06-19-2010 04:23 PM
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....
06-19-2010 04:27 PM
Income? Income is very important post-CARD act, which requires them to calculate your ability to pay without a cosigner.
06-19-2010 04:39 PM - edited 06-19-2010 04:41 PM
I agree...verifiable income could be it.
06-19-2010 04:58 PM
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.
06-19-2010 05:05 PM
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.
06-19-2010 05:18 PM
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?
06-19-2010 05:26 PM
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.
06-19-2010 06:03 PM
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.
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