Credit History question

[epsonderby 85]

I applied for the 'Newcomers' credit card with Capital One a week ago today and was declined. I didn't think anything of it at the time, I just assumed that as I hadn't been working long and I had only recently received my GC I would need to maybe wait a little longer.

The rejection letter arrived in the mail this morning and was the usual stuff about not being able to offer credit at this time. What caught my attentions were the reasons:

- Based on the credit report from Equifax for <my name>, credit bureau information is missing or unavailable.

- Based on the credit report from Experian for <my name>, credit bureau information is missing or unavailable.

- Based on the credit report from Trans Union for <my name>, credit bureau information is missing or unavailable.

How do I go about fixing this? Is it possible to just call each bureau up and make sure they have me in their system and then advise Capital One of that, or do I need to wait a little while for my details to update with the bureaus?

The reason I applied for the card was to build credit as I have no credit presence here in the US, but it seems like that is the very thing that Capital One are penalizing me for when my understanding was that the very card they offer to newcomers helps to get around this lack of US credit history.

Any suggestions on how to proceed initially? and also down the line. Should I be looking to get a cell plan in my name or maybe pick up the cable or internet bill where I'm living right now (with FIL). I currently have a checking/savings account with BoA and a checking/savings account with my company's FCU. Are secured credit cards a good way to proceed?

Thanks in advance for anybody that stops by and lends a hand!!

[dwheels76 5,468]

It means that your application for a C.C. was declined because the company you applied could not find your credit report in any of the 3 credit bureaus. Hence it has no information about your credit worthiness (i.e. how dangerous is it to issue you a C.C.) and naturally your application gets declined.

There may be two reasons for this:

1. You don't have credit history yet.
   
2. There is an error in the details you've provided.
   
3. There is an error in your credit report and therefore it is not associated with you or your credit application.

Do you have credit history? Did you ever pull your credit report? Do you know if you have one? If you've never pulled your credit report - I'd start there and try to find errors in respect to your identity.

if you try and find out that you don't have a credit report, or that you know for sure that you don't - than it's time to start building credit history because until you do - you will never get approved.

Two great ways to start building credit history are a secured credit card or a department store credit card.

You should not have problem being approved for both even w/o credit history.

Sears C.C. is an excellent choice because it reports to all three credit bureaus, so that you will have recorded credit history at all 3 credit bureaus.

I'd wait at least 6 months before applying again.

[VanessaTony 3,567]

You will need to apply for this card: http://www.capitalone.com/credit-cards/secured-mastercard/?Log=1&EventType=Link&ComponentType=T&LOB=MTS%3A%3ALCTMMQC4S&PageName=Credit+Cards+Browse&PortletLocation=4%3B4-12-col%3B2-1&ComponentName=browseTable&ContentElement=57%3BSecured+MasterCard%3Csup%3E%26reg%3B%3C%2Fsup%3E&TargetLob=MTS%3A%3ALCTMMQC4S&TargetPageName=Secured+MasterCard+Details It's a secured card where you pay a set amount. i started with a $49 deposit to get a $200 limit. After a couple of month my score was in the high 600's, and a few more 700's. Just recently i was approved for a non-secured card with a decent amount, and I also applied for another card with a lower amount. Neither of those cards have annual fees so are good cards to have. The lower one is in a drawer "just in case". The other one we use and then pay off to show rotating credit. Irritating to do but it's working well on my score

[epsonderby 85]

It means that your application for a C.C. was declined because the company you applied could not find your credit report in any of the 3 credit bureaus. Hence it has no information about your credit worthiness (i.e. how dangerous is it to issue you a C.C.) and naturally your application gets declined.There may be two reasons for this:

1. You don't have credit history yet.
2. There is an error in the details you've provided.
3. There is an error in your credit report and therefore it is not associated with you or your credit application.

Do you have credit history? Did you ever pull your credit report? Do you know if you have one? If you've never pulled your credit report - I'd start there and try to find errors in respect to your identity.if you try and find out that you don't have a credit report, or that you know for sure that you don't - than it's time to start building credit history because until you do - you will never get approved.Two great ways to start building credit history are a secured credit card or a department store credit card.You should not have problem being approved for both even w/o credit history.Sears C.C. is an excellent choice because it reports to all three credit bureaus, so that you will have recorded credit history at all 3 credit bureaus. I'd wait at least 6 months before applying again.

Thanks for the information. I just checked the three bureaus online and whilst I have no negative reporting, I don't have any positive reporting either.

I would look into Sears but they recently left our town so it wouldn't be any good for me. Thank you for the suggestion all the same.

You will need to apply for this card: http://www.capitalone.com/credit-cards/secured-mastercard/?Log=1&EventType=Link&ComponentType=T&LOB=MTS%3A%3ALCTMMQC4S&PageName=Credit+Cards+Browse&PortletLocation=4%3B4-12-col%3B2-1&ComponentName=browseTable&ContentElement=57%3BSecured+MasterCard%3Csup%3E%26reg%3B%3C%2Fsup%3E&TargetLob=MTS%3A%3ALCTMMQC4S&TargetPageName=Secured+MasterCard+Details It's a secured card where you pay a set amount. i started with a $49 deposit to get a $200 limit. After a couple of month my score was in the high 600's, and a few more 700's. Just recently i was approved for a non-secured card with a decent amount, and I also applied for another card with a lower amount. Neither of those cards have annual fees so are good cards to have. The lower one is in a drawer "just in case". The other one we use and then pay off to show rotating credit. Irritating to do but it's working well on my score

That's good to know. Would it be ok for me to go ahead and apply for the secured card in the next few days? or should I wait a little while?

I'm just keen to build my credit so we can think about buying a place of our own in the not too distant future!

[Shiobhan 235]

You do not have credit yet and the company u applied for did'nt approve it when they saw U had no credit history

its the holidays Y not try for instant credit at the Mall, just walk with a utility bill, ID and your banking info, Macys Neimans

Target they all offer instant credit.

[VanessaTony 3,567]

Thanks for the information. I just checked the three bureaus online and whilst I have no negative reporting, I don't have any positive reporting either.

I would look into Sears but they recently left our town so it wouldn't be any good for me. Thank you for the suggestion all the same.

That's good to know. Would it be ok for me to go ahead and apply for the secured card in the next few days? or should I wait a little while?

I'm just keen to build my credit so we can think about buying a place of our own in the not too distant future!

I'd apply now. Certainly can't hurt (in your situation anyway).

[dwheels76 5,468]

Thanks for the information. I just checked the three bureaus online and whilst I have no negative reporting, I don't have any positive reporting either.

I would look into Sears but they recently left our town so it wouldn't be any good for me. Thank you for the suggestion all the same.

With online shopping your Sears would be perfect no matter where you live. Go for it. You are building credit. So now is the time.

[TimeTravel 78]

Seems like their reporting system wont find you for couple of months. In the beginning, I had hard time to get my credit report. They would tell me that I am not in their system, while Amex said that they are reporting my payments to these credit report companies.

It took few months when they finally found me in the system. When I got my 1st credit report, then they required me to fax the GC to make sure that was really me.

If Capital one is giving hard time, then get the one from your local bank. Wells Fargo offer one credit. You may require to put upfront payment like couple of hundred dollars, then they will issue you a credit card.

https://www.wellsfargo.com/credit_cards/secured/

[amykathleen2005 441]

Get someone to add you to their card as a secondary user.

[Nich-Nick 3,354]

I'm just keen to build my credit so we can think about buying a place of our own in the not too distant future!

I (the USC) applied for a mortgage on my own when we decided to buy a new house since my UK husband had no US credit history or a job history. I knew it would slow us down and probably result in a higher interest rate if we applied for the mortgage jointly. If your wife has an excellent credit history and enough income, you might want to consider that route if you find a sweet deal you want to grab.

[Segers2012 1]

I applied for the 'Newcomers' credit card with Capital One a week ago today and was declined. I didn't think anything of it at the time, I just assumed that as I hadn't been working long and I had only recently received my GC I would need to maybe wait a little longer.

The rejection letter arrived in the mail this morning and was the usual stuff about not being able to offer credit at this time. What caught my attentions were the reasons:

- Based on the credit report from Equifax for <my name>, credit bureau information is missing or unavailable.

- Based on the credit report from Experian for <my name>, credit bureau information is missing or unavailable.

- Based on the credit report from Trans Union for <my name>, credit bureau information is missing or unavailable.

How do I go about fixing this? Is it possible to just call each bureau up and make sure they have me in their system and then advise Capital One of that, or do I need to wait a little while for my details to update with the bureaus?

The reason I applied for the card was to build credit as I have no credit presence here in the US, but it seems like that is the very thing that Capital One are penalizing me for when my understanding was that the very card they offer to newcomers helps to get around this lack of US credit history.

Any suggestions on how to proceed initially? and also down the line. Should I be looking to get a cell plan in my name or maybe pick up the cable or internet bill where I'm living right now (with FIL). I currently have a checking/savings account with BoA and a checking/savings account with my company's FCU. Are secured credit cards a good way to proceed?

Thanks in advance for anybody that stops by and lends a hand!!

You just arrived so you're not officially official in the system yet. Give it time to establish yourself and your existence. I know credit history and so on means a lot in the states compared to other countries. Work for a wee while before attempting another application for credit cards. You could try to buy a new car with your spouse being a co-signer. A friend of mine had the same issue, and money was NOT an issue. She end up buying a new car. She would rather cash out the car but had to force herself to do accept a stupid financing car with high ####### interest rate, but she's paying a chunk load off the car at a monthly payment just enough to limit it so that the credit will build up. believe me, after a while, all these mails of credit cards will come knocking on your door to apply for and that, wishing they'll go away. My husband just got here too and facing same issue.

[epsonderby 85]

Thanks for all of your suggestions.

I'm going to speak to my Credit Union at work and get a secured credit card with them. I will also look into Capital One's secured card too.

The Credit Union also do 30-day notes. Do y'all think they are good ideas or not? I just think it would be something positive on my record?

[Nich-Nick 3,354]

Thanks for all of your suggestions.

I'm going to speak to my Credit Union at work and get a secured credit card with them. I will also look into Capital One's secured card too.

The Credit Union also do 30-day notes. Do y'all think they are good ideas or not? I just think it would be something positive on my record?

I think denials show up as negative things so don't keep applying willy-nilly. Too many hits checking your rating can lower it.

[Penguin_ie 5,993]

What we did is keep out Irish credit cards. We put some of the normal bills (cell phone, water etc) in my name, and after a year, the credit card offers started rolling in.

Also remember that you need a credit card for very little here- if you have a checking account, it most likely comes with a Visa (or other) debit card that works just like a credit card at shops, online etc.

Edited December 23, 2012 by Penguin_ie

[epsonderby 85]

I'll bear these points in mind, guys. I'm only going to apply for secured credit for now. I'll reassess after 6 months and see what kind of offers are coming through.