topic Re: 1st time credit in General Credit Topics

1st time credit

Anonymous — Mon, 17 Dec 2018 17:55:06 GMT

Soo can anyone help me on what cc should I apply to first and when? I don't have any estblished credit on my own meaning my first credit score is because I was added as an authorized user. My TU so far is the only score that has updated(NO FICO) and it's 712. I actually did some research and it seems Target pulls TU only but when applied I was told I would get a letter in the mail about the decision. Was this smart and would I get approved? I have no other credit history.

Re: 1st time credit

HeavenOhio — Mon, 17 Dec 2018 18:03:40 GMT

Welcome, @Anonymous.

Avoid store cards for now. It's better to focus on major cards (Mastercard, Visa, AMEX, Discover), then let store cards fill the gaps down the road.

The trick here is to find a bank that'll give you credit for the AU and hopefully issue an unsecured card. I'd check Discover's pre-qual page and report back with what they have to say.

Re: 1st time credit

Anonymous — Mon, 17 Dec 2018 18:29:28 GMT

It sounds like the OP may not have pulled his credit reports. (Reports are different from scores.)

If he hasn't, that should be his first step. Credit Karma would be a good choice. It is free. It will enable him to see exactly how that AU account is appearing on his EQ and TU reports. (He should look at both reports.) Specifically he should be looking to see how the "Date Opened" reads.

Re: 1st time credit

Andypanda — Mon, 17 Dec 2018 19:18:37 GMT

when I applied for Target red card, they pulled EX and EQ, but not TU

Re: 1st time credit

Anonymous — Mon, 17 Dec 2018 20:34:48 GMT

PS. Great advice from Heaven earlier. Our OP should definitely stop applying for cards right now. He should take the time to work with us (or other people on the forum) and gather information before making any more applications. That might take a week or two.

He certainly should be looking at his reports. Looking into exactly how the Date Opened for the AU account appears on his report is important for a number of reasons. If the Date Opened is 7 months or more in the past (e.g. May 2018 or earlier) then he should try pulling his three FICO 8 scores at Credit Check Total. If that CCT pull fails to produce FICO scores with an account that is over 7 months old, it means FICO 8 is ignoring that account altogether.

Re: 1st time credit

_NERD — Tue, 18 Dec 2018 07:36:17 GMT

I concur with the responses above. Looking forward to OP’s response.

Welcome to our conmunity!

Re: 1st time credit

Anonymous — Wed, 19 Dec 2018 01:10:32 GMT

Thank you!! I checked on discover for the prequals, it stated that it doesnt affect your so I checked it out.. It prequalified me for the Discover secured credit card. I didnt proceed with the application.

Re: 1st time credit

Anonymous — Wed, 19 Dec 2018 01:20:26 GMT

From what I saw, my au is reporting 0% utilization on a 18k credit card through capital one with payments never reported late. The account has been opened since 2010. Im really unsure on what it is that I need to do and where to start. I have been researching a lot on my own and I have been researching a lot specifically on this website and I just dont know what direction Im going in. I was told originally that I needed to apply for a credit card that will give me a primary, but I just dont see how that is possible with absolutely nothing except a score and no history for me other than what my au has on his account.

Re: 1st time credit

Anonymous — Wed, 19 Dec 2018 02:30:45 GMT

My comments below in blue.

@Anonymous wrote:
From what I saw, my au is reporting 0% utilization on a 18k credit card through capital one with payments never reported late. The account has been opened since 2010.

It's not clear to me where you are getting this information. You mention Cap One. You might be mentioning Cap One to tell us the issuer of the card on which you are an AU. Or you might have mentioned Cap One because you are using the free credit monitoring service offered by Cap One (CreditWise).

Either way I am guessing that you have not pulled an actual full credit report. What matters is what your credit reportn says. So for example, the fact that the card was opened in 2010 doesn't mean that the account on your report has a Date Opened of 2010.

So I am going to circle back to the advice I have given you twice so far, and that is to pull a full credit report. Credit Karma would be fine for this. You need to ignore the front-end summary page of what any credit monitoring service (CMS) says -- at least right now. Look at the full report, drill down into the specific AU account, and find out what the report says about it. In particular, there will be a Date Opened field for every account on the report. We need to know what that Date is for the AU account.

Karma will give you an EQ and a TU report. Be sure to check both reports. And again, drill down into the AU account itslef. Ignore what Karma's front end summary page says.

Im really unsure on what it is that I need to do and where to start. I have been researching a lot on my own and I have been researching a lot specifically on this website and I just dont know what direction Im going in. I was told originally that I needed to apply for a credit card that will give me a primary, but I just dont see how that is possible with absolutely nothing except a score and no history for me other than what my au has on his account.

Depending on how the Date Opened reads for the AU account, you might easily be able to get a very nice card (or two) of your own.

The other thing we need to know is how the balance reads for the AU card. Again, what matters is what the report says.

Re: 1st time credit

Anonymous — Wed, 19 Dec 2018 02:56:26 GMT

@Anonymous wrote:
Thank you!! I checked on discover for the prequals, it stated that it doesnt affect your so I checked it out.. It prequalified me for the Discover secured credit card. I didnt proceed with the application.

Take it, one of the best starter cards.