Reply
Established Contributor
CreditCrusader
Posts: 799
Registered: ‎09-27-2011

Re: Applied and keep getting denied! Score 679 Help please


jazzy377 wrote:

That is my FICO score and $1600 is per year.  1 year is my AAOA


These prime lenders are denying you because you do not have enough established credit history and your income is not sufficient to justify the awarding of substantial credit. The parent-credit aided FICO score is nice, but without a solid credit and income history to back it up, the risk to prime lenders is not mitigated.

 

Take heart...managing credit responsibly over time will fix what ails you now. We've all been there...patience is your friend :smileyhappy:

 

I'm Spartacus!

hr>Starting Score: EQ 546, EX 547, TU 580
Current Scores (lender): EQ 725 , EX FICO 720, TU 737 FICO scores>
Goal Score: 750
Take the FICO Fitness Challenge
Member
jazzy377
Posts: 17
Registered: ‎10-13-2012

Re: Applied and keep getting denied! Score 679 Help please

I'm making so little a year because as I said I'm a student. I live with my  mom  and sister so I don't have bills other than phone, and car. I just want to know if there is a good credit card company for Full-time students. I don't care what the limit is of interests rate because I will pay in full every month.

Member
jazzy377
Posts: 17
Registered: ‎10-13-2012

my mistake i make 4800 a year

my mistake i make 4800 a year

Established Contributor
CruzImperial
Posts: 863
Registered: ‎07-04-2012

Re: Applied and keep getting denied! Score 679 Help please

There have been cases where wells Fargo has handed credit cards to students with low income. If you bank with them, that would be one of the very limited, if any, options available.

I would suggest opening a joint credit card with one of your relatives that has good credit history/income mix. The limit you get there will make other lenders grant you similar amounts when you apply later on.
Fico Scores: . Walmart TU 748 . App free since Aug 2013 .

Cap One Journey 500 | Discover IT 1k | GE Home Design 5.6k | GE HHGREGG 5k | Amex Zync NPSL | Amex BCE 6k | Citi Forward 4.2k | Citi Dividend 3k | GE BrandsMart 1k | GE Lowes 8.5k | Discover Walmart 6k | Barclays Apple 2.5k | BoA CR 800 | CSP 7.2k
Valued Contributor
jsucool76
Posts: 2,768
Registered: ‎12-11-2011

Re: Applied and keep getting denied! Score 679 Help please


CruzImperial wrote:
There have been cases where wells Fargo has handed credit cards to students with low income. If you bank with them, that would be one of the very limited, if any, options available.

I would suggest opening a joint credit card with one of your relatives that has good credit history/income mix. The limit you get there will make other lenders grant you similar amounts when you apply later on.

The WF Student card has a minimum income requirement of $3000, so it is definitely a possibility for OP, but they accept almost NO ONE who doesn't bank with them. 

 

OP: Are any scholarships and grants you get from your school included in your income? You're allowed to report any rewards you get from your school (with the exception of student loans, IE: You cannot report anything you have to pay back) in your income. Also, many student cards will often require you to send verification of your enrollment in order to be approved. 

 

Also, you aren't subtracting the cost of your school from your icome, are you? Just because you are spending the money, doesn't mean it isn't income. There was one person who posted once that said they only made 2-3 thousand dollars because they kept subtracting all of their bills from their income. 

 

 

If you're looking into the WF Student card, and you don't bank there, I would suggest going into a branch and opening up a college combo ($100 minimum deposit, not a big deal) and then have the banker you do that with submit an application for you. They approved me without even asking me about my income or anything, the banker did the application for me after I had left. 

Wallet: Capital One Cash Rewards 3500CL, Wells Fargo Cash Back College Visa: 900CL, Paypal Smart Connect: 1286CL, Walmart Discover: 2000CL, UPromise Mastercard: 1000CL, Chase Slate: 500CL, Discover IT: 1500CL, Citi Forward: 1500CL, Bank Of America Student Travel Rewards: 700CL
Established Member
Nstark
Posts: 15
Registered: ‎10-10-2012

Re: Applied and keep getting denied! Score 679 Help please

My first student credit card was Capital One Journey.

 

It's a nice starting card to have. It does give you 1% cashback on all transactions which is a bonus and an additional .25% if you pay on time.

 

As others have stated though, depending on what you put down as your income, tbat may automatically deny you. I will warn you that Capital One will pull from all 3 CRAs so be cautious if you have a lot of inquiries as it is; however, I had quite a few when I applied and that didn't stop me from getting the card after just having a few months history on a secured card.

 

I have Citi Forward as well, but they require more credit history to be established on multiple accounts first before getting approved.

Wallet: Sallie Mae World MC ($7K 10/31/13 - 5% Gas) | Chase Freedom ($3K - 5% Rotating) | Citi Student Forward ($2200 - 5X Food, Entertainment & Book Stores) | Sams Discover ($1750)

Drawer: Sams Consumer ($4.5K) | Capital One Student Journey ($1250) | Capital One Secured MC ($225)

Credit Start Date: 08/05/2011 Age: 21
Regular Contributor
Tran92
Posts: 214
Registered: ‎09-25-2012

Re: Applied and keep getting denied! Score 679 Help please

Try going around your local CU to apply for a student card. If anything you can open up a secured credit card until your income is more sufficient and established a longer credit history.

TU 746 (10/13)
GOAL: 750+









Valued Member
littlelottie
Posts: 36
Registered: ‎12-18-2011

Re: Applied and keep getting denied! Score 679 Help please


Tran92 wrote:

Try going around your local CU to apply for a student card. If anything you can open up a secured credit card until your income is more sufficient and established a longer credit history.


+1 

 

I was in a similar situation last year. I was college student and only made around 2500/yr. I applied for a credit card with a local CU and was approved for a $500 limit. Hope everything works out. 


Starting Score (January 2013): TU: 704, EQ: 679, EX: 687
Current Score (September 2013): TU: 741. EQ: 703, EX: 712
Goal Score: 730 Across the Board


Take the myFICO Fitness Challenge
Member
jazzy377
Posts: 17
Registered: ‎10-13-2012

Re: Applied and keep getting denied! Score 679 Help please

I spoke to citi again. I forgot to add some amounts and updated my applications and was approved! 1100 spending limit which is perfect for me!

 

Valued Contributor
Epcot
Posts: 2,760
Registered: ‎10-10-2012

Re: Applied and keep getting denied! Score 679 Help please

Congrats on the approval!


Starting Score: EQ 717 EX 724 TU 736
Current Score: EQ 780 EX 770 TU 774
App free since 4/11/13

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+