@FireMedic1 wrote:Congrats! Baby steps for now. You'll get there.
Thank you! I appreciate you!
I definitely want to open a 3rd card right away. I actually had an idea but not sure how viable it is. I'm thinking of calling capital one and asking if I can apply for the secured quicksilver card without pulling my credit again since they just did last week. I would love to get approved for that card as well since I would keep both capital one cards long term well after they graduate. The only other option it seems would be to go with Open Sky but I would definitely close that card once I've built enough credit to open something else hence why I'm trying to avoid it altogether if possible.
I would wait before doing anything. I opened my now closed Capital One Platinum Secured in July of 2017, by March 2018 I was approved for an unsecured Quicksilver One.
I would have patience and give it 6 months with Capital One.
Right now you have 2 cards, if you have patience and wait 120 to 180 days keeping utilization low and good payment history that third card shouldn't be hard to get and should be unsecured.
@lns1976 wrote:I would wait before doing anything. I opened my now closed Capital One Platinum Secured in July of 2017, by March 2018 I was approved for an unsecured Quicksilver One.
I would have patience and give it 6 months with Capital One.
Right now you have 2 cards, if you have patience and wait 120 to 180 days keeping utilization low and good payment history that third card shouldn't be hard to get and should be unsecured.
That's some solid advice. Thank you. I guess my thing is, I'm trying to build my credit as fast as possible in a 12 month period so I can apply for a auto loan once my collection drops off. I'd like to have multiple cards right away so I can start building that length of history. If I wait 6 months to apply for a 3rd card that's 6 months my credit isn't rising as much as it could be and 6 months of history length I'm losing as well.
@donkort wrote:You have to start from somewhere.
Secured cards are an excellent start.
I wonder how Experian "boost" actually works when you add your utility bills to your credit report. Establishing a few years of excellent payment history on utilities would probably work to your favor.
It's sort of a "catch-22"----in that a wide variety of credit types (credit cards, mortgages, car loans, etc) helps your FICO score----but you have to get approved for those credit types, and that's pretty difficult when you have little credit history.
As I said above, the secured cards are an excellent start.
After that collection gets deleted, you will be in a far better place.
And, of course, consider the advice of the people above me.
I honestly have no beef with secured cards. Putting a deposit doesn't bother me. I'm more than willing to prove myself. I'm taking everyone's advice to heart. It means a lot that there's people with experience willing to help others with no self benefit. Thank you!
Ok so I got the denial letter from Bank of America today after applying for their secured card last week. Their reasoning is as quoted...
“You do not have a sufficient number of established credit references”
“Limited or no deposit and/or investment balances with us and/or our affiliates”
So for some context, I only have a checking account with them that I use strictly for direct deposit from my primary employment. Once I get paid I withdraw my funds and repeat every week. I assume they want me to keep my money in there and possibly even open a savings account and start piling up funds in it as well. I have no issues with that if that's what that means. The one head scratcher though is the lack of credit history. Isn't that the point of secured cards? Lol.
@MarkyB wrote:Ok so I got the denial letter from Bank of America today after applying for their secured card last week. Their reasoning is as quoted...
“You do not have a sufficient number of established credit references”
“Limited or no deposit and/or investment balances with us and/or our affiliates”
So for some context, I only have a checking account with them that I use strictly for direct deposit from my primary employment. Once I get paid I withdraw my funds and repeat every week. I assume they want me to keep my money in there and possibly even open a savings account and start piling up funds in it as well. I have no issues with that if that's what that means. The one head scratcher though is the lack of credit history. Isn't that the point of secured cards? Lol.
Hello, I thought I would chime in and share my two cents. I am in a similar situation as you with not having a score. I haven't used credit in many years and had a completely blank file. I wanted to add accounts just like you and this is what I did. I started with both Disco and Cap 1 secured, after that I got the OpenSky (no hard pull). So I was sitting with 3 cards and took some solid advise from here and opened over the phone a NavyFCU account and also got the NRewards secured card. 3 weeks later I opened a SSL for 3k with them. I was also added as an AU on an Amex with a 30k CL. So you see we are a good deal on the same track. The best move I truly believe is from NavyFCU as you can truly build a real relationship with them. I am depositing half of my check every week into a savings account and not spending any of it. The 3k is still sitting there along with payments. I also use the card heavy and pay prior to statement close date. They have the best rates and are more likely to approve you for an auto loan faster then any other type of bank especially with limited credit. I used to work as a F and I manager in a large dealership and know all about underwriting and ready credit but had no idea of what I didn't know prior to coming to these forums. There are many intelligent posters here with a wide array of knowledge. I will say that what I know about auto loans is that with limited credit (even with a year of good pay) 30k is a big ask for starting off. I would not set my sights that high at first if I were you. I wouldn't want to be disappointed. Either way the credit union would be your best choice.
Best of luck to you!
>
>
>
>
>
>
>
>
>
/
@RobynJ wrote:
@MarkyB wrote:Ok so I got the denial letter from Bank of America today after applying for their secured card last week. Their reasoning is as quoted...
“You do not have a sufficient number of established credit references”
“Limited or no deposit and/or investment balances with us and/or our affiliates”
So for some context, I only have a checking account with them that I use strictly for direct deposit from my primary employment. Once I get paid I withdraw my funds and repeat every week. I assume they want me to keep my money in there and possibly even open a savings account and start piling up funds in it as well. I have no issues with that if that's what that means. The one head scratcher though is the lack of credit history. Isn't that the point of secured cards? Lol.
Hello, I thought I would chime in and share my two cents. I am in a similar situation as you with not having a score. I haven't used credit in many years and had a completely blank file. I wanted to add accounts just like you and this is what I did. I started with both Disco and Cap 1 secured, after that I got the OpenSky (no hard pull). So I was sitting with 3 cards and took some solid advise from here and opened over the phone a NavyFCU account and also got the NRewards secured card. 3 weeks later I opened a SSL for 3k with them. I was also added as an AU on an Amex with a 30k CL. So you see we are a good deal on the same track. The best move I truly believe is from NavyFCU as you can truly build a real relationship with them. I am depositing half of my check every week into a savings account and not spending any of it. The 3k is still sitting there along with payments. I also use the card heavy and pay prior to statement close date. They have the best rates and are more likely to approve you for an auto loan faster then any other type of bank especially with limited credit. I used to work as a F and I manager in a large dealership and know all about underwriting and ready credit but had no idea of what I didn't know prior to coming to these forums. There are many intelligent posters here with a wide array of knowledge. I will say that what I know about auto loans is that with limited credit (even with a year of good pay) 30k is a big ask for starting off. I would not set my sights that high at first if I were you. I wouldn't want to be disappointed. Either way the credit union would be your best choice.
Best of luck to you!
Thank you for that insight. I am preparing for the possibility of not being able to take out such a high auto loan. I'm not naive to think 1 year is enough to gauge someone's creditworthiness. I'm sure many lenders will be hesitant although personally I'd easily be able to pay it off. I will do my best getting approved and whatever happens I will make the most of it.
We really are on the same track. Glad to see things are going well for you. I'm opening a Open Sky as my 3rd card as well. I found out capital one won't approve me for a 2nd card until 6 months after my first approval. In fact, I will be applying for the Open Sky now right after I submit this reply. Thanks again for your time and good luck to you as well on your journey!
One thing about disco I want to warn you about. When they do reviews they mandatory make you sign the IRS form to check your income. You stated earlier that some was in cash and if I were you I would go to the disco app and update your income to whatever is provable because they will close the card if you can't prove it. If you update it now before hand you should be fine.
@RobynJ wrote:One thing about disco I want to warn you about. When they do reviews they mandatory make you sign the IRS form to check your income. You stated earlier that some was in cash and if I were you I would go to the disco app and update your income to whatever is provable because they will close the card if you can't prove it. If you update it now before hand you should be fine.
I just received my discover card in the mail today. They approved me instantly when I applied 2 weeks ago. I got their secured card. I didn't have the verify anything. Only capital one required me to verify my identity.