18 Years Old Approved for Freedom- Special Form Coming?

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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mag48
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18 Years Old Approved for Freedom- Special Form Coming?

Postby mag48 » Sat Jan 29, 2011 2:55 am

So I have been working with Chase bank to establish a credit score. The first thing they told me to do was either get a Capital One or a store card. So thats what I did and I use the Capital One Venture with a $500 limit. I have used it for a few months and they told me we would now try for a Chase card. We submitted a special circumstance form since I have a good savings with them. After fighting back and forth over the last week with being told denied, approved, denied, waiting for banker response I was at whits end. I would not have applied for that card if I would not have been advised by my banker.

When I told the phone rep that I wanted to apply for the student card but Chase swore up and down the freedom card was for me she asked me for my student email. She then said they would be approving my application based on the fact that I have student status. However, about an hour after that she called and said since your under 21 we need you sign and mail/fax a form back to us before we can open the account. Does anyone have any idea of what this form may be for? I didn't have to do this with Capital One but nonetheless I am happy that I was persistent and didn't give up.

First post here but thanks in advance!


big tony
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Postby big tony » Sat Jan 29, 2011 7:13 pm

I believe all people under 21 have to verify income or have parental consent to cosign for a card. That could be what the form is for that is being sent.

CCG
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Postby CCG » Mon Jan 31, 2011 8:47 pm

Welcome to the forum mag48,

big tony is correct but I would like to elaborate the reasoning for why a written form is necessary in your situation. The law requires that those under the age of 21 must apply in writing. Online credit card applications are considered in writing but those done over the phone are not. Since you applied over the phone by law the issuer will be required to send you documentation to sign and return in order to make the application meet the "in writing" requirement.

Congrats on your new card!

-CreditCardGuru

mag48
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Postby mag48 » Tue Feb 01, 2011 6:53 am

Thank you much! I think it will be a great card! It sounds like it has some nice perks and I think it is somewhat of a "mid-range/higher end card" If I use this card for a year with my capital one and make no late payments what are my chances of being approved for the Amex Blue series? I will also have a mortgage on my report in June.

Thanks!

mag48
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Postby mag48 » Tue Feb 15, 2011 2:50 am

So my chase card is on its way here with a limit of $250. Which is fine and all but I have been trying to use my cards for most of my purchases and paying off at the end of the month to earn the most rewards possible that a debit card can't offer. Its kind of hard to stay below the 30% credit limit on $250 as thats only $75 a month. Is there any chance I can tell them I have a capital one card with a limit of $500 about to be increased to $750 that they may bump this card up a notch to $500? They are my bank, and I save alot of money with them.

creditcruncher
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Postby creditcruncher » Tue Feb 15, 2011 12:12 pm

mag48 wrote:So my chase card is on its way here with a limit of $250. Which is fine and all but I have been trying to use my cards for most of my purchases and paying off at the end of the month to earn the most rewards possible that a debit card can't offer. Its kind of hard to stay below the 30% credit limit on $250 as thats only $75 a month. Is there any chance I can tell them I have a capital one card with a limit of $500 about to be increased to $750 that they may bump this card up a notch to $500? They are my bank, and I save alot of money with them.


You can try, but 9 times out of 10 it won't work. Most card companies policy dictates that you need to have your account open for six months, and then you can request a credit line increase. It doesn't hurt to try though. Here is a link to a list of phone numbers that you can try calling to have this done: Backdoor Numbers - FICO® Forums

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Elliot Castro
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Postby Elliot Castro » Tue Feb 15, 2011 5:55 pm

Its kind of hard to stay below the 30% credit limit on $250 as thats only $75 a month.


Why are you beating yourself over the head this way? Please don't tell me it's because you heard from somewhere that if you use more than 30% you are suddenly not going to get another card from someone else.

But I bet that's the case here.

mag48
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Postby mag48 » Wed Feb 16, 2011 1:43 am

I had read that to build optimal credit that you want to maintain a 30% utilization ratio on credit cards.

Keysmasher
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Postby Keysmasher » Wed Feb 16, 2011 4:20 pm

mag48 wrote:I had read that to build optimal credit that you want to maintain a 30% utilization ratio on credit cards.


Actually it's 10% utilization across ALL cards and individual if you want to increase your FICO score. You should start reading the myfico forums, I have learned a lot from there.

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Postby tinycoin » Thu Feb 17, 2011 10:08 pm

in my country people above 18 can do anything and "pay" for what they did under law



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