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Message
First Credit Card - a few questions...
Posted on 8/6/12 at 4:58 pm
Posted on 8/6/12 at 4:58 pm
To preface, I just received a notice that my bank wouldn't wouldn't accept my credit card application for the following two reasons:
- limited credit experience (time dependent?)
- requires creditworthy co-applicant
Here's the kicker; one paragraph down it quoted my up to date credit score in the mid 700's, which I was under the impression was really good. I don't really need the card, I just want a low balance account that I can pay off every month to parallel my student loan payments (which have been made on time for two years to date). I assume this is a good strategy in preparation for buying a house in the next few years.
So I actually have two questions at this point. Should I even sweat the credit card if the student loan payments got me a decent score, and I just need more time under my belt? If it is worth it to have multiple lines reporting on my credit, is there a card that won't force me to bring a co-signer in? TIA
- limited credit experience (time dependent?)
- requires creditworthy co-applicant
Here's the kicker; one paragraph down it quoted my up to date credit score in the mid 700's, which I was under the impression was really good. I don't really need the card, I just want a low balance account that I can pay off every month to parallel my student loan payments (which have been made on time for two years to date). I assume this is a good strategy in preparation for buying a house in the next few years.
So I actually have two questions at this point. Should I even sweat the credit card if the student loan payments got me a decent score, and I just need more time under my belt? If it is worth it to have multiple lines reporting on my credit, is there a card that won't force me to bring a co-signer in? TIA
2
Posted on 8/6/12 at 5:22 pm to TheDrunkenTigah
You might have applied for a card that only accepts higher-end applicants, and your limited history may have been enough to do you in.
You can apply for a lower-end card and probably qualify. Just be sure you aren't paying an annual fee and you always pay it off each month. Over time you can "trade up".
You can apply for a lower-end card and probably qualify. Just be sure you aren't paying an annual fee and you always pay it off each month. Over time you can "trade up".
Posted on 8/6/12 at 5:37 pm to foshizzle
quote:
only accepts higher-end applicants, and your limited history may have been enough to do you in...
apply for a lower-end card and probably qualify.
Thanks. I assumed this was the case, now I'm just questioning if it's worth the trouble to even get a card, when limited history is the main issue.
Posted on 8/6/12 at 8:06 pm to TheDrunkenTigah
Try another credit card but research before you apply so you won't have a ton of inquiries on your credit report. That will bring your score down. I think most mortgage lenders will want to see more than one positive trade line on your credit report so you should probably get a card and use it but pay it off every month. Don't just stick it in a drawer somewhere. You can also shop around for a low interest installment loan at a bank or credit union.
Posted on 8/6/12 at 8:30 pm to JonTheTigerFan
You should call the company that turned you down and explain your situation.
Regardless of the outcome, I would wind up with a credit card one way or another to start building up a history.
Regardless of the outcome, I would wind up with a credit card one way or another to start building up a history.
Posted on 8/7/12 at 11:33 am to JonTheTigerFan
quote:
You can also shop around for a low interest installment loan at a bank or credit union.
Is this a better option than a credit card? I've heard that it's actually more attractive to mortgage lenders to have been charged a little intrest... is it going to turn them off if I've paid my credit card off every month and essentially gotten the money for free?
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