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Hello All,
I'm 23 years old and have decided to begin applying for my first credit card. Last month I applied for a Citi Forward card but I was denied because having loans with large balances and limited credit history. I started doing some research and it seems that my only option for now would be an Orchard Bank card or a secured card. Do I have any other options at this point? Are there other cards that I may qualify for? Here is my credit history....
My credit score is 704.
I have 2 student loans totaling $14,336 and I have always paid on time. My oldest account is 2.9 years.
Annual Income $42,000
Thank you in advance for your help.
What is your annual income?
You might consider an Amex Zync with that score.
Ray
I have edited my post with my annual income. Thank you for pointing that out.
Try Captial One pre approval. Even if they only offer the secured card, I consider it.
Orchard is for sale, so I would pass on them for now.
I think if I were in your situation, I might try for the Zync. I have read here that it is fairly easy to get and if you did get approved, you would be in with a great company that would grow with you.
I'll let others chime in here, but I would give the Zync a try.
Ray
I tried Capital One pre approval and I received the "we couldn't match your records to a card offer, But based on your answers, we think you might like this card" response. I'd hate to have to apply for a few cards until I'm approved. I've already been declined for a Citi Forward card and I want to try to avoid too many more hard inquiries.
With that score and income, I would say you have a very good shot at Capital One. I have seen approvals for worse.
I wouldn't worry so much about inquiries right now, you need to get your first CC and let it age for a year or so.
I would give the Cap1 app a try.
Is there any Capital One card I should focus on in particular? Sorry for all the questions. I'm new to the credit card thing and I don't want to put myself in a bad situation. Thanks again!
With AMex youll need atleast 1 account on your reports for a year is what I was told when I applied for a zync a year ago without any prior history.
@RockinRay wrote:I think if I were in your situation, I might try for the Zync. I have read here that it is fairly easy to get and if you did get approved, you would be in with a great company that would grow with you.
I'll let others chime in here, but I would give the Zync a try.
Ray