Best approval odds with limited history

[Anonymous]

Hello all,

So I'm in the proccess of building credit. I'm 21 and I've been paying a student loan since 18 but up until June had no other credit. In june I got an auto loan and I applied for a few different cards but was denied for limited history. finally I went the secured route and since July have gotten 3 secured cards with a Citi secured card being the latest. However I'd like to close at least one secured and replace it with an unsecured one and get my $500 back. So my question is what card can I get with my limited history 2 out of three cards have been reporting in good standing and low util since July. The citi card just reported this week. Have I given it enough time to shoot for a low unsecured card or should I wait it out for a while? My EXP FICO is 696 we won't go with CK scores because CK has my scored at some ridiculously low number I KNOW isn't right (Like Sub 550 with nothing bad reporting) I know from checking a while back my ficos from TU and EQ were at 691 and 701 and it has only been good things reporting since then.

Basically capital one is out of the question because for some reason they hate me and denied me multiple times even for their secured card a while back. I tried again for the platinum a few weeks ago and rejected again even with a recon. They say my income isn't high enough (38,000) but I've heard of people being approved WAY lower. So what is the next best thing to Cap 1 for a limited history card. I don't need any ridiculous limit. Just a card that doesn't have a bunch of my money out on the line.

I've looked at barclays rewards mastercard but I wanted to get a second oppinion before I waste hard inquiry. How is it with limited history?

Thank you in advance.

[waxingmoon]

I recently had good luck with the Barclay Apple Rewards card. I have a history of about 10 years(AAoA 6 yrs) but my scores are quite a bit lower than yours, so it might be worth a try. 

[Anonymous]

If you have only had the secured cards since July, I suggest you wait till December to make it 6 months.  That gives you enough time to show good payment record and responsible use of your cards.

[creditguy]

Odd that capital one won't give you the time of day with your scores and income. You aren't by any chance still in school are you? If so, there's a variety of student cards that may approve you. Other than that I'd just let the secured cards grow and give you some history. As you can see scores aren't always everything, there's no shortcut for time and history.

[UncleB]

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@creditguy wrote:
Odd that capital one won't give you the time of day with your scores and income. You aren't by any chance still in school are you? If so, there's a variety of student cards that may approve you. Other than that I'd just let the secured cards grow and give you some history. As you can see scores aren't always everything, there's no shortcut for time and history.

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+1

The OP says that s/he applied with Capital One "a while back"... since it's been a while, I would suggest checking the pre-qual site again just for giggles... it can't hurt anything, and they might just have something!

[Anonymous]

Not a student. I almost wish I was because almost every half decent limited history card is a student card.

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@UncleB wrote:

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@creditguy wrote:
Odd that capital one won't give you the time of day with your scores and income. You aren't by any chance still in school are you? If so, there's a variety of student cards that may approve you. Other than that I'd just let the secured cards grow and give you some history. As you can see scores aren't always everything, there's no shortcut for time and history.

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+1

The OP says that s/he applied with Capital One "a while back"... since it's been a while, I would suggest checking the pre-qual site again just for giggles... it can't hurt anything, and they might just have something!

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The capital one secured denial was a while back but the platinum denial was a few weeks ago. I applied for the platinum vs. the secured card because I really don't need another secured card. I figured it might be a little early, I just thought maybe there was a card I wasn't considering that is good for my situation.

I got a discover It pre-approval the other day in the mail but I hear everybody gets those so I decided to hold off on that considering most people say discover requires excellent credit.

Thanks for the advice so far!

[creditguy]

Discover is hit or miss, I was approved with lower scores than yourself but I have more history. I think your on the right track currently, if you just hang in there a little while, doors will start opening up and this time next year you'll be sitting on good cards and leaving the secured world behind.

[Anonymous]

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@Anonymous wrote:

If you have only had the secured cards since July, I suggest you wait till December to make it 6 months.  That gives you enough time to show good payment record and responsible use of your cards.

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I agree with this, however if you really want to go ahead and apply now, I think you'd have a good shot at Discover - assuming your file is clean, no derogatory entries. I think the three years history with student loans would be enough for them. It would be a low limit, but a good start.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

If you have only had the secured cards since July, I suggest you wait till December to make it 6 months.  That gives you enough time to show good payment record and responsible use of your cards.

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I agree with this, however if you really want to go ahead and apply now, I think you'd have a good shot at Discover - assuming your file is clean, no derogatory entries. I think the three years history with student loans would be enough for them. It would be a low limit, but a good start.

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I have really been going back and forth on this one. I did get a pre-qual but I know that is nothing special for discover but they had to send it for some reason. Nothing derogetory at all. My credit file is spotless on all 3, just thin. I might try this but not sure yet. I may wait it out just a little longer..

[Anonymous]

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@creditguy wrote:
Discover is hit or miss, I was approved with lower scores than yourself but I have more history. I think your on the right track currently, if you just hang in there a little while, doors will start opening up and this time next year you'll be sitting on good cards and leaving the secured world behind.

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Discover tends to like thin files, though. I think Discover is worth a shot.