I have a friend that has no credit score. They came to me for financial advice recently as they got their hands on their first $2k in floating cash and wanted my advice to start their personal finance journey.
We started by running their credit report off of annualcreditreport.com and it literally said “you have NO credit history.” No derogatory marks, no credit history, no debt, no car payments, no loans, literally NOTHING, not even a score.
I thought this was good since she has no debt and this is exactly how I started too. So I went to Discover to apply for a secured credit card and I was very surprised when the application got denied. After this, I thought Capital One might accept them. So we applied for a secured credit card at Capital One and we got denied again. I have no idea why.
To counter this, I added my friend as an authorized user on two of my accounts hoping this will allow them to qualify in a couple of months once they report it to the credit bureau, but I’m not even sure if that will work.
After this, we tried opening a Checkings and Savings account at Ally Bank and her application got declined? We called them and asked why, to which they had no explanation. We are both so frustrated, she’s losing hope, and I have no idea why things aren’t working out. I’m trying my best to help, but everything worked for me immediately when I started my journey, and I have no idea why she’s getting denied for simple accounts.
Her rent is $0 a month and she works as a barista making about $32k gross per year. Anybody know how we can get her a credit score and open a checkings / high yield savings account?
Submitted October 04, 2022 at 03:59AM by partypartypoorboy https://ift.tt/7GluSA6
