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Denied Capital One Secured Mastercard

Contributor

Denied Capital One Secured Mastercard

Hi all,

 

I recently posted about how I have no credit history, and was denied the Cap1 Secured Card online.  I just got their letter in the mail, and it said the reason for the rejection was insufficient income.

 

I'm a student and I entered my (albeit low) stipend as a TA for the upcoming semester as income.  To my surprise, however, it did say my TU score is 679.  Apparently those student loans in "good standing" have established a credit score for me.

 

Unfortunately, the Cap1 inquiry will not fall off until Sep. 2014 (just checked my annual reports online).  Any advice on a future card I can apply for to establish and build my credit?  I'm not sure if I could qualify for student cards--Capital One denied me for only their secured card!  Should I try to recon with them or try elsewhere?

 

Thanks!


Goal Scores: 720+ (Experian Lender Pull 09/13): 733; Discover TU (01/14): 751; Walmart TU08 (02/14): 754;
WF Platinum (10/12) $1,600; WM Discover (12/12) $5,500; Amazon GE (12/12) $2,500; CapOne Quicksilver (12/12) $750; Discover IT (01/13) $1,000; Chase Amazon (02/13) $2,500; Citi Forward Student (02/13) $2,000; AMEX BCE (09/13) $15,000
Message 1 of 36
35 REPLIES
Mega Contributor

Re: Denied Capital One Secured Mastercard


dhon55 wrote:

Hi all,

 

I recently posted about how I have no credit history, and was denied the Cap1 Secured Card online.  I just got their letter in the mail, and it said the reason for the rejection was insufficient income.

 

I'm a student and I entered my (albeit low) stipend as a TA for the upcoming semester as income.  To my surprise, however, it did say my TU score is 679.  Apparently those student loans in "good standing" have established a credit score for me.

 

Unfortunately, the Cap1 inquiry will not fall off until Sep. 2014 (just checked my annual reports online).  Any advice on a future card I can apply for to establish and build my credit?  I'm not sure if I could qualify for student cards--Capital One denied me for only their secured card!  Should I try to recon with them or try elsewhere?

 

Thanks!


What is your annual income?

 




EQ FICO 548 3/3/16
Message 2 of 36
Contributor

Re: Denied Capital One Secured Mastercard

Based on the coming school year, I reported $5,000.  This was just for duties this upcoming school year.  However, I did not include any amount paid to the school to pay the remainder of the tuition that is not covered by loans, or scholarships.  Since applying, I've read that some people do include this.


Goal Scores: 720+ (Experian Lender Pull 09/13): 733; Discover TU (01/14): 751; Walmart TU08 (02/14): 754;
WF Platinum (10/12) $1,600; WM Discover (12/12) $5,500; Amazon GE (12/12) $2,500; CapOne Quicksilver (12/12) $750; Discover IT (01/13) $1,000; Chase Amazon (02/13) $2,500; Citi Forward Student (02/13) $2,000; AMEX BCE (09/13) $15,000
Message 3 of 36
Mega Contributor

Re: Denied Capital One Secured Mastercard


dhon55 wrote:

Based on the coming school year, I reported $5,000.  This was just for duties this upcoming school year.  However, I did not include any amount paid to the school to pay the remainder of the tuition that is not covered by loans, or scholarships.  Since applying, I've read that some people do include this.


Are you able to get a PT job?

 




EQ FICO 548 3/3/16
Message 4 of 36
Frequent Contributor

Re: Denied Capital One Secured Mastercard

See if you can be a AU on your parents CC like Amex or Discover.

Garden mode till 11/19/2013 Amex Zync 500 H-L I Discover More 1750 I Capital One Rewards 1750 I Barclay Apple 1500 I Macys 2000 I Orchard 400 I Walmart 2000 I Chase Freedom 1500 I Lowes 1K l Barclay NFL 1K l Wright Express gas 2500 l PayPal Debit MasterCard BusinessCard $ ?
Message 5 of 36
Mega Contributor

Re: Denied Capital One Secured Mastercard


Brian_Trying_700 wrote:

See if you can be a AU on your parents CC like Amex or Discover.


I'm not sure thats going to help get the OP past the income part of approval. Cap1 will approve with no history.

 




EQ FICO 548 3/3/16
Message 6 of 36
Contributor

Re: Denied Capital One Secured Mastercard

Thanks for the responses.

 

While it isn't really feasible for me to get an additional PT job this school year, I will be graduating in May, and *hopefully* be able to find a FT teaching job then, with a FT income.  I was hoping to try to get a head start this year.

 

Do you think I have a shot with a student card?

 

I saw Wells Fargo's College Card requires income 3,000+ or maybe I could try their secured card which has no stated income requirement?

 

Any thoughts?
Thanks.


Goal Scores: 720+ (Experian Lender Pull 09/13): 733; Discover TU (01/14): 751; Walmart TU08 (02/14): 754;
WF Platinum (10/12) $1,600; WM Discover (12/12) $5,500; Amazon GE (12/12) $2,500; CapOne Quicksilver (12/12) $750; Discover IT (01/13) $1,000; Chase Amazon (02/13) $2,500; Citi Forward Student (02/13) $2,000; AMEX BCE (09/13) $15,000
Message 7 of 36
Mega Contributor

Re: Denied Capital One Secured Mastercard


dhon55 wrote:

Thanks for the responses.

 

While it isn't really feasible for me to get an additional PT job this school year, I will be graduating in May, and *hopefully* be able to find a FT teaching job then, with a FT income.  I was hoping to try to get a head start this year.

 

Do you think I have a shot with a student card?

 

I saw Wells Fargo's College Card requires income 3,000+ or maybe I could try their secured card which has no stated income requirement?

 

Any thoughts?
Thanks.


Its worth a shot, fingers crossed for you!

 




EQ FICO 548 3/3/16
Message 8 of 36
Valued Member

Re: Denied Capital One Secured Mastercard

Go for the WF secured credit card; it won't graduate, it has a $18 fee, and WF is awful. But! it is easy to get. wait 6months-1year and then get the Discover More, Cap1, Maybe Walmart/Target/Lowes card. If you wait 8months to a year you can try for the Amex Zync. Not all companies need income verification like Cap1, they did that to me as well... They were the only company to request it, although I did have the secured for 1 year with P.O.T

 

Or if you got money to spend for a faster result, get a secured loan (with cd) for like say 6 months. Pay it off and you only end up paying the loan fee, it could be an option if you want a good looking mark for future car or credit cards.

CS 701, CK 682, Credit.com 719/ TU FICO 666 (DIS 8/12) EU FICO 658 (8/12)
After spree CS 738, CK 684, TU FICO 666 (Dis 8/5)

WF Secured 600Cl (7/11), Discover More 1.5k (8/12), Walmart 150CL(8/12), Cap1 Platinum w/Credit steps($300) (8/12)
Message 9 of 36
Valued Contributor

Re: Denied Capital One Secured Mastercard

I know some people don't like the idea of fibbing on an app, but he could PROBABLY get the Journey student card if he puts in the right number. He would probably only get $500 CL but it would be a start.

 

For what its worth, I applied for a SonyCard by CapOne and put in my $35K entry level income and got the same denial reason...It's BS quite frankly but who knows how they figure it out...DTI comes into play here...

Scores 5/15/2016 (clean reports!): TU Walmart FICO: 696 | EQ FICO: 679 | EX AMEX FICO: 680

In my new wallet: American Express Green EMV: PSL $2000 | BankAmericard Cash Rewards Visa EMV: $2500 | Citi AAdvantage Platinum Select World MasterCard: $6400 | Barclaycard Arrival World MasterCard: $1000 | Discover IT: $2500 | Amazon Rewards Visa Signature: $1500 | Chase Freedom: $1500 | Capital One QuicksilverOne MasterCard: $2100 | Target: $2800 | J.Crew $21,550 | Marvel (Captain America) MasterCard: $6000
Message 10 of 36