(Closed) Cannot get credit?

posted 4 years ago in Money
Post # 34
Member
162 posts
Blushing bee

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clarissabee:  you can fund your own secured card. Wells Fargo allows you to self-finance $300 to $10000 to get credit history established. Once you show a history of paying on time and using less than 30% of the card value; you will be refunded the amount you put in originally and get a “real” credit card. Hope this helps.

Post # 36
Member
5083 posts
Bee Keeper
  • Wedding: December 2014

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clarissabee:  Not because I think you won’t pay it, but I’d be cautious connecting your credit in any way to someone you aren’t engaged or married to. I’m not nervous of you, I’m nervous for you. What happens on the card would effect your credit, so if things went south in the relationship and he decided that he wanted to screw with you he could stop paying the card or something. It would effect him too, but you never know what people will do. 

Post # 37
Member
162 posts
Blushing bee

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clarissabee:  if you are bringing anything between $300 and $10k, they will approve a secured card for the amount you have. Just went through this.

Post # 39
Member
1166 posts
Bumble bee
  • Wedding: March 2011

Try US Bank secured card.  I don’t work for them, but know their product. 

Post # 40
Member
1166 posts
Bumble bee
  • Wedding: March 2011

To calculate a credit score the bureaus have to have at least two references for at least 6 months, so maybe get one of each.  Wait 6 months and open a store account like Macys.

Post # 41
Member
1321 posts
Bumble bee

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clarissabee:  Can you apply for credit in your home country that has no international usage fees?

I’m living temporaily (a few years) in the UK and I’m from the States. I found I couldn’t get credit here anywhere without having had 3 years of addresses, so I continued to use my American credit cards. 

Post # 42
Member
7509 posts
Bumble Beekeeper
  • Wedding: October 2014

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clarissabee:  “This is beyond unfair. I mean, I shouldn’t even be able to get a secured credit card? “

OP, that’s not unfair. It’s a result of you having not yet demonstrated your ability to pay back what you owe and borrow responsibly. You don’t have a documentable income (money from family doesn’t really count — what if your family gets mad at you and stops supporting you? Then you can’t pay your credit card bill), you don’t have permanent ties to the US because you’re not a citizen, and you’ve never been responsible for a credit card bill before. Your background makes you a bad bet for the credit card companies, and they think you’re more likely to leave the country or stop paying your bills than you are to pay things off. You need to understand and accept that this is how credit works. Now that you understand why you’re categorized as you are, you can start working to build credit. But accept that it takes a long time. No one owes you credit. You need to earn it. Start with a secured card, who cares if you get denied when you apply? If you get denied, you’re exactly in the same position as you are today. Minimal harm. Try store-brand cards like Best Buy or Macy’s. Try rent-to-own furniture. Move apartments to one that reports on your credit. Plan on it taking 3-7 yeas to build credit. Plan on having some very low credit lines and high interest rates. But stop acting like you’re owed some form of credit for some reason. That’s not how it works.

Post # 43
Member
200 posts
Helper bee

I had that problem in college as well, which is a good thing – even if you’re responsible, credit cards can be tempting when you’re not earning income.

I eventually got a store card (JC Penney), as many have suggested. No, I didn’t shop there a lot, but once every couple of months, I’d charge a pair of socks or something and pay it off right away.

Also, OP, yeah, you can get rejected for a pre-paid card…but I’d sit down and have a lengthy talk with your bank and see if they offer any options. Sometimes having a banker on your side to explain things can point you in the right direction. You can also use the “pre-approval” tools on Capital One, etc., which will tell you if there’s a good chance of being approved or not without dinging your score. (But be aware that “recommended” is not the same as pre-approved.)

Post # 44
Member
271 posts
Helper bee
  • Wedding: September 2014

Please dont get a credit card.  You are in a great position to earn money and save it to pay cash for a car when you graduate.  You should easily be able to save enough for a decent car by then.

Post # 45
Member
200 posts
Helper bee

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clarissabee:  Oh, I just saw your update about applying to every card you could find.

Don’t do that! Each application is a hit to your credit because it looks like you’re “desperate” for credit even if you’re not.

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