Why am I getting denied for every credit card I apply for?

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Why am I getting denied for every credit card I apply for?

Postby mrsandman » Wed Oct 16, 2013 5:01 am

Ok, I need some advice!

I'm 19, part-time college student, full-time hotel auditor. I make almost $24,000/yr currently. I have applied for a few different cards since I turned 18, my parents have always had bad credit so I understand the importance of having good credit.

When I was 18 I took out my first auto loan for $5,000 (co-signed w/ parents). I paid off the loan within 10 months. Around this time my credit score was sitting at a 690. I recently got a new auto loan for almost $7,000 (In my name only). Made the first payment a couple weeks ago.

My credit is currently at 635. I do still live with my parents, and pay them $250/mo to rent the upstairs apartment in our house. Other than that, my only other expenses are my auto loan and gas. Very frugal with my money.

I recently wanted to get a home mortgage for $20,000 to obtain a rental property. The guy told me I did not have enough open credit lines (4 required). I would have been approved otherwise.

I've applied for maybe 6 credit cards since I turned 18. I've been declined every single time. It's very frustrating. I'm an extremely hard worker, make a good amount of money (for my age!), and have NEVER missed a payment. Amazon even shot me down. All of the explanations say it's because I have "limited credit history." Of course I have limited history, I can't get approved for anything!!

The card I most recently applied for was Citi Forward and got declined immediately. From all the forums I read, I should have got approved.

Any recommended cards or advice is appreciated! Again, very frustrated!!! Let me know if you need more info.


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Postby Gamma » Wed Oct 16, 2013 7:23 pm

Seems the only reason you been getting approved for car loans is because they're secure loans. If you default on your car loan, they can take it back, whereas credit cards are unsecure loans. What most people will probably say is start with BoA secure credit card where you put a deposit and use that deposit as a credit line. They will report that as a open credit line in your profile.

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Postby whit » Wed Oct 16, 2013 7:46 pm

Everyone is different and while there are some similarities you can't base your situation and compare it to someone similar, I mean to get a general idea but not to be disappointed when its not the same outcome

I'm sorry it's such a frustrating process

In your situation, depending on how long ago those applications/inquires were done I would hold off on any immediate apps, since you just started on making payments to the new auto loan in ur name only I would wait a few months, let those get reflected on ur report

Then I would apply for either chase slate or discover it card

I actually had someone almost two years ago, somewhat similar situation, she was going to school and working at Starbucks, had her own rent, more expensive then urs but good considering the neighborhood she was in..and she never had a cc. Couldn't get approved for one either, she tried everything that was suppose to be easy to get including capital one student card

Got rejected for that too

I asked questions and recommended the slate..I honestly have to say it would be a toss up of approve or denied but after a week of waiting she got approved with a low limit of 500 or 300

But it's a cc, it's a visa, and actually chase isn't so bad to have as a creditor. No annual fee, which is why I personally wouldn't go for secured cc or the one with an annual fee just because u need to build credit

I do see where for some it's the only choice, so it's also something to consider

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Postby DavidNY » Wed Oct 16, 2013 9:19 pm

Gamma wrote: start with BoA secure credit card where you put a deposit and use that deposit as a credit line. They will report that as a open credit line in your profile.

+ 1

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Postby Xer0 SiN » Wed Oct 16, 2013 10:22 pm

i agree with the above. youre probably going to have to start with secured cards. if you can try look into local credit unions, most time they are more lax in their underwriting compared to prime banks and mainstream credit unions.

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Postby Snowman » Thu Oct 17, 2013 1:22 am

OP, I suggest you follow the suggestions of the posters above and start with a secured card and build your way up from there. I started with a BOFA Cash Rewards and I've been fortunate enough to be approved for almost all of the cards I have applied for. Just give it time, and you will be good to go in no time.
Bank Of America: BankAmeriCard Cash Rewards-4.2k
Citi: Forward-4.5k American Airlines Advantage Platinum Select World Elite MasterCard 9/6/15-4K
Discover: More-7k
Amex BCE.2k- Amex SPG-5k
Chase: Freedom-5kSouthwest Rapid Rewards Plus- 3.6k
Capital one: Venture one-10,000, Visa Signature.

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Postby Vandalized2 » Thu Oct 17, 2013 2:40 pm

I would honestly call the reconsideration lines/ or underwriting to see why they did not approve on top of the limited credit history. I have had good luck with that with CLI's. I have never been declined for a credit card and have never had a secured card. I just went through the bank i banked with with there basic low limit card because secured didnt make sense for me. I hope this helped you. I am only 21 and had credit since two days after my 18th birthday. It will get easier, stay diligent.

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Postby zrussell » Fri Oct 18, 2013 4:22 pm

When I was 19 (about a year ago) I applied for a Discover student card. It is an unsecured line of credit. My fiancée applied for one of these two months ago and got approved with no credit history. When you apply for the discover student card, you will speak with a credit representative and they will verify your info (student ID and government ID), they'll ask you a few questions about what you do and you should get approved over the phone.

Discover doesn't give huge limits to students, but they do give quarterly bonuses and have no annual fee. I think they have a 6 month 0% introductory APR As well.

Hope this helps

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Postby takeshi » Sat Oct 19, 2013 1:03 pm

+1 to trying secured and/or credit unions. It's a standard reply for this sort of situation.

mrsandman wrote:All of the explanations say it's because I have "limited credit history." Of course I have limited history, I can't get approved for anything!!

It is a bit of a catch 22. Some people in your situation get approved for unsecured but others have to go the secured route. Repeatedly applying and getting denied certainly isn't helping either.

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Postby thecentury303 » Sun Oct 20, 2013 2:26 am

Start with a credit card first. The easiest one might be your local credit union card or a secured credit card.
My family:
Capital One Cash Rewards for New Comer: $1500 (09/12)
Local Credit Union: $1,500 (10/12), Chase Freedom: $1,500 (04/13), Discover IT: $1,800 (04/13)
AMEX Gold Charge Card: NPSL (06/13), AMEX BCE: $6,000 (06/13)
Chase United Explorer: $6,000 (10/13), Chase Ink Cash: $3,000 (10/13), Barclays Arrival Platinum: $3,000 (10/13)

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