Hello all I am new. 
Current credit line is $500 and I have the discover it card. No car loan, $0 monthly rent. When the guy ask my income I replied ~$5000 annual. According to Discover my Fico score is 719(see below for more details). Currently studying at a university, but have $0 in debt. This is my only card, and am somewhat suprised I was denied. I read on this forum to not be agressive when asking for a credit limit increase so I only asked for $1,500. Discover line has been open for 7 months.
-Is it strange they did not try to provide me with a counter offer?
-They did a hard pull so would it be a good idea to try and apply for a different card soon?
-I find it strange how on their site it says "TOO FEW ACCOUNTS CURRENTLY PAID AS AGREED" I only have this one account and I've paid it ever month.
-My income is accurate but I make my money from software development and invesments so could I have been denied because my income is not "verifiable"?
-Since they did a hard pull I guess I got screwed over twice. 
-Advise on what I should do next would be great!
1. TOO FEW ACCOUNTS CURRENTLY PAID AS AGREED:
You have very few accounts you are paying as agreed or you've missed payments recently on some of your accounts.
2. LENGTH OF TIME ACCOUNTS HAVE BEEN ESTABLISHED:
Longer credit histories indicates less risk to lenders. The age of your accounts is relatively low.
@CarnegieS wrote:Hello all I am new.
Current credit line is $500 and I have the discover it card. No car loan, $0 monthly rent. When the guy ask my income I replied ~$5000 annual. According to Discover my Fico score is 719(see below for more details). Currently studying at a university, but have $0 in debt. This is my only card, and am somewhat suprised I was denied. I read on this forum to not be agressive when asking for a credit limit increase so I only asked for $1,500. Discover line has been open for 7 months.
-Is it strange they did not try to provide me with a counter offer?
-They did a hard pull so would it be a good idea to try and apply for a different card soon?
-I find it strange how on their site it says "TOO FEW ACCOUNTS CURRENTLY PAID AS AGREED" I only have this one account and I've paid it ever month.
-My income is accurate but I make my money from software development and invesments so could I have been denied because my income is not "verifiable"?
-Since they did a hard pull I guess I got screwed over twice.
-Advise on what I should do next would be great!
1. TOO FEW ACCOUNTS CURRENTLY PAID AS AGREED:
You have very few accounts you are paying as agreed or you've missed payments recently on some of your accounts.2. LENGTH OF TIME ACCOUNTS HAVE BEEN ESTABLISHED:
Longer credit histories indicates less risk to lenders. The age of your accounts is relatively low.
you were denied because your income is below the minimum I think... you have to read terms and conditions but many credit cards have a minimum annual income of $12k, I know some student go to like $10k or something but $5k....
Do you have any other credit cards?
Id consider opening another 1 or 2 because then they will have something else to go on to see that you can pay your bills despite low income
do you have more savings that you could add in as income?
some count student loans while in school as income... but less is more when it comes to the info you give them to what makes up the income... just give them the total!
@CarnegieS wrote:Hello all I am new.
Current credit line is $500 and I have the discover it card. No car loan, $0 monthly rent. When the guy ask my income I replied ~$5000 annual. According to Discover my Fico score is 719(see below for more details). Currently studying at a university, but have $0 in debt. This is my only card, and am somewhat suprised I was denied. I read on this forum to not be agressive when asking for a credit limit increase so I only asked for $1,500. Discover line has been open for 7 months.
-Is it strange they did not try to provide me with a counter offer?
-They did a hard pull so would it be a good idea to try and apply for a different card soon?
-I find it strange how on their site it says "TOO FEW ACCOUNTS CURRENTLY PAID AS AGREED" I only have this one account and I've paid it ever month.
-My income is accurate but I make my money from software development and invesments so could I have been denied because my income is not "verifiable"?
-Since they did a hard pull I guess I got screwed over twice.
-Advise on what I should do next would be great!
1. TOO FEW ACCOUNTS CURRENTLY PAID AS AGREED:
You have very few accounts you are paying as agreed or you've missed payments recently on some of your accounts.2. LENGTH OF TIME ACCOUNTS HAVE BEEN ESTABLISHED:
Longer credit histories indicates less risk to lenders. The age of your accounts is relatively low.
You dont have enough CCs nor has this one been open long enough is what 1 &2 is telling you. These are ancillary reasons the real reason is income its too low.
@Creditaddict wrote:
@CarnegieS wrote:Hello all I am new.
Current credit line is $500 and I have the discover it card. No car loan, $0 monthly rent. When the guy ask my income I replied ~$5000 annual. According to Discover my Fico score is 719(see below for more details). Currently studying at a university, but have $0 in debt. This is my only card, and am somewhat suprised I was denied. I read on this forum to not be agressive when asking for a credit limit increase so I only asked for $1,500. Discover line has been open for 7 months.
-Is it strange they did not try to provide me with a counter offer?
-They did a hard pull so would it be a good idea to try and apply for a different card soon?
-I find it strange how on their site it says "TOO FEW ACCOUNTS CURRENTLY PAID AS AGREED" I only have this one account and I've paid it ever month.
-My income is accurate but I make my money from software development and invesments so could I have been denied because my income is not "verifiable"?
-Since they did a hard pull I guess I got screwed over twice.
-Advise on what I should do next would be great!
1. TOO FEW ACCOUNTS CURRENTLY PAID AS AGREED:
You have very few accounts you are paying as agreed or you've missed payments recently on some of your accounts.2. LENGTH OF TIME ACCOUNTS HAVE BEEN ESTABLISHED:
Longer credit histories indicates less risk to lenders. The age of your accounts is relatively low.
you were denied because your income is below the minimum I think... you have to read terms and conditions but many credit cards have a minimum annual income of $12k, I know some student go to like $10k or something but $5k....
Do you have any other credit cards?
Id consider opening another 1 or 2 because then they will have something else to go on to see that you can pay your bills despite low income
do you have more savings that you could add in as income?
some count student loans while in school as income... but less is more when it comes to the info you give them to what makes up the income... just give them the total!
Ok I appreciate your reply! I do have a couple questions for you or anyone else who has the ability to answer.
Can you clarify what you mean when you say: "do you have more savings that you could add in as income? some count student loans while in school as income"
-So let's say I have $10,000 in my savings account I can count that as "income"?
-Do you mean schloarships instead of studnet loans? If so that would give me a decent boost
It's a shame they can't look at assests that I have as that would really help me out. I'm thinking of applying for the Wells Fargo Cash Back College Card or the Journey Capital One card. If you or anyone else has better recommendations though I will take a look into those before I apply for any.
@CarnegieS wrote:Ok I appreciate your reply! I do have a couple questions for you or anyone else who has the ability to answer.
Can you clarify what you mean when you say: "do you have more savings that you could add in as income? some count student loans while in school as income"
-So let's say I have $10,000 in my savings account I can count that as "income"?
-Do you mean schloarships instead of studnet loans? If so that would give me a decent boost
It's a shame they can't look at assests that I have as that would really help me out. I'm thinking of applying for the Wells Fargo Cash Back College Card or the Journey Capital One card. If you or anyone else has better recommendations though I will take a look into those before I apply for any.
1. you can list savings account in other when they ask you ways of repaying
2. yes scholarships (sure, just include it though in your work income you give them, don't try to give them 5 different sources of income, they are entering on 2 boxes on a screen!)
3. did you talk to a credit analyst directly? you could call back in and ask to be transferred and talk to someone direclty while they are looking at your credit report and say "Look my income is lower, but I have plenty of savings to handle my bills until I finish school without taking out tons of debt and while I thought I was doing better by only having 1 credit card with you, I'm now starting to feel like that was a mistake because I have been building this history with you all and now I have been declined and this credit line doesn't fit my score or my needs as i work my way through school"
4. I hate wells so I can't give you much positive support but do you bank with them? DO NOT apply for Wells if you do not bank with them, if you bank with them, I would consider it maybe.
5. I would not get the Capital One Jounrey as your credit score is way to good for that... it's really designed for just getting started.
6. I would look at Chase Freedom, American Express Every Day, BCE (depending what you spend your money on), and Sallie Mae since you are in school the 5% could be really good.... but see if you can get your income up around at least the $12k mark with savings and such 
