07-07-2012 09:12 PM
I'm a college student looking to build some credit for a future car loan or apparment. I currently have a checking and savings account with TD bank, both good standing. I have $3500 in student loans that are deffered until October 2015. I work two part time jobs and make $11,000 annually
I have learned a little about credit online and tried for a Target card a year ago or so. Denied
Then in April I tried for another store card at a clothing retailer. Denied
Tried for a card at my employers in May. Denied.
I figured I should stop applying b/c lord knows what that does and I remember reading if you apply too much it makes you look desperate and you'll keep getting denied.
Then I went into my bank and asked to get some info on their credit cards. TD doesnt really seem to be known for their cards you know. I got some info and figured I'd apply. I did this 6/29. They told me I'd be notified by mail, which to me just means denied.
I was reading about good first time credit cards esp. for students and decided to try the CitiForward Card. I just applied and it says under 'Approval Status': Application Accepted. then a message about how they need further processing time. I'm figuring I'm denied. I decided to look on myFICO for info and found myself looking at my credit reports from T/U and Ex.
T/U says I have a satisfactory account with my studnet loan company. and one inquiry.
Exper- 0 negative 1 good standing
I'm waiting to see what the message is from CIti and TD but I'm assuming they're both denials. I dont know what to do!
Any help would be great.
07-07-2012 09:21 PM
Do you mind sharing your scores? I think no matter what for now you should stop applying and you should read this forum for a couple weeks and then re attack!
07-07-2012 09:21 PM
I am also a student and went through the same thing you did. My parents told me its really easy to get a jewlery store card, so I did just that. I was given a $400 limit and just made a $120 purchase. I payed it off over the course of 6 months so it showed I was able to pay responsibly. Once I got 6 months established I got a Cap1 platinum card (for limited/ no credit) and had it for a year before applying for other cards.
After all of that, I now carry a Chase Freedom, Discover More, Citi Platinum Select, and a Cap1 Cash card. Its hard to get started because of the mental beatdown from getting continuously denied, but hopefully this helps!
07-07-2012 09:28 PM
I would, but I dont know what they are. Are they on the credit reports? I just did the myFICO score estimator, and it put me between 660-710. I dont know if that's at all accurate thought
07-07-2012 09:34 PM
O' my bad, no not on your credit report but you can buy your myFico score on here for a couple bucks. With that kind of score I dont know why you would be denied a card if that's the case but you won't really know unless you have your score.
07-07-2012 09:50 PM
I just tried the free scorewatch on here and when it got to the personal q's, they were two that i answered "none of the above" it told me to call them, something about not being able to confirm my identity. UGH.
07-07-2012 09:51 PM
Welcome to myFICO® Emily!
I'm thinking since you are so new to credit that you don't even have a FICO® score yet. You have to use a credit card for 6 months in order to generate a FICO® score.
I, myself, did not have a FICO® score back in January of this year. Late last year, my husband and I funded 3 secured credit cards so that we could ultimately get our FICO® scores. If you are turned down, yet again, by your bank and Citibank -- it could be because you don't even a FICO® score in order to get unsecured credit cards.
You can use the search on this website and read about getting your first FICO® score.
I wish you well on your credit journey!
07-07-2012 09:53 PM
I went through the same situation, I went credit desperate as soon as I turned 18 and applied for every student card there was and got denied. I even got denied for the cap1 secured card (that was a little upsetting since it was a secured card), I waited a couple months and eventually received a mail offer from Cap1 and got my first card. Your best bet is to spend some $$ on your scores and if you have any relation with a credit union I would go to them and see if they can help you out at all.
07-07-2012 09:55 PM
Wow I hate it when that happens, that did happen to me once and it seems like sometimes they ask you the stranges question and it's hard enough for me to remember some stuff little lone stuff from like 5-6 years ago?
07-07-2012 10:07 PM
Just go for Student cards. Many credit unions have them. Major card issuers with student cards: Citibank, Discover, Capital One, Wells Fargo. Make sure you apply under the student link. Include scholarships/grants in income as well. Pretty much every other decent unsecured card will be out of reach.