- Green Member
- Posts: 3
- Joined: Tue Oct 12, 2010 7:01 pm
- Location: NYC
I have a very unusual situation ( at least I can't make any sense of it ). I have one credit card (Chase Plus One) which was offered to me by the banker and I have applied for credit cards 3 more times and all of the 3 times I got rejected, by Amex(Blue), Chase ( Plus One, which I applied by mistake around the same time I got my first Plus One card ) and more recently by Chase again (Freedom).
I was offered the Chase Plus One card with an initial credit limit of 300, which although was really low, did not bother me as I just wanted to start building my credit history. The limit was was subsequently raised to 700 after about 8 months of use. I have been using this credit card for most of my small purchases and for paying utility bills. I have zero late payments on my bills and have never used more than 50% of the available credit at any given point of time. Usually, my usage is around 20% of the available credit.
A little bit about me. I came to the US about 4 years ago as a student. At the time I was 26 but I was offered the student card from Chase. I was told that I would be able to apply for a much better card in about an year's time and that I should just focus on building my credit history.
I have been tracking my credit score using the Chase ID Protection service and my credit scores across 3 bureaus are ~680. The reason mentioned for having a lower credit score is that I have low existing credit, which is not surprising as I keep getting rejected when i apply for more credit.
Considering that I have no debt, no late payments, no overdrafts of any sort and a solid 2-3 year credit history, why do my credit card applications keep getting rejected? I have a respectable monthly balance in my checking account and my paycheck gets directly deposited into it. I must also note that none of the credit card applications that I made were within 6 months of each other.
I am totally lost and extremely frustrated at this. I am waiting for the report from Chase that states WHY I got rejected and I will update the reason in this post to get input. I would like to get advise from anyone who is or has been in a similar situation and of course from all the credit gurus in this forum.
Thanks for taking the time to read through the post.