Jump to content

Denied for a CC because I have no CC's? Seriously


Recommended Posts

After putting my CR history on another board some kind posters suggested I should get approved for the Barclays NFL Rewards card. So I applied online and was denied. I called the following monday to get a reconsideration and the reason was that I had no other CC's. I kindly stated that's why I was applying. They went on to say that my report was fine, I just didn't have any CC's. What a crock.

 

Nobody on the other board mentioned anything until after I posted I was denied, that Barclays wants you to have CC history. Just great, a wasted hard pull!!

 

So I took a 2 point loss on TU score.

 

So I'm here seeking some suggestions if you would be so kind. I'd like to get my CR back in shape and I know I need a CC to do it.

Does anyone have any suggestions on an unsecured card that I "may" get approved for? Even a low limit is a start, I just need to get something rolling in a positive direction.

 

Currently my TU Vantage score is 711

CKarma score 638

 

I have several installment loans going as far back as they are allowed to report showing as all paid in full and all payments on time. I have an installment loan open with a balance just under $3K that is a year old and all payments on time.

One judgement that is 5 years old that is paid in full. It doesn't list what the judgement was for, just the attorney firm who collected.

TU and EQ show a collection for Verizon that is due to fall off this December.

Other than that everything is green.

Are there any unsecured cards I may qualify for in your opinion? Keeping in mind I don't have any credit card history.

I tried a website that tries to match you up with offers with a soft pull but they are recommending a prime Cap 1 all the way down to Cap 1 standard. I'm afraid to apply for the lowest card if it's going to result in another denial and hard pull.

Link to comment
Share on other sites

First, realize that any score that isn't directly from myFico.com is bogus...nobody who's going to lend you money looks anywhere else.

 

You basically have 3 choices: 

 

1. Where you bank.  If you can keep a minimum amount in your checking/savings account, even the major banks will usually give you a $500-$1000 limit card.

 

2.  Switch your bank to a credit union.  Again, as long as you have money in their accounts, they'll usually give you a card (although, usually is a "rebranded" car from some other CC company).

 

3.  Crap 1.  They are a bottom feeder, so they will probably give you a $300 limit card.  Be careful...when you get one, they'll offer you another, with a $300 limit, hoping you'll go overlimit and they can charge you penalties.

 

You've kind of bumped your head on the "truth about credit scores".  CCs pull the FICO Banc Card score (the "sucker score"), which common wisdom says shows them who uses credit responsibily.  In truth, the sucker score shows them who they are likely to make money on...so, if you 6 cards already, and your sucker score is in the 675 range or so, they're anxious to get in on the action. 

Link to comment
Share on other sites

  • 3 weeks later...

Get a secured card with no annual fee. There are currently ~3 on the market, the best of which is Navy Federal nRewards Secured Card (military only) followed by Harley-Davidson Visa Secured Card and then DCU Visa Platinum Secured Credit Card.

 

I'd do the following:

 

  • Join DCU (you'll need to make a $15 tax deductible donation to their "Reach Out For Schools" program to become a member
  • Grab a checking account with DCU, this gives you access to a ex-04 FICO score (same used by myFICO.com I believe)
  • Grab the DCU secured credit card
  • Grab either the Harley davidson or Navy Federal card if you're military

 

You're not going to be able to be approved for a decent rewards card for awhile so you might as well do two hard pulls and get two secured cards. This'll help your average age of accounts later. $15/yr for a monthly FICO score is a pretty good price from DCU, plus it's tax deductible. 

Link to comment
Share on other sites

  • 6 months later...

I know walmart provides monthly FICO scores as well? who else you know provides real FICO scores?

 

any of the monitoring sites offer real FICO scores like EIDT,MPM or SmartCredit. I have heard people use it to delete inquiries by getting daily pulls & then have too many softs so that the hard pulls get booted out. Is that really true? does it happen

Link to comment
Share on other sites

Like Willing said, join an credit union and then apply for their card. I recently did a phone application to one in my area and before I went in and funded the account, they gave me a credit card with a $15,000.00 limit no questionss asked. They had checked my scores first.

Link to comment
Share on other sites

I know walmart provides monthly FICO scores as well? who else you know provides real FICO scores?

 

any of the monitoring sites offer real FICO scores like EIDT,MPM or SmartCredit. I have heard people use it to delete inquiries by getting daily pulls & then have too many softs so that the hard pulls get booted out. Is that really true? does it happen

 

The only way you will get REAL FICO scores is through MyFico.com or by applying for credit and being denied.  Any other score you get is FAKO.

Link to comment
Share on other sites

Any similarity between FICO scores and any of the non-FICO scores is strictly coincidental. Getting non-FICO scores free MAY be an indication of how many more CCs you can get, but, they really have no bearing on your credit worthiness.

The FREE FICO score you get with CERTAIN Discover cards is based on data from only ONE credit reporting agency...TransUnion. Again, of doubtful usefulness. I've searched the Discover site and I cannot find any information relating to how current the data they use is. Even that number may be meaningless.

Link to comment
Share on other sites

The suggestion to apply for a Kohl's card is a good one. If you have cards from department stores, they can ease you into CCs. 

 

Kohls.

 

Target. 

 

Etc. 

 

Target is especially nice, assuming that you PIF at the end of each month. I do nearly all our grocery shopping at Target, and, if it were not for the airline card that I use to get miles, I'd be still using the Target card: you get 5% back at the register for all purchases.

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

 Share

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.