Aaron asked in Business & FinanceCredit · 3 weeks ago

How to even get approved for a credit card?

I've been trying to apply for a credit card since I have my first job. Im in the typical young person situation. No credit, 18, first job. I want to get a credit card but all banks keep denying me and saying "No records available" what does this mean? How can I get the credit card I want? I don't care about the limit, only building credit. 

7 Answers

Relevance
  • 3 weeks ago

    start with secured credit card and an installment loan like self lender 

  • 3 weeks ago

    Congratulations on your first job.

    First things first.  If you are living independently, save 10% of your gross into an account and never touch it.  If you are living at home, you might save 90%, which is what I did at your age.  While this doesn't directly impact a credit report or credit score, the dscipline is crucial to good credit later.  For the first year, get a checking account, DECLINE OVERDRAFT PROTECTION, and attach a debit card to the account.  A debit card of that type works the same as a credit card for virtually everything.

    After a year of saving faithfully, go to the bank, and pledge your savings against a secured credit card.  (If you were unable to save your targeted percentage, then hold off until you can save steadily.)

  • Anonymous
    3 weeks ago

    Try a secured card from discover.  Since they usually require $200-300 cash upfront, it may take you years.

  • A.J.
    Lv 7
    3 weeks ago

    The typical universally accepted credit cards where you do not put up a security deposit and have never taken out a a recorded reported loan before and don't have a cosigner are limited to special small ones for students attending college with good grades. You must have a record of credit to borrow unsecured cash and that is what a credit card is. Why should any bank lend you money with no public record of paying it back?

    There are at least five options.

    The best option, if available, is getting added as an authorized user to someone else's card who pays their bills very well. Parents, for example, can add you as an authorized user with your details such as social security number. They report the card as a co-owner even if you don't have it or use it. After about 6 months, you have a credit score high enough to be approved with a low end card with low credit limit and few benefits, and advance from there. You need nothing, and it only costs waiting time and no money.

    The second good option is saving a few hundred dollars and get a secured credit card. It is a refundable deposit. If you have a savings account at a credit union or bank, they can lock some funds and issue you a credit card. Discover card really wants customers and considers every option. Secured cards only really cost you lost earnings on savings which is normally low.

    The third option is a youth cosigned card. Someone else is responsible to pay if you don't. This is only useful for 18-23 year olds and only issued by some banks.

    The fourth option is a store credit card specifically for use only at the store. Some are so willing to sell merchandise at large profit, they'll do it on credit and report your payments as you buy things. Ask first abut their issuing of cards to people with a job but no credit history.

    The fifth option is similar, as a personal loan that you need to assure gets reported to the credit bureaus. This will cost interest.

    Do not apply for any card that you are not at least 75% certain you will be approved. The credit check can lower your score. Making it harder and harder to be approved with every application for credit. They don't want desperate people.

    Note that paying interest has no effect on credit score. You must use a card to keep it active. Paying the entire balance before they send information to the credit bureau is not always good. After statement close before payment due date is when the credit information is sent to the bureaus. New credit records can swing score wildly up and down. Once you have a history of years, the score moves by a few points month to month as long as no major event. Learn the components of credit score and how revolving credit precisely works before getting a card.

  • How do you think about the answers? You can sign in to vote the answer.
  • 3 weeks ago

    It means that you applied for a credit card that is only available to someone who already has another credit card or who has already built credit and cannot be used to start building credit.

    First, and most importantly, you need to stop applying. As long as you keep applying, they will keep denying you, because of your history of too much applying.

    Next, after you stop applying, you need to wait over a year, without applying, not even once.

    After you have not applied, not even once, for over a year, then, and only then, apply one time, for only one Capital One card or only one secured credit card. No matter what happens, do not apply again, for over a year. If you keep applying, then they will keep denying you, because of your history of applying too many times.

    Some secured credit cards and some Capital One cards will approve someone who has never had a card or built history -- if the person has not applied in over a year.

    Most credit cards automatically deny anyone under 21 who has never had another card and has never built credit.

  • 3 weeks ago

    TALK to a credit union about a secured card {I say pledge $1,000 in a 1 yr CD} if they accept you, and you start banking there.

  • Anonymous
    3 weeks ago

    Apply for one of the credit building cards like from Capital One. 

Still have questions? Get your answers by asking now.