No credit history and denied for a secured Card.

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6 posts
Moizy
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No credit history and denied for a secured Card.

Postby Moizy » Tue Jan 15, 2013 1:33 pm

First and foremost, I'd like to thank all of you for educating me on this topic through all your posts. I learned a lot about credit from scratch and it has helped me narrow down my choices for cards to start off with.

I recently received my SSN on 12/21/2012 and applied for a Cap One secured card on 1/2/2013 and I was denied for the reason that the 3 credit bureaus did not have any information on me.

After this set back, I am looking to apply for another secured card. After reading reviews about the First Progress Platinum elite, I came to the conclusion that it is not a good card. My local credit union as well, does not offer a good card but the best one I found was

The Harley Davidson Secured Visa from US Bank.

Now I'm not a rider but this card has a big appealing point of NO ANNUAL FEE. Although the APR for purchases is 22.99%, I think that won't be a problem as I will be paying my bills on time.

What are your suggestions and thoughts as to what I should do?

Thanks for any input/help. It is very much appreciated.


JasonKR
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Postby JasonKR » Fri Jan 18, 2013 6:00 am

Moizy wrote:First and foremost, I'd like to thank all of you for educating me on this topic through all your posts. I learned a lot about credit from scratch and it has helped me narrow down my choices for cards to start off with.


Any income information?
BoA Better Balance Reward- $1,500 (01/13)
Discover It for Student- $1,700 (04/13)
Capital One QuickSilver- $500 (05/13)
Chase Amazon Rewards Visa Card- $700 (10/13)
Citi Forward for Student- $2,400 (10/13)
Amex BCE- $2,000 (10/13)
TransUnion - 722 | Experian - 709 | Card Acquisition Risk Score(Chase) - 710
Credit Karma - 715
(Future card: Chase Sapphire or preferred)
* Gardening till summer of 2014! * too many inquiries :(

MemberSince99
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Postby MemberSince99 » Fri Jan 18, 2013 2:53 pm

I hate to say it but First Premiere and Credit One are known for giving credit to pretty much anyone. You will pay very dearly for that credit, but it's a start. After a year of dealing with them you should be able to get better cards and move up the food chain so to speak.

nishant
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Postby nishant » Sun Jan 20, 2013 10:52 am

Best way to get a secured credit card is to walk into nearby credit union, talk to the manager for a opening a CD for say 3 months, and then get a secured credit card against that CD.

If person has steady source of income, just after 3 months, you can make same credit card as unsecured- probably you will receive a new card and use CD money for something else.

DoingHomework
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Postby DoingHomework » Sun Jan 20, 2013 1:45 pm

The question would be why did you just get your SSN. If you are young and just never had one, which would be weird because it would mean your parents probably never filed taxes, that would be one thing. If you are a new immigrant then you probably will have to wait a while. In my field I work with a lot of very high income foreigners who come here and can't get any credit at all for at least a couple of years.

Midori
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Postby Midori » Sun Jan 20, 2013 10:42 pm

Am I correct in guessing you had no SSN because you're a newcomer to the US?

Instead of trying for a Capital One Secured Card, you might try one more tailored specifically to immigrants: Capital One Cash Rewards for Newcomers. It seems to be specifically designed for people in such a situation, and they won't be surprised to find no information on you from the credit bureaus.



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