itsarianna wrote:I am 22 y/o with no credit history. I recently applied for Chase Sapphire Preferred but pretty sure I won't get it since i have no credit. I have over 25k in my savings account and usually pay everything with my debit card. I am looking for a card that has good rewards and low APR that i will be approved for. I am studying abroad this fall and want a credit card for emergencies and also to make some big purchases (i have the cash for it). Thanks in Advance for the help!
Trying for a CSP is aiming a bit high for someone with no credit file. Set your sights lower. Capital One has some cards that are good to start with. You may need to start with some secured cards, since you have no file. If you belong to a credit union, or can join one, look into that and try for a beginner card with them. Call some of the major banks/card issuers and ask them about their starter cards. Credit card issuers don't care that you have 25K in your savings account; they do care about a history of managing credit, and usually they want to see at least 1 year of responsible credit card management. You're likely not going to be able to get substantial credit limits prior to going abroad this fall,ie, within 6 months. Again, it doesn't matter that you have cash for it; you don't have a credit file. It's that simple. Start smaller and work up. It takes time to establish a credit file.