weird I didn't even have to send any documentation in. Maybe my first denial/inquiry(Either Exxon or the credit union if they did a hard pull) showed up so I'm not a ghost. After 6 months to a year I'll try to get a real card or two with no annual fee and ditch the secured card (To avoid the annual fee). For my Credit Union membership denial, the ChexSystems box was not checked, only Equifax. I've never overdrawn my bank account I think they might use credit reports to verify identity and not bother with manual verification. I am just going to use one of those online savings accounts and stay with my current CU for checking. They are right down the street so it's convenient for getting rolls of quarters etc.

Congratulations! Take good care of your account, use it responsibly, and you'll be well on your way to building your credit. Best wishes to you.

Re: Can't seem to get my first CC!

jamie123 — Sat, 07 Dec 2013 21:01:05 GMT

Congrats on the Cap1 card!

Cap1 gets a lot of smack around here but they really do treat beginners and rebuilders right. It is a good lender that won't take advantage of you but they are also extremely stingy with CLI. Keep this card until you have at least 3 other cards and then close it and get your money back.

Okay, now....

Don't quit yet!

Don't stop until you get denied by Walmart. You have nothing to lose at this point. Worse case is you will have another hard pull on your reports but in the big scheme of things that is not important. The upside however is tremendous! If they do approve you you will have two credit cards to build history for the next six months. If you wait to apply for six months you will never know if you would have been approved now.

Really...You have nothing to lose right now but a little pride. Suck it up and go for it!

Let us know how it turns out.

You can do it!

Good luck!

Re: Can't seem to get my first CC!

Anonymous — Sun, 08 Dec 2013 00:43:35 GMT

I also have the CO scured (as well as the unsecured Journey). Also paid the minimum.Good job!

Based on info I found here, I'm planning on puting 50.00 increases to the deposit every month, and I've heard they are generough with auto CLIs with good pmt. Might be at the max in no time! Worth a try.