stacks wrote:at 18+/hr I'm pretty sure my wage converts to more than that on an annual scale. I have a student bank of america card($5,000 limit) that I've had since I was 18 and only use for a netflix subscription and a Navy Federal Credit Union Cash rewards card ($10,000) that I use for most everything else. Had that one for a little over 6 months. I make sure to never pay interest and just rack up bonus cash but I'd like to get a better rewards card. The $200 bonus that they advertise on the chase freedom card was pretty appealing to me as well.
stacks wrote:Just got done talking with a Chase rep. The only info he gave me was a po box address to send a copy of my credit report and income information to be reconsidered for approval. Is this standard procedure or is there supposed to be a number I can call to be reconsidered over the phone?
HStarks wrote:Hi All!
I recently applied for the Freedom card and was denied. My score is about 588, I have a Best Buy account with a balance, Chase Rep mentioned I had over 5 inquires.
I read around the forums a few times to be persistent, do you think in my case I should continue calling the recon number or should I wait and get rid of the balance on my BB account 1st.
CC Deville wrote:You have a 588? Is your Best Buy a store card or the MasterCard? Chase is a Prime bank, do not waste anymore inquiries on prime banks (Chase, BofA, Citibank, US Bank, Wells Fargo etc) until you are in the mid 600s because you will be declined. And with these banks there is no negotiating or reconning with a 588 score (unless they offer you a secured card-and most prime banks will not offer a secured card if you have a previous bky or previous charge off with them or any of their historical/acquired banks). To my knowledge, Chase does not offer a secured card.
There must be a reason for your score: charge offs, bankruptcy, foreclosure etc. You need to work on clearing those up before attempting to get such high level cards.
Your best bet at this point is to try for a Capital One card or Orchard Bank (HSBC) card. Otherwise, look into some secured cards.
I don't want to sound harsh, but credit is a privilege that is earned. For whatever reason, your score is in the toilet. So you need to expect some time and hard work to get the cards other people have worked hard to get.
HStarks wrote:I have a BB Store card w/ 800 CL and balance of 500. I am just starting my credit, in college and wanted to start building my credit. I got a student card from Capital One w/ a very small CL and they sent me another one a week or so later about being pre approved should I apply for that one too? 0% Intro APR til Sept 2012 No Annual Fee and CL increase after 5 on time payments it is the Capital One Platinum Card.
CC Deville wrote:Hmmm. Even just starting out you should have a higher score than a 588. You do not have any negative information? I would check all three bureaus then to ensure that nothing is incorrect.
I would not open two Capital One cards. They give small toy credit limits and a lot of these rebuilder/starting out cards won't grow. I had the opposite experience but that was nearly 14 years ago now so things have apparently changed.
If you do not have any negative info on your bureau, I would suggest hanging tight for the time being. Get some experience on your Cap One Student card and let your Best Buy age. More than likely you will start getting offers from prime banks within a year. You stand a good change with being approved for a Citibank Forward or Platinum Select card at that time. Again, be sure that there is nothing wrong with your bureau, a 588 is a terrible score and one usually associated with charge offs, repos, bankruptcy or a combo of all three. Usually an 18-20 year old student with only a few accounts will still have a high 600 or low 700 score, just not with any length/history associated with it.