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Regular Contributor
Posts: 126
Registered: ‎01-31-2010
0

Declined Cap1

FICO EQ is 757 with 3 inqs

 

I applied for the Student Rewards Credit Card last week, called today to see my status, and they told me i was declined. Is there any good number to call for recon? I still couldn't believe they would decline me with my socre....

 

 

 


Valued Contributor
Posts: 1,291
Registered: ‎05-13-2010
0

Re: Declined Cap1

Income?  Income is very important post-CARD act, which requires them to calculate your ability to pay without a cosigner.

BofA Cash Rewards VS - $25k/9.99% | Citi Dividend World MC - $12.1k/11.99% | Amex BCE - $20k/10.24% | Chase Freedom VS- $10k/15.24% | Barclay Ring $5k/8.0% | Discover it - $21.5k/11.99%
Senior Contributor
Posts: 4,286
Registered: ‎05-01-2008
0

Re: Declined Cap1

[ Edited ]

I agree...verifiable income could be it.



Starting Score: 02/2015 TU 709 - EQ 676 - EX 729
Current Score: 02/2015 TU 709 - EQ 676 - EX 729
Goal Score: 850

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Regular Contributor
Posts: 126
Registered: ‎01-31-2010
0

Re: Declined Cap1

I am a graduate student and have no income, I do get some support from my parents on a monthly basis but I don't think that counts towards my income, I am not even sure...it is a student card so i thought income is not a big factor. Please correct me if im wrong. 

 

 

Valued Contributor
Posts: 1,291
Registered: ‎05-13-2010
0

Re: Declined Cap1

That is most certainly why.  Ever since the Credit CARD act of 2009 passed (and went into effect in February), people under 21 must have sufficient income or a cosigner.  This rule, however, has often voluntarily been extended by many lenders to most/all new applicants as a way to reduce signing new applicants that will cause delinquent accounts.  I'd say irregardless of credit score, it will be very difficult for you to obtain credit without getting a job or a cosigner.

BofA Cash Rewards VS - $25k/9.99% | Citi Dividend World MC - $12.1k/11.99% | Amex BCE - $20k/10.24% | Chase Freedom VS- $10k/15.24% | Barclay Ring $5k/8.0% | Discover it - $21.5k/11.99%
Regular Contributor
Posts: 126
Registered: ‎01-31-2010
0

Re: Declined Cap1

thanks for your response...

so basically you're saying even it is a student card and I am already 25 years old I am still incapable of obtaining a card due to the new credit card law without a job? 

Regular Contributor
Posts: 126
Registered: ‎01-31-2010
0

Re: Declined Cap1

can I present my parents support as my income? 

Valued Contributor
Posts: 1,291
Registered: ‎05-13-2010
0

Re: Declined Cap1

Being 25, the law doesn't directly affect you, but as I said, minimal income is becoming an internal requirement for a lot of card companies post-recession.  

 

You may claim (and contort to look as large as desirable (within reason)), the support your parents give you as "other income" on the application; however, some lenders will still want income from a job.  More helpful, if your parents residence is still your legal residence, being above 21, you may claim their entire salary as "Household income", which is calculated in your ability to repay.  (A stay at home mom with a credit history can get a card in her name based on her husband's salary, for example).  So try these two methods, and with your credit score, I'm confident something should turn up in your favor.  

 

Best of luck, and let us know if you get in.

BofA Cash Rewards VS - $25k/9.99% | Citi Dividend World MC - $12.1k/11.99% | Amex BCE - $20k/10.24% | Chase Freedom VS- $10k/15.24% | Barclay Ring $5k/8.0% | Discover it - $21.5k/11.99%
Senior Contributor
Posts: 3,197
Registered: ‎01-24-2010
0

Re: Declined Cap1

You might consider the "Capital One Secured MasterCard for Young Adults".  I think you have a much better chance and it will grow into unsecured CC over time.

Valued Contributor
Posts: 1,291
Registered: ‎05-13-2010
0

Re: Declined Cap1

 


Wolf3 wrote:

You might consider the "Capital One Secured MasterCard for Young Adults".  I think you have a much better chance and it will grow into unsecured CC over time.


Wolf3 does make a good point.  If your credit is not diverse (meaning you've never had a revolving CC account), it may behoove you to go for a secured card.  Still, I would work with the numbers from your parents on another unsecured application first, seeing as you have some room to burn inquiries if needed.

 

BofA Cash Rewards VS - $25k/9.99% | Citi Dividend World MC - $12.1k/11.99% | Amex BCE - $20k/10.24% | Chase Freedom VS- $10k/15.24% | Barclay Ring $5k/8.0% | Discover it - $21.5k/11.99%
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