Question

Hi ya'll!  Situation: In November, I applied for a Chase Freedom card but my application got rejected cause they said "lack of credit history".Hi ya'll! Situation: In November, I applied for a Chase Freedom card but my application got rejected cause they said "lack of credit history". In December 12th, I Applied for a 14k Auto Loan in a Credit Union and got rejected case "lack of credit history" Where I am: I only have 1 credit card with everyone's favorite bank BOA. I have 790 score but I recently finished paying the credit card off after years of terrible use. So, January is my 2nd month every with a $0. 00 balance in the last two Statements. I don't have anything in my credit card other than occasional purchases which I pay off right away and a couple bills in it too. Also my credit line is 5k and I never use 25% of it QUESTION IS; How can I build credit history if I keep being rejected for the same reason? Should I get another credit card and leave a laptop payment in it? I will appreciate some nice tips! It's getting colder and I need a car

Answer 1

If you have no other lines of credit (student loans, car payment, mortgage, etc) then you definitely will need more than one credit card. Your credit score is a great indicator, but unfortunately is separate from your credit "strength". Open a new credit card if you can, and also increase the credit limit on your existing card if it is low. I had the exact same issue. 780 credit score but had to have my dad cosign on an apartment. Make sure the cards you open have no annual fee, preferably have a good sign on bonus, and make sure to set them to autopay the full balance each month.  

Answer 2

Have someone put your name on their card that has good credit. It will show their history as yours. This assumes you have a family member or something that could do it. You dont use their card. You just get their history.  

Answer 3

They are probably looking for account diversity. You need something like a student loan, an auto loan, mortgage, etc. Obviously you are hitting a wall with getting approved. That's because you are applying with Banks. Try for another credit card or a small personal loan with a credit Union. You will be more likely to get approved and also get a better interest rate

Answer 4

I used Walmart to get a cc when I didnt have credit history. Their cc has no fees and I use it to buy gifts a few times a year to keep it active

Answer 5

Ask your bank/credit union about a savings account or CD loan. If they do have this service. The money you place in the account serves as collateral and Make sure they will report to the credit t bureaus. --------------- Also try for a small personal loan with the bank or credit union.  

Answer 6

Do a search for credit cards for someone with poor credit. You don't have poor credit, so don't take it personally; but you do have a poor credit history. Get one every 3-6 months until you are at around 3-4. Consider getting a secured card, but shop around for one that either doesn't charge a fee, or has the lowest possible fee. Update your credit card information every time you get a raise. Make sure your credit companies are not under estimating your annual income when considering your credit limits.  

Comments

Agree with a secured credit card so long as it's no fee and you pay it off right away, just like you would for a traditional CC

Answer 7

You need to get a secured credit card. This is where you put money on the card all you need to do is get gas or go out to eat once a month and then pay it off for a good 6 months and you'll be fine. If you're able to do 1 for $1000 for $1500 and another For maybe $3000 that should work for you. These will be the easiest and least expensive ways to rectify the situation. I offer credit repair services along with Positive trade lines to boost scores as well with me you can use your rental history going back 2 years and add it to your credit report to shoot it up immediately. Www. mossmobiletaxsvc. com Click on credit repair at the top

Comments

@paraclete7 this won’t help him, he already has a great credit score.  

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@spencer8887 I'm just given the basics However he did mention he had a good credit score so this would surely give him a boost so it would help him

Answer 8

Two ideas: 1) Get a retail charge card (e. g. from The Gap). They don’t turn anyone down. Just use it at the store that you already shop at. @arlberg979’t carry a balance. Or 2) request a credit increase on your BofA card.  

Answer 9

You don’t need to carry a balance to build credit history, you just need a history of good payments, which paying the balance in full each month will accomplish. Getting other credit cards will help (when you find ones that will approve you), but asking your credit union for a smaller loan or even a secured loan as @azarria94051 mentioned will help immensely. If you have someone with good credit that will co-sign for the car loan, that will allow you to get the car immediately, and will also help build credit history so that would be the quickest option if available.  

Answer 10

B of A has a few different credit cards. Maybe they’d give you another one.  

Answer 11

Diversity of credit (revolving and installment) is an important component of your credit score, as well as duration of credit history and number of on time payment. Revolving credit history - you got that! Installment credit history - you may consider improving this by getting a small loan at a credit union. You could purchase an inexpensive used car (~$5000) for now in order to build your history, and then in a few years you will likely qualify for a larger loan for a new car, if that's what you'd like most. As for duration and number of on time payments, the best things on your side are time and discipline.