@Anonymous wrote:Yes sir, I have 0 credit cards, and I have 3 closed accounts (positively paid off) from a furniture rental company back when I was in college. 652 TU, 652 Experian, and it seems my Equifax isn't pulling anything. Let me know what you think is a good course of action, I just don't want to apply and get approved for a $1,000 limit, it would defeat the purpose of what I need the credit card for in the first place.
@AverageJoesCredit wrote:
Welcome to the forum
So , you have 0 credit cards is this correct?. I think you need to give some more specific info on how your credit profile looks before you can get any real good recomendations that havent been given so far.
If you have to rebuild or build credit its gonna be quite difficult to just expect to apply for a prime bank card and be given a big credit line. These things usually have to be built up by your profile . If you want to rebuild or build best place is in the rebuild sub forum as there are lots of great advice. Its just drive by credit isnt the norm and i would caution just trying to pick up huge limits only because its what you want now. Best of luck with your journey, please make sure you research how to do so correctly so there is less frustration in the end
With your credit profile you're probably going to start with $1000 limit, if you're lucky. At this point, your question should be who will grow with you in regards to CLI.
Yes I am almost of the opinion it's just better to apply directly for a rehab line of credit or something of that nature.
@medicgrrl wrote:
@Anonymous wrote:Yes sir, I have 0 credit cards, and I have 3 closed accounts (positively paid off) from a furniture rental company back when I was in college. 652 TU, 652 Experian, and it seems my Equifax isn't pulling anything. Let me know what you think is a good course of action, I just don't want to apply and get approved for a $1,000 limit, it would defeat the purpose of what I need the credit card for in the first place.
@AverageJoesCredit wrote:
Welcome to the forum
So , you have 0 credit cards is this correct?. I think you need to give some more specific info on how your credit profile looks before you can get any real good recomendations that havent been given so far.
If you have to rebuild or build credit its gonna be quite difficult to just expect to apply for a prime bank card and be given a big credit line. These things usually have to be built up by your profile . If you want to rebuild or build best place is in the rebuild sub forum as there are lots of great advice. Its just drive by credit isnt the norm and i would caution just trying to pick up huge limits only because its what you want now. Best of luck with your journey, please make sure you research how to do so correctly so there is less frustration in the end
With your credit profile you're probably going to start with $1000 limit, if you're lucky. At this point, your question should be who will grow with you in regards to CLI.
Your best bet is to actually call some different lenders regarding what you are trying to do. You have very limited credit and it sounds like you haven't used any credit recently. You only have 2 bureaus reporting scores and those scores are 652. You have no Eq score so you probably want to shy away from those that use Eq. I would call your bank and talk with a LO about your goals and how they can help you achieve them. I would also do this before you make the purchase, if you can. They may prefer to take out a 1st mortgage and see you have more cash in the bank for reserves vs paying cash for the house and depleting all of your savings. Once you establish some sort of recent credit you will find it easier to move forward on your future purchases. Also, read, read, read the forums on the best way to build credit. As Joe stated, go check out the Rebuilding forum too.
Fortunately I haven't done any hard pulls yet, I get the impression I will get approved, my fear is that will be for $1K, which will defeat the whole purpose 
But I am going to give them a call and see what kind of assurances I can get before a hard inquiry is done.
@Anonymous wrote:If you do go with Penfed, you should probably be sure that you haven't applied for a significant number of cards or other loans in the near term before you try them. They're known to be inquiry-sensitive and sensitive to numbers of recent accounts added, what they call, in their term of art, "pyramiding" debt. So either start with them first, or wait a few months at least after having secured other cards/loans to build a payment history and let the other HP's age before going to them. I've been thinking seriously about Penfed myself because I have a very longstanding relationship with them, literally all the way back to high school nearly 40 years ago when my parents opened my share account there, arranged my student loan through them originally (before refinancing it with Sallie Mae,and now I'm actually considering going back to them again if they can offer a better rate for the remaining principal), and have had two car loans with them including my current one. All that being said, I do have the considerations I listed above affecting any potential credit-card application.
I really think you shouldn't obsess too much over what your SL (starting limit) will be. From everything I've read in this thread, it seems to me that you're in a credit-building situation (nonetheless, you should still read the Rebuilding Your Credit section because it has much valuable information for people working on building their credit), so it's likely that your SL will be fairly low to start with., unless you select a secured card that you can fund with a 4-figure deposit. Work on growing whatever account you get, at whatever line you're given, for several months, keeping your utilization within reasonable limits (the lower the better) and either paying in full or at the least paying as much over the minimum as you can and always paying on time, then after your first few statements have dropped and been paid - the number will vary from card to card, so it's important to read other MyFICO members' reports of their own experiences - go to the issuer and ask for a CLI (credit line increase), preferably phoning their "backdoor" credit department numbers to bypass the online algorithms and low-authority online chat technicians and speak directly to credit specialists who have the authority to grant CLI's under more liberal circumstances than online/automated application facilities.
@Anonymous wrote:Fortunately I haven't done any hard pulls yet, I get the impression I will get approved, my fear is that will be for $1K, which will defeat the whole purpose
@Anonymous wrote:If you do go with Penfed, you should probably be sure that you haven't applied for a significant number of cards or other loans in the near term before you try them. They're known to be inquiry-sensitive and sensitive to numbers of recent accounts added, what they call, in their term of art, "pyramiding" debt. So either start with them first, or wait a few months at least after having secured other cards/loans to build a payment history and let the other HP's age before going to them. I've been thinking seriously about Penfed myself because I have a very longstanding relationship with them, literally all the way back to high school nearly 40 years ago when my parents opened my share account there, arranged my student loan through them originally (before refinancing it with Sallie Mae,and now I'm actually considering going back to them again if they can offer a better rate for the remaining principal), and have had two car loans with them including my current one. All that being said, I do have the considerations I listed above affecting any potential credit-card application.
