Cap1 Cash Rewards with No FICO score?

ztnjpv · ‎06-04-2012

Some sites have the Cap1 Cash Rewads (the one with the $39 AF) listed as suitable for no credit/limited history...aka: The "Thin File" that produces no FICO score...or even a Credit Karma score. I am looking for the best way to help one of my employees build a credit score. He has no history. It's incredible. He's almost 30 years old and has never had credit of any kind for anything. No accounts whatsoever to report. Truly stunning.

So I am helping him get a dummy loan at my bank whereby he will get a $1000 loan secured by his car (paid for) to put into a savings account and let the bank electronically debit the payments. He'll just have to cover the finance charges to make it break even at the end. Now, I am looking at secured cards at credit card info sites to see what the best deal for him would be. But in the process, a few unsecured like the Green Cap1 Cash rewards card were mentioned as matches for no history...including at this very site: http://creditcards.myfico.com/offers/no-credit/

Anyone know if this is true? Can you get this card no credit history? If so, it sure beats the heck out of getting a secured card.

Start (Sept 2011): low-mid 600s. NOW: TU FICO: 801, EQ FICO 808, EX FICO 798 (PSECU). Goal: Achieved! Now Maintain!

jamie123 · ‎06-04-2012

Boy...I wish I had his problem!

Here's what I suggest:

A Bank of America secured card for $500.

It has a $39 annual fee but is otherwise a very fair deal in establishing credit. They don't rip you off with add on fees or excessive interest rates.

This card will unsecure after 12 months of good on time payments and they send you a check for your deposit back. This same card once it unsecures is treated by BoA as a prime card and they are very generous with CLI. Some people on this forum have received a $10,000 CL over time with this card.

The only drawback with this card as far as I have heard is that BoA will NEVER drop the $39 annual fee.

Wells Fargo offers a similiar card but from what I have read on this forum, they wait a really long time before they unsecure it and sometimes never unsecure it.

Starting Score: EQ 653 6/21/12
Current Score: EQ 817 3/10/20 - EX 820 3/13/20 - TU 825 3/03/20

Wolf3 · ‎06-04-2012

It's a maybe. Have your friend run the prequallification on the Capital One website. Then he can apply for whichever card they recommend.

If they offer the secured card then I would apply for a secured card with them or some other bank or CU.

IMO, getting a secured card first with a decent sized deposit for a good CL is a better way to go. Then parlay that into a good unsecured card in about a year. Pick someone who you want to continue with when you get an unsecured card.

injustifiiable · ‎06-04-2012

No history at all? Not even student loans?

He can try for an AMEX Zync. It's a charge card but it's one of the easier cards to get approved for, especially if your file is thin.

ztnjpv · ‎06-04-2012

Wolf3,

I actually did the pre-qualify back before I started any searching and it turned up nothing. I take that thing with a grain of salt. It turns up no results at all for me and I was just recently approved in May for the Spark Cash Biz card. I haven't had a result since January and my scores in the 760s and 770s. My wife just got the VentureOne back in Feb and she hasn't had a result since then (I check hers to see if works since I always come up empty) and she has near 800 scores.

I then called and spoke to a nice guy in applications and he said that the no credit history applicants can go either way with average credit credit cards. Since they have no baddies, they CAN be approved but it doesn't mean they will. Maybe age, living stability and possibly verified income play a role...I don't know. Just guessing.

I also asked if they would "down sell" him for a secured card if the Cash Rewards Card was denied but he said they do not do that. I also find it a tad foolish that they HP for a secured card unless the person WANTED to try for the "partial secured" card offer whereby you deposit $49.95 and get a $200 CL.

I suppose if he asked his folks for an AU account on one of their cards, it might do the trick to get the unsecured Cash Rewards card. Might be worth a try to avoid the secured card.

Start (Sept 2011): low-mid 600s. NOW: TU FICO: 801, EQ FICO 808, EX FICO 798 (PSECU). Goal: Achieved! Now Maintain!

ztnjpv · ‎06-04-2012

Injustifiable,

No. He has no history whatsoever.

So Zync can be approved with a thin or no file?

Start (Sept 2011): low-mid 600s. NOW: TU FICO: 801, EQ FICO 808, EX FICO 798 (PSECU). Goal: Achieved! Now Maintain!

Anonymous · ‎06-04-2012

I would say check cap ones prequal website, it almost never lies... lol

injustifiiable · ‎06-04-2012

@ztnjpv wrote:
Wolf3,

I actually did the pre-qualify back before I started any searching and it turned up nothing. I take that thing with a grain of salt. It turns up no results at all for me and I was just recently approved in May for the Spark Cash Biz card. I haven't had a result since January and my scores in the 760s and 770s. My wife just got the VentureOne back in Feb and she hasn't had a result since then (I check hers to see if works since I always come up empty) and she has near 800 scores.

I then called and spoke to a nice guy in applications and he said that the no credit history applicants can go either way with average credit credit cards. Since they have no baddies, they CAN be approved but it doesn't mean they will. Maybe age, living stability and possibly verified income play a role...I don't know. Just guessing.

I also asked if they would "down sell" him for a secured card if the Cash Rewards Card was denied but he said they do not do that. I also find it a tad foolish that they HP for a secured card unless the person WANTED to try for the "partial secured" card offer whereby you deposit $49.95 and get a $200 CL.

I suppose if he asked his folks for an AU account on one of their cards, it might do the trick to get the unsecured Cash Rewards card. Might be worth a try to avoid the secured card.

The online system SHOULD offer the Secured card if he gets denied for the Cash Rewards. That's how I got mine after being denied for the Avg Credit Cash Rewards...they pull all 3 CRA's either way but at least it would save on the second pull.

The prequal thing is a mixed bag. I think it primarily bases results on a recent SP, and on the other hand sometimes it'll do a SP right then and there. It's very YMMV.

injustifiiable · ‎06-04-2012

@ztnjpv wrote:
Injustifiable,

No. He has no history whatsoever.

So Zync can be approved with a thin or no file?

I would think so considering it's marketed towards college students and those who are new to credit. Can't hurt...he can take the inquiry anyway since he doesn't have any. Or does he?

Crashem · ‎06-04-2012

@injustifiiable wrote:
@ztnjpv wrote:
Injustifiable,

No. He has no history whatsoever.

So Zync can be approved with a thin or no file?
I would think so considering it's marketed towards college students and those who are new to credit. Can't hurt...he can take the inquiry anyway since he doesn't have any. Or does he?

Zync isn't marketed to college students. Don't app for the Zync as one of his first cards. Wasted inquiry. You need to get him some more guaranteed cards. Cap One for newcomers and maybe secured card from one of the local CUs or banks. Let him build a 6-12 month history and see where his fico is at. At that point, consider other cards if FICO is good.