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Message
" Lack of recent credit history"
Posted on 3/12/17 at 8:52 pm
Posted on 3/12/17 at 8:52 pm
After I did my taxes i got a " free report" that said my CS was 726.
I had tried over the past year or so to get a card here and there, yet even if I applied for a sams club credit line I always got denied for " lack of recent history", and when i applied for a VA loan the lady told me that "nothing came up" when she tried to look up my SSN.
I got a secured line card with Capital one. They only wanted $45 deposit for $200 credit, and my VA loan lady assures me that after 60 days i will magically " pop up" on the credit bureaus. I guess my question is... should i be expecting the 720 ish?
I had some really old debt from the 03-05 timeframe that I paid off completely around 2013, which is why all my bills were in my ex wifes name. I have been separated with utilities/rent/phone in my name for 15 months.
Sorry for the essay, just trying to not be so stressed about the situation, tired of renting and ready to own as soon as divorce is final!
I had tried over the past year or so to get a card here and there, yet even if I applied for a sams club credit line I always got denied for " lack of recent history", and when i applied for a VA loan the lady told me that "nothing came up" when she tried to look up my SSN.
I got a secured line card with Capital one. They only wanted $45 deposit for $200 credit, and my VA loan lady assures me that after 60 days i will magically " pop up" on the credit bureaus. I guess my question is... should i be expecting the 720 ish?
I had some really old debt from the 03-05 timeframe that I paid off completely around 2013, which is why all my bills were in my ex wifes name. I have been separated with utilities/rent/phone in my name for 15 months.
Sorry for the essay, just trying to not be so stressed about the situation, tired of renting and ready to own as soon as divorce is final!
4
Posted on 3/12/17 at 9:24 pm to Gusoline
If you are trying to build history and are eligible for a VA loan, I believe USAA has a guaranteed approval card that reports every month
Posted on 3/13/17 at 6:58 am to Gusoline
Use Credit Karma.
They give you a pretty solid idea of which cards you can apply for and the chance of getting a yes.
Plus you get a solid break down of your score which is updated each month.
Surprised you couldn't get a card from Capitol One. Seems like you should be able to get a card with a 720.
They give you a pretty solid idea of which cards you can apply for and the chance of getting a yes.
Plus you get a solid break down of your score which is updated each month.
Surprised you couldn't get a card from Capitol One. Seems like you should be able to get a card with a 720.
Posted on 3/13/17 at 7:13 am to TigerMyth36
I got the secured card. Had to give 45 deposit for 200 credit, so I added 100 to boost the limit to 300
Posted on 3/13/17 at 7:19 am to Gusoline
There are plenty of starter cards. Discover has one. You might be able to get a basic Amex Green. Chase Freedom might be another option.
Posted on 3/13/17 at 7:55 am to Gusoline
No real advice other than the fact that there are starter cards out there, or you can go to a bank and sometimes get a loan out for a small amount with savings to back it up as collateral. I know my cousin had to do that because he came from a wealthy family and never had to pay for a damned thing in his life. Therefore he was very far behind when it came time for him to buy a house.
For that reason, I will get my kids a very low limit credit card to pay for gas as soon as they get a car. My parents did it for me and my credit was 750+ as soon as I graduated college. Wasn't even done on purpose. Was actually worried when I went to buy my first car and they came back saying my report was great. Mostly because I had a credit card for 6+ years already.
For that reason, I will get my kids a very low limit credit card to pay for gas as soon as they get a car. My parents did it for me and my credit was 750+ as soon as I graduated college. Wasn't even done on purpose. Was actually worried when I went to buy my first car and they came back saying my report was great. Mostly because I had a credit card for 6+ years already.
Posted on 3/13/17 at 9:44 am to KG6
quote:
, I will get my kids a very low limit credit card to pay for gas as soon as they get a car. My parents did it for me and my credit was 750+ as soon as I graduated college. Wasn't even done on purpose. Was actually worried when I went to buy my first car and they came back saying my report was great. Mostly because I had a credit card for 6+ years already.
I don't know how they all do it, but my mom added a card to her Shell account in my name when I started driving. She'd had the account open since 1992. I'm almost 31 and my oldest line of credit is 25 years.
Posted on 3/13/17 at 11:08 am to Gusoline
I had a 690 off being an authorized user and paying the card off every month. Got turned down for Blue Cash Preferred and CSP, just applied for Chase Freedom Unlimited. Idk what I'll do if I get rejected for this. I get not having credit but i feel like salary should play a bigger role in deciding
Posted on 3/13/17 at 1:24 pm to Carson123987
quote:
I get not having credit but i feel like salary should play a bigger role in deciding
Plenty of people make good money, but can't keep their finances in order. So it doesn't really show a credit card company that you are responsible with credit. The more credit cards I have, the better my scores have gotten. It sounds dumb, but I use them responsibly and A LOT (everything goes on a card that gets paid off monthly). I started doing that with a Blue Cash Preferred and since then my credit limit has gone from 10k to about 80k in 3 1/2 years.
Posted on 3/13/17 at 1:32 pm to KG6
I have a really good credit score but I'm not proud of it. All it means is I'm in debt and pay my bills on time.
Posted on 3/13/17 at 1:38 pm to redfishfan
quote:
I have a really good credit score but I'm not proud of it. All it means is I'm in debt and pay my bills on time.
Why would you not be proud of it? Damn near everyone is in some sort of debt. In reality, I'm not in debt... I have a house note and car notes, but I've got a positive net worth. Because I do it well, I'm able to borrow money at 1.9% for a car compared to 8% for a car..... all because I'm good with money. I'm pretty proud of that.
Posted on 3/13/17 at 1:44 pm to KG6
quote:
Why would you not be proud of it? Damn near everyone is in some sort of debt. In reality, I'm not in debt... I have a house note and car notes, but I've got a positive net worth. Because I do it well, I'm able to borrow money at 1.9% for a car compared to 8% for a car..... all because I'm good with money. I'm pretty proud of that.
I certainly have a positive net worth but I'm not a fan of still being in debt around 200k between house and vehicles. I understand its needed and I have advantages because of the high credit score but I still don't like the feeling of being in debt.
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