advice for building(not rebuilding)

Discussion in 'Credit Talk' started by making, Jul 16, 2001.

  1. making

    making Well-Known Member

    I'm wondering if anyone has any advice to help build credit. Three months ago, my gf had absolutely nothing on any report. Now there are a few inquiries. She applied for CapOne and Discover student cards four months ago. She got denied by CapOne and Discover said they needed to verify her address, but she didnt call back, so eventually they denied too. Three weeks ago she applied for a citibank student and Blue amex for students. We've heard nothing from citibank. Blue sent a form saying they needed to verify her address and after receiving verification they would send a card in 2-3 weeks. So it looks like a Blue amex is coming. That's the complete history.

    The goal is to have the most available credit possible in mid-march of next year.

    I'm thinking wait til like november and then apply for 3 or 4 more student cards, and then at the end of feb, apply for more. Also, I was thinking of getting a ~$2000 secured loan at a credit union.

    Anyone have any advice on which student cards to go for or other advice?

  2. Dani

    Dani Well-Known Member

    I was once in the same boat as your girlfriend. In college with very little income and no credit. I would suggest using the American Express for six months. Put some items on it then pay it off or carry a balance for a couple of months. After six months, I would go after a department store charge card (Target, Macy's, or whatever floats your boat). Use that for six months then try applying for another major card (Chase, Citi or another Amex are all good choices). By this time your dept store card will be six months old and your Amex Blue for Students will be a year. You will find many credit cards/charge cards will accept you as long as you keep your credit in good standing. If you continue to apply every four months for 3 or 4 cards; her score will drop drastically and it makes potential creditors think she is desperate. Unfortunately, credit takes a while to build. There is no easy and quick way to do it. I hope everything works out and keep us posted.

  3. jmart

    jmart Well-Known Member

    I started with a Citibank student card. They are very easy to get with a clean credit report...after 6 months, go for a Discover, Cap One, or department store card..
  4. poobybear

    poobybear Well-Known Member

    Try the Associates card for students, I swear by them. That was my first student card and I have had the best experience with them. The Amex for students is a PAIN to get an increase with, they will only run a hard inquiry when you ask.
  5. creditwork

    creditwork Well-Known Member

    Exercise your credit to make it grow. Try the AT&T Universal card for students. Use your credit responsibly. It takes patience and discipline, but you can build a nice credit portfolio.

    Good Luck.

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