Do you think I would be approved?

Where you can talk about store credit cards, like gas station cards, department store cards, etc.
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SigmaInigma
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Do you think I would be approved?

Postby SigmaInigma » Thu Nov 01, 2012 3:41 pm

I am looking to apply for a Best Buy Rewards Zone Credit Card. I really do not care what your opinions are on the card I just want to know if you think I would be accepted.

I am 18 years old and got my first credit card back in January 2012. I was approved for a Citi Forward card with a $500 credit limit. I have had the card for about 9 months now. My credit score is 730 which I think is pretty good for my age. The main thing that is keeping my score down right now is that I have had my first credit card for less than a year and I have two credit inquires in the same year (I applied for a credit increase with my Citi Forward card in June but was declined).

I have a part time job and make about $12000 a year. I live with my parents so I have no monthly house payment.

If I were to apply with with my current credit do you think I would be approved? If I apply and am declined how badly will it hut my credit?

I was also thinking about having my mom apply as the primary applicant and have me as the secondary. Would I have better chances like this if my moms credit is pretty good?


cashback
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Postby cashback » Fri Nov 02, 2012 1:36 pm

In my opinion, I think you will have no problem getting approved for the card. Best buy has 2 reward zone cards I believe, one that is an actual credit card and one that can only be used at the store. With your stats I think they would give you the actual credit card, but if they dont they will almost definitely give you the store card.

Credit denials do not hurt your credit score. The inquiries from applying can hurt it, but from what you wrote this would only be your second inquiry.

So I would apply myself if I were you and if by some chance it does get denied, have your mom open one with you on it.
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Amex BCE 25K ---- PenFed Platinum Rewards 15.5K --- US Bank Cash+ 12K --- Discover IT 6K --- Citi Dividend 5K --- Chase Freedom 12.5K --- Amex SPG 6K --- Citi Thank You Preferred 15K

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hematino
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Postby hematino » Fri Nov 02, 2012 4:03 pm

cashback wrote:In my opinion, I think you will have no problem getting approved for the card. Best buy has 2 reward zone cards I believe, one that is an actual credit card and one that can only be used at the store. With your stats I think they would give you the actual credit card, but if they dont they will almost definitely give you the store card.

Credit denials do not hurt your credit score. The inquiries from applying can hurt it, but from what you wrote this would only be your second inquiry.

So I would apply myself if I were you and if by some chance it does get denied, have your mom open one with you on it.


+1

You will hopefully get approved for at least the store card. At your stage, it would be beneficial to have a few credit cards open to build a strong base for your credit history. If it were me, I'd try for it. In any event, good luck!
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bisbicos
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Postby bisbicos » Fri Nov 02, 2012 4:53 pm

Remember that the rewards card has an annual fee. I got suckered into it a few years ago when I applied for the store card
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Mastercard: Chase Freedom (5% rotating categories) 4.6k
Visa: Citi Forward (5x pts on restaurants) 15.7k
Citi Dividend (5% rotating categories) 5.6
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Snowman
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Postby Snowman » Fri Nov 02, 2012 7:29 pm

I don't think honestly there would be any issue of you getting approved for either, like you, my scores are 730+ and I too have a roughly 12,000 in income as well, I'm curious though, why would you want a store card?
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.

Money card
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Postby Money card » Sat Nov 03, 2012 9:36 pm

so your 18 you have a Citiforward, you make 12,000 a year you live home with your parents thats great. i believe the card your taliking about is the mastercard correct? you have a 730 score for your age you think that's pretty good I think it's great.
if you did apply and you got turned down it's considered a hard pull and you would get a lot of points taken off your beautiful score of 730.
from what you have told us I see no reason on why you would be denied. you can always try.

cashback
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Postby cashback » Sat Nov 03, 2012 9:48 pm

Money card wrote:so your 18 you have a Citiforward, you make 12,000 a year you live home with your parents thats great. i believe the card your taliking about is the mastercard correct? you have a 730 score for your age you think that's pretty good I think it's great.
if you did apply and you got turned down it's considered a hard pull and you would get a lot of points taken off your beautiful score of 730.
from what you have told us I see no reason on why you would be denied. you can always try.


It's a hard pull whether you are accepted or denied. And "a lot of points off" is a bit much. The general rule is 1-5 points per inquiry for six months.
Credit Cards
Amex BCE 25K ---- PenFed Platinum Rewards 15.5K --- US Bank Cash+ 12K --- Discover IT 6K --- Citi Dividend 5K --- Chase Freedom 12.5K --- Amex SPG 6K --- Citi Thank You Preferred 15K

Not Used
Citi Simplicity - 5K, Sam's Club Discover - 10K

Future Cards
Sallie Mae World Mastercard

FICOs
Exp 772 - TU 781 - Equ 781

Money card
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Postby Money card » Sun Nov 04, 2012 12:18 am

for a soft pull, but for a hard pull it has to be a lot more.

cashback
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Postby cashback » Sun Nov 04, 2012 12:28 am

Money card wrote:for a soft pull, but for a hard pull it has to be a lot more.


You make it sound like a hard pull is going to kill your credit. It is not. I just had 3 hard pulls on my report for 3 new cards. My score is still in the high 700's. What would be the point in getting any credit cards if the credit inquiries take "a lot of points off"? People do not need to be scared of a credit pull.

You can see my scores in my sig. TU and Equifax show 3 pulls on my report. For some reason Experian has ones from way longer so there are 8 total pulls on the report. So the extra 5 pulls shown on my Experian dropped my score a whopping 9 points. Ouch!
Credit Cards
Amex BCE 25K ---- PenFed Platinum Rewards 15.5K --- US Bank Cash+ 12K --- Discover IT 6K --- Citi Dividend 5K --- Chase Freedom 12.5K --- Amex SPG 6K --- Citi Thank You Preferred 15K

Not Used
Citi Simplicity - 5K, Sam's Club Discover - 10K

Future Cards
Sallie Mae World Mastercard

FICOs
Exp 772 - TU 781 - Equ 781

hematino
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Postby hematino » Sun Nov 04, 2012 4:26 am

Money card wrote:for a soft pull, but for a hard pull it has to be a lot more.


Soft pulls don't cause any lowering of your credit score at all. Otherwise using sites like credit karma or quizzle regularly would decimate your credit score.
Now she's eyeless.
The snakes she held once
Eat up her hands.



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