Post # 1
Hi ladies 🙂 I am 22 and never had my own credit card, only one joint with my parents (I pay them monthly). I am one month into my first “adult” job and wanted to open a new card for myself. However i got rejected bc my credit score is too low (688). The joint card with my parents is paid in full every month and I have no other history .. So I think my problem is that i simply do not have enough credit history so my score is low. I feel like I can’t get a card bc I have no credit but I can’t build credit without a card … A dead end cycle. I also don’t want to keep applying to cards just to see if they will approve me since too many inquiries on my credit score is bad. So i feel stuck. I have a well paying job, no bad money history, but I can’t get a card to build credit. What do I do??
Post # 3
Try to open a store card. Like a Kohls, Sears, Victoria’s Secret first. I think those are easier… Kohls was my first card.
Post # 4
Go to a branch of you local bank and explain your situation. Odds are they will give you a credit card with a very low limit and have you put down $100 or so against any potential losses. You should get your “down payment” back after a year of consistently paying your bill. Can I ask what credit card rejected you? 688 is not too terrible but some companies, like American Express, are pickier than others.
Post # 5
I’m in the same boat. The only thing on my credit is my car loan and because I took it out so recently I can’t get credit. I’d really like to have a credit card so that we can make the deposits for our wedding on them, but I can’t seem to get approved, and neither can my boyfriend, who has no credit at all. It sucks.
Post # 6
@chittychittybanebane: I totally agree. Store cards are always the easiest and then go from there. Also, Capital One was my first card, before any store card, so I am thinking they are easy to get. My 2nd one was Macy’s.
Post # 7
- Wedding: October 2011 - Tre Bella, Mesa, AZ
@LGenz: Ditto. It depends on the CC company and the bank. My first CC was Visa through CapitalOne – I had no problem getting a low amount ($1k). I would try a different CC company or bank.
Post # 8
Try for a secured card. One of the best sources I’ve found for finding cards/comparing features is BankRate – http://www.bankrate.com/credit-cards.aspx – since you don’t have much of a credit history anyway, a few inquiries from credit card issuerers shouldn’t hurt much.
Post # 9
I agree with
@aheavel:…Store cards are a good start and Capital One really does approve a lot of people with worse credit than yours. I know from experience 😉
Post # 10
I agree with a store card. My first card was Harry Ritchies. Store cards are a lot easier to build credit on. I got mine when I was 18 and because of my payment history I now have a score of 740 and I’m only 22.
Post # 11
You need to run your credit and look at your report. There are government sites you can do this for free once a year. You might have something on your credit you didn’t know about. If you have to sign up for a free offer to check your credit, you are on the wrong site.
Post # 12
FYI, be careful with store cards. The rates are typically outrageous and they may only give you a card that works in their store (i.e. no Visa/Mastercard logo).
Post # 13
Can your parents put you on one of their cards? That should help you build credit. Also, if you are still a student, there are a lot of student-specific cards.
Post # 14
@crayfish: I thought you couldn’t add your children to your credit history anymore? People used to let strangers hop on their credit (for a fee) to help them build history immediately.
Post # 15
how about a revolving line of credit? maybe your parents can help you out, but i’ve found its the best way to boost your credit – in a way its like a secured loan – you go to the bank give them $1000 (or however much you can handle) then they will give you a credit card with $1000 dollar credit limit and you make payments on it each month to boost your credit score and you will get your original $1000 back.
Post # 16
I agree try a different company or look specifically for a CC marketed toward students. They will have a lower limit but at usually more understanding of no credit history.