Getting another credit card - impossible

[Anonymous]

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@jbsea wrote:

You could also look at Capital 1 and US Banks Student Cards.  My daughter has had the same problem.  I ended up just putting her on as a au on my visa.

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I have read many places that putting someone as an AU doesn't help them build credit. They can use your card, but none of the credit history goes to them. When you have a co-signer, both parties get the credit.

[Anonymous]

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@jbsea wrote:

You could also look at Capital 1 and US Banks Student Cards.  My daughter has had the same problem.  I ended up just putting her on as a au on my visa.

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That's the other option I should have mentioned, as an AU on the parents card(s).

[Anonymous]

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@Anonymous wrote:

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@jbsea wrote:

You could also look at Capital 1 and US Banks Student Cards.  My daughter has had the same problem.  I ended up just putting her on as a au on my visa.

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That's the other option I should have mentioned, as an AU on the parents card(s).

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This won't help me build credit though. This only lets me use their cards.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

I understand your frustration that you can't get another card.  Sadly, without a reportable income it's extremely difficult, if not impossible, to get a credit card in your own name. The Discover card you have is specifically designed for newcomers to credit.  For that card and the Avs card you still had to have listed some income.  What did you pit?

As for your parents cosigning there really aren't a lot of options there either.   I think only Discover allows co signers but there might be other options but none of the major banks do.  One possibility for you would be to take some of your money in the bank and open a secured Visa or Mastercard that will eventually graduate like the Bank of America card.

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I said $500 a year, which is what you can make before you have to pay taxes (maybe it's more than $500, I played it safe).

I'm not sure I understand what you mean by taking some of my money and open a secured card. What does that mean?

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A secured card is where you use your own money as collateral to open a credit account.  For example, you put $500 with the bank and they then give you a credit card with a limit of $500.  The more you are willing to put up the larger your limit.  The money is still yours and will be returned to when you either close the account or the card is unsecured. Secured cards are a very good way at establishing more credit and establishing a relationship with a bank.  Hope this explains it.

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Yes, thank you, it does explain it. How does one go about getting the card unsecured after a certain amount of time? Would I have to go to my bank and set this up, or another agency?

I have also heard Credit Unions are really good about cards and even cosigning, is that true? Anyone know?

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Others can chime in as I've never had one but you don't need to go the bsnk to unsecure the card.  It would be done online after a period of time, typically a year. It also varies depending on the card issuer.

Credit unions are good but they still will want to see an income.  Some may allow your parents to cosign.

[NRB525]

+1

With no reported/reportable income, no tax return, and $10,000 in the bank earning diddly squat, you might as well put a chunk of that into a secured card. Many will allow you to secure up to $2,000 or so, and then you have a real credit card, it reports on your credit history as a real credit card, there is no asterisk on your credit report like a cosigned arrangement.

I have a PenFed CU secured VISA, with $500 on deposit, to set a payment history with them. No AF. You may have to call them to get the details, because they don't market it on their website, but it's certainly a good option in your situation.

edit: The PenFed secured card can "unsecure" after 12 months, though it can continue indefinitely in that secured mode.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@jbsea wrote:

You could also look at Capital 1 and US Banks Student Cards.  My daughter has had the same problem.  I ended up just putting her on as a au on my visa.

---

That's the other option I should have mentioned, as an AU on the parents card(s).

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This won't help me build credit though. This only lets me use their cards.

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Not completely true.  While the effect of being an AU has diminished it still does help the AU establish credit by creating credit history so that when you have a reportable income it will be easier to get cards of your own.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

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@jbsea wrote:

You could also look at Capital 1 and US Banks Student Cards.  My daughter has had the same problem.  I ended up just putting her on as a au on my visa.

---

That's the other option I should have mentioned, as an AU on the parents card(s).

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This won't help me build credit though. This only lets me use their cards.

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Not completely true.  While the effect of being an AU has diminished it still does help the AU establish credit by creating credit history so that when you have a reportable income it will be easier to get cards of your own.

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Agree. Being an AUNT is absolutely the best thing to do. It will raise your score and show a high credit line reporting

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

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@jbsea wrote:

You could also look at Capital 1 and US Banks Student Cards.  My daughter has had the same problem.  I ended up just putting her on as a au on my visa.

---

That's the other option I should have mentioned, as an AU on the parents card(s).

---

This won't help me build credit though. This only lets me use their cards.

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Not completely true.  While the effect of being an AU has diminished it still does help the AU establish credit by creating credit history so that when you have a reportable income it will be easier to get cards of your own.

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I read somewhere that a woman had her daughter as an aurthorized user for a couple years, and when they went to check the daughter's credit score, that AU agreement never showed up. So maybe it shows up depending on certain cards, but in this woman's situtaiton it didn't.

I want the credit card to be in my name first, just so there's no ifs ands or butts about it. I know I could easily become an AU on my parent's card, but that's not what I'm going for here.

[Anonymous]

You should go for a secured card then, but if your parents have an Amex card, get added as an AU on that. It'll help you in the future when you can get Amex cards of your own. 

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

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@jbsea wrote:

You could also look at Capital 1 and US Banks Student Cards.  My daughter has had the same problem.  I ended up just putting her on as a au on my visa.

---

That's the other option I should have mentioned, as an AU on the parents card(s).

---

This won't help me build credit though. This only lets me use their cards.

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Not completely true.  While the effect of being an AU has diminished it still does help the AU establish credit by creating credit history so that when you have a reportable income it will be easier to get cards of your own.

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I read somewhere that a woman had her daughter as an aurthorized user for a couple years, and when they went to check the daughter's credit score, that AU agreement never showed up. So maybe it shows up depending on certain cards, but in this woman's situtaiton it didn't.

I want the credit card to be in my name first, just so there's no ifs ands or butts about it. I know I could easily become an AU on my parent's card, but that's not what I'm going for here.

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Understandable.  I'd then suggest you going the secured card route.