Looking to get First Credit Card, Help?

ajcarter · ‎01-19-2014

I am currently a college student (19 y/o) looking to start managing my finances and in that process, would need to start building credit. Therefore, I went ahead and applied for two cards on the same day, around the same time - which was my first mistake. I applied for Discover It for Students, and Capital One Journey for students.

Naturally, I was rejected. Capital One's reasoning was: "Based on report from [credit bureau] for [name], credit bureau information is missing or unavailable"

Discover's reasoning was: "No Savings account"

I have went ahead and rectified both by getting a savings account, and calling/mailing information to all three credit bureaus (since, apparently no one knew I existed).

All of this was done in August 2013.

What do I do now? I was told wait 6 months, then I was told you don't have to wait. I need some guidance.

I don't really want a store card, but if thats my best bet- I'll do it. I really like the Discover It for Students.

All responses are greatly appreciated! Thanks in advanced!

zacknistelrooy · ‎01-19-2014

I would try getting a secured card from one of the banks, maybe BOA and after six months to a year , they usually upgraded you to a normal credit card. You can also try to get store cards like the walmart ones

user5387 · ‎01-19-2014

The SDFCU secured Visa might be a good deal. Lots of information on it available here.

baller4life · ‎01-19-2014

@zacknistelrooy wrote:
I would try getting a secured card from one of the banks, maybe BOA and after six months to a year , they usally upgraded you to a normal credit card. You can also try to get store cards like the walmart ones

+1

red259 · ‎01-19-2014

As mentioned you should get a secured card to build up six months of history and then try for an unsecured card. if its a program where they roll the secured card over to an unsecured card for you after a certain amount of time all the better. Don't get discouraged you just need to establish a credit history of some sort.

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ktl72455 · ‎01-19-2014

SDFCU +++++++ 100% Even BOA and cap 1 can deny for a secured card SDFCU wont and no HP.

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Revelate · ‎01-19-2014

@ktl72455 wrote:
SDFCU +++++++ 100% Even BOA and cap 1 can deny for a secured card SDFCU wont and no HP.

Except the BOA card is better than the SDFCU for everyone who doesn't need a no forex card, and when first building a credit file inquiries are absurdly irrelevant anyway.

Really should get two anyway, BOA + SDFCU covers pretty much every everything and is an excellent combo. Personally I think they're numbers 1 and 2 in the current secured market. Cap One edges them out if you don't have enough cash to deposit the 300 or 250 (BOA and SDFCU minimums respectively when I last checked).

chwebb1 · ‎01-20-2014

@ajcarter wrote:
I am currently a college student (19 y/o) looking to start managing my finances and in that process, would need to start building credit. Therefore, I went ahead and applied for two cards on the same day, around the same time - which was my first mistake. I applied for Discover It for Students, and Capital One Journey for students.

Naturally, I was rejected. Capital One's reasoning was: "Based on report from [credit bureau] for [name], credit bureau information is missing or unavailable"

Discover's reasoning was: "No Savings account"

I have went ahead and rectified both by getting a savings account, and calling/mailing information to all three credit bureaus (since, apparently no one knew I existed).

All of this was done in August 2013.

What do I do now? I was told wait 6 months, then I was told you don't have to wait. I need some guidance.

I don't really want a store card, but if thats my best bet- I'll do it. I really like the Discover It for Students.

All responses are greatly appreciated! Thanks in advanced!

I didn't know Discover would decline for not having a savings account. I'd say go ahead and try for Discover again since you now have a savings account. Also, what bank(s) do you have account(s) with? You might be able to get a CC through your bank if you have decent balances in their account(s). Another card I've seen that will approve students without history is the State Farm student Visa: https://www.statefarm.com/finances/banking/credit-cards/state-farm-student-visa. I have no experience with this account (I don't have a credit card with them), but I do have a checking and money market account with them, and I've been happy with them so far.

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armichic · ‎01-20-2014

Don't be discouraged. Last year I applied for DISC IT and with a 762 credit score they only gave me a 5K limit-most of my major cards are $10-20K so I was a little offended but I wanted a card with no international fees and no annual fee for the rare times I travel overseas. Try looking into your school to see if there is a credit union that you qualify to join-they are more leniant with their members. You may still have to get a secured card initally. Alternatively, store credit cards are more willing to give you a go-not big stores Sears or Macy's but the small mall stores...just don't get hooked cause their interest is ridiculous but it's a start...after a few months you may get offers anyway once they know you are in college and your info becomes available to them. This is my daughter's 2nd semester and she's been getting a slew of offers even before I added her on to the car loan to build her credit. In time, you'll have more offers than you can stand...

ajcarter · ‎01-20-2014

@zacknistelrooy wrote:
I would try getting a secured card from one of the banks, maybe BOA and after six months to a year , they usually upgraded you to a normal credit card. You can also try to get store cards like the walmart ones

I thought about store cards, but I don't want to run the risk of being rejected again... that would be 3 hard inquires (and negative) on my credit report.

I do have a Target (debit) RedCard, and I shop there a lot, probbaly twice per week. Does that increase my chances of getting a Credit line from Target?