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New to Credit Cards - Oops

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New Member

New to Credit Cards - Oops

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.

19 REPLIES 19
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Community Leader
Valued Contributor

Re: New to Credit Cards - Oops

Don't leave your parent's account yet.  I would try the Capital One and Discover prequals first to see if they offer you anything.  There is no hard inquiry so don't worry.

 FICO 8
Message 2 of 20
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Valued Contributor

Re: New to Credit Cards - Oops

Well, it kind of depends on if you're 21+ or not.

 

If you are then hit the pre-approval websites listed here - https://www.doctorofcredit.com/view-personalized-credit-card-offers/

 

If you're not, then it's a bit harder w/o rolling the dice on the cold applications.  I would probably start with Amex and Discover as they seem easier with a clean thin profile.

 

If you can pinpoint which CR's the prior apps pulled maybe we can mitigate the HP's being excessive on one of your CR's vs spread across all 3.  Don't bother with Capitol One since they'll pull each of the 3 for each app.

500K+ TCL / 800+ FCOs
Message 3 of 20
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Community Leader
Super Contributor

Re: New to Credit Cards - Oops

@BeckMax88 , welcome to the forums!!! Smiley Happy


My rebuild worked for me, but won't necessarily work for you!
BK7 D/C- 08/2013
Message 4 of 20
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New Member

Re: New to Credit Cards - Oops

I know they pulled off of Experian, but I'm not sure of the other two.

Message 5 of 20
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Moderator

Re: New to Credit Cards - Oops

Hi @BeckMax88 

 

The problem is not that you applied for three cards, it's that you have no accounts of your own 

Sometimes that "problem" can be circumvented by being AU (depending on how issuer treats AU accounts) or by starting with a secured credit cards, and trying for unsecured credit once that card reaches at least six months of age

 

You can try Discover, Cap One and Amex pre-quals if you're over 21. You could also try local CUs, they will often have credit builder (starter) cards if you or your family are members. 

 

For now, unless you're willing to take more chances if prequals yield no results,  you should settle for secured card to get you started on your credit adventures.

 

Good luck! 

Message 6 of 20
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Valued Contributor

Re: New to Credit Cards - Oops

Head over here https://www.creditchecktotal.com/ and grab all 3 reports for $1 and don't forget to cancel w/in 30 days.

 

Grab all 3 scores w/o having to play games with the various monitoring sites that provide the wrong scores anyway.  You'll be able to see who pulled what and which direction to head in.  Also, list the cards you went for so we don't hit them again.

500K+ TCL / 800+ FCOs
Message 7 of 20
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New Member

Re: New to Credit Cards - Oops

@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 Smiley Happy
Message 8 of 20
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Valued Contributor

Re: New to Credit Cards - Oops


@BeckMax88 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 Smiley Happy

Being denied just means wait 30-90 days in most cases

CU is always an option but, not always the option of last resort.

AU = Authorized User = YOU on your parents CC

500K+ TCL / 800+ FCOs
Message 9 of 20
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Moderator

Re: New to Credit Cards - Oops


@BeckMax88 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 Smiley Happy

AU is authorized user. I assumed that's what you meant when you said parents had you on their credit 

CUs are always a good option.

There is a card that does not require HP, it's called Open Sky. It does not graduate, but I would not consider it predatory card, so it's a viable option if you are in a hurry. 

As far as how long to wait, 3-6 months might do the trick. 

 

Who do you bank with and do they have any secured cards or starter cards? 

 

 

Here is something little to help you with the lingo 

http://ficoforums.myfico.com/t5/User-Guidelines-General/Common-Abbreviations/td-p/88458

Message 10 of 20
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