Newbie Credit Help!

[webhopper]

Student discover is great. Also student citi.

[LS2982]

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@webhopper wrote:
Student discover is great. Also student citi.

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I agree with these 2 cards, hopefully you got approved for one or both of the citi or TD cards.Fingers crossed!!

[Anonymous]

Just got denied by Citi this is part of the message

Unfortunately, after careful consideration, we're unable to approve the Citi Forward(R) Visa(R) account for you at this time. Here's what you should know The application was processed by a credit scoring system that assigned a numerical value to various items on your application and your credit bureau report. The information did not score a sufficient number of points for approval. We have denied your application due to the following reason(s): o Your credit report shows proportion of loan balance to loan amounts is too high. o There is a lack of recent revolving account information on your credit report.

 As of July/2012 your credit score is 0594.  Credit scores
 range from a low of 250 to a high of 900  The Key factors
 that adversely affected your credit score are:

 o   Your credit report shows proportion of loan balance to
 loan amounts is too high.

 o   There is a lack of recent revolving account information
 on your credit report.

 o   Your credit report shows too few accounts rated current.

 o   Your credit report shows too many inquiries in the last
 12 months.

Boooo. I think I'm gonna give up for a while like 6 months..... 

[jsucool76]

We've all gotten those before. When i applied for discover student and citi forward I got those same reasons. Discover student was my first app ever, and I never understood why you needed credit to get credit. Makes sense that a student card would have no credit requirements but it's dumb. Good luck, Sit in the garden for a bit if you've got a lot of inqs and wait it out. You can always get back in the credit game later. 

[LS2982]

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@Anonymous wrote:

Just got denied by Citi this is part of the message

Unfortunately, after careful consideration, we're unable to approve the Citi Forward(R) Visa(R) account for you at this time. Here's what you should know The application was processed by a credit scoring system that assigned a numerical value to various items on your application and your credit bureau report. The information did not score a sufficient number of points for approval. We have denied your application due to the following reason(s): o Your credit report shows proportion of loan balance to loan amounts is too high. o There is a lack of recent revolving account information on your credit report.

 As of July/2012 your credit score is 0594.  Credit scores
 range from a low of 250 to a high of 900  The Key factors
 that adversely affected your credit score are:

 o   Your credit report shows proportion of loan balance to
 loan amounts is too high.

 o   There is a lack of recent revolving account information
 on your credit report.

 o   Your credit report shows too few accounts rated current.

 o   Your credit report shows too many inquiries in the last
 12 months.

Boooo. I think I'm gonna give up for a while like 6 months..... 

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Sorry to hear

Maybe TD will come through for you!!!

[Revelate]

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@jsucool76 wrote:

We've all gotten those before. When i applied for discover student and citi forward I got those same reasons. Discover student was my first app ever, and I never understood why you needed credit to get credit. Makes sense that a student card would have no credit requirements but it's dumb. Good luck, Sit in the garden for a bit if you've got a lot of inqs and wait it out. You can always get back in the credit game later. 

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Nah, secured cards > sitting around.  Especially when they would fix bullet points 2 and 3 both within six months or a year. No sense staying on the sidelines with revolving credit letting that same amount of time pass, when you can be banking payment history and revolving tradelines both during that period.

Plus there's no guaruntee even without the inquiries that it would've been approved: that reason was at the very bottom of the list, ergo least important in their decision.  Not much one can do about the student loan to balance ratio (like, no duh Citi, I'm applying for a *student* card) until beginning to pay them off, but that's a ways out.

[Anonymous]

Just got a letter from TD bank! Return service requested. They said they couldnt process because they neeed a signature to finish the application. They sent me a paper application and requested it be returned within 15 days. I'm feeling good about this one.

I'll let y'all know how it goes in a week or so.

[Crashem]

Emily, are you apping for student cards.

[Anonymous]

of course! the only one that isnt is the TD one, but the citi one was the student card

[LionLaw]

How long have you been with TD bank?  Do you have a good history with them?  Do you keep a reasonably high average monthly balance in your account with them?  Do you have a paycheck direct depositing into your account with them?  These could all be factors that work in your favor.

Last year I got approved for a Wells Fargo Visa with a $3000 CL, even though my FICO at the time was likely pretty low (I'd had multiple student loans reporting 120 days late just a few months prior).  The banker at my local branch who encouraged me to apply for it said that between my long, positive account history and my direct deposit, I was very likely to get approved.  I was nervous, but she was right!  I don't know if TD bank works the same way, but if you've got a good history with them, that's got to help.  Good luck!