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About LinkBacksI am new to this site. Hopefully, I can get the hang of things.
I recently tried to purchase a new vehicle and everyone that ran my credit told me that I needed a co-singer. So I was bummed by this.
So I decided to take a look at my credit report and found that I really don't have any credit, but is a 2009 college graduate. I have student loans and that's about it. I have never owned a credit card or made a major purchase. I had excellent credit until student loans hit my credit. I have recently got those under control and would start paying back in December of this year.
About 3 months ago I applied for a Walmart card and a clothing card. They both denied me because of lack of credit history or delinquent on other accounts. Therefore, I gave up! As a result of this headache, everyone was telling me that I needed to apply for a major credit. So, on yesterday I received an offer in the mail from Capital One stating that they had recently reviewed my credit history and saw that I was getting on track financially and want to help me build my credit also. That asked me to fill out this short application and send it back in, which I didn't because the interest rate was 22.99 which is too high.
So, I did plenty of research on different credit cards and decided to apply for a Chase freedom card today. I called the card company to apply and was told maybe the chase slate card was better for me. I had to tell my salary which is 19k a year and how long I had lived at my current residence which is 2 years.
Here is my question; could someone please inform me if I will be denied a credit card again?
I am trying so hard to build my credit, but am having a hard time doing so.
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Green Member
- Join Date
- Nov 2011
- Location
- Cleveland, MS
- Posts
- 1
Will I be denied a credit card again?
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Centurion Member
- Join Date
- Jul 2011
- Location
- Mesa, AZ
- Posts
- 121
Since you don't have really any credit, don't expect a great APR. Assuming you haven't had a credit card before, I highly recommend always paying in full- do not carry a balance. If you do that, APR won't matter anyway, not to mention your score can only go up.
And although I've heard a couple stories of those getting approved on little to no credit, I want to say you will not be approved for Chase Freedom, simply because you don't have any credit. I've personally been denied three times from them over the course of three years simply because I didn't have enough credit experience (only had one credit card at the time).
You'd be wise to go with someone like Capital One as a first card (easier to obtain), or even wiser to go with a secured credit card (Wells Fargo, Orchard, etc) for awhile. Here's a forum link to look over regarding secured cards:
Secured Credit Cards To Rebuild Credit
From reading around the forum, Chase Slate is another card I've heard that's relatively easy to get, though is targeted for individuals who want to continually carry a balance.
The American Express Zync is another option, which I and many others here personally have, if you're into the charge card realm:
American Express Zync Card Review – An Important Warning
Again, that's somewhat of an easier card to obtain. I'd personally go with a secured card if I had to start over again.Currently: American Express Green, American Express Zync, Chase Freedom Visa, Capital One Newcomers
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Banned
- Join Date
- Sep 2011
- Location
- Philippines
- Posts
- 58
Having no credit is the common waterloo of most applicants. Take the advice of @ivotedale to start with a secured card to build your credit. However, I was surprised that you were denied by Waltmart because many are suggesting to start with a store card to build credit. Therefore, I suppose Walmart to be more lenient. Anyway, if you still need credit card help, you may visit other forums in this site.
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