I went from Low 400's to 600's...

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jrfico
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Postby jrfico » Sat Jul 12, 2014 2:16 am

PlyrStar93 wrote:It's possible to get an unsecured card with no credit history, just need to find the right issuer and probably the right person who can handle with this.

Discover is known to issue unsecured cards to those with no credit history, one of my friends has done this recently, with $500 limit. He was required to submit several documents to prove his identity.

For Citi, college students can get unsecured student cards without credit history, going to branch is one of the requirements.

Chase may also issue cards to those with no credit history, I have one friend who did this last year. This seems harder, though, could be YMMV.

So it's completely possible to get an unsecured card without any credit information, just not that convenient as those who already have credit, and there is chance of being denied for whatever reasons.


One solution is beginning with a secured card; or start establishing credit with credit unions, or some banks issue student cards to those with no credit history, of course the rewards may be little to none.



Thank you!

I'm itching to apply online, but I think I should open a Citi or a Chase bank account and apply inside a branch... Are there any bank issuers for Discover?


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PlyrStar93
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Postby PlyrStar93 » Sat Jul 12, 2014 2:51 am

jrfico wrote:Are there any bank issuers for Discover?

I had to google some information and came with this:
http://ficoforums.myfico.com/t5/Credit-Cards/Discover-Network-card-Issuers/td-p/2615927 (MyFICO)
and this:
http://www.discovernetwork.com/consumers/credit-cards.html

Discover Bank is the issuer of Discover it cards, which my friend applied for. Looks like it's hard to find out another bank that issues Discover network credit cards, but the Discover it should be just fine.

If I were you I would go with Discover first. Considering your current credit file you might need to recon, but good luck with them and hopefully the application can go smoothly.

jrfico wrote:I should open a Citi or a Chase bank account and apply inside a branch...

And this can result in many different results. I would not recommend going with these first.

I was able to get a student card from Citi at the branch, but was told I was not able to get any Chase credit cards at the time I opened account last year at Chase. And, when I applied online Chase turned out unable to verify my personal information, so I ended up being approved when submitting another application at a branch.

These banks can be YMMV and there can be random factors, some people can get approved but some others end up the application not being able to go through or denial.
Citi Forward Visa $5000 10/2012 | American Express Blue Cash Everyday $8000 2/2014 | Discover it $7000 5/2014
Chase Freedom Visa Signature $7000 6/2014 | Citi ThankYou Premier Visa Signature $5000 1/2015
All EMV.

jrfico
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Postby jrfico » Sat Jul 12, 2014 2:10 pm

PlyrStar93 wrote:I had to google some information and came with this:
http://ficoforums.myfico.com/t5/Credit-Cards/Discover-Network-card-Issuers/td-p/2615927 (MyFICO)
and this:
http://www.discovernetwork.com/consumers/credit-cards.html

Discover Bank is the issuer of Discover it cards, which my friend applied for. Looks like it's hard to find out another bank that issues Discover network credit cards, but the Discover it should be just fine.

If I were you I would go with Discover first. Considering your current credit file you might need to recon, but good luck with them and hopefully the application can go smoothly.


And this can result in many different results. I would not recommend going with these first.

I was able to get a student card from Citi at the branch, but was told I was not able to get any Chase credit cards at the time I opened account last year at Chase. And, when I applied online Chase turned out unable to verify my personal information, so I ended up being approved when submitting another application at a branch.

These banks can be YMMV and there can be random factors, some people can get approved but some others end up the application not being able to go through or denial.


I really appreciate the help!

Is Discover It a hard pull on EQ or TU?

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Postby MemberSince99 » Sat Jul 12, 2014 6:55 pm

EQ for applications TU for CLIs.

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Postby jrfico » Sat Jul 12, 2014 7:51 pm

Thanks!

All of you have been very helpful!

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Postby yfan » Sun Jul 13, 2014 2:55 pm

Discover is a great option. I cannot believe I didn't have that card, although I generally tend to wait till I get a card offer in the mail.

But if Discover doesn't pan out to be an option for you, look into Capital One. I know Capital One isn't exactly popular 'round these parts, and for good reason, but they tend to be one of the easiest lenders when it comes to unsecured cards for building credit.

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Postby justBrandon » Mon Jul 14, 2014 8:43 pm

n00b here, but for what it's worth, I was approved for a Capital One QuicksilverOne card with a $300 limit with a FICO score of 615. YMMV, but for me, it's a start. Also, if you make your first 5 payments on time (which I fully intend to do) you may get a CLI. Best of luck to you.

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Postby jrfico » Mon Jul 28, 2014 9:14 pm

justBrandon wrote:n00b here, but for what it's worth, I was approved for a Capital One QuicksilverOne card with a $300 limit with a FICO score of 615. YMMV, but for me, it's a start. Also, if you make your first 5 payments on time (which I fully intend to do) you may get a CLI. Best of luck to you.


I had a Capital One credit card that got charged off in 2008 and I never sent CapOne any money to resolve the matter. I believe I'm "blacklisted" in their internal system as I applied 2 years ago for their SECURED card and still got denied, so I'm not sure if it would make sense to apply to Cap One.

Does CapOne keep an internal "blacklist" of people that are delinquent/charged-off, and if so, for how long?


EDIT: I just applied online for Discover It and got declined. Is there a recon number I can call? I'm hoping that with my employment and income level (six figures), I can get reconsideration...

2nd EDIT: Discover It pulled TU, not EQ.

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Postby PlyrStar93 » Mon Jul 28, 2014 11:33 pm

I don't know about if Capital One has any internal blacklists and how long it maintains, but it makes perfect sense if you had a charged off account previously and then apply and get denied, especially getting denied even when applying for secured card. The reason will most probably be "You have a previous charged off account with us" or something, and at the moment it's better to not go with them..

888-676-3695 for Discover's recon. When calling you might want to tell them the reason you want the card, maybe explain what was going on in the past if they ask and your effort to repair, and express your willing to treasure your credit. They may either re-consider the application then approve or deny again and tell the reason they denied you.

Discover pulled my TU for application, but I do have seen others been pulled EQ.
Citi Forward Visa $5000 10/2012 | American Express Blue Cash Everyday $8000 2/2014 | Discover it $7000 5/2014
Chase Freedom Visa Signature $7000 6/2014 | Citi ThankYou Premier Visa Signature $5000 1/2015
All EMV.

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Postby MemberSince99 » Tue Jul 29, 2014 6:26 am

You can try to recon Discover but they aren't very recon friendly in my experience. They've always approved me but with low limits compared to my other cards and I never got anywhere trying to recon with them on it. In fact one of their CSRs told me on the phone they do not recon. I know, never say never, but that's what I was told. In any case they are not recon friendly.


That's interesting they pulled TU - I've applied for numerous cards with them over the last couple of years and every pull was EQ which they are known to pull for new cards. Maybe they are diversifying their pulls a bit. Is it possible they pulled both for you?


I've heard that Cap One is about as friendly to being burned as any lender. Not sure if they blacklist but I do hear they forgive but it's always YMMV. Only one way to find out, but they do pull all three bureaus remember.


If Cap One doesn't pan out for you, I'd apply for the BofA secured card. It will eventually graduate to unsecured and give a CLI. Your scores are still pretty low and without good history to show, it's going to be a struggle to get your foot in the door as you are seeing. Once you get either a Cap One or the BofA secured card, stop applying for AT LEAST 7 months, preferably a year and just use your card responsibly and let it build your score and history. At 7 months of reporting, check your scores and credit and if you've moved up to say 680s then consider going for one prime card (unsecured). After a year, try again for one or two. Once you get a solid 18 months to 2 years and your scores are over 700 you can consider a mini app spree.
If you go nuts too early you will only set yourself back. So moderate it at first. I don't mean to sound all "MyFICO" but that advice is valid for rebuilders. For people who have good credit established it's not really relevant. But you are rebuilding so play for the long term for now.



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