Denied for first credit card application, what now?

For just about anything you want to get off your chest about credit cards.
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mycredit
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Postby mycredit » Thu Apr 26, 2012 11:06 am

Thank you all for your replies.

I really appreciate it.


namvet
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Postby namvet » Thu Apr 26, 2012 7:11 pm

There is a secured card out there that will not turn you down or even check your credit. It reports to all 3 bureaus but it does have a $50.00 annual fee. It's a good starter card but not one to keep more than a year. It's offered by Capital Bank (not Cap One). Here's your link if you want to give it a try out: http://www.openskycc.com

DavidNY
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Postby DavidNY » Thu Apr 26, 2012 8:20 pm

....the CARD Act of 2009 went into effect, in early 2010, making it substantially more difficult for anyone under 21 to get a credit card.
http://www.mybanktracker.com/bank-news/2012/04/19/postcard-act-banks-shift-prepaid-campus/

mycredit
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Postby mycredit » Sat Apr 28, 2012 3:52 pm

namvet wrote:There is a secured card out there that will not turn you down or even check your credit. It reports to all 3 bureaus but it does have a $50.00 annual fee. It's a good starter card but not one to keep more than a year. It's offered by Capital Bank (not Cap One). Here's your link if you want to give it a try out: http://www.openskycc.com


Thank you!

Have you, or anyone you know, used that credit card before? How was it?

creditvirgin
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First credit card app denied

Postby creditvirgin » Thu Oct 04, 2012 1:21 pm

Hi everyone. I'm new here. I'm currently in grad school and recently applied for my first credit card. Unfortunately I was denied. I applied to the Bank of America Student Rewards card.

I am an authorized user on several of my mother's credit cards including Bank of America, Home Depot, and Chase (which I've never used). Also, my husband and I recently applied for a car loan at a credit union but were denied. I applied for a Delta Skymiles card last December and was denied.

The letter from Bank of America said the key factors that adversely affected my credit score were:
-length of time accounts have been established
-lack of recent revolving account information
-lack of recent bank/national revolving information
-too many inquiries last 12 months

They said my credit score is 700.

They also said that they are unable to approve my request because I have not been established for a sufficient period at the address and phone number provided. I am on a share plan with my mom, and pay my part of the bill but it's under her name. We moved to our school location for school, so that's why we're not "established."

Any suggestions on how I should go about applying for a credit card and which ones? I've looked at Capital One Journey and Chase Freedom.

Should I have my husband apply? Then put me on as a joint user?? (He hasn't applied for any credit cards before.)

creditvirgin
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Postby creditvirgin » Sun Oct 07, 2012 1:54 pm

Any advice please???

MemberSince99
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Postby MemberSince99 » Mon Oct 08, 2012 3:56 pm

bmw1990Z wrote:dude when you are starting out, there is a high possibilty you are going to get denied...a secured card is always an option. I know I sound like Citi's #1 fan on here because I post about them alot, BUT they are very leniant--way more so than Capitol 1. Even if you get denied, call the number and explain your situation and they will almost certainly approve you. The card is also top rated on this forums list for student cards.

My opinion on cash back cards is that the they aren't worth it. Citi gives numerous points for signing up plus you get offers throughout the year to increase your point values..to put it this way, I've had the card six months and had enough points to get two round trip airfare..cash back would've been no where near that. But thats because you get 5x points on things like eating out which is what I use the card for and going to movies and things like that....


Oh boy have I gotta disagree with this. Cash back cards aren't worth it? I beg to differ. I got 166 dollars back in one month from Discover this year alone. I found it worth it.

As for Citi being lenient, you are kidding right? My experience is if they decline you, the CSR has little if any room to override the decision. They actually declined me for not having a balance on a revolving card - I had 0 in revolving debt. I called them and said that's because I paid in full and asked for a recon. DENIED end of discussion.

MemberSince99
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Postby MemberSince99 » Mon Oct 08, 2012 4:01 pm

creditvirgin wrote:Any advice please???


I think the secured card advice they gave you is good. Also look into a local credit union they may be more lenient. Last but not least a Crapitol One card is good to start out with. You gotta get your foot in the door somehow and you aren't going to do that with a top of the line prime credit card. So if you are hoping for that, forget about it, don't waste the inquiries just get a secured card, try your credit union or Capital One (the ones for 'average' with an annual fee) and keep that for 6 months to a year. At that point you can apply for better cards and work your way up.

And Capital One is inquiry sensitive by the way so if you have a number of inquiries you might want to go the secured card/credit union route. That's just as well as they won't grow with you but you will dump them once you get better cards anyway.

creditvirgin
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Postby creditvirgin » Mon Oct 08, 2012 7:29 pm

Thanks for the reply.

DavidNY
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Postby DavidNY » Mon Oct 08, 2012 8:54 pm

I would sooner recommend a secured card from BofA (which should eventually convert to unsecured) than anything from Capital One.



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