High Risk, but want to rebuild credit

[Anonymous]

I just got my credit report and all 3 agencies list me as "High Risk".   From what the lendor that I'm working with on eventually buying my first home, I don't really have "Bad Credit".   I just don't have good or estabslished credit.

To give a bit of info...I had one secured credit line through my bank that was closed about a year ago.  I paid on it well for the first year, but got behind and it was closed out after 3 months of inactivity.

Also, for one year, through a different bank, I had a line opened called "Credit rebuilders".  There, I would pay a monthly fee and once the term was up, the money was given to me.

The only other account on my credit report is my first auto loan, which I opened in July of 2014.

So, hoping to establish another credit line to improve my credit score, I applied for the Capital One Quicksilver card and was denied.

I'm feeling dejected.  I really want to build my credit, but if I keep applying for cards and my credit report gets dinged and I don't get approved, I realize I'm only making it worse.

What can I do? 

[Anonymous]

Secured card is the best way here.

I am not sure what those programs promised but they sound ghastly.

[Anonymous]

Definitely look into a secured card like Bank of America's or one from SDFCU.

[baller4life]

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@Anonymous wrote:

Definitely look into a secured card like Bank of America's or one from SDFCU.

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+1

[Creditwiser]

Go the secured route as others have mentioned. Take care of that account, spend some of your free time on this forum and learn all you can. Work on your CR's for lates and baddies and keep paying your account(s) on time every time. In 6 months you'll likely be able to get a cap 1 unsecured and you keep building from there.  There are many in this forum who were where you're at or worse off and have climbed out. Its up to you but if you're committed to fixing it, you've come to the right place. Read, read, and read some more.....ask questions and learn.  Good luck and welcome to the forum

[Anonymous]

Thanks to everyone for the responses.

Since I just applied today for the Capital One card, should I wait for a short term before applying for a secured credit line?

[RBFool]

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@Anonymous wrote:

Thanks to everyone for the responses.

Since I just applied today for the Capital One card, should I wait for a short term before applying for a secured credit line?

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I skimmed through your post... What date did you apply for the Cap One card? If it's within 30 days you may call customer service and see if they can use your other hard pull to see if they can approve you for their secured card... I'm not sure if they do that but it never hurts to ask.

[Anonymous]

SDFCU is the way to go . You'll get approved with a soft pull . You already used 3 inquiries with the Capital one app . I don't think their secured cards are worth another 3 hard inquiries . Good luck .

[Anonymous]

What is SDFCU?

[Anonymous]

It's a credit union . Google it and apply if you like what you see . You'll get the same TL you would get with a capital one secured card but without the 3 hard inquiries on your report for 2 years .