7 Months ago I had a completely blank credit report, with the exception on one 6 year old $0 adverse account showing up on one CRA. This is due to roll off the beginning of the year. To fix my thin file, I became an AU on two CC accounts of a family member. One account has a CL of $14000 and was opened in 1975! The other account has a $10000 CL and opened in 2002. Both have low utilization and no late pays.
I was planing on starting with a secured card, but I just never go around to opening one. Six months after becoming an AU, I applied for a Capitol One "New Arrival" card on a whim. I was approved for a Platinum MasterCard with a $500 CL. I've already earned $40 in cash-back rewards the last couple of months. 
One month later, I purchased both my real FICO scores from myFICO and was amazed to see they were an amazing 744 and 745!
Looking at other credit card offers, I was tempted to try for even better cash reward cards with sign-up bonuses. I applied for both the Citibank Dividend and the Chase Freedom cards. Chase approved me right away, with a $3500 CL, but Citibank said they needed more info. I called the number Citibank told me to call, but it was a non-working number. Oh well, at least I got approved for the Freedom card. About a week later, I unexpectedly received a Citibank Dividend card in the mail with a $4000 CL! The same day I received the Chase Freedom card.
So thanks for for all the tips. I went from zero credit files to $8K in credit-lines in 7 months. The AU trick made all the difference in the world, and I would have never even known about it without forums like this. I wanted these cards for the perks, like rental car insurance, free extended warranties, accidental damage coverage, and of course the cash-back. I think I'm done shopping for credit for a year. I'm now working on spending $500 on each card to earn my $500 in sign up bonus cash.
sweeeeeeeeeeet
Starting Score: TU-691 EQ-681 EX-693
CONGRATULATIONS fast_times!!!
My husband and I are in NO FICO SCORE land right now so your post is especially encouraging!!! We are using secured credit cards and S-L-O-W-L-Y building our way along.
Thank you for sharing your story, you have fortified us with hope -- bless you!!!
Keep at it. If at all possible, find someone(s) that will add you as an AUs. The instant history will really speed up the process.
I never worried about credit before, choosing to pay cash. I hate paying interest. When I recency bought my home, I paid cash in full so figured who needs credit? But I realized I was passing up too many opportunities not being able to demonstrate credit worthiness. Even things like homeowners insurance rates are influenced by FICO. And, also I might actually need a home loan one day. (heaven forbid) Plus, I realized as a cash customer, I was subsidizing those that used credit cards to make purchases, with higher prices, with nothing in return. So, if you can't beat 'em, join 'em. I'll use the free perks and the banks won't see a penny of interest from me. That's the plan anyway. Good luck.
@fast_times wrote:Keep at it. If at all possible, find someone(s) that will add you as an AUs. The instant history will really speed up the process.
I never worried about credit before, choosing to pay cash. I hate paying interest. When I recency bought my home, I paid cash in full so figured who needs credit? But I realized I was passing up too many opportunities not being able to demonstrate credit worthiness. Even things like homeowners insurance rates are influenced by FICO. And, also I might actually need a home loan one day. (heaven forbid) Plus, I realized as a cash customer, I was subsidizing those that used credit cards to make purchases, with higher prices, with nothing in return. So, if you can't be 'em, join 'em. I'll use the free perks and the banks won't see a penny of interest from me. That's the plan anyway.
Does that instant history really work? Just wondering, cause I was considering asking my dad about adding me to his 10+ yr accounts and just sticking the card in his drawer just so I could raise my credit score. Hes a bit paranoid like I am, but if he has the physical card and the number is the same I don't think he'd worry too much.
