Reply
Senior Contributor
Posts: 3,906
Registered: ‎10-02-2012
0

Okay! so I applied for a credit card

Applied got the leter and was not approved obviously. But wanted to give it a try. I applied for the buckle credit card issued by Comenity Bank. Okay so I received my letter and it says MY fraud risk score as of 11-25-12 is 595 range from 0-999? what!? My question is what is a fraud risk score dont like the sound of that one :smileyindifferent:

 

most significant factors that affected my approval was

lack of revolving trades or at or above credit limit on new revolving trades

low level verification

lack of new credit activity

low level of validation

Chase Zappos Rewards VISA $500 (Just have 1 credit card)
Banking with Wells Fargo
Gardening since 02-01-14
Established Contributor
Posts: 515
Registered: ‎07-31-2012
0

Re: Okay! so I applied for a credit card

Is your signature right? 18 in high school with no income? Not trying to be nasty but did you really think they were going to give a credit card to someone with no income at all? I don't know exactly what they are calling a fraud risk score but I would think it's some internal scoring system they use.

What's in my wallet: Cap1 Venture NFCU Sig Visa Delta Gold Amex BCE Citi Simplicity IHG World MC Amazon Visa CSP
Starting Score: 5/2010 550-ish
Current Score: 6/20/2013 TU 800 6/20/2013 EQ 770 6/20/2013 EX 775
Goal Score: 800 accross the board
Moderator
Posts: 13,672
Registered: ‎04-15-2011
0

Re: Okay! so I applied for a credit card

+1  It's an internal proprietary score.



Starting Score: 504




July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Senior Contributor
Posts: 3,906
Registered: ‎10-02-2012
0

Re: Okay! so I applied for a credit card

[ Edited ]

@Cageym I really want to begin my credit, nd didnt really focus on the fact I don't have an annual income.Yea I'm aware that an annual income is needed but like I mentioned i wanted to give it a try. But now I saw that no annual income is a no go no matter what :smileyhappy:

Chase Zappos Rewards VISA $500 (Just have 1 credit card)
Banking with Wells Fargo
Gardening since 02-01-14
Regular Contributor
Posts: 237
Registered: ‎06-27-2011
0

Re: Okay! so I applied for a credit card

I was in your shoes 2 years ago. I'm currently 20 I'll be 21 in May. Obviously the income is the biggest issue but you lack public records such as address verification and so on so that is an issue as well. As much as you probably don't like to hear this but Cap One gave me my start, I was approved for an unsecured platinum visa with a $500 limit when I started my credit journey (albeit my income was $13,000) was in the steps program -- limit bumped to $750 and it's been that way almost 3 years now. But again, they gave me my start - now I'm in with Amex and Chase. Don't litter your credit report with inqs like I did when I was your age - apply for stuff you know you have a chance at such as a secured or unsecured builder card - don't waste HPs on store cards and prime cards as you will get denied every time - it took almost a year with Cap One before I started getting approved for store cards. I started my journey on my own, I wasn't an AU on anyones cards or anything and the temptation to max cards out when your young is a lot but you gotta resist - it's a pain if you do, believe me... I've been there.


Starting: 563 | Current: 753 (Walmart TU 11/12) | Goal: 800 | Garden since: 01/15/2013

Blogger
Posts: 3,355
Registered: ‎10-19-2012
0

Re: Okay! so I applied for a credit card


BearsAndTurtlesRtheBest wrote:

I really want to begin my credit, nd didnt really focus on the fact I don't have an annual income.Yea I'm aware that an annual income is needed but like I mentioned i wanted to give it a try. But now I saw that no annual income is a no go no matter what :smileyhappy:


Nice to hear of a young person so curious about the credit world. Have you tried asking your family to add you to their credit accounts as an authorized user?

 

Senior Contributor
Posts: 3,906
Registered: ‎10-02-2012
0

Re: Okay! so I applied for a credit card

@HiLine Thanks!  Yes Ive tried but like @CotySinz said since I lack public records as to my address it automtically reports to my dads repot because we have the same name and live in the same address. So thats not possible.

Chase Zappos Rewards VISA $500 (Just have 1 credit card)
Banking with Wells Fargo
Gardening since 02-01-14
Valued Contributor
Posts: 1,963
Registered: ‎01-24-2012
0

Re: Okay! so I applied for a credit card


BearsAndTurtlesRtheBest wrote:

@HiLine Thanks!  Yes Ive tried but like @CotySinz said since I lack public records as to my address it automtically reports to my dads repot because we have the same name and live in the same address. So thats not possible.


Do you each have Sr. and Jr. after your names? I get mixed up with my dad but not that frequently, because I always use Jr. and he Sr..

Established Contributor
Posts: 2,112
Registered: ‎09-25-2011
0

Re: Okay! so I applied for a credit card

i think the best thing would be to try to get you an account of your own, and a couple AU's.

 

1. Get a job :smileytongue:

2. if they'll add you as an AU see if they'll go joint with you. Macy's in person if you apply with the primary applicant listed on top they'll only pull their report if their score is above 720 and won't even pull yours and automatically get approved for 2 lines of credit. after you built your history it might be possible to remove a person off the account as long as it's PIF. (not sure about the removal part, but seems logical)


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Senior Contributor
Posts: 3,906
Registered: ‎10-02-2012
0

Re: Okay! so I applied for a credit card

@CotySinz WOW you have great cards! Yea your right about littering my credit report with credit inqs I will not do that. SO I will stop and try to get an income that I can include when applying for my next credit card which will not  be until I have that job :smileyhappy: Hope to be in your shoes by the time I turn 20. thanks for your advice! 

Chase Zappos Rewards VISA $500 (Just have 1 credit card)
Banking with Wells Fargo
Gardening since 02-01-14
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.