Citi Forward for Students Denied

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Citi Forward for Students Denied

Postby CreditLover » Wed Feb 05, 2014 11:33 am

Hello, I am writing to you all because I applied and got denied because:

-Lack of recent revolving activity
-Length of time of my account
-Lack of recent credit activity
-Too few accounts being currently open

I haven't had any hard inquiry besides this one like 4 days ago.
Thing is that I have a very limited credit history, a personal loan for $1K paid for the length of a year payed off last November. I always made the payments on time but that has been my only credit history. My income is between $15k-$17k a year and of course I am currently enrolled as a full-time student. I work part-time.

What should I do now? I read this was one of the easiest cards to get approved for but it sounds like they are not going to give it to me even though I paid the loan constantly and I don't want to just apply to more cards and get denied again, my morale is low enough from just hearing the pre-recorded message.

P.S. I'm doing really good financially but I am 23 and I think its time to build a solid credit history so I don't have to pay a lot when I get a new car.

CC Deville
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Postby CC Deville » Wed Feb 05, 2014 4:02 pm

Yeah, if you don't have any current credit cards, Citibank, BofA, Chase, Amex, Discover etc are likely not going to want to be your first.

I would suggest a secured credit card from any of the bigger reputable banks or a credit union in your area. Otherwise you may want to try for the dreaded Capital One card. Use it for 9 months to a year and then apply for a better card.

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Postby MemberSince99 » Wed Feb 05, 2014 4:54 pm

Yep. And make sure you have a balance reporting on a credit card when you apply with Citi. You will be denied if you have no balance on any card. I know it sounds ludicrous but I speak from personal experience.

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Postby Kindler » Thu Feb 06, 2014 8:57 pm

When I wanted my first credit card in July 2013, I had no credit history to speak of -- no loans or anything. I looked online and saw that the student version of the Discover it was possibly easier to get approved for than the Citi student cards, requiring only "fair" credit versus the Citi's "good" credit. As I had no credit, I decided "fair" seemed more appropriate, so I went for the Discover. I was approved with a $500 limit, which was enough to get started.

After further researching cards, I waited until I had a payment history of three months down before applying for a Citi student card. I noticed at that time that the Forward's rewards program was less appealing than it used to be -- the 5x points on bookstore purchases (Amazon) and restaurants were no longer being offered, so it was essentially a card worth less than one percent. I decided that the student version of the Dividend would be more valuable, because even though the rotating categories aren't that appealing, a straight 1% cash back was better than points. My Citi was approved as well.

I don't know if this is always the case, as there are so many factors at play, but you might be better of having another card before you apply for the Citi again. I'd also consider the Dividend if I were you, but that's your choice.

For reference, my income when I applied for Discover was less than $5000 annually. You might have a chance with Discover as a student, provided that you are at a four-year institution. I'd look at secured cards if you can't get in with Discover, unless you wish to go for something like the Capital One Journey.

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