I am new to this forum and I was hoping you guys might be able to help me out here. I am 20 years old, a college student, and have income of about $30k/year. I have recently begun trying to build my credit history, and the only credit card that I have is a Chase Freedom card of which I am an Authorized User (I did not have a SSN at the time of opening the account so I could not apply as the primary account holder).
When I received my SSN the first thing I did was add it to my Chase bank account so that it would hopefully link the credit card to my SSN as well, effectively affecitng my credit score. I got in touch with AMEX as they had sent me pre-approved Gold Cards in the past (since my parents are long time costumers) and their sales rep encouraged me to apply despite me telling her I had non-existent credit history. She said that, "there are so many factors they consider in approving/denying applications that [I] could get approved with no credit score." She talked to me about the cards and I told her I don't carry balances, and explained the type of rewards I prefer. She then referred me to the Gold Card. I was setting my sights on the Blue Cash Everyday since I thought the standards of approval might be lower but she insisted the Gold Card was the way to go for me.
So I applied and got denied. Why? No credit history. I then applied for a Discover IT Student card. Discover said they were unable to approve me because of insufficient credit history (again :mad
and encouraged me to fill out a joint app (which I turned in today and expect to hear back from by Wednesday).
At the time of all this applications (about 2 weeks ago) my credit score was non-existent (at least on Credit Karma it was), however, now when I check my score it shows my Chase Freedom Card!
It also shows my Equifax and TransUnion scores both at 706. It says my history is 5 months old (since I opened the card in August) and I was considering re-applying for an AMEX since the sales rep on the phone (I called to see if they would re-consider) told me "apply for a different card, preferably a student card, and then comeback in 5-6 months and try again when you have a credit score."
Well, now there is a 5-6 month old credit history that's reflected on my credit report and I have a good score. So what are the chances AMEX might approve me now? Also, if you think I have a shot, which card do you think I should apply for?
I should note that the Chase Freedom Card ($1,200 limit) is reported at 32% Credit Utilization (which is untrue. I use up to 98% of the credit and pay it off in full every month since it's my only card, but Chase reports that I use about $380 of my line.:cool
Thanks in advance!