Digging myself a hole?

[Anonymous]

Hi, I turned 18 the other month and I am now looking for a credit card to build credit with. I applied for BOA, CITI, and Capitalone credit cards, but I was denied for all of them. Recently, I went and tried to apply for another boa card, but this time a secured card. I was denied for that one because I had 3 credit inquiries.

Should I reapply for a secured credit card with boa having my dad co-sign it? I’m mainly looking for a citi bank/boa card due to their virtual credit card feature. I have absolutely no credit and make <10k a year.

[Anonymous]

You should try the Discover secured card first. It's the best secured card out there. Try their preapproval thing first, though. And instead of having your dad co-sign, which may be difficult and complicated, have your dad add you as an authorized user to his oldest, highest limit card, as long as he uses it very responsibly. As of right now, you have no FICO score, which is why you're struggling to get approved for anything. But if you are added as an AU, you'll get a FICO and have a much easier time getting credit. Although, with that low of an income, it'll be VERY hard to get any kind of unsecured (or maybe even secured) credit until you increase your income. Good luck to you!

[Anonymous]

Oh, and btw, if your parents deposit money into your account or you share an account with them, you are allowed to include that money as income. Once you're 21, you're allowed to include any money you reasonably expect to have access to. So the income you can claim could very well be over $10k. Just a thought.

[Remedios]

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@Anonymous wrote:
Hi, I turned 18 the other month and I am now looking for a credit card to build credit with. I applied for BOA, CITI, and Capitalone credit cards, but I was denied for all of them. Recently, I went and tried to apply for another boa card, but this time a secured card. I was denied for that one because I had 3 credit inquiries.

Should I reapply for a secured credit card with boa having my dad co-sign it? I’m mainly looking for a citi bank/boa card due to their virtual credit card feature. I have absolutely no credit and make <10k a year.

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Ask your parents to add you as AU on an older card with low utilization. Wait 6 months (longer is better, but probably not happening), then see what your options are. 

[Anonymous]

Conversely, if you have an existing relationship with a credit union or even a large bank, they may be more willing to offer a line of credit to you. Just make sure you app in branch and try to see if you are pre-qualified. When I turned 18 (2011), I had a long history with Wells Fargo (since I was 10, savings then checking once I was 16) and they approved me for their "college" visa with a starting limit of $1,500. It was a good card, but I just recently closed it in a "PC" since it offered me no rewards besides 1% on er'y thing. 

If no relationship or they deny you anyway, I second the Discover route. Hands down the best secured card. You could also get in with Cap1 and their secured platinum, but keep in mind it is a HP on all 3 agencies (as I'm sure you know). Don't app for any other card from them, except maybe the Journey card...but I would go the secured route. 

[CreditInspired]

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@Remedios wrote:

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@Anonymous wrote:
Hi, I turned 18 the other month and I am now looking for a credit card to build credit with. I applied for BOA, CITI, and Capitalone credit cards, but I was denied for all of them. Recently, I went and tried to apply for another boa card, but this time a secured card. I was denied for that one because I had 3 credit inquiries.

Should I reapply for a secured credit card with boa having my dad co-sign it? I’m mainly looking for a citi bank/boa card due to their virtual credit card feature. I have absolutely no credit and make <10k a year.

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Ask your parents to add you as AU on an older card with low utilization. Wait 6 months (longer is better, but probably not happening), then see what your options are. 

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+1

And, OP, since you’re only 18, take your time. Start this moment going forward with this motto: Building great credit is a marathon, not a sprint. Slow and steady wins the race. 

[RickNATL]

My oldest son was in the same boat...I added him as an AU on two cards...let it season for about 6 months, then we applied for his own card and he got a Cap1 QS with $3K SL.  U also have the low-end starter cards like CreditOne, etc....but be prepared to always pay in full, and understand the fees...in other words, for the low end cards, work the system, don't let it work you...

[luxlight]

When i turned 18, the first card i applied for was the Discover Student IT card and i was approved with a $750 limit with zero credit history. Was also denied for the capital one journey card. I think your best bet is either a secured card and most likely from discover tbh

[Jnbmom]

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@Anonymous wrote:

Oh, and btw, if your parents deposit money into your account or you share an account with them, you are allowed to include that money as income. Once you're 21, you're allowed to include any money you reasonably expect to have access to. So the income you can claim could very well be over $10k. Just a thought.

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Personally I think this is a bad idea!! Unless his parents are going to pay his bills do not include your parents income. 

You make 10K and you arec18, you will be able to get cards with that income.  I suggest trying discover and the AU approach. 

Good luck

[Anonymous]

That’s why I said to do it if it’s money that is deposited into his own acct or one he shares with his parents. I.e. money he can use to pay bills, but not necessarily his own income that he has earned. 😉