Update: Approved for Discover Secured

[Anonymous]

Hey all i am new here and exetremely frusterated with the fact that I am 28 years old, have a good job make good money, enough to pay my bills support my family and still have extra. I really would love to get my credit from a "not enough history for a score" to an actual number....i cant even get approved from Capital One for a SECURED CARD.....I feel like i am so **bleep**ing stuck right now. How can i ever get a credit score if noone is even willing to give me that intial small chance? Im sick of it. Any Ideas? I would love to someday get a mortage buy my wife and kids a house that they have always wanted nothing big just something that is ours.....

Thanks,

Coach K

[Anonymous]

OpenSky $35 annual fee no credit check.  Use that for 6 months responsibly (only let 5% of limit report each statement).

In 6 months, get Discover IT Secured and Capital One second.

Use all 3 cards as much as you want, but make sure 2 cards report $0 at statement date and one card reports 5% at statement date (not $0).

After 2 years total you may have a 700 score, or higher.

[Anonymous]

Take a breath, relax. In the beginning especially credit takes time and effort. It's not that hard, it just requires patience and persistence. 

That being said, NO credit is wayyyyyy better than BAD credit. Apply for the discover it secured card. If you get denied for the Discover it card call their reconsideration line and explain you would dont have any credit and make good money etc etc and would like to start off with them and get a secured card. After 6 or 7 months it should graduate if you pay it off every month, and BOOM you've got a score.

Keep in mind when you have no credit profile at all it takes 3 months or so to initially pop up. Try selflender too, they will let you get a "personal loan" which is deisgned to build credit as well.

Getting started is the hardest part, don't worry buddy. There's a lot of great info here if you read around you will get there.

-Glenn

[Anonymous]

I would suggest joining a local credit union.   Credit Union can be a big help in helping you get started.  You may need to build a banking relationship with them first.  Then, Start small.  Get a checking line of credit with them, or a small 500 to 1k loan.  Make payments, pay it off.  

Also, Try Fingerhut.  They approve anybody and report to all 3 credit bureaus.  

[Anonymous]

Thanks everyone for the insight i was so mad about this, but i went to discover and was just approved for thier secured card, just need to make the deposit and take care of this card. Now, how do i use this card to get the best credit score results from it?

[Anonymous]

Don't go over 30% of the credit limit.  PIF once the statement cuts every month.  

[Anonymous]

30% is a bad measure. The correct number to stay below is 28.9% but if you’re rebuilding credit, 8.9%.

See my 11 rules signature link and follow it.

[NRB525]

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@Anonymous wrote:

Thanks everyone for the insight i was so mad about this, but i went to discover and was just approved for thier secured card, just need to make the deposit and take care of this card. Now, how do i use this card to get the best credit score results from it?

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Congrats on the approval! 

The way you improve your credit score, now and in the future, is to always make the payments on time, and have at least one credit card report a balance.

Everything else, whether PIF, paying interest, AZEO, managing reported utilization, is just a short term game or a decision you make about how you will use credit. 

[Anonymous]

The 30% rule always works..  Even lenders will tell you not to go over 30%... I've always used this rule and it's always worked.  I've been able to buy anything I want from new vehicles to houses. 

[NRB525]

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@Anonymous wrote:

The 30% rule always works..  Even lenders will tell you not to go over 30%... I've always used this rule and it's always worked.  I've been able to buy anything I want from new vehicles to houses. 

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If you are below 30% on all cards, what is putting your scores well below 700?