How can I start building credit score?

Anonymous · ‎06-16-2015

I am a college student with no credit score. I tried applying to Chase Freedom multiple times and I wasn't fortunate enough to be approved. I wanted to know what's the best way to build up my credit score from the bottom? I have been with Chase for quite some time now, about 5 years. I've had my Chase debit card for 5 years. I thought that was going to help me get approved knowing that I've been an active user.

Anonymous · ‎06-16-2015

Start with a secured card. That's where you give them some cash and they lend it back to you. Silly as it sounds, it reports to the bureaus and establishes that you are able and willing to pay your bills on time. Once you've had that running for awhile (6 months if you're lucky maybe 12) you can try and convert it to a regular card and get your deposit back and/or apply for something else.

Chase is harder to get in with. See what Capital One will do for you.

Also look into Bank of America's secured card people have had good luck with that.

And since you are a Chase customer you could walk into a branch and explain your situation to them -- they may have a secured card for you too.

Pway · ‎06-16-2015

Capital One does not convert secured to unsecured. They will tell you need to apply for a new product. However, try with a credit union. They are good for helping those out especially college students because they can see the long term relationship they are going to have.

Thank you for the wealth of knowledge I have learned from these forums. I am logging off as of November 9, 2022. I wish everyone great success.

Anonymous · ‎06-16-2015

@Anonymous wrote:
I am a college student with no credit score. I tried applying to Chase Freedom multiple times and I wasn't fortunate enough to be approved. I wanted to know what's the best way to build up my credit score from the bottom? I have been with Chase for quite some time now, about 5 years. I've had my Chase debit card for 5 years. I thought that was going to help me get approved knowing that I've been an active user.

Hey I would recommend getting a secured card with either BofA or WF since the secured card for CapOne does not graduate into a regular card and you do not get your money back unlike the aforementioned banks where after a year you have showed that you are able to manage the credit card responsibly for a year and an improvement in your score then they graduate you into a unsecured card and give you your collateral back. Normally I would recommend getting a secured card with your own bank, but Chase does not offer a secured credit card.

Anonymous · ‎06-16-2015

While I appreciate all the feedback from you guys, I feel like there might be another way of doing this. I really fear secured credit method. Banks really use those of bad credit history or no credit history at all and charges ridiculous interest rates and outrageous fees.

Anonymous · ‎06-16-2015

@Anonymous wrote:
While I appreciate all the feedback from you guys, I feel like there might be another way of doing this. I really fear secured credit method. Banks really use those of bad credit history or no credit history at all and charges ridiculous interest rates and outrageous fees.

The other way to do this is to have someone add you to their credit cards as an AU(Authorize user). All the above posters are right. That notion you have about secured cards is a bit skewed IMO...

Luscher · ‎06-16-2015

Discover it for students. If not go to Bank of america and get a secured card.

Once you do end up getting a card, use it and pay it off every month.

SunriseEarth · ‎06-16-2015

@Anonymous wrote:
I am a college student with no credit score. I tried applying to Chase Freedom multiple times and I wasn't fortunate enough to be approved. I wanted to know what's the best way to build up my credit score from the bottom? I have been with Chase for quite some time now, about 5 years. I've had my Chase debit card for 5 years. I thought that was going to help me get approved knowing that I've been an active user.

Was that your denial reason for Chase? Unfortunately, debit activity won't count on your credit scores. IMHO, Chase isn't very good about relationships, at least not across different types of produts. My auto loan with them has not helped me get a CC.

I would try the Cap One prequalifier and see if you could get the Journey. Discover has a student card that might be worth looking into. Do you have student loans?

Anonymous · ‎06-16-2015

I think I'll apply for a Discover students credit card.

No, I do not have a student loan. I attend Baruch College in NYC. It is a city college. I receive financial aid and sometimes pay the rest of the tuition out of my own pockets. (Payments never exceeded $1,000) The main reason for being denied from Chase Freedom was "insufficient credit history".

PS: I have been an authorizedChase Freedom user under my parents' name for almost 6 months or so now. I thought it would be enough for me to jump off the wagon and start my own journey.

jesseh · ‎06-16-2015

If you were to apply for a secured card, I recommend getting one that can graduate (unsecure), my oldest accounts are secured, it kinda sucks to have to close your oldest account at some moment of time because you have a deposit on it.

On discover, having no credit and applying for an unsecured card is a risk, I'd say odds are you won't get approved. But with a small spotless history, discover is great