So wait, what?

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CC Deville
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Postby CC Deville » Thu Oct 11, 2012 8:44 pm

Snowman wrote:John- I understand, but then why did BOFA not deny me? I mean I had an even smaller income last year (using gross from last year, which was 4,200), and yet the still approved me. I have seen other people my age that have like 9-10k income and they get approved for the Zync, and other various cards, so why were they not denied either? And I know you're not being harsh, I can understand where you're coming from when you say that. But also, I'm surprised that they denied me on my age. I was thinking it was going to be my income or it was going to be because my history was short.

CC-Oh I know. There is no such thing as responsibility anymore in this country, it's amazing to see how much our great country has been in trouble and decline over the last decade. I'm not totally dependent, any of my bills (food, gas, phone, books for school, tuition for school, and other various things I've paid myself.) Everything else, my parents pay the bills for my house....


I hear you that you are not totally dependant; unfortunately the government and therefore, Amex, see you as a dependant based on the income and what you "pay" in rent. Because so many under the age of 21 tend to default, our government decided to hold our young citzens' hands (of course you are old enough to go die in a foreign war) by saying that you are not old enough for a credit card by yourself until the magical age of 21. For now just concentrate on school and building the relationship with BofA. In a few years you will likely be able to obtain cards without any issues. It goes faster than you think!


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Snowman
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Postby Snowman » Thu Oct 11, 2012 8:56 pm

CC- Gah, but that's not fair at all, it's punishing people like me that are generally have been responsible with their finances, and putting us in the same category of people who are irresponsible. I maybe young, but in everything I do, if it my responsibility or obligation, I will fulfill it. I wanted to an Amex primarily because I wanted to build a history with them. I would never think of defaulting on any credit unless I really could not afford to. Other then a high utilization my first month, I've always paid my balances before the statement cuts, and it has always worked out fine. But my question is, why did BOFA not deny me, since I am technically to young? and my income is not that relatively high? But I am old enough for a Credit Card by myself, and I have the income to do so. Now if my history was short, or my payments were late and so on, I can understand, but I never really thought aged played that much of a factor. Anyways, is it worth a recon effort, or do you think it will end up in vain? and also I'm considering applying for a Discover More or a Citi Forward for students. Do I have any chance of getting approved for those 2 cards? I know I should have waited longer for the AMEX, but I said well what the heck let's see what happens. I also want to apply for a Chase Freedom, but I will apply for it in April of next year, would my chances of getting it either in April or may of next year be likely (assuming my history has no negatives) or are they going to deny based on income again? I'll probably for an Amex sometime in 2015 I guess.
Bank Of America: BankAmeriCard Cash Rewards-4.2k
Citi: Forward-4.5k American Airlines Advantage Platinum Select World Elite MasterCard 9/6/15-4K
Discover: More-7k
Amex BCE.2k- Amex SPG-5k
Chase: Freedom-5kSouthwest Rapid Rewards Plus- 3.6k
Capital one: Venture one-10,000, Visa Signature.

DavidNY
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Postby DavidNY » Thu Oct 11, 2012 10:06 pm

I'm curious why you're focused on the Amex green card as there are many superior.options.

Since you were not approved by Amex, I would suggest either getting a co-signer or moving on to another lender who may issue credit with or without a co-signer depending on what's on your application and the creditor's policies.

The CARD Act is a bipartisan effort to make banks act more responsibly and has helped the industry.

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Snowman
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Postby Snowman » Fri Oct 12, 2012 12:29 am

David- the reason why I was interested in this card is because my mom used to have it. I was going to apply for the gold but she said i was aiming a little but too high. And also, as I said in a previous thread we have always used Amex when booking trips and such. I was basically going to use this card once in a while, maybe at a store or to eat out once in a while, and to build a relationship with Amex. I really do not want a co-signer as I am responsible for my own credit and I do not want my parents to pay for my mistakes. That is why I suggested getting a citi forward and discover more. And then in April or may the chase freedom. But do I stand a chance of being approved for any of the cards mentioned or is it unlikely. I'm thinking about applying either on the 28th or 29th. A few days after my statement cuts. Should I buy a Fico score as well or not?
Bank Of America: BankAmeriCard Cash Rewards-4.2k
Citi: Forward-4.5k American Airlines Advantage Platinum Select World Elite MasterCard 9/6/15-4K
Discover: More-7k
Amex BCE.2k- Amex SPG-5k
Chase: Freedom-5kSouthwest Rapid Rewards Plus- 3.6k
Capital one: Venture one-10,000, Visa Signature.

DavidNY
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Postby DavidNY » Fri Oct 12, 2012 9:53 am

Thanks to the CARD Act, your rejection letter from Amex will have a FICO score if they pulled your credit report. You should look over your credit report if you haven't lately, but buying a FICO score is unnecessary.

"Building a relationship with Amex" may have meant something in the past, but today they're just another creditor.

If you want to build a relationship with a bank, start locally.

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Snowman
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Postby Snowman » Fri Oct 12, 2012 10:27 am

David- I don't think they pulled a credit report because when I got my letter whatever I stated in my OP was what came in the letter. I haven't looked at my report because I thought it will become available after 6 months (so after the 25th). And I've been banking with BOFA, but I'll switch to a CU once my card has expired. Would it be better as I stated in a previous post top apply for the Discover More and Citi Forward for students at the end of the month? (i.e. 28th or 29th, a few days after my statement is cut and my balance is reported at 0.) And then apply for Chase Freedom in April (a few days after that statement cuts or sometime in May.) I'll probably hold off Ame until sometime in 2015, and hopefully my income will have gone up and I'll be over 21!

And yeah I guess you're right, but they are just another creditor.
Bank Of America: BankAmeriCard Cash Rewards-4.2k
Citi: Forward-4.5k American Airlines Advantage Platinum Select World Elite MasterCard 9/6/15-4K
Discover: More-7k
Amex BCE.2k- Amex SPG-5k
Chase: Freedom-5kSouthwest Rapid Rewards Plus- 3.6k
Capital one: Venture one-10,000, Visa Signature.

DavidNY
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Postby DavidNY » Fri Oct 12, 2012 10:38 am

Snowman wrote:I've been banking with BOFA, but I'll switch to a CU once my card has expired.


I bank with BofA too (if only because my regional bank, Fleet, got swallowed up by them) as well as a credit union. They both have their good points (BofA for its many branches and for remote deposits, the credit union for the interest and for their ATM fee refunds).

Snowman wrote:Would it be better as I stated in a previous post top apply for the Discover More and Citi Forward for students at the end of the month? (i.e. 28th or 29th, a few days after my statement is cut and my balance is reported at 0.).


You can use Credit Karma to find the amount your creditor is reporting on your TransUnion credit report.

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Snowman
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Postby Snowman » Fri Oct 12, 2012 10:47 am

David- I noticed on the Discover More, there is a section that asks what is your highest educational level. I would put college student but I notice It asks where I go to school and so on, and it does not ask for income anywhere. And I have also heard that in order to get a Discover more as a college student that you have to go to a 4 year school, but I currently attend a community college. If I put under student and my income is 12,000, am I most likely to be approved or not. I'm pretty sure if I applied for Citi in a few weeks, I'm pretty sure they would approve me...but idk about Discover since I do not attend a 4 year school. I just want the regular version of the More card and student version of the forward (until the agency I want to work for starts hiring again) or should I apply for the regular version of the forward since I really do not see that much of a difference between the student and the regular version.
Bank Of America: BankAmeriCard Cash Rewards-4.2k
Citi: Forward-4.5k American Airlines Advantage Platinum Select World Elite MasterCard 9/6/15-4K
Discover: More-7k
Amex BCE.2k- Amex SPG-5k
Chase: Freedom-5kSouthwest Rapid Rewards Plus- 3.6k
Capital one: Venture one-10,000, Visa Signature.

DavidNY
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Postby DavidNY » Fri Oct 12, 2012 10:51 am

I would go for the Citibank card first, because Discover is known for giving low credit lines, and you already have one.

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Snowman
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Postby Snowman » Fri Oct 12, 2012 11:15 am

The regular version of the forward or student? When/if/ should I try for discover then? I don't want to take a crazy amount of hits either.
Bank Of America: BankAmeriCard Cash Rewards-4.2k
Citi: Forward-4.5k American Airlines Advantage Platinum Select World Elite MasterCard 9/6/15-4K
Discover: More-7k
Amex BCE.2k- Amex SPG-5k
Chase: Freedom-5kSouthwest Rapid Rewards Plus- 3.6k
Capital one: Venture one-10,000, Visa Signature.



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