@IkaLunch wrote:I'm in a bit of a pickle here. College student, looking to build my credit as soon as possible. I would like an unsecured card with no co-signer, just me and my own credit history. I am pretty sure I have no credit history, which I believe is as bad as having bad credit history, so it's hard to get a card. I have one inquiry on my credit score from applying for an unsecured Discover student card and being rejected. Other than that inquiry, I'm pretty sure my credit history is blank, at least I've never done anything to it.
I have no paid work history, and cannot get a job. Over 30 applications, from fast food to on campus, all rejected unfortunately. I only get accepted when I agree to work for free. My only income is scholarship money. Will this hurt my chances?
I currently am looking at getting a CapitalOne Journey unsecured student card, a Navy Federal Credit Union secured nRewards, or one of NFCU's unsecured cards if I have a decent chance at getting it. I don't want any more inquiries to make my credit look even worse.
Anyone know the minimum deposit for a NFCU Secured card?
Welcome to the forum. If you are eligible to become a member of NFCU, I'd start with them.
How much is your scholarship income?
@09Lexie wrote:
@IkaLunch wrote:I'm in a bit of a pickle here. College student, looking to build my credit as soon as possible. I would like an unsecured card with no co-signer, just me and my own credit history. I am pretty sure I have no credit history, which I believe is as bad as having bad credit history, so it's hard to get a card. I have one inquiry on my credit score from applying for an unsecured Discover student card and being rejected. Other than that inquiry, I'm pretty sure my credit history is blank, at least I've never done anything to it.
I have no paid work history, and cannot get a job. Over 30 applications, from fast food to on campus, all rejected unfortunately. I only get accepted when I agree to work for free. My only income is scholarship money. Will this hurt my chances?
I currently am looking at getting a CapitalOne Journey unsecured student card, a Navy Federal Credit Union secured nRewards, or one of NFCU's unsecured cards if I have a decent chance at getting it. I don't want any more inquiries to make my credit look even worse.
Anyone know the minimum deposit for a NFCU Secured card?
Welcome to the forum. If you are eligible to become a member of NFCU, I'd start with them.
How much is your scholarship income?
X2 with NFCU
You can always App for an Unsecured card. If they decline the application they will offer you a secured card. The card will graduate in 12 months if you have made your payments on time, etc. They will also review your account for a CLI and interest rate reduction.
NFCU nCashRewards VISA - $20,000 | NFCU nRewards $10,000
@IkaLunch wrote:I believe I qualify to join with them, so I will look into NFCU some more! Thank you.
What you're saying is that if I apply for an unsecured with NFCU and get rejected, they'll offer me a guaranteed secured card, and then that card will become Unsecured after 12 months of perfect behavior?
Yes that is correct. The minimum deposit is $500, that amount will show in your savings account balance but will not be in the available balance. After 12 months of making at least the minimum payment (with no late payments) the amount you deposited against the card becomes part of your available balance. You can also apply for a second NFCU card once you have at least 6 months of credit history. I had an secured nRewards card with a $500 limit/deposit, after 9 months I applied for cashRewards and was approved for $15,000.00 (my annual income is around $98k). After my 12th payment they unsecured the card and raised the limit on my nRewards to $3,000.00.
@IkaLunch wrote:Thank you for the warm welcome.
My scholarships add up to about $500 a year.
Your income will be your biggest obstacle. Can you put together enough for their secured card?
