Can't build up my credit

For just about anything you want to get off your chest about credit cards.
13 posts
moekarout
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Can't build up my credit

Postby moekarout » Mon Aug 19, 2013 4:03 am

Hello everyone

Its been a year since I immigrated to the USA, with that said. I have been trying to apply for credit cards, getting rejected directly with the reason of not enough credit accounts...

with that said and with no one is accepting any application for any credit card with any type and with no luck to get any type of credit to improve it, my credit score is still stuck at certain point and not moving at all. I mean I need to start somewhere right?


Midori
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Postby Midori » Mon Aug 19, 2013 12:58 pm

Do you have a checking or savings account with a bank or credit union?
Are you here as a student or as a worker?
Do you have the option of direct deposit from your workplace?
Have you been rejected for a secured card?
Have you been rejected for the Capital One Cash Rewards for Newcomers card?
Have you been rejected for the American Express Serve?

im_mr_awesome
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Postby im_mr_awesome » Mon Aug 19, 2013 2:08 pm

AMEX Serve isn't a credit account. It's a prepaid card with direct deposit and a few perks. It's also not a checking account, as it's not FDIC insured.

The best option is to go to Capital One, Bank of America, or a credit union and get a secured card. The more you can pay upfront for the secured card, the better you'll be for a credit limit. Hold on to that for a year or two, using it responsibly, never carrying more than a 30% balance at most, preferably 1-9% or even 0% when you're going to apply for another card later.

Use that secured card to build up your credit and then hopefully you will be okay for the future.

If you have more questions, please ask.
Scores on the mend...
FICO: 650 (Discover/TU, 6/23/2016)
Cards I Use Citi Double Cash, Chase Amazon, Capital One QuickSilver
Sock Drawer Discover IT, Citi Diamond Preferred, AE Visa, QuickSilver One, Walmart CC, CareCredit, CreditOne (keeping for history for now)
Short Goal Reach 680

moekarout
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Postby moekarout » Mon Aug 19, 2013 5:20 pm

Midori wrote:Do you have a checking or savings account with a bank or credit union?
Are you here as a student or as a worker?
Do you have the option of direct deposit from your workplace?
Have you been rejected for a secured card?
Have you been rejected for the Capital One Cash Rewards for Newcomers card?
Have you been rejected for the American Express Serve?



1-I am here as an immigrant
2-I have a checking and saving accounts
3-I have one secured CC from BANK OF AMERICA and it didnt improve the score
4-never heard of that card am gonna check it out
5-i didnt knw about that too

moekarout
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Postby moekarout » Mon Aug 19, 2013 5:21 pm

[quote="im_mr_awesome"]


The thing is with my secured, i use it alot but when it comes to payment, i pay the whole balance at once. i dont pay it as separate payments

flipnsf
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Postby flipnsf » Sun Sep 01, 2013 7:20 pm

my score in oct 2012 was 580..... sept 2013 bet the 3 im 664 682 and 719.... heres how i rebuilt in less than a year...best way to do it is by opening 2 credit cards and an installment loan secured by your deposited cash...

first open a credit union account where you live. tell them you want a 1 year secured loan which means that you deposit an amount of money say 1000 to your account and you will pay it monthly thru auto deductions. you deposit your money but the loan gives you the 1k back which then you will use to open a secured visa card... this means you deposit the 1k in your account and you get a visa credit line with them... if you want you can split the 1k and open a 500 credit line and go to another bank or another credit union to open a 2nd secure line of credit... visa or personal loan... either one.... the advantage with credit unions is the low fees... they wont charge you an arm and a leg in interest rates and annual fees so you can build up credit easily.

don't charge more than 30% of the credit line on the visa card and pay it off monthly and don't miss any payments on the personal loan. btw my interest rate on the loan is less than 5% and the visa is 7.5%.... (wont matter since you pay this off every month) good luck to you. credt unions dont have a lot of branches but you can do everything online nowadays and aps that allow you to deposit checks with your cell phone makes it convenient....local community banks are also good with the fees in case you dont have a cu in your area.

JeffM
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Postby JeffM » Mon Sep 02, 2013 11:43 am

moekarout wrote:The thing is with my secured, i use it alot but when it comes to payment, i pay the whole balance at once. i dont pay it as separate payments


Try to get another secured card. How long have you had the Bank of America card for? What's the limit on it and how much do you use it?

Are your checking and savings with BoA or are they with a different bank?

whit
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Postby whit » Mon Sep 02, 2013 12:26 pm

secured cc doesn't really help IMHO and honestly are more meant for those who have had really bad credit versus no credit history

If you've been here for a year and prior to that you were struggling now would be a good time to try..I don't think having a secured credit card would go against you or anything, I'm just very wary of them.

I've personally seen immigrants and those who come here to work for a few years get approved with a social security number..and it is possible to get approved without one, though very difficult and under special circumstances

But for those that got approved with social and little time in america it was not easy. They had to prove that they have a good income, and have a considerable amount in the bank (10k) to have special consideration done--this is through a big bank too--Chase. (Sapphire preferred, 5k, within less then 6 months of coming over from Europe)

If you have low income (less then 50k) or do not have enough saved (10k) then it still isn't impossible but it would take more time, about a year or two of bank records to prove that you can be responsible with your account (no overdrafts, no insufficient fees, no returned checks..hopefully a good healthy balance but not always necessary)

I helped a student who was getting rejected by everyone including capital one for students because she has no credit history, she has bank history of 2 yrs and it took time to approve, esp at her barista salary--but she got a no frills card (no points or rewards) BUT it is not a secured card, it's free, and it's from a major or prime lender that helps build credit

I would try banking with citi or chase that has credit cards that can do good--bank of america offer secured credit cards..not exactly someone I would consider game player in credit cards..but this is all based on my personal opinion :)

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Terry
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Postby Terry » Mon Sep 02, 2013 12:43 pm

moekarout wrote:Hello everyone

Its been a year since I immigrated to the USA, with that said. I have been trying to apply for credit cards, getting rejected directly with the reason of not enough credit accounts...

with that said and with no one is accepting any application for any credit card with any type and with no luck to get any type of credit to improve it, my credit score is still stuck at certain point and not moving at all. I mean I need to start somewhere right?


Try Wells Fargo secured credit card to begin your credit journey.
AMEX Green Card - NPSL [Member Since 1995] ;)
AMEX Everyday Card ($25,000) 6/14 Backdated to 1995 - For 20% Extra Points Benefit
Chase Freedom Visa Signature ($17,000) - For 5% rotating categories
Citi ThankYou Preferred Visa Signature ($16,000) - 2% dining
Discover IT Humane Society Design ($16,500) - For 5% rotating categories
Firestone ($2,600) - For 0% financing
Home Depot ($10,000) - For 0% financing
JCPenney Credit Card ($7,000) - For special discounts
Sam's Club MasterCard - ($20,000) - 5% off gas at any fuel pump
Wells Fargo Personal Line of Credit - ($15,000)

FICO's - 767 EX, 778 EQ, 790 TU [02/2015]

takeshi
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Postby takeshi » Wed Sep 04, 2013 5:50 pm

moekarout wrote:The thing is with my secured, i use it alot but when it comes to payment, i pay the whole balance at once. i dont pay it as separate payments

When are you paying? What utilization are you allowing to report? If you pay prior to the statement cut you can reduce the reported utilization. If you're utilization is high even paying in full won't help as the high utilization will be reported.

whit wrote:secured cc doesn't really help IMHO and honestly are more meant for those who have had really bad credit versus no credit history

Credit scoring is credit scoring regardless of whether one is building, rebuilding or even neither. If used properly it will help. If not used properly it will not help.



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