I have posted a smiliar question earlier, and i got great feedback! thanks! I didnt know you couldnt reply to answers in your question so here goes another….
I just applied to my last credit card 2 weeks ago (it was my second application ever, first one was back in august). I have no credit history (never had any loans, lines of credit, bills in my name, nothing) and i am trying to build it. I have been told to get a department store card, gas card, store only card or a secured credit card. I figured this may be the easiest way to go, the secured card, even though i dont feel comfortable/cant really afford to shell out $500-$1000 right now (im in the middle of moving). however, since i applied for the last credit card only 2 weeks ago, do i still have to wait the suggested amount of time (3 months) until i apply for a SECURED card?
or do you think i will have a very good chance with a WALMART store only card? That card i would actually use on a weekly basis as compared to a sears card or something of that nature.
Capital one also advertises on their website in the compare credit cards section, a tier of credit cards for “LIMITED HISTORY” applicants. does anyone have any experience/knowledge with these? would i have a good shot at one of these?
I just need to start building credit ASAP and i also cant really afford those darn “suggested waiting times” of 3 months in between applications!
THANK YOU!!
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3 Comments
you do realize a secured card means you have to first put up $500 of your cash into their account ( for a $500 limit card ) , which they hold , that they will take if you don’t pay regular on the card .
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Depending on which secured credit card company you go with depends on whether or not you should wait to apply. Some companies will do a “hard pull” on your credit even though it’s a secured card. Others will not do a hard pull and this is the type I would go with now if you can. So, if you are looking for now, I would open a secured card. Probably a card like Orchard or Applied, as they do not do hard pulls if my memory is correct. I believe all they do is a “soft pull” to verify your identity. This is the same sort of pull done for promotional “pre-approvals” that come in the mail. If you are planning to deposit 500-1000 dollars for your secured card, I would instead open 2 secured cards with a 300-500 dollar limit each. Opening 1 card will help and start to build credit, but the FICO scoring system likes to see a credit mix which includes at least 2 open current credit cards. If you were to do this, in 6 months or so, you shouldn’t have much of a problem getting a traditional unsecured credit card. Once you do, you could close one of the secured cards and get the money you deposited back. By doing this, you would still maintain 2 open current revolving accounts (credit cards), however your length of credit history would take a short term dip, but not enough to worry about…
As far as store cards, they can help, but usually minimally. Walmart (if I remember correctly) is backed by GE Money Bank, and while they are fairly forgiving on average or bruised credit, they are not as likely to jump into opening a new account with some one who hasn’t demonstrated any credit performance or history. Having no credit in many cases, is worse than some-what bad credit because you at least have some sort of barometer with bad credit. Perhaps some one has bad credit due to some medical bills outstanding, but they have never missed a payment on a credit account ever… In this case, they do have bad credit, but it’s not an awful credit risk.
Capital one is a good place to obtain credit with limited credit. You would hold a good chance of getting approved if you opened a secured card or two and applied for their card in 6 months, but if you didn’t want to get a secured card, you could try them. Remember each inquiry is hurting your score, and each “next” lender will look at you as “desperate for credit” or a worse and worse credit risk the more you apply.
Getting a secured card that doesn’t do a hard pull is the way I would go…
The source I left below goes into detail about secured cards. Also, scroll down towards the bottom of the website I listed in the source, where they have “Number 1″ Orchard bank listed. Read the review on the website, and if interested, give them a shot. That could be a good place to start.
Hope this helps & best of luck!
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