- Location
- 11756
So I'm trying to apply for a discover card but it says that I have insufficient credit history. What things can I do to have sufficient credit history?
How to build up credit history
- Thread starter nanoreefer22
- Start date
- Location
- Norwalk, CT
One of the easiest and quickest is to get a secured card ... which means you have to put a deposit down and you can only use what you have put down (so they in essence "hold" your $500 and you have a $500 limit). Do a search online for "secured credit cards" and tons will pop up. Good luck!
Kat
PS ... the myfico.com message boards are an amazing source of information on credit ... check them out
Kat
PS ... the myfico.com message boards are an amazing source of information on credit ... check them out
- Location
- Franklin Lakes, NJ
Before you go trying for a Discover card, do you have ANY credit? Your first step should be getting copies of all of your credit reports and seeing what's on them. As a NY resident, you're entitled to a free copy of each annually.
Once you have copies in hand, you're ready to start building. Start small and don't overextend. The best credit cards to start with are low limit store credit cards. They'll let you build credit without spending more than you can afford. Get one or two max, and pay them off right away. Do not miss a payment.
Every six months or so, call the companies that you have cards with and ask them if they'll increase your limit. This will enable you to have a higher credit line, and other companies will see you as someone who can manage a bit more credit. (To a point, but you don't need to worry about having too much credit right now).
Discover is actually tougher than some cards, and you will probably be best off looking at a Capital One credit card as your next step. It's a long road, but if you don't go and screw up, you'll eventually get your Discover card. (Although by the time you can get one, you'll probably want an Amex...)
Once you have copies in hand, you're ready to start building. Start small and don't overextend. The best credit cards to start with are low limit store credit cards. They'll let you build credit without spending more than you can afford. Get one or two max, and pay them off right away. Do not miss a payment.
Every six months or so, call the companies that you have cards with and ask them if they'll increase your limit. This will enable you to have a higher credit line, and other companies will see you as someone who can manage a bit more credit. (To a point, but you don't need to worry about having too much credit right now).
Discover is actually tougher than some cards, and you will probably be best off looking at a Capital One credit card as your next step. It's a long road, but if you don't go and screw up, you'll eventually get your Discover card. (Although by the time you can get one, you'll probably want an Amex...)
Before all of that, get your Free Credit Report (make sure you uncheck the box for those extra services... you will get charged) just to see where you are at in terms of payment timing/what you have open and it's a good check to see if there's any weird fraudulent activity.
Not sure what it would mean by credit history... is this your first card?
Some things to ask yourself:
-What's your current credit score?
-How many credit cards do you have?
-How much is your credit limit as it stands? How much of it do you spend?
-Do you usually pay on time in full?
-Do you have any outstanding debt?
Not sure what it would mean by credit history... is this your first card?
Some things to ask yourself:
-What's your current credit score?
-How many credit cards do you have?
-How much is your credit limit as it stands? How much of it do you spend?
-Do you usually pay on time in full?
-Do you have any outstanding debt?
- Location
- Flushing, NY
The insufficient credit history is basically that they look at the average length of time open of all your credit cards.
I know this is catch 22 where you can't get cards if you don't have one, but basically you need to open some credit cards which doesn't require as long/good of a history.
My first card was a capital one card with a $200 limit. Closing cards is not good because if you close your oldest card, then your average credit history goes down, the same goes for opening new cards.
If you're a student, student credit cards are easier to get accepted for because they assume (although nothing in writing and still 100% yours) that your parents will pay for it.
If you're not a student, you can get a joint credit card with someone who trusts you who has better credit and it will go on your credit history of having that card.
I know this is catch 22 where you can't get cards if you don't have one, but basically you need to open some credit cards which doesn't require as long/good of a history.
My first card was a capital one card with a $200 limit. Closing cards is not good because if you close your oldest card, then your average credit history goes down, the same goes for opening new cards.
If you're a student, student credit cards are easier to get accepted for because they assume (although nothing in writing and still 100% yours) that your parents will pay for it.
If you're not a student, you can get a joint credit card with someone who trusts you who has better credit and it will go on your credit history of having that card.
bad coffee
Inept at life.
- Location
- Location: Location:
another (rather useless) option is a 'credit builder' loan. You 'get' a loan for something like $1000. You pay it off every month, and at the end you get 'good credit' score and your $1000 back. You do end up losing the 'interest' payment, but you get decent credit rating out of it. It basically means you're paying $$ for a good credit score.
If you can get an Amex, go for it. Just be aware they (amex) is their own bank and get to write their own rules. Other cards (Visa/MC) have to abide by 'higher ups.'
If you're getting a credit card to actually use, get one with a rewards program of some kind. I use my airline miles credit card for things like groceries, home depot, restaurants, and get the points. I end up getting a free round-trip flight every year, just for using the card. I do pay it off every month. If you carry a balance, you end up 'paying' for your miles.
B
If you can get an Amex, go for it. Just be aware they (amex) is their own bank and get to write their own rules. Other cards (Visa/MC) have to abide by 'higher ups.'
If you're getting a credit card to actually use, get one with a rewards program of some kind. I use my airline miles credit card for things like groceries, home depot, restaurants, and get the points. I end up getting a free round-trip flight every year, just for using the card. I do pay it off every month. If you carry a balance, you end up 'paying' for your miles.
B
- Location
- Staten Island
Fico Score
How can I find out my fico/credit score for free? I dont like credit cards but understand sometimes you need at least one for certain transaction such as car rentals, etc... I used to have a wallet full of them now I only carry one, closed the others about five years ago because I found myself spending for stuff I didn't need. Lol
How can I find out my fico/credit score for free? I dont like credit cards but understand sometimes you need at least one for certain transaction such as car rentals, etc... I used to have a wallet full of them now I only carry one, closed the others about five years ago because I found myself spending for stuff I didn't need. Lol
- Location
- Flushing, NY
Free trial, just cancel within 30 days
http://www.moneybluebook.com/go/myfico.scorewatch.php
You can get your score when you try to get a loan for a car or other major purchase, other then that, you pretty much have to pay to get your fico score.
You can also try this, but its only a rough gauge
http://www.moneybluebook.com/go/myfico.credit-score-estimator.php
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If you have a Bank of America card they have a service called Privacy Assist that you try for 30 days.
They send you a full comprehensive report of your credit history and scores from 3 agencies. The day you get the report in the mail, call and cancel the service. lol.
What I would suggest (given that you are my age) try opening a credit card that is an extension of a family member's. I opened one when I was 16 (which branched off of my mothers)... it built my credit substantially (without me spending much money) and now I have a phenomenal credit score.
They send you a full comprehensive report of your credit history and scores from 3 agencies. The day you get the report in the mail, call and cancel the service. lol.
What I would suggest (given that you are my age) try opening a credit card that is an extension of a family member's. I opened one when I was 16 (which branched off of my mothers)... it built my credit substantially (without me spending much money) and now I have a phenomenal credit score.
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- Location
- Throggs Neck, BX
When my credit was very low I found orchardbank.com. Got approved, low credit line which was nice and within a year of using it and making my balance payments I credit score was shooting up. but I wouldnt stick with them long term
There's only one problem with that. Your credit score could potentially get hurt once you close that account because your Total Available Credit Line would drop.
You have to make sure that your total available credit stays relatively the same and doesn't decrease drastically over time because it's basically telling the rating agencies that you aren't "good" for that amount of money.
You have to make sure that your total available credit stays relatively the same and doesn't decrease drastically over time because it's basically telling the rating agencies that you aren't "good" for that amount of money.
- Location
- Throggs Neck, BX
I still have the card. But I have also had it for 5 years. I had also called every year for balance increase. I also have other credit lines open but this card for me is what got my ship righted. Prior to that I had a repossession and no one would touch my credit except for OrchardBank.
- Location
- Throggs Neck, BX
Yeah man, at one point in time, when things could go bad, they did. At one point I didnt even have a roof over my head.
Not sure if anyone has addressed this, but Kris, do you have a checking/savings account?
I my credit score, although already in very good status, refuse to go any higher until I opened another checking/savings account with diff. banks. I now have 3 check and saving accounts, all at major banks, and I use each for diff. purposes.
I my credit score, although already in very good status, refuse to go any higher until I opened another checking/savings account with diff. banks. I now have 3 check and saving accounts, all at major banks, and I use each for diff. purposes.
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