@Anonymous wrote:
@Remedios
I tried applying for a secured card and was denied because of too many hard inquiries in a short amount of time. How pong do I have to wait before trying again? Does this mean my best option is a CU? What is an AU and how can I get involved. Also, thank you to everyone helping me! I'm leaening a lot
Welcome to The Forum!
I believe that i read somewhere, there is a secure card that does not do a Credit Hard Pull?
Maybe you can search, or someone else can chime in?
@M_Smart007 wrote:
@Anonymous wrote:
@Remedios
I tried applying for a secured card and was denied because of too many hard inquiries in a short amount of time. How pong do I have to wait before trying again? Does this mean my best option is a CU? What is an AU and how can I get involved. Also, thank you to everyone helping me! I'm leaening a lotWelcome to The Forum!
I believe that i read somewhere, there is a secure card that does not do a Credit Hard Pull?
Maybe you can search, or someone else can chime in?
keep reading 
@Anonymous wrote:I am 21 and had a score of 767. I've been on my parents credit card for years and have just looked into creating my own credit card and leaving their account. The problem with this (to be blunt) is I applied to three credit cards. The first one was a Chase card which I thought fit my spending habits perfectly and would be the best credit card for me. However, I was denied. I applied for a runner up card and was denied. Finally, I applied for a secured card and was denied because I had made too many inquiries. I also have a thin credit history due to my age.
Now i've learned that all of these "hard inquiries" have dropped my score to 710 and with a thin credit history, I probably have no chance of getting a credit card that will bring me to financial independence. What should I do? Is there anyway to remedy this situation? Advice would be VERY helpful. Thank you.
1. You should probably wait a few months.
2. One thing you can do without getting hit with another hard pull inquiry is to join a credit union that doesn't hard pull for membership, put some money in a savings account, and take out a share secured loan, paying it back slowly to establish credit. [Share secured loans generally don't have a hard pull, but you might want to check just to be sure].
3. Generally the easiest first card to get in your own name is a store card. While I don't normally think store cards are a great idea, getting one -- just to get the ball rolling -- would be ok. Just make sure it's with a company or store that you would actually buy from.
4. If you try again for a secured card, I would suggest (a) Discover or (b) a credit union.
I'm a little skeptical about the score you're citing. Where are you getting it from? What scoring model is it?
Three inquiries aren't that much when we're talking secured cards.
The issue is probably that you were applying for cards that were kind of hard to get and/or have an age requirement you do not meet.
Which secured card did you apply for? Actually, what are the three cards? Apologies if you already said this.
For me, coming from a thin file (though my life situation is very different), the first card I was approved for was Citi secured. However, with your pretty decent score, I would suggest trying Discover prequalification. (Discover is the Rolls Royce of secured cards.)
Having 3 inquiries is no big deal for secured cards, believe me. They list reasons when they deny you for anything, and the three inquiries would show up as a reason, but there are other reasons that may not have been listed also.
I have not looked into minimum ages for the following (I am 48) so you'd need to check that, but personally, I'd start with Discover and Citi, and Amazon Store Card if you shop much at Amazon.
Discover graduates to unsecured after as few as seven statements. Citi tells you they graduate after 18 months, but there are many anecdotes of early graduations. Amazon Store Card graduates at some point, I don't remember how long. The reason this is important is that those are quality lenders/cards that you can keep for decades or possibly the rest of your life, and you'll be happy one day to have an account age of 10, 20, 30 years.
If you happen to be in an area with TD Bank, they have a great secured card that graduates to unsecured after as few as 7 statements. But you need to physically go to a TD Bank and open a savings account to qualify. Bank of America also has a secured card that graduates.
If you can't get any of them, Open Sky is a secured credit card with a $39 annual fee but a decent reputation, that does not require a credit check. After a month or two of responsible use, you will probably start qualifying for nearly any secured card.
I would not get a Capital One secured card, because of the triple pull and also because presently, Capital One cards do not graduate (has not always been the case, and you might find outdated info online like I did, which is why I have a Capital One secured card, sigh).
Editorial statement: I wish the credit score was the credit score and that was that. I find it exasperating that you can have a good score and not qualify, or a bad score and qualify, because of factors that could have been included in the score if FICO and the lender saw eye to eye. Like, if AU cards don't count in the eyes of credit card issuers, why was your FICO score that good? It would be simpler if they could generally agree on this stuff, so all we have to look at is a number plus income, instead of this thought process of "my score is good but such and such factor is bad". Such and such factor should be included in the score in a broadly accepted way and it seems like that is often not the case.
Good luck!
I felt pretty dumb, after I read upthread
, you got a good laugh, and I now have "2" Kudos from you
That'll teach Me to read a little more carefully.
