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Is the Macy's card a great way for someone who has no credit to start building it? And if so, how would one go about doing so?
The thing is, I applied for 3 other cards (chase freedom, discover it for students, and the capital one journey card) all of which I was denied. I dont think it'd be a good idea to apply for another card so this is currently my only option to build credit with(to my knowledge). I believe I in fact do have the store card and I had no credit history prior to getting it.
@Codert777 wrote:The thing is, I applied for 3 other cards (chase freedom, discover it for students, and the capital one journey card) all of which I was denied. I dont think it'd be a good idea to apply for another card so this is currently my only option to build credit with(to my knowledge). I believe I in fact do have the store card and I had no credit history prior to getting it.
what is your annual income if you don't mind me asking?
Im in college full time but with my part time job I make around 7250 dollars a year and when I come home for the breaks I generally do heating and air jobs with my dad so maybe another 3000 or so tacked on that.
@Codert777 wrote:Im in college full time but with my part time job I make around 7250 dollars a year and when I come home for the breaks I generally do heating and air jobs with my dad so maybe another 3000 or so tacked on that.
Do you pay rent in an apartment or anything?
Income is kind of low, and then if you paid rent that would eat most of your income which would probably account for the denials. If you receive grants or scholarships, some student cards will allow you to add them to your income, but other than that you might be out of luck for anything besides a secured card.
Macys was the first card I was approved for and I am glad that I went for it. I shop a lot at Macy's so it was a good choice. It started at $300 and is now at $3000, while the American Express branded one is at 10000 only about three years later. If you shop there I see no reason not to get it. The store version may not have rewards but it does give you coupons and it will still build credit.
I live in student housing. What secured card would you recommend for me?
@Codert777 wrote:I live in student housing. What secured card would you recommend for me?
Do you have a banking relationship with anyone?
the two best secured cards are probably the capital one secured (since it doesn't report with the "Secured" notation, but they pull all 3 reports) and the Bank of America Secured (since you can get the 1-2-3 rewards added onto it).
When I applied for the capital one card I was denied for it , but a few months later they approved me for an unsecured card, so I don't really know what their criteria is.