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New Member
chlc
Posts: 7
Registered: ‎01-18-2013
0

Denied Capital One Cash Rewards $0 Annual Fee Need Some Advice

So some background on me:

19 years old

Full time student

No prior credit history

 

Before application I had one hard inquiry on my credit report (AT&T)

My intial FAKO score: 670

 

After applying for this card, I first received a letter asking me for verification of my annual income. I called Capone via the backdoor #'s listed on this forum (thanks!) and I spoke with some really nice people who helped me make sure I sent the right information. So I finally received a letter saying I had been rejected because insufficient data / missing information / unavailable data from all three credit bureaus.

 

Last night spoke with cap one and transunion back to back to see how to resolve and ultimate learneda few things:

 

  • Capone is willing to review my application again 
  • transunion updated my address as it differed from the one I used on my application ( I have an apartment I moved into in Aug and I used that address instead)
  • Transunion stated that I could not dispute this hard inquiry because since I applied I gave them authority to perform the hard inquiry even though no information was obtained
  • Capone said I should be able to dispute the hard inquiry since they did not obtain any information (I spoke to them before calling transunion again)
  • They also said that by reviewing my application again they would perform another hard inquiry

So I told them I would hold off on reviewing on the application again (not looking for another inquiry on my account)

 

Now my score is 651

 

Any tips? I'm looking for a CC since I do make a lot of daily purchases and things via my debit card. I make $12/hr (I work at a nonprofit in the city)

Senior Contributor
jsucool76
Posts: 3,259
Registered: ‎12-11-2011
0

Re: Denied Capital One Cash Rewards $0 Annual Fee Need Some Advice

The cap one cash rewards VISA (no annual fee) is for those with EXCELLENT credit. I would suggest either the cash rewards mastercard (39$ af) or the cap one journey card (for students, no AF) however cap one pulls all three reports, so you now have one inquiry on all 3.

You could also try for something like the citi forward for college students, or the discover IT for college students.

Does your nonprofit happen to offer you membership into a credit union?

Also, who do you do your personal banking with?
Valued Contributor
SnackTrader
Posts: 1,566
Registered: ‎09-15-2012
0

Re: Denied Capital One Cash Rewards $0 Annual Fee Need Some Advice

Personally, I don't think the inquiries are that big of a deal for you. They go away within 2 years, and their effect would likely be completely negated by adding positive information to your extremely thin file. 

 

That being said, it may be more worthwhile for you to use the inquiry on a secured credit card since your lack of history is definitely holding you back. If nothing else you may appear to be a fraud risk to many lenders since they aren't going to find any information on you when they search. But adding a secured card will put something on your report. 

 

But don't get too discouraged, building credit is a ton easier than rebuilding. I used my history with student loans to get a car loan once I graduated, and then used all of that to get a CapOne just 6 months ago, and then used 6 months with that to add $16k in new cards just one month ago. Once you get some tradelines onto your credit report things will go much more smoothly for you.


In My Wallet: Amex BCP (12/12) $22.200, Cap1 Quicksilver (6/12) $14,000, Chase CSP (4/14) $12,000, Barclaycard Rewards (5/13) $10,500, Citi Forward (12/12) $9,600, Chase Freedom (12/12) $5,000

Last App: April 2, 2014
New Member
chlc
Posts: 7
Registered: ‎01-18-2013
0

Re: Denied Capital One Cash Rewards $0 Annual Fee Need Some Advice

I do my personal banking with Chase, I've had a high school checking account with them since freshman year and now I have a college checking and regular savings acccount. I'll check with my nonprofit and see if they have a credit union that could offer me membership however I haven't heard anything about that. 

 

I was thinking about trying the Discover IT card and I heard about the citi card aswell but I've heard bad things about citi customer service so I was a bit wary and I felt that discover was a great option but it is not as widely accepted as visa unless I'm wrong?

 

I currently have one student loan ($3500/2012-2013 unsubsidized due 6mo after graduation).

 

I really appreciate the advice you guys have given me so far !

Senior Contributor
jsucool76
Posts: 3,259
Registered: ‎12-11-2011
0

Re: Denied Capital One Cash Rewards $0 Annual Fee Need Some Advice

I would try for discover student and citi forward student before cap1 (if you decide to try for another card from them)

And for future reference, use your parents address (the address on your license)

I was denied for cards when I used my new apartment my first year of college, but accepted when i used my home address, i guess since my home address was on my report.
Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
0

Re: Denied Capital One Cash Rewards $0 Annual Fee Need Some Advice

Yeah I agree. I think you applied for the wrong Cash Rewards card. You should have clicked on the average button.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Regular Contributor
ukimafija
Posts: 127
Registered: ‎08-13-2012
0

Re: Denied Capital One Cash Rewards $0 Annual Fee Need Some Advice

I think you should get two credit cards to boost your score into 700'S in like 6 months. You gotta build a stronger credit portfolio, i suggest Capital One Cash Rewards for Newcomers     and BankAmericard Cash Rewards™ Credit Card for Students    together. You fit perfectly, then when you build like a year of history with them, you can ask for a product change and by then you will be ready for a limit increase on both as well, and you can also add more prime cards if you need them. You can build good history and make some money while you are doing it...

BOA Cash Rewards Visa Sig. 12K; BOA Travel Rewards Visa Sig 5K, US Bank Cash+ 11.5K, AMEX BCE 6200, AMEX BLUE Sky 7K, Chase Freedom Visa Sig. 5400, Fort Knox FCU Visa Platinum 2500; CAP ONE Cash Rewards WORLD MC 5K

Starting Score: 580
Current Score: 747
Goal Score: 800+


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New Member
chlc
Posts: 7
Registered: ‎01-18-2013
0

Re: Denied Capital One Cash Rewards $0 Annual Fee Need Some Advice

[ Edited ]

Ok I'll use my home address (I probably should have from the start). You guys are right, I applied for the wrong one (I think I was just trying to get the $0 annual fee because I had seen student cards that had no annual fee as well so I thought it was the same concept ) so now I'm between the discover, citi, and bank america student cards:

 

BankAmericard Cash Rewards™ Credit Card for Students

Discover it for Students

Citi Forward for College Students

 

I'm looking at the data for each of these cards but they seem relatively similar..? I'm not sure which is the best :/

As this is my first go with credit cards and everything I'm not sure if  I should take on more than one card at the moment.

Since I was just rejected for capone is it ok for me to apply for a new card so soon?

Valued Contributor
SnackTrader
Posts: 1,566
Registered: ‎09-15-2012
0

Re: Denied Capital One Cash Rewards $0 Annual Fee Need Some Advice

[ Edited ]

chlc wrote:

Ok I'll use my home address (I probably should have from the start). You guys are right, I applied for the wrong one (I think I was just trying to get the $0 annual fee because I had seen student cards that had no annual fee as well so I thought it was the same concept ) so now I'm between the discover, citi, and bank america student cards:

 

BankAmericard Cash Rewards™ Credit Card for Students

Discover it for Students

Citi Forward for College Students

 

I'm looking at the data for each of these cards but they seem relatively similar..? I'm not sure which is the best :/

As this is my first go with credit cards and everything I'm not sure if  I should take on more than one card at the moment.

Since I was just rejected for capone is it ok for me to apply for a new card so soon?


Sure. No one else knows you were denied, they just see the inquiry. And as I said earlier, inquiries aren't your biggest enemy right now. 

 

The cards above are very different in terms of rewards. But in all honesty, rewards also probably aren't the most important thing right now either. But we can help to recommend the proper card if you give us a little insight into your spending habits. Lots of restaurants? Lots of gas? Lots of grocery stores? Lots of Amazon? 

 

And just to mention: I don't know much about student card approval criteria, but if you end up getting denied when you first apply for one of these, you should consider a secured card for building purposes. I hope you get a regular student card, but depending on your income (which is what by the way?) you may not qualify right away. Nothing to be ashamed of, just part of the building process. 


In My Wallet: Amex BCP (12/12) $22.200, Cap1 Quicksilver (6/12) $14,000, Chase CSP (4/14) $12,000, Barclaycard Rewards (5/13) $10,500, Citi Forward (12/12) $9,600, Chase Freedom (12/12) $5,000

Last App: April 2, 2014
Frequent Contributor
WallyxD
Posts: 273
Registered: ‎10-02-2012
0

Re: Denied Capital One Cash Rewards $0 Annual Fee Need Some Advice

I was in the same boat as you dude. I'm 20, just turned 20. And I'm a full time student, except I only make 7.75/hr as a cashier. I would suggest applying for capital ones journey. I was approved for that, and at the time I had 12 inqs on TU, and 4 each on EX and EQ.
AE Store CC: $850 | AEO Visa: $2,300 | CapOne Quicksilver: $1,700 | Citi Forward for Students $1,500 | Walmart CC $1,350 | Chase Amazon: $500 | PayPal Smart Connect: $500 | Discover iT for Students: $500 | Chase Freedom: $500

Gardening until util 30%
TU Fico: 652 (3/11/14)

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