Why can I not get approved for anything?

[Anonymous]

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@Anonymous wrote:

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@baller4life wrote:

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@ddemari wrote:

Basically you need to do some homework. 

Like if I got out a pad of paper and pen in your situation id do this; 

1. Order a free credit from freeannualcreditreports.org, even if its a bare report you can at least familarize yourself with what a credit report looks like

2. Since you have no payment history at all, you need to establish some. 

3. Get a secured card. Open a secured card with a bank like bank of america for example. With responsible use the card will unsecure in 12 months or less.

4. Once you get the secured card, 6 months from now you will be on your way to getting unsecured card offers.

5. Realize you have to start small, realistic and understand it takes time and effort. 

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+100 and in that order! 😉

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Absolutely! Great advice! 

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+101  It doesn't happen overnight, stay positive, listen to those who've been there.  Have fun!! 

[Anonymous]

Credit cards aren't things to be handed out like candy; they're a risk the bank is taking on you and your ability to repay. It may depend on your income - if you aren't working and your parents are paying the bill for everything without giving you too much spending money, creditors might not want to take a risk in case you're irresponsible.

My mother, whom I'm eternally grateful to, cosigned on my first credit card. It's a terrible card in terms of rewards, and the customer service is lacking, but it was a needed first step. Three years later, and I have about eight other credit cards that I got on my own, but that took time and patience. As with all things, you have to prove your worth.

[Anonymous]

Before this year I had no credit cards. None. What I did was apply for the easier cards first like a store card. 

[Anonymous]

My first CC was a Walmart store card that started out at $500 when I was 19. now has a limit of $10k that im 23 now. 

you HAVE to start small

[Anonymous]

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@Anonymous wrote:

I havent checked my credit score cause I assumed it would be nothing cause I have never had a line of credit. I just hate the idea of a secured card cause the ones Ive seen charge a fee and I hate the idea of paying to spend whats my money anyways. Plus secured cards just seem silly, its not a line of credit at all, its a debit card. Its just frustrating cause I see other people my age getting approved no problem but I always get told no cause of credit history.  Im not even that interested in having a credit card cause Ive made due without and it just seems like another thing to have to take care of but I realize the value of a credit history now adays.

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After reading this, why not just stay your course and don't get credit cards? I guess you will enjoy paying deposits for utilities, and getting approved for a cell phone..etc.

Secured Cards are not "debit cards".  At least you've taken a good step in coming to this forum, and rest assurred that you will become well informed about credit, applications, and what to do to better your credit score, and obtain credit.

A quick story: I was just like you with an attitude that "I'm not paying to use my own money to spend what's mine". I swallowed my pride and in Jan 2015, got a Cap One Secured Card. Once I had that card for 3 months, the doors opened up, and also opened my eyes. After 3 months, applied and was approved for a Chase Freedom. 3 months later applied for Discover It and was approved. My score that was dismal at best low 500, today is 721! Only 11 months ago, I was in your shoes and hated credit card companies.

Everyone starts at the beginning, and the journey of credit is a marathon and not a sprint. You too, will get where you want. But, most of us started with a Secured Card and today many on here have some great success stories, and information that is priceless.

My apology if I sound crase, but seems you too have a bit of that with the tone of your comment and question.

Started with a Secured Card:

Capital One Secured Card ($300 intial/ now auto CLI $600), Chase Freedom ($1200), Discover It ($2250), Chase Slate ($2500), Capital One Quicksilver One ($3,000), Citi Double Cash Back ($3,000). It's been 11 months!

TU Score = 721, EQ Score = 697, EX = 640     If I can do this, so can you! You will be fine and get the credit you need and deserve. MyFico forums are better than any college credit course you could ever take.

Best of Luck to you in your credit venture. Keep your head up, and stay in good spirits.

[newhis]

If you want to get the credit doors open, you need to play the game, no other way.

You can get a secured card with Bank of America that can give you rewards, so you can get the AF back in rewards. 

Then with some history, you can get good cards that can give you $200 back after expending $500, 50K points for $1,000, and so on.

I just put $30 of gas and Amex is going to give me back $10. Bought something at Amazon for $60 and got $15 back.

I understand that some people will buy more things with credit that if they only use debit. But people that use credit in their advantage, do get sweet deals without expending more than usual.

Good luck to you.

[Countingpennies]

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@ddemari wrote:

Basically you need to do some homework. 

Like if I got out a pad of paper and pen in your situation id do this; 

1. Order a free credit from freeannualcreditreports.org, even if its a bare report you can at least familarize yourself with what a credit report looks like

2. Since you have no payment history at all, you need to establish some. 

3. Get a secured card. Open a secured card with a bank like bank of america for example. With responsible use the card will unsecure in 12 months or less.

4. Once you get the secured card, 6 months from now you will be on your way to getting unsecured card offers.

5. Realize you have to start small, realistic and understand it takes time and effort. 

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Just wanted to clarify for any newbie who might be reading. The only website to order free annual reports is

annualcreditreport.com

[Anonymous]

I would try with chase. When i opened up a student checking account, the banker asked if I wanted a credit card. I said i probably wouldn't qualify since I had no previous cards. She said if I wasn't approved, she could do something about it. I did not get approved so I went back to her and she got it approved. I still have that card 10 years later. It's now a freedom card with a measely 11k limit, maybe it's still a secured card for all I know.

[Anonymous]

You're totally right, the way our financial system revolves around credit and penalizes people who don't use it is pretty absurd. Unfortunately, it's the way it is, and it's smart to realize now that you have to play the game in order to have the most/best options long term.

Try a Cap One secured card. It can graduate to a non-secured card, it's more widely accepted than Discover, and if long-term you just want one cashback card, the 1.5% on the QS could be a good straightforward choice.

[Anonymous]

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@Anonymous wrote:

How long is a secured card usually required to show a credit history good enough for a non secured card? Somehting like 6-12 months? My ultimate goal would be to just have one rewards card, even though rewards really arent that much money if I can "get paid" for spending money I would anyways and it isnt an inconvenice for me I see that as a positive.

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Welcome to the myFico forums!

First, a secured card is not a debit card.  They will extend credit to you, based on the fact that you have money deposited with them, but it is only used if you default.

With a debit card, if you have 250 and then use it to buy something for 100, you have 150 left.  If you have a secured CC and you deposit 250 and buy something for 100, you owe them 100 + the interest fees, but the 250 is still there.  If you default on it, they will take the 250 to recover their loss, but you will still get dinged.  

But with a secured CC, you have the opportunity to show them you can handle credit and to build a positive history.  Most of them just report as a CC with no mention of being secured.

You can get a secured CC with OpenSky for 200 with no credit check, so no INQ.

You can also get a secured CC for 250 with State Department Federal CU.  You first apply for a share deposit account with membership and then deposit 250.  Then you can call them and set up a secured loan for 250 for 36 months.  Then take the proceeds of the loan and use it as collateral for a secured CC for 250.  That will get you an installment loan and also a CC and help satisfy the 'credit mix' portion of the Fico scoring system.  When joinng SDFCU online, you can choose to be a member of the American Consumer Council to qualify.  When you apply to the ACC, use the code 'consumer' and you can join it for free. 

Those secured CCs and the loan will report to the three CRAs and your file will build quickly.  Within three to six months, you should be able to go to the pre-qual sites at Cap1 and others and see if you can qualify for a regular CC.  Then you can open other cards and consider closing the secured CCs and getting your deposits back.

I am finishing my fourth year of my Rebuilding and had two secured CCs along with other unsecured cards as well.  In November, I closed out my two secured cards and two cards that were 'rebuilders'.  One secured CC from B of A graduated and the other one would never graduate, but did its job for me.

It usually takes awhile to get established / restablished and you will just have to try to use patience while working on it.

GL, and welcome to the forums!