College Student looking to get first Credit Card

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Tasha89
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Re: College Student looking to get first Credit Card

Postby Tasha89 » Fri May 01, 2015 3:23 pm

So I got a letter saying I was denied for the Discover IT Student card because of the ratio of monthly payments to income. If someone got approved when they put $0 as their income (as Vermonster said), then I should have totally been approved with a monthly income of $655. It says that they invite me to open a joint account. Is that what I should do? I would open it with my father, but it would be my card as he probably wouldn't use it. Would that be just as good for building credit as if I had opened it alone?

In other news: Capital One has been sending me offers non stop. I have three offers for their Quicksilver Card, and one for their Platinum MasterCard sitting on my desk at the moment.
Discover IT for Students: $2,000


Vermonster
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Re: College Student looking to get first Credit Card

Postby Vermonster » Fri May 01, 2015 4:20 pm

Tasha89 wrote:monthly income of $655.


Did you put in the yearly income or just $655 on the app? also are you doing Gross income or Net Income? you should be able to call and recon, it is a student card for crying out loud.
Chase Freedom $9k~~Chase Sapphire Preferred $6.5k~~Amex Blue Cash Preferred $12.4k~~Citi Double Cash $4.7k

Tasha89
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Re: College Student looking to get first Credit Card

Postby Tasha89 » Fri May 01, 2015 4:36 pm

Vermonster wrote:
Tasha89 wrote:monthly income of $655.


Did you put in the yearly income or just $655 on the app? also are you doing Gross income or Net Income? you should be able to call and recon, it is a student card for crying out loud.


No, I multiplied it by 12 and put that down as the yearly income (around 8k), then I subtracted 1k in taxes and told them that my annual income was around 7K (net).
Discover IT for Students: $2,000

Vermonster
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Re: College Student looking to get first Credit Card

Postby Vermonster » Fri May 01, 2015 4:55 pm

Tasha89 wrote:
Vermonster wrote:
Tasha89 wrote:monthly income of $655.


Did you put in the yearly income or just $655 on the app? also are you doing Gross income or Net Income? you should be able to call and recon, it is a student card for crying out loud.


No, I multiplied it by 12 and put that down as the yearly income (around 8k), then I subtracted 1k in taxes and told them that my annual income was around 7K (net).


Ohh don't subtract anything. Think of Gross income as what the employer pays, not what you receive. Definitely call and recon and explain that you made a mistake on your income. Do you pay rent out of that too?
Chase Freedom $9k~~Chase Sapphire Preferred $6.5k~~Amex Blue Cash Preferred $12.4k~~Citi Double Cash $4.7k

Tasha89
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Re: College Student looking to get first Credit Card

Postby Tasha89 » Fri May 01, 2015 11:22 pm

Vermonster wrote:Ohh don't subtract anything. Think of Gross income as what the employer pays, not what you receive. Definitely call and recon and explain that you made a mistake on your income. Do you pay rent out of that too?


See, I think rent is where the denial came from. I was living with a roommate in an apartment when I applied for the card. Rent was $400 a month, so just by seeing that I made $655 a month I could see where they thought I wouldn't have enough. But I get financial aid which covers rent, so none of my rent is paid with the income I get through my job. I am also now living with my parents for the summer, so I won't be paying rent at all.
Discover IT for Students: $2,000

darkguy2
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Re: College Student looking to get first Credit Card

Postby darkguy2 » Fri May 01, 2015 11:49 pm

Definitely call the recon number and explain all of that. They should approve you.
Discover IT - $5,700
Chase Freedom - $5,700
Costco Citi - $13,000
Sallie Mae - $4,000
Chase Sapphire Preferred - $6,000
Chase Sapphire Reserve - $19,500
Citi Double Cash - $6,500
Amex BCE - $13,000

FICOs: Discover (777), SallieMae (764), Amex (767), Citi (772)
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Tasha89
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Re: College Student looking to get first Credit Card

Postby Tasha89 » Sat May 02, 2015 12:29 am

darkguy2 wrote:Definitely call the recon number and explain all of that. They should approve you.


Is that the number that is given when you check your application status?

Do I tell them that I am calling to clarify some information on my application? Sorry if these are silly questions, I've never done this before.
Discover IT for Students: $2,000

Vermonster
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Re: College Student looking to get first Credit Card

Postby Vermonster » Sat May 02, 2015 8:12 am

888-676-3695 should be a good recon number.

Call and say you were initially denied, but that you realized that you gave some incorrect salary information. Tell them that you originally gave your gross income should actually be $8000, and that your rent should be listed as $0 as you don't actually pay it out of pocket. If the address used is your parents, then just tell them you live at home. If it isn't your parents, tell them that your parents pay your rent.

I think if you explain that this was your first major credit card application and you feel bad for messing up, you might get a CSR that is willing to help.
Chase Freedom $9k~~Chase Sapphire Preferred $6.5k~~Amex Blue Cash Preferred $12.4k~~Citi Double Cash $4.7k

Tasha89
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Re: College Student looking to get first Credit Card

Postby Tasha89 » Sat May 02, 2015 12:54 pm

Vermonster wrote:888-676-3695 should be a good recon number.

Call and say you were initially denied, but that you realized that you gave some incorrect salary information. Tell them that you originally gave your gross income should actually be $8000, and that your rent should be listed as $0 as you don't actually pay it out of pocket. If the address used is your parents, then just tell them you live at home. If it isn't your parents, tell them that your parents pay your rent.

I think if you explain that this was your first major credit card application and you feel bad for messing up, you might get a CSR that is willing to help.


Thank you!

I called and got approved! I didn't realize I should have included my financial aid as income which made a HUGE difference.
Discover IT for Students: $2,000

darkguy2
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Re: College Student looking to get first Credit Card

Postby darkguy2 » Sat May 02, 2015 4:10 pm

Congrats! Welcome to the world of credit. Now you have to make sure you are responsible with your card. As some other members here can attest the worst thing you can do is be irresponsible with your credit card. The repercussions if you have a charge off will last 7 years and stunt your credit growth.
Discover IT - $5,700
Chase Freedom - $5,700
Costco Citi - $13,000
Sallie Mae - $4,000
Chase Sapphire Preferred - $6,000
Chase Sapphire Reserve - $19,500
Citi Double Cash - $6,500
Amex BCE - $13,000

FICOs: Discover (777), SallieMae (764), Amex (767), Citi (772)
FAKOs: CK- TU (760), EQ (760)



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