Why is it so hard to get a credit card approved?

chatmasta

chatmasta

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Jan 7, 2007
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I just turned 18. I have no credit history. I have a checking account (newly opened).

What is the best way for me to get a credit card?

I didn't even get approved for the BankOfAmerica (where my checking account is) student card, advertised as "start building credit history." WTF?? How am I supposed to do this?
 


Search for a "secured credit card". You should get approved no problem... However, the bank is going to freeze some funds in your checking account (I believe it was credit limit +20%).

Kinda sucks, but once you build a credit history you should be able to get a normal card in like 6 months time.
 
MoobSpray said:
Search for a "secured credit card". You should get approved no problem... However, the bank is going to freeze some funds in your checking account (I believe it was credit limit +20%).

Kinda sucks, but once you build a credit history you should be able to get a normal card in like 6 months time.
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Yeah I just saw BofA has this but its a $40 fee. Not a big deal but is there anywhere I can get this for free, or is it best to go through my bank?
 
chatmasta said:
I just turned 18. I have no credit history. I have a checking account (newly opened).

What is the best way for me to get a credit card?

I didn't even get approved for the BankOfAmerica (where my checking account is) student card, advertised as "start building credit history." WTF?? How am I supposed to do this?
Click to expand...

Back in the day (2 years ago) a crackwhore illegal immigrant could get credit.

Now, the credit market is tighter than... Well, it's tight.

Do you have a cell phone? Make sure that they are reporting your payments to the credit bureaus (all 3). If your cell is under your parents' name, switch the account to your name.

Also, if you have parents with good credit, have them add you as an authorized user to their account. This will help you build credit.

Good luck, and when you get credit, don't be a fucktard like me and rack up a bunch of debt.
 
Dwight Schrute said:
Do you have a cell phone? Make sure that they are reporting your payments to the credit bureaus (all 3). If your cell is under your parents' name, switch the account to your name.
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yep, am going to do this for sure. gotta make sure my mom actually gives me the money though, haha
 
Dwight Schrute said:
Also, if you have parents with good credit, have them add you as an authorized user to their account. This will help you build credit.
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Not anymore, at least for me. Since I have the same credit problem (18 with no credit history) I've been using a credit card my parents have which has a very high credit limit. Although I've been added as an authorized user, the Visa rep told us that my own credit score would not be affected at all.
 
I started a thread a month ago or so because I wanted to get my younger brother (16) a credit card so he could start building a credit score for when he's 18, on his own, and wants to buy something larger like a car, condo, whatever.

... Might want to search for it.

I ended up going to HSBC and getting him a mastercard. Automatically had a 10k limit with 12% interest.

Didn't have a problem at all. Just get your parents to co-sign it for you. You're still liable for everything... but if you go on a wild spending spree Mastercard or Visa knows they have someone they can get the money from.

Also, if your parents aren't game, tell them that they have the power to lower your spending limit to as low as $500 (I believe).
 
papajohn56 said:
lolol
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rj2ohw.jpg
 
My wife had no credit history a couple years ago. She started with a $500 Wells Fargo secured card with a $500 deposit. She was approved for an unsecured Capital One card about 6 months later, then a Starwood American Express about 6 months after that.

We monitored her credit score the whole time with myfico.com scorewatch. Her score was around 725 when American Express card was approved. Probably 50-75 points less when the Capital One card was approved.
 
FTC-Hater said:
Didn't have a problem at all. Just get your parents to co-sign it for you. You're still liable for everything... but if you go on a wild spending spree Mastercard or Visa knows they have someone they can get the money from.
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Unless the laws differ in the US than here in Canada, if the person is under 18, they can't build credit, period. They can get a card as a secondary user but the primary (co-signer) is still 100% liable. This will NOT count towards the secondary user's credit, just the primary. There can not be a credit file for someone under age of majority.
 
fivestar said:
Unless the laws differ in the US than here in Canada, if the person is under 18, they can't build credit, period. They can get a card as a secondary user but the primary (co-signer) is still 100% liable. This will NOT count towards the secondary user's credit, just the primary. There can not be a credit file for someone under age of majority.
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Pretty sure you can in the US. I had my credit built when I was under 18, and have had a BOA credit card ($2,500 starting limit) when I was under 18 too.
 
chatmasta said:
I just turned 18. I have no credit history. I have a checking account (newly opened).

What is the best way for me to get a credit card?

I didn't even get approved for the BankOfAmerica (where my checking account is) student card, advertised as "start building credit history." WTF?? How am I supposed to do this?
Click to expand...
MBNA denied me when I turned 18 (MBNA was bought by BofA) on a student card, and that was when credit was free flowing... Their reasoning was that I had no credit history, as well.

Citibank was more than happy to give me a card. I'd try Citicard - All of my friends who were somehow able to start with an MBNA card started with much lower credit limits than I did on Citi.

If Citi won't work, try Wells Fargo.
 
FTC-Hater said:
I started a thread a month ago or so because I wanted to get my younger brother (16) a credit card so he could start building a credit score for when he's 18, on his own, and wants to buy something larger like a car, condo, whatever.

... Might want to search for it.

I ended up going to HSBC and getting him a mastercard. Automatically had a 10k limit with 12% interest.

Didn't have a problem at all. Just get your parents to co-sign it for you. You're still liable for everything... but if you go on a wild spending spree Mastercard or Visa knows they have someone they can get the money from.

Also, if your parents aren't game, tell them that they have the power to lower your spending limit to as low as $500 (I believe).
Click to expand...

I called BankOfAmerica and they told me that if you are under 21 you need to have your parents Co-Sign (be a "guarantor") for any card you apply for. I think that might be some gay new Obama rule. I did that, so I should be getting a student card soon, but that obviously has shitty limits. I'll look into that HSBC thing - thanks.
 
It must be easier in Canada. I got approved for my first card with no income, a smallish bank account etc. with a $1000 limit. A year later, I got a higher end rewards card with a $20k limit... been using that one since
 
Capital One will give anyone a credit card. I had such bad credit I can't even say how bad it was...I got $1000 to start, with a %11.5 interest rate. They do yearly assessments to.
 
Yeah, because Capital One sucks big fat fucking donkey balls. That was my first card when I turned 18, and it had a pretty small limit. Ended up having a problem with them trying to sell me some shit over the phone, and even though I said no, I ended up being charged for it.
Called and got it straightened out and closed the account (so I thought).
Never received another piece of mail from them ever. However, next time I applied for something a couple of years later I was declined. When I pulled my credit report those Capital One fuckers were reporting me for some shit they never billed me for or tried to call me about. Number and address hadn't changed.
I had to let that shit run the seven years on my credit file because my other cards kept raising rates and pointing to this previous "delinquency", and even after calling and settling with them paying what I didn't owe to get rid of it, it still wasn't removed. I have never ever been late on anything ever and pay all my shit on time, so this was just a fucking insult.
So, there's a reason they'll give anyone a card, but watch your fucking back with those bastards. :angryfire: And yeah, I'm still pissed even though the shit finally dropped six years ago, lol.

Sorry for the book, but OP just get a secured card. If you're worried about getting cell phone money from mom, I'm betting a credit card is just going to wind you up in debt anyway.
 
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