@Anonymous wrote:
Hello everyone. I hope I am posting this is the right category.
Anyway, I am completely new to credit and haven't even really began learning to much until the last couple of days. I have decided that I want and need to start building my credit as right now I have none. No FICO scores, no scores of any kind. I applied for an Amazon card on December 1st and recieved the 30 day response, thus I am assuming I did not and will not get approved. I then applied for a Wells Fargo Visa card on December 1st and recieved a message saying that they needed to verify some information. I called them immediately and the woman I spoke to said I was denied for not having a high enough average daily balance in my account and having no credit history. She changed my status back to pending since I have had my accounty for 2.5 years in good standing and with no overdrafts. I called again today and once again found out I had been denied. They recommended applying for the secure card. I then recieved an email with a reservation number for a Wells Fargo Cash Back College Card.
Here is where I stand now and some questions:
- If I am going to have to get a secured card then I was thinking about getting the Capitol One card as opposed to the Wells Fargo since it has a lower deposit. Is there any reason not to do this? Should I get 1 or 2 secured cards and which ones do you reccommend?
- Are there any unsecured cards that I would even have the possibility of getting right now?
- Should I even try for any card right now, secured or not, as I have no credit and now I have 2 hard pulls?
- What would you do in this situation?
I am not desperate for money. I just want to start building my credit. I have children and I hope to get a decent car and a house down the road. Also, I am not a student this semester. I was last semester and will be next semester (already enrolled for next semester). I am guessing I would not even qualify for the student card until the beginning of next semester? Also, I plan on taking out loans next August when I transfer to a 4 year university. Any advise there?
Sorry, if this is long and somewhat all over the place. Just trying to make sense of all this and not mess up my credit while trying to build it.
1. Capital One. My now-wife had no US credit history, and she was approved for an unsecured Cap One a few years back. With no credit history (as opposed to baddies) you will probably qualify for a small unsecured. If not, a secured isn't the end of the world, and just start with 1. Cap One also has an excellent Credit Builder program where they start you off with a small card with no rewards, then scale you up in limit as you pay on time. My wife's previous "Platinum" card is now a Quicksilver with 8 times the SL.
2. See #1.
3. The HP were not wise considering that those cards aren't for credit newbs, but any lender lending with no credit is taking a chance anyway, so I don't think the HPs by themselves will hurt you severely.
4. I'd app for a Cap One or consult with your local bank to get whatever credit card they will give you, ideally with no annual fee. Use it consistently and PIF for 6 to 12 months, then start app'ing for some of the bigger cards and work your way up, while requesting CLI's every 4-6 months so that you keep upping your available credit and making yourself appear more credit-worthy.
