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

New Member

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

Most of my spending is on groceries. No car so no gas and restaurants sometimes. It's mostly groceries and shopping for other household goods and clothing, shoes, etc. and amazon isnt very often either. Overall I do shop relatively frequently and only when I have funds (obviously) but rewards are not of the utmost importance. I just feel that I do spend a good chunk of time getting supplies for school and the apartment and I could build credit doing that haha. 

 

I figure if the next two credit applications don't work out (I'll do a third if I get rejected for this second one) then I'll look to secured cards. 

 

Capone rep did suggest I try one of their other cards (of course) but I read that the approval rate for journey was so/so however I'm going to go back and look at it again.

If the afformentioned cards are really different which do you think would be the best based on my needs? 

Message 11 of 25
Valued Contributor

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

I suggest a secured card with rewards.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Message 12 of 25
Moderator

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


Dustink wrote:

I suggest a secured card with rewards.


The OP can likely get the BOFA Student anyway and from their spending pattern the CashRewards product is a really good fit.  Any reason for the secured route unless the OP has a bunch of cash laying around for future limit chasing?

 

$12/hr 650+ FICO (edit: sorry, FAKO), with a recent student loan reporting, unless I'm missing something here on student card underwriting (which I admittedly do not know) I'm not seeing a problem and I'd go for the student versions before secured route.

 

Personally I'd do all three, and then see about a secured card if I didn't get at least 2 credit cards out of the 3.

 

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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Message 13 of 25
Regular Contributor

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

Why secured when he can get great unsecured cards that can be PC later much easier.  I think BOFA is the way to go right now for him.

That is how I started  ~30 months ago, look at me now...

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+


Take the FICO Fitness Challenge
Message 14 of 25
Valued Contributor

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


Revelate wrote:

Dustink wrote:

I suggest a secured card with rewards.


The OP can likely get the BOFA Student anyway and from their spending pattern the CashRewards product is a really good fit.  Any reason for the secured route unless the OP has a bunch of cash laying around for future limit chasing?

 

$12/hr 650+ FICO (edit: sorry, FAKO), with a recent student loan reporting, unless I'm missing something here on student card underwriting (which I admittedly do not know) I'm not seeing a problem and I'd go for the student versions before secured route.

 

Personally I'd do all three, and then see about a secured card if I didn't get at least 2 credit cards out of the 3.

 


No prior history with just a student loan. They already racked up some INQS, I wouldn't risk any more. Get a small secured card for 6 months, then app for some student cards.

 

Unless they have a banker willing to work for them at their bank. If the banker with talk underwriting into approving them for a card, otherwise just go secured and stop getting INQs.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Message 15 of 25
Super Contributor

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

I had about 8 inqs on each of my reports when cap1 approved me for 3k.they denied me for a secured card as my first app ever. Secured cards aren't always the answer.

Message 16 of 25
Valued Contributor

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


jsucool76 wrote:
I had about 8 inqs on each of my reports when cap1 approved me for 3k.they denied me for a secured card as my first app ever. Secured cards aren't always the answer.


In the interest of trying to give the OP the best recommendations possible, I would like to point out a few things.  First, everyone here, including yourself, has admitted that your situation is an exception rather than a rule.  You received a relatively large starting CL with no previous revolving history and no significant installment history.  Not to mention, as you stated earlier in this post:

 

"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"

 

Which probably means you would have been approved for a secured card had you used the home address the whole time.  It sounds like you triggered fraud alerts, which also appears to have happened to this OP - that's not a reason to stop recommending secured cards in general.  I forget what you put down for income on your Cap1 application, but it is also possible that the OP has a smaller income, and that will certainly also impact things.  I'm really happy everything has worked out so well for you, but let's take a step back and talk about what is realistic for this OP.

 

OP has no true positive credit history.  The student loan is very new and the balance probably remains the same as the original credit (and maybe even higher since it is unsubsidized).  Like Revelate, I am unaware of the underwriting requirements of student cards.  But as I mentioend earlier, since inquiries aren't a big deal for the OP, give one or two unsecured student cards a try, and see what happens.  Getting one of those would be the best situation for starting.  But I don't think we should get the OP's hopes up and say it is 100% guaranteed.  That would be irresponsible advice.  Instead, I want to impart on the OP that at some point you need to give up on unsecured, bite the bullet with a secured card for 6 months, and then move on from there.  The OP is 19.  There's lots of time left.

 

That being said - good luck with the student card applications, and I hope you get them.  But if that is the case, then student card underwriting is even lower than I had previously thought and I will be recommending that approach more often.  I would love to be proven wrong for the OP's sake.

 

 


In My Wallet: Amex BCP (12/12) $50,000, Chase Freedom (12/12) $16,500, Cap1 Quicksilver (6/12) $14,000, Barclaycard Rewards (5/13) $10,500, Citi Prestige (4/16) $30,000

Last App: June 27, 2015
Message 17 of 25
Super Contributor

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

I have no issues with recommending secured cards, I'm just saying, op has at most (judging by the first post, 2 inqs on each report, trying for 2 more cards before trying for a secured card probably wont be a reason for denial if OP ends up needing to go the secured route.
Message 18 of 25
Valued Contributor

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


jsucool76 wrote:
I have no issues with recommending secured cards, I'm just saying, op has at most (judging by the first post, 2 inqs on each report, trying for 2 more cards before trying for a secured card probably wont be a reason for denial if OP ends up needing to go the secured route.

OK!

 

Smiley Happy

 

Ball is in your court, OP!  We will NEED updates as things happen for you!  Most of us have app addictions that need to be satisfied.


In My Wallet: Amex BCP (12/12) $50,000, Chase Freedom (12/12) $16,500, Cap1 Quicksilver (6/12) $14,000, Barclaycard Rewards (5/13) $10,500, Citi Prestige (4/16) $30,000

Last App: June 27, 2015
Message 19 of 25
Valued Contributor

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

+1 Smiley Very Happy Good Luck OP!
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! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Message 20 of 25