LoveMyUGGS

GOOD credit, no credit lines - help please

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I used to have horrible credit.  It's all fallen off and now my scores are in the low to mid 700's.  I literally have NOTHING on my credit scores. Not a single line.  When I apply for a credit card, I get rejected for "not enough credit".  I guess it beats "late payments", but I'm old and can't even remember what my first credit card was so long ago or what to do!  I signed up with Credit Karma and applied for a card that had "good results" and was still denied.  I refuse to apply for Capital One, because they sued me and I won many years ago.   Any advice?   Thank you!!

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After we lost everything we restarted with a $300 card from Credit One. It was like $25.00 for paying one second late, but now I spend all day shredding "pre-approved" offers.

 

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Join a credit union, and get their credit card.  That is how my son got his first ( and so far only) credit card.  

In SOME cases they may want you to secure the card.  OK, secure the card.  In not too long, you will have some credit line on your credit report.

Take out a secured loan on your own car. 

All of these can build up credit.  

 

A German friend of mine had a bit of hassle.  Credit cards are not as popular in Europe, and they were even less popular when he lived in Europe before moving to the US in 2000.  He found that after a few years of renting an apartment his work helped him find, and not having a credit card, he was considered to be a bad credit risk.  Eventually he got some credit, and eventually bought his own place.  

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Secured credit card is the way to go. As the other posters have mentioned, Credit One is usually where most people start.

I would also recommend going to your bank and inquire about a secured credit card from them. They will require a deposit (minimum would be $300, max probably like $5000) and should provide a secured credit card. The good thing about this is that if you are never late and are good with the card, they will return the security deposit to you within a certain timeframe, most likely a year. The cons about the secured cards are that there are annual fees, but after a year, you should have established some credit to open an unsecured card.

Some major banks that offer this would be Bank of America, Discover, Citi, US Bank and Wells Fargo. Chase does not offer a secured card to my knowledge.

Another way is to perhaps looking to open a store card as well. 

 

 

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3 minutes ago, mrb0x said:

As the other posters have mentioned, Credit One is usually where most people start.

AVOID Credit One like the plague.  They are a fee harvesting card and you get charged anywhere from$15-25 for each credit line increase.  SO not worth it. They are also owned by the Sherman Group which owns one of the biggest JDBs ever as well.

Capital One has a good secured card as does Discover both of which graduate to an unsecured card.  Your own bank or a credit union are also other good options. 

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