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I'd like to start building my credit. So far I've applied for the Capital One CC for new comers, supposedly for people with no credit history. Obviously got declined.
In the future I plan on applying for the secured BoA card but from reading the board people are getting declined even for "secured" cards these days.
Assuming Walmart,Target, etc. reject me in the future, which most likely they will.
What options do I have left? Fingerhut? lol
What time frame should my applications be spaced out in? Assuming it's not a good idea to apply for a bunch at once.
I'm not in a hurry but would like to start the building process, CL's don't matter.
Work part-time at the moment so income is not high but cash available.
Thanks.
@Anonymous wrote:I'd like to start building my credit. So far I've applied for the Capital One CC for new comers, supposedly for people with no credit history. Obviously got declined.
In the future I plan on applying for the secured BoA card but from reading the board people are getting declined even for "secured" cards these days.
Assuming Walmart,Target, etc. reject me in the future, which most likely they will.
What options do I have left? Fingerhut? lol
What time frame should my applications be spaced out in? Assuming it's not a good idea to apply for a bunch at once.
I'm not in a hurry but would like to start the building process, CL's don't matter.
Work part-time at the moment so income is not high but cash available.
Thanks.
With no history, secured cards are generally easy approval. After 6 months history, you have a credit score and then I would add some store cards which are usually easier to get.
Walmart card, DCU (digital credit union) secured card is one of the best, Wells Fargo or any local credit union should offer them as well, many local credit unions these days have credit card printers on site so you can have a card to use within minutes. Capital one sucks cause they couldn't verify my identity even though I sent my documents over 5 times and I got hit with 6 inquiries cause of their negligence.... for a secured card just find a local bank preferrably a credit union to get you started. Also find one that'll graduate. (meaning you get your money back after you proven yourself after months to a year)
Get to be an AU (Authorized User) to someone with a good Credit card, with a high limit and a good payment history. that would help you a lot
Credit Unions are super friendly and helpful.
Thanks, I'll see how it goes with the Secured CC. Would it be a waste to try and apply for a Walmart, BestBuy, Target card with no history?
What's the opinion on the BoA secured card?
@Anonymous wrote:Thanks, I'll see how it goes with the Secured CC. Would it be a waste to try and apply for a Walmart, BestBuy, Target card with no history?
What's the opinion on the BoA secured card?
Opinion on BoA secured card? in my Opinion stay away from ALL things BoA imo. They're a terrible bank. period. no iffs and butts they suck. Only good card imo that they had got nerfed few months ago the Asiana credit card that gave 2 miles per dollar spent on anything which made it really ideal, especially since you could use those miles for United flights etc.
Walmart is fine cause you'll probably get a low credit limit but GECRB is good about credit limit increases + free fico 08 transunion scores, bestbuy is run by capital one so I wouldn't want 3 credit inquiries on your reports besides they deny a lot for the bestbuy cards, target card I would avoid and just get the target debit card to link to your existing debit to get 5% off.
As stated earlier if you have little to no credit try to find a person to add you on their credit card, preferably a parent spouse siblings etc. Authorized user is basically being under the wing of another person's credit card. If they had the card for 10 years you'll get 10 years of credit history copy and pasted on your credit file dramatically increasing your credit score.
What are some good secured CC's with low annual fees?
The Wells Fargo looks alright, I see the fee went up a bit to $25. Which is not that big of a deal for the overall picture.