I keep getting turned down due to my thin credit file

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kcm7
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Postby kcm7 » Tue Dec 30, 2014 10:25 am

So if I'm reading this right, you're getting turned down even for secured cards?

Do you have a relationship with any particular bank? When my friend moved to the U.S. he opened up a savings and checking account with a small local bank. He couldn't get a card anywhere else (due to no credit history), but that bank gave him a card with a $500 limit.

Also, have you tried to get a store card?
Cards:

-Capital One Quicksilver
-Barclaycard Arrival (no AF)
- US Bank (no rewards)
-IHG


mathman314
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Postby mathman314 » Tue Dec 30, 2014 1:43 pm

kcm7 wrote:
Also, have you tried to get a store card?


Personally, I wouldn't recommend a store card being anyone's first credit card. Since a store credit card only lets you charge at that specific store, I don't see the point in it being the first credit card they have. Naw, one should get a card that let's them explore the waters a bit. But that's just me.
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Discover IT (for students): 4.6k
Chase Freedom (signature): 5k
Target REDcard: 1.5k
AmEx BlueCash Everyday: 5.5k

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popamode72
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Postby popamode72 » Tue Dec 30, 2014 2:33 pm

mathman314 wrote:Personally, I wouldn't recommend a store card being anyone's first credit card. Since a store credit card only lets you charge at that specific store, I don't see the point in it being the first credit card they have. Naw, one should get a card that let's them explore the waters a bit. But that's just me.


If the store cards are the only reasonable option for the op, I'd recommend something from Synchrony Bank that realistically he will have desire to use. Extremely wise to PIF of course but the limits grow pretty quickly and can help him get higher limit cards from the prime lenders later on and also acting as utilization padding too. My Amazon card started out with a limit of $600 and gave me a really good auto CLI a few months later and I've gotten another since by requesting it.

If that doesn't work, that SDFCU secured card doesn't sound like a bad option. Sometimes discover will give out counteroffers for their secured card like they did with my father recently. Boa's secured card also sounds like a great deal to me.
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)

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kcm7
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Postby kcm7 » Tue Dec 30, 2014 2:57 pm

mathman314 wrote:Personally, I wouldn't recommend a store card being anyone's first credit card.


Agreed, which is why I offered it up as a last-ditch scenario. The way I read the OP's post, he/she been turned down for everything else, and a store card is better than nothing, if credit-building is the goal.

Obviously, it's better if it's a store you shop at regularly.

True story: One of my first cards was a Kohl's card. I shopped there a lot, so I'd charge one thing every so often for six months and paid in full. Then I moved on to bigger and better and allowed the account to close due to inactivity. It really wasn't that bad.
Cards:

-Capital One Quicksilver
-Barclaycard Arrival (no AF)
- US Bank (no rewards)
-IHG



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