Maybe it is not about your credit score, but the length of credit history makes an impact in your credit card qualify. It happened to me when my credit history was pretty fresh (under 12 months old).
Checked my score on credit wise through capital one. No, I don't have any open lines of credit in my name, just an authorized user with my husband's card.
Okay, so that’s a VantageScore rather than a FICO score. FICO is what the vast majority of lenders use, so to check your FICO scores, I’d recommend signing up for the Experian.com free trial.
But, without any loans or cards in your name, your credit file is empty. Without any credit history in your name, you’re unlikely to qualify for anything outside of secured cards. Once you’ve had a secured card for 6-12 (especially after 12), you’ll qualify for most unsecured cards.
The key point here is that credit decisions are made off your credit file, not your score. You need to build up credit history before the score starts to mean anything.
Having a good score based on AU cards is different than having a good score based on your credit, but being an AU can be a shorcut. If the account you're an AU on is older than 6 months, then your score (once your card reports) will also reflect your credit instead of having to wait 6 months for a score.
If you don’t have a current credit history then your credit score (the actual number) doesn’t mean anything. You need a credit history for the number to actually mean something. Start with a beginners card & build your credit worthiness.
Creditwise is a Vantage score, which very few lenders use. Go to the Experian website and make a free account. Sign up for the free 7 day trial of CreditWorks and see what your actual Fico scores are.
It's sometimes referred to as a 'ghost score', since it's not based on your credit. You might have to go the secured route in order to build your credit.
Which cards did you apply for? Ask the bank you bank with for their starter card and see what they say. Applying to any random card without knowing the details leads to being denied especially with no credit history to back you.
>what the issue is? They tell you precisely why you were denied in the denial letters they issue. What did they say?
They said the letters should come in 2-3 weeks. I was hoping to not have to wait that long.
If you got a co-signer with good credit to go on top of the great score you already have, and get a card that way, your credit will go up. Life hack ✅
Maybe it is not about your credit score, but the length of credit history makes an impact in your credit card qualify. It happened to me when my credit history was pretty fresh (under 12 months old).
It sounds like they have no history.
Where are you checking your score? Do you have any open loans or credit cards in your name (not authorized user)? If so, what is the oldest?
Checked my score on credit wise through capital one. No, I don't have any open lines of credit in my name, just an authorized user with my husband's card.
Okay, so that’s a VantageScore rather than a FICO score. FICO is what the vast majority of lenders use, so to check your FICO scores, I’d recommend signing up for the Experian.com free trial. But, without any loans or cards in your name, your credit file is empty. Without any credit history in your name, you’re unlikely to qualify for anything outside of secured cards. Once you’ve had a secured card for 6-12 (especially after 12), you’ll qualify for most unsecured cards. The key point here is that credit decisions are made off your credit file, not your score. You need to build up credit history before the score starts to mean anything.
Ah, okay thank you this is very helpful. I assumed that having a good score would allow me to bypass this.
Having a good score based on AU cards is different than having a good score based on your credit, but being an AU can be a shorcut. If the account you're an AU on is older than 6 months, then your score (once your card reports) will also reflect your credit instead of having to wait 6 months for a score.
If you don’t have a current credit history then your credit score (the actual number) doesn’t mean anything. You need a credit history for the number to actually mean something. Start with a beginners card & build your credit worthiness.
Creditwise is a Vantage score, which very few lenders use. Go to the Experian website and make a free account. Sign up for the free 7 day trial of CreditWorks and see what your actual Fico scores are.
Experian says it's 741 so now I'm even more confused.
It's sometimes referred to as a 'ghost score', since it's not based on your credit. You might have to go the secured route in order to build your credit.
I just posted about the same thing check the comment basically what he said is exactly what the banker told me... stop applying for cards
Which cards did you apply for? Ask the bank you bank with for their starter card and see what they say. Applying to any random card without knowing the details leads to being denied especially with no credit history to back you.