kimofry12 wrote:I'm a sophomore in college, and I applied for the Journey capital one card, and the Discover it card, and was declined for both. I don't pay rent and I make about 4,000 a year from my two jobs plus money my parents give me. I need to understand why I was declined, and how I can fix it.
I am mostly perplexed because my friend just applied for the Journey card and was instantly approved, although she makes about 5,000.
First, happy belated birthday and welcome to the world of credit!
To be honest I don't know much about the Capital One Journey card, but regarding the Discover It, I think the approval criteria are a bit high for someone just starting out. You probably need to build credit history with other cards first.
A quick bit of research tells me that the Journey card is indeed for students. So it does sound more like a card you could get approved for just starting out. Nevertheless, there could be a number of reasons you friend got approved and you didn't. Does she already have any other cards or would this be her first? Could she have already been an authorized user on her parents' cards? Do you think she might have gotten a cosigner? Regarding the income, perhaps the extra $1,000 did help her odds...or do you think perhaps there's also a chance she might have fudged a little bit and said her income was even higher than $5,000?
Regardless, I probably wouldn't bother reconning (reconsidering - calling the creditor and asking them to reconsider your application basically and discussing your situation in more detail with a live analyst) the Discover It. However, I'd suggest giving it a try with Capital One. Can't really hurt; the most they'll say is no. Plus, they'll likely tell you in more detail why they declined you. So if nothing else you'll have a learning experience.
A couple of other credit options you might try: Does your school have a credit union? You may have better luck getting a card through them. Second option which is pretty much guaranteed to work: get a secured card. If you aren't familiar with them, basically you put down a deposit - say $300 - and that becomes your credit limit. But your subsequent purchases don't come out of that amount, instead you pay them every month like a regular credit card. The deposit is just there to literally 'secure' the card in case you don't pay your bill. After a few months of having a secured card - I'd give it at least 6 months - you should have the credit history to get approved for a regular - though probably still 'beginner' - unsecured credit card. Some secured credit cards even have the option of converting to unsecured after a period of time. Sorry I can't recommend any particular secured cards, but make sure the fees aren't too excessive. Names to AVOID are Premier Credit and Credit One - I believe they have terrible terms and stupid high fees. I think Capital One has a secured card actually that probably isn't too bad.
Best of luck!