I didn’t think it would be this hard to get a credit card but heres my situation, any advice would be greatly appreciated:
I don’t have any credit history, only make around $15,000 annually at the moment, but want to build credit for future purchases like a house. I applied for the Discover It card(never checked if I was pre approved since website was down for weeks) and got rejected. I haven’t gotten the letter explaining why in the mail yet but the only reason I can think of is because my income is so low?
I know applying for this card has already affected my credit score negatively now, so I am trying to be cautious of which card I try to apply for now and looking for the best chance of approval.
The options I can think of:
-Ask family member to become an authorized user and not use that card, but just have it to help boost my score (not sure how likely this is that a family member will be able help me and risk if their credit score ever changed)
-Apply for Capital One Premium Card, they “pre-approved” me for this card but who knows how accurate this is
-I recently created a business bank account with a new bank, but I don’t plan on using the card much just yet so they don’t really know my spending habits. However they offer a credit card to their members and I guess it is likely that you’ll get approved if you have an account with them and have direct deposit set up etc. I may create a checking account with them but honestly don’t know if I really want to do direct deposit with them, but maybe I should talk to them to see if my chances of getting approved would be higher with them??
But with these two cards I’m nervous I am going to get rejected again and take a hit to my credit even more as I know you’re not supposed to apply for multiple credit cards in such a short period of time.
What should I do?
Any Options I don’t know about?
Please Help Me Get Approved for Credit Card
byu/Best_Historian_1740 inCreditCards
Posted by Best_Historian_1740
3 Comments
secured cards are probably your best bet with no credit history. most banks offer them and they’re way easier to get approved for since you put down your own deposit as collateral. the deposit usually becomes your credit limit so if you put down $500, that’s your limit.
i started building credit this way few years back when i was making similar income. after like 6-8 months of using it responsibly they usually convert it to regular unsecured card and give your deposit back. much better than risking more hard pulls when you’re already in tough spot with the income situation.
the authorized user thing could work too but depends if your family has good payment history. if they mess up it affects you also.
If the site (ie, capital one) actually listed you as pre-approved, then 9/10th of the law says you’ll get approved for the card.
I’d probably see if you could get pre-approved for the quicksilver card through capital one though. After showing great credit hx with them, down the line you can upgrade to savor card through them and get higher cash back opportunities (dining/grocery/entertainment/streaming).
Much much later down the line, you could apply to venture X capital one and use both savor and venture X as a powerful duo set-up (option cash back or miles transfer to venture x with savor) and it’s a win-win.
Anyway, just my 2 cents –
i agree with the other commenter about trying a secured card and using it responsibly for 6-8 months. then you can try applying to some other cards again after that time.
As long as you kinda spread your hard pulls apart, its okay. when I first got into credit cards and established a couple good years of credit history, I was opening a new card every few months, and paused for a year before i bought my first car. you can recover from hard pulls relatively fast.