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ChihuahuaMomma · Sep 7, 2008, 07:47 AM

Is there any one Credit card company that tends to approve people who have a bit of debt and no credit history?

I'm a responsible person. I own my car, I have two full time jobs, and rent my own apartment. I unfortunately owe a couple hundred bucks in debt. And have past ((Paid off)) on my credit history. And have absolutely no credit history. Never had a credit card, no loans, no anything. SAD!

Please feel free to offer more advice!!

Curlyben · Sep 7, 2008, 10:05 AM

Yes there are, but for starters ask your own bank as they tend to look more favourably to their own customers.

ChihuahuaMomma · Sep 7, 2008, 10:11 AM

Originally Posted by Curlyben

Yes there are, but for starters ask your own bank as they tend to look more favourably to their own customers.

I've already applied and been denied due to unfavorable credit history.

Curlyben · Sep 7, 2008, 10:15 AM

In my opinion trying to get a crudit card in your current position is a recipe for disaster.
Bear in mind any company that is likely to accept you will charge a HUGE rate 30%+ and more likely over 50% APR.

ChihuahuaMomma · Sep 7, 2008, 10:17 AM

I don't care, I'm not buying a car on it. I'll buy lunch with it, and start building some credit.

MarkwithaK · Oct 5, 2008, 03:57 PM

Have you tried joining a credit union as opposed, or in addition to, a traditional bank? I have found that a CU is a tad bit more forgiving on this area and with the smaller CU's the decision might be made by an actual person there on site. Just sayin'

ChihuahuaMomma · Oct 5, 2008, 05:16 PM

I've banked with a credit union for the past 5 years. They've already denied me a loan three times.

MarkwithaK · Oct 5, 2008, 07:20 PM

It is a viscous circle I know. You mentioned that you do own your vehicle, have you tried to get a small personal loan using your car as collateral?
Back in 98/99 I was a few thousand dollars in debt (this was before the student loans kicked in lol). I took out a debt consolidation loan using my truck as collateral. After a few months of making payments I applied for a credit card and they approved it.

ChihuahuaMomma · Oct 5, 2008, 07:22 PM

All I have is my car. I'm not getting car loan. If I default and lose my car, I lose my jobs, my apartment and then I have nothing. It's too risky.

ISneezeFunny · Oct 5, 2008, 07:28 PM

I suggest you do what most people with no credit do...

Start with a target/gap/old navy card... build your credit that way.

You may also check with CITI, as they're known to give out credit cards like candy to college students.

ChihuahuaMomma · Oct 5, 2008, 07:35 PM

I've tried those... I've been denied for over 10 retail credit cards, and the last one I applied for they said the biggest reason was because I had so many inquiries and "that says something".

ISneezeFunny · Oct 5, 2008, 07:37 PM

So you've tried citi as well then?

Problem Credit - Credit Cards for People with Bad or No Credit - Credit.com

MarkwithaK · Oct 5, 2008, 07:38 PM

I'm not suggesting you go out and buy a new Caddy, any loan you could take out on the vehicle you own wouldn't exceed the current value of the vehicle. In my case, for example, it was in the $8,000 ballpark. That spread out over 5 years was pretty doable.

ChihuahuaMomma · Oct 5, 2008, 07:39 PM

Originally Posted by ISneezeFunny

So you've tried citi as well then?

Problem Credit - Credit Cards for People with Bad or No Credit - Credit.com

I have actually.

ChihuahuaMomma · Oct 5, 2008, 07:39 PM

Originally Posted by MarkwithaK

I'm not suggesting you go out and buy a new Caddy, any loan you could take out on the vehicle you own wouldn't exceed the current value of the vehicle. In my case, for example, it was in the $8,000 ballpark. That spread out over 5 years was pretty doable.

I can't afford a $2,000 car. That's my point. I don't need a new car, I need credit.

ISneezeFunny · Oct 5, 2008, 07:44 PM

You may want to also look into secured credit cards. This requires you to pay a low annual fee (around $30 - 40), and then place a deposit with the lender, which amounts to your credit limit. I know you're in a financially tough spot, but it may not be a bad idea to start building credit. Usually, after about a year, you're able to apply for a regular credit card.

Someone mentioned credit unions, which is a good place to start looking for secured credit cards.

... or you could find a good friend who'll let you piggyback off their cred card.

ChihuahuaMomma · Oct 5, 2008, 07:47 PM

LMAO... with the stability of my jobs in the past, none of my friends would do that.

I will talk to the credit union folks about a secured credit card the next time I go in there.

Thanks ISF

ISneezeFunny · Oct 5, 2008, 07:49 PM

I'd let you piggyback off mine ;)

ChihuahuaMomma · Oct 5, 2008, 07:50 PM

Sure you would...

ISneezeFunny · Oct 5, 2008, 07:51 PM

Hey now, don't dare me.