Denied for "limited credit history" what should I do?

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5 posts
bcbg12
 
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Joined: Mon Oct 22, 2012 9:11 am
Location: Maryland

Denied for "limited credit history" what should I do?

Postby bcbg12 » Wed Oct 24, 2012 8:24 am

Hi,

I'm new trying to establish credit as I've been paying cash or using debit card all these years...smh. I just was approved for a Cap One card with $500 limit last month. I tried to apply for the Citi Thank You card but called to find out my status and was declined due to "limited credit history" can someone advise what I need to do to start building credit?

should I go to my bank and get a secured card? or try for a retail or gas card sometime next year?

Thanks in advance


Vermonster
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Location: NJ

Postby Vermonster » Wed Oct 24, 2012 1:35 pm

Welcome.

I know someone else will have a lot more experience helping you out, but you need to give us more information. We need to know things like your age, income, average age of accounts, any loans you may have, missed payments, credit score, ect. I would make an account on CreditKarma.com, as that has a lot of information that can help.

I think once you give us more information, more people will step in to help.
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Bobzig
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Postby Bobzig » Thu Oct 25, 2012 1:34 am

Start using your Capital One. Focus on building a stellar payment history. It'll be easier for you to get approved for other cards once they see this.
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Daniel
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Postby Daniel » Thu Oct 25, 2012 11:30 am

You were just approved for a card last month, so they are seeing 1 month of payment history right now. Currently you have at least 2 hard inquiries on your report as you just applied for a second card. Just as the two above have mentioned, without more detailed information it is hard for us to make an informed recommendation. Without any additional information, I agree with bob, just give it 8-12 months, let your hard inquiries age (so you don't scare the credit companies you apply to away), and then as Vermonster mentioned, know your credit report!

Good Luck!

bcbg12
 
Posts: 2
Joined: Mon Oct 22, 2012 9:11 am
Location: Maryland

Postby bcbg12 » Thu Nov 01, 2012 2:26 pm

Thanks everyone for the input. I will register with CreditKarma and continue making my on time payments for the next 8-12 months before applying any where else.



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