Denied!

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CreditDenied
 
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Denied!

Postby CreditDenied » Tue Sep 15, 2015 6:45 pm

Hi guys,

I’ve been a student for the past few years. I’ve never had a credit card, preferring to use the BoFA ViSA debit card for as long as I can remember, as I was raised under the common belief that if you didn’t have a job, you didn’t need a credit card and people that had them and weren’t working were, well…evil.

So, long story short, I recently did a legal name and gender change and will be graduating at the end of the year. So I figured that a credit card might be a good idea to start building my credit, as I don’t think I have any to speak of.

Well I applied for the Capital One Journey Card and was instantly denied. Do you lovely people have any ideas for a good starter card a student with pretty much no credit can get? Would I have to start with a Secured Card?

Thanking you guys in advance!

CD


ingramjuan
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Re: Denied !

Postby ingramjuan » Wed Sep 16, 2015 12:09 am

CreditDenied wrote: Would I have to start with a Secured Card?

Thanking you guys in advance!

CD


Possible you can look at the Capital One Secured Credit Card.
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takeshi
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Re: Denied !

Postby takeshi » Wed Sep 16, 2015 7:21 am

Secured and/or credit union with more lax approval criteria are the standard recommendations.

Vermonster
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Re: Denied !

Postby Vermonster » Wed Sep 16, 2015 8:02 am

We would need to know why there was a denial. I'm honestly quite ignorant in what a name and gender change entails, but I assume you keep you social security number correct? If so then perhaps you have conflicting information on your credit report. I would suggest getting your free credit report from all 3 credit bureaus.
Chase Freedom $9k~~Chase Sapphire Preferred $6.5k~~Amex Blue Cash Preferred $12.4k~~Citi Double Cash $4.7k

Kevin86475391
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Re: Denied!

Postby Kevin86475391 » Wed Sep 16, 2015 11:59 am

Congratulations on making the changes you need to be happy! :cheers: I'm sure building good credit will be a breeze by comparison.

Yes, I'd say that as a student you probably would be better off applying for some secured cards at this point. I read the other day that the Discover It card offers a secured version, which I think may even graduate to unsecured after about a year, and you'd be able to earn rewards in the meantime. There are lots of good secured cards out there though. Just make sure to find one that has low/no fees. If your school has a credit union associated with them, that might also be a great place to start.

If you've never had any credit problems/negative history, then personally I suspect you would be able to qualify for a starter unsecured card after you graduate and have more income. I suspect it's the combination of no credit history, plus little-to-no-income as a student that got you the instant denial.

Another option if it exists for you would be to ask to be added as an authorized user on a friend or family member's credit card(s). They wouldn't even need to actually give you a card and you wouldn't need to actually make any purchases. However, if you go that route make sure you select someone who has good credit and pays their balance in full each month and you'll probably want to be removed once you've established credit and have cards of your own. That's because if something happens and the person misses a payment, is late, or racks up high utilization that would negatively affect your credit. So again, definitely only become an AU on the account of a person you trust who has and will maintain good credit.

Anyway, best of luck!

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CarefulBuilder14
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Re: Denied!

Postby CarefulBuilder14 » Wed Sep 16, 2015 1:07 pm

I'd try for an unsecured student Discover first. If that fails, call and ask if you can get the secured Discover. If that fails, then look at other secured cards. BofA secured has a fee but sometimes graduates to being unsecured.
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CreditDenied
 
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Re: Denied!

Postby CreditDenied » Thu Sep 17, 2015 8:57 pm

Thanks for the suggestions guys!

CapitalOne sent me a letter explaining my denial, in case you guys were curious. Thought that was rather nice of them, at least.

Thank you for applying for a credit card issued by Capital One®. Unfortunately, after reviewing your application and information obtained from your consumer credit report(s) from the agencies detailed on the back of this letter - we cannot approve your request at this time.
The reason(s) for our decision are:
• Based on your credit report from Equifax, credit bureau information is missing or unavailable
• Based on your credit report from Experian, credit bureau information is missing or unavailable
• Based on your credit report from Trans Union, credit bureau information is missing or unavailable

Whatamuji
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Re: Denied!

Postby Whatamuji » Fri Sep 18, 2015 1:42 am

Here's what I did when I first started out trying to get credit. I got a Kohls card and literally used it one time for a $150 purchase. Paid it off in full and then waited for a couple of months until I received offers in the mail for Discover and such. Now I've got plenty of credit one year on. What some people don't know is that a Kohls card is probably the easiest bit of credit you can get with no previous credit. They literally give the cards out like candy and they report to the credit bureaus. Definitely something to consider as a way to build your credit. It's what got my foot in the credit door.
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Re: Denied!

Postby Vermonster » Fri Sep 18, 2015 8:22 am

Everyone is quick to suggest card, but you absolutely need to make sure your credit report is in good order. I looked more into the legal name change (and asked a friend that went through it) and it is going to require some leg work. I am going to assume you applied for the Cap One card with your new name, and gender. If not, ignore what I am about to say.

First of all, it is your responsibility to notify Transunion, Equifax, and Experian of a legal name change. If you haven't, and you used your new name and gender, no one is going to find anything about you. Anecdotal evidence suggests that it will be easy to do with Transunion, and Equifax. Experian will only take a name change from creditors. This would require you to know who is reporting your old name, and simply have them replace it with your new name.

So you have a few options:
Have you ever had a student loan with your name on it? Generally Federal student aid like Stafford loans will be in your name. Almost all other loans, like Discover, Great Lakes, Citi, ect, are going to be in your name too. If so, then you most likely have a credit file under your former name. You should attempt to pull your free annual report using your former name and gender. You want to do this for 2 reasons. The first is to see if you actually have a credit file. Your Cap One denial makes it look like they didn't find anything. The second is to see if your new name is listed on the same report as your former name. The unfortunate truth about credit is that you will never get completely away from your former name.

If you pull your report and you new name is not listed, and you have tried getting the bureaus to change you name with no luck, you have one final option. There is a chance that you can take the Cap One denial letter, and request a copy of your report with your new name. They might request some documents to verify your identity, which could help sort out the name changes.

But at the end of the day, this might be something you should talk to a professional about. Sharing too much personal information over the internet is never the best idea, so it would probably be best to sit down with someone you can trust to work things out. This will probably take time, but I'm sure you could do a lot of it in a single weekday.
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