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Update: Approved for Discover Secured

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New Member

Update: Approved for Discover Secured

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

Message 1 of 10
9 REPLIES 9
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Senior Contributor

Re: CANT GET APPROVED WITH "NO CREDIT" FOR A SECURED CARD

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.

Message 2 of 10
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Regular Contributor

Re: CANT GET APPROVED WITH "NO CREDIT" FOR A SECURED CARD

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

{Cap1 Quicksilver: $850} {Discover It: $2.2k} {Amex BCE: 20k} {Wells Fargo Cash Wise: $6k} {Sam's Club Credit: $967} {Barclaycard Ring: $750} {Chase Slate: $14.2k} {Wal-Mart MC: $7.9k} {Chase Amazon: $1.3k} {Target RedCard: $800} {AU on BofA card: $15k} {Sams MC $2.4k} {US Bank Cash+ $7.2k} {BofA Business Cash Rewards $5.5k} {Citi DC $8.1k} {Uber Visa $3.6k} {USAA Cash Preferred $2k} {NFCU somethin card $3.9k} {Alliant CU somethin card $7,500} {Lowe's MC $3.0k}
Message 3 of 10
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Established Contributor

Re: CANT GET APPROVED WITH "NO CREDIT" FOR A SECURED CARD

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.  

 

EQ 669, TU 679, EX 679. Navy Signature Go Rewards 15K, Navy Signature Cash Rewards 16K, Navy AX Rewards 14.4K, Navy CLOC 15K, Navy Mortgage 120K, Navy ATV Loan 14,990K, FLCU Auto 48.7K, FLCU Visa 7.5K, FLCU Visa 1K, AFCU 5K, AFCU Line of Credit 4K, John Deere 15K, Suncoast TB Rays Cash Rewards 6K, Cap1 QS 5K, USAA Rate Advantage 5K, USAA AX Card 9K, State Farm Rewards 2.5K, Paypal Credit 2.8K, Cabela's 2K, Chevron & Texaco Visa 6K, BMO Harris Bank 1.5K, BOA Bass Pro 1.5K, 5/3 Stand up to cancer 4.5K, 5/3 Truly Simple 4K, 5/3 Trio 4K, Amazon Store Card 5K, Lowes 17K, TBFCU 5K, BBT Spectrum 4.5K, BBT Bright 3.5K, BBT Bright 4.5K, Banco Do Brasil Americas 4.2K, Kays Jewerly 2K, AX Green Charge, AX Delta Gold 1K, Morgan Auto Group 1.6K, Kohls 700.
Message 4 of 10
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New Member

Re: CANT GET APPROVED WITH "NO CREDIT" FOR A SECURED CARD

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?

Message 5 of 10
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Established Contributor

Re: CANT GET APPROVED WITH "NO CREDIT" FOR A SECURED CARD

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

EQ 669, TU 679, EX 679. Navy Signature Go Rewards 15K, Navy Signature Cash Rewards 16K, Navy AX Rewards 14.4K, Navy CLOC 15K, Navy Mortgage 120K, Navy ATV Loan 14,990K, FLCU Auto 48.7K, FLCU Visa 7.5K, FLCU Visa 1K, AFCU 5K, AFCU Line of Credit 4K, John Deere 15K, Suncoast TB Rays Cash Rewards 6K, Cap1 QS 5K, USAA Rate Advantage 5K, USAA AX Card 9K, State Farm Rewards 2.5K, Paypal Credit 2.8K, Cabela's 2K, Chevron & Texaco Visa 6K, BMO Harris Bank 1.5K, BOA Bass Pro 1.5K, 5/3 Stand up to cancer 4.5K, 5/3 Truly Simple 4K, 5/3 Trio 4K, Amazon Store Card 5K, Lowes 17K, TBFCU 5K, BBT Spectrum 4.5K, BBT Bright 3.5K, BBT Bright 4.5K, Banco Do Brasil Americas 4.2K, Kays Jewerly 2K, AX Green Charge, AX Delta Gold 1K, Morgan Auto Group 1.6K, Kohls 700.
Message 6 of 10
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Senior Contributor

Re: CANT GET APPROVED WITH "NO CREDIT" FOR A SECURED CARD

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.
Message 7 of 10
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Super Contributor

Re: CANT GET APPROVED WITH "NO CREDIT" FOR A SECURED CARD


@BaseballCoach01 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?


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. 

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
Message 8 of 10
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Established Contributor

Re: CANT GET APPROVED WITH "NO CREDIT" FOR A SECURED CARD

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. 

EQ 669, TU 679, EX 679. Navy Signature Go Rewards 15K, Navy Signature Cash Rewards 16K, Navy AX Rewards 14.4K, Navy CLOC 15K, Navy Mortgage 120K, Navy ATV Loan 14,990K, FLCU Auto 48.7K, FLCU Visa 7.5K, FLCU Visa 1K, AFCU 5K, AFCU Line of Credit 4K, John Deere 15K, Suncoast TB Rays Cash Rewards 6K, Cap1 QS 5K, USAA Rate Advantage 5K, USAA AX Card 9K, State Farm Rewards 2.5K, Paypal Credit 2.8K, Cabela's 2K, Chevron & Texaco Visa 6K, BMO Harris Bank 1.5K, BOA Bass Pro 1.5K, 5/3 Stand up to cancer 4.5K, 5/3 Truly Simple 4K, 5/3 Trio 4K, Amazon Store Card 5K, Lowes 17K, TBFCU 5K, BBT Spectrum 4.5K, BBT Bright 3.5K, BBT Bright 4.5K, Banco Do Brasil Americas 4.2K, Kays Jewerly 2K, AX Green Charge, AX Delta Gold 1K, Morgan Auto Group 1.6K, Kohls 700.
Message 9 of 10
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Super Contributor

Re: CANT GET APPROVED WITH "NO CREDIT" FOR A SECURED CARD


@Scott2696 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. 


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

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
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