Hi all. It seems that when I apply for a card, I get declined for not having enough positive trade lines. So I'm looking for suggestions on what cards I can add that I am also likely to be approved for. I was thinking of applying for a Bank of America card, hoping for (at worst) getting their counter offer (99/500 I think?). Has anyone had luck with this? What about other options for someone with a thin profile?
FICO scores bought on this site: Equifax: 650, Experian: 663, TransUnion: 663
I only have one credit card - Cap1, $300 secured. 5% util.
I have an 18 month old car loan, never late.
I have a paid off car loan.
I have one or two (Depending on the CRA) very old collections (less than $500) falling off within a 6 months to a year.
Thank you for any suggestions on building a thicker profile.
So since I bank with Chase, I tried their pre-qualified thingy. Thye said I was pre-qualified for either the Chase Slate or Chase Freedom. After a bit of research I decided to apply for the Chase Freedom. BOOM! Approved for $500 unsecured. I cannot believe they actually insta-approved me. That's a pretty good feeling!
Congrats on the card!!!! I would also suggest getting into a credit union as they have better rates than the bigger banks and you can try for a secured card. Let them age for a yr keeping on time payments and you will see your scores rise nicely. Keep your util % between 1-9 % on one card and a $0 bal on the other. Rotate them every month.
Thanks! I hadn't considered alternating balances between the cards. I will give that a shot! I have been keeping sub 9% on the Cap1. Its kind of nice to get a card now with some rewards ($100 if I use $500 in 3 months + 5% gas, 1% otherwise) instead of a rebuilder. I really think my banking history with Chase helped, so that's something to consider with anyone in the same boat as me with a thin credit file.
Since I keep getting offers in the mail, I went ahead and applied for a United Mileage Plus Explorer card (Chase) as well and got instant approval for $5,000. I could not believe my eyes.
I believe what was holding me back before from obtaining new cards is that my only credit card was less than 6 months old. I feel like I've come a long way since I joined up here. I've gotten numerous bad marks removed from my credit (including two First Premier chargeoffs) and it is all finally starting to pay off.
Thanks MyFico peeps!