Advise reg. building credit from scratch.

Anonymous · ‎08-16-2015

Hi, we just relocated to US and start our credit history. My question is: is it advisable to apply for few new credit lines (such as secured CC)

in short period of time? Is the fact that I applied for such a credit reported to the score agencies and can affect my future score even if I didn't use it?

More specifically, my first application was for secured card with Digital Federal Credit Union and was approved but they ask for more paperwork that I don't have yet, so meanwhile I desided to apply for CapitalOne secured card and was turned down (still waiting for their explanation). Will all this activity be reported and can I apply with other lenders without compromising my future score?

Thank you for your advise.

Anonymous · ‎08-16-2015

Welcome to MyFico and the best country in the world. Ok, what sort of paperwork is the CU requesting? Do you have your social security number and drivers license? If CAP 1 declined you, wait for the denial reasons before applying for anything. The denial reasons often hold the clues as to what should be improved on.

Also, since you are just starting secure cards are the way to go for now.

Anonymous · ‎08-16-2015

Thank you for your reply. I already have SSN but not DL yet. I asked CU if they can accept other form of ID and they agreed, but they need some kind of adress proof, like bills etc, and this will take some time to arrange. So I applied for Cap1 online and was denied right away. Also during the app process there was something that said that I had some credit in 2009 when I even wasn't in US and to all answers i answered "Non of the above" which is true. Should I try with other banks or CUs?Will they report my multiple apps?

Thank you.

Anonymous · ‎08-16-2015

@Anonymous wrote:
Thank you for your reply. I already have SSN but not DL yet. I asked CU if they can accept other form of ID and they agreed, but they need some kind of adress proof, like bills etc, and this will take some time to arrange. So I applied for Cap1 online and was denied right away. Also during the app process there was something that said that I had some credit in 2009 when I even wasn't in US and to all answers i answered "Non of the above" which is true. Should I try with other banks or CUs?Will they report my multiple apps?
Thank you.

Before you do anything, get a state ID or a drivers license for verification purposes. Since you are starting out, apply for secured cards. You will have to put money down for the secure cards. BOA, Discover etc have good secure cards. Don't apply for unsecured credit cards as you will be declined because you have no history.