Please help ready to give up so early in the game

[Anonymous]

Hi first of all I enjoy this place very much since learning about this I'm on this more then Facebook (Fakebook) here is the problem I'm having I'm new to credit right now my fico8 is experian 711 trans union 698 equifax 668. Here comes the problem I dont have any credit cards and everything I have preapproved applied for I have got denied for so I have never filled a real application because if I was not pre approved on the application I filled out I did not want to waste an inquiry so I'm loosing hope of what to apply for next I see people with lower scores then me and they have these high limit cards and I'm just like what am I doing wrong I dont know what card I should apply for next please help this is what my file looks like experian 1 inquiry 1 account 5000 jewellery club balance 0 open 3 months ago
Equifax I have 0 inquiries I have 2500 ox publishing line with 160 balance 2 months old and I have the jewlery club 5000 balance zero and 1500 Hutton post account with 140 balance and a credit builder secured 1000 loan with 952 balance all 2 months old
Transunion I have 0 inquiries 1 5000 jewlery club 0 balance and 1 secured 1000 loan with 942 balance also 2months old
So what is my next move and when when do I apply for that real first card or account? Should I apply for care credit?
I cant apply for capital one because I just had them removed from my file about 6 months ago from a account I had with them a few years ago so with all that being said can someone give me some hope I know I must be patient but when and how much and with whom please thank you all for all the great tips on here

[hawkins]

Sure you can apply for Cap One. They forgive people after as little as a year. Many people have gotten a card with them after that time. Now since your file is very very thin it is hard to get credit when you dont really have it so to speak. However, try Discover prequalification site as they are usually pretty easy going for thin profiles like yours. They might offer the secured card which dont run from its a great card to jump start your file. Your scores are not too bad so I see alot of potential there. Key is dont go and apply for every card there is all at once. I think between Discover and Capital One you stand a good chance to get one or both of those cards secured or otherwise. Whatever you do stay away from Credit One, First Premier, Merrick, Blaze, etc... Those are crap predator cards designed to trap you. Discover and Cap One are great cards for starters. Best of luck and once those 2 are accomplished take a break from appliying and let those cards age a bit. After about a year you will be able to get all sorts of cards with all sorts of limits. Always keep your util low and PIF!!! Best of luck to you.

[GApeachy]

Agreed with above.  If you have a little money in the bank, $200 I believe is what you'd need, you can try the prequal at Discover for the secured card that graduates eventually.  I did this....it was my first card during my rebuild last year.

Come back here and post any other questions about prequals and such if you're still not comfortable with anything before you decide.  There are a lot of ppl willing to help walk you through your decision making.

Good Luck and never give up

[Anonymous]

I'd second and third the suggestions for Discover secured.  

Scores aren't everything for approval - prime lenders will certainly look at the recent age on your other cards and say 'nope.'  

When I was getting back into credit after a long absence - scores were barely okay.  From reading here, I knew I'd get denied for prime cards.  So - I applied for a Discover secured.  With prudent use, it unsecured at 4 months and I got a CLI.   As soon as it showed 1 year on my CR along with improved scores, I applied for Chase and Amex, and got decent limits.  Then, at 6 months of use, Chase auto-increased and I requested a limit increase on Amex, and again, approved.  Now I'm ready for a couple more, but I'll be cautious about overloading my thin file even though scores are good.  

So - patience.  Large credit limits don't come first.  You can use your current cards, and I'd also go for that Discover secured to grow on!  

[Anonymous]

A secured loan...? So a $1000 loan that you put collateral up for?
That one is very fresh & very full. Probably a big contributing factor to your denials. Take care of that first.

Also, if I read that correctly, you have three open accounts at the moment. 2x that are 2 months old and the other 3 months old. And you're applying for more lines of credit?! That's a huge red flag to lenders. Trying to open a lot of accounts in a small amount of time scares lenders. Let your accounts age for a bit (at least 6 months...ideally 13 months) without missing a payment and then try applying. You'll find yourself having much better 'luck.'

Now you just play the waiting game. Boring, I know.