01-23-2013 04:14 PM
I'd check annualcreditreport.com to see what's going on. Signing up for credit karma would be helpful as well
01-23-2013 04:48 PM - edited 01-23-2013 05:11 PM
I do have both of the cards, but I would recommend discover it over citi anyday! First of all, Discover's CS is fantastic, but citi did gave me my highest CL so far. I wish i never applied for the forward card because the CS is horrible and they lie about the 5 ty pts feature.
I had 5-8 inquires on my report when I applied, so I don't think that is a issue. I wouldn't reapply for that card because you likely get rejected. I think your best bet would be capital one (Jouney or Newcomer), since you don't have any CC that's just under your name.
01-23-2013 05:20 PM
Very odd indeed! Maybe I'll call in a couple of days and see if a different rep has a different story. I checked both TU and Credit Karma and there's definitely no funny business. Everything is as it should be. I guess I'll just wait and maybe reapply after a few months of payment history with BB and Amex.
01-23-2013 05:43 PM
01-23-2013 05:53 PM - edited 01-23-2013 05:57 PM
Thanks for the advice. I do spend a lot at restaurants and Amazon, so the Forward bonuses would be great. However, I'm leaning towards the IT as there is no FTF. Since CSP might be a stretch (at least by year's end) I suppose the IT would be my best bet for a card that I can use in South Korea (as well as other foreign countries). I'm just hoping I'll meet the underwriting requirements for the IT (I was assuming, perhaps incorrectly, that Forward might be easier to get).
Thing is, Discover foreign acceptance relies on Diners Club, and Diners Club acceptance is very limited.
So even when Discover has no FTF, it won't do you any good as very few will take it in South Korea.
Forward is indeed a lot easier to get than Discover it.
01-23-2013 06:11 PM
If you are still interested in the Discover it card I would suggest pulling your own report so you know what's on it then trying the recon number again.
01-23-2013 06:19 PM
As a student two inquiries could seem like you are desperate for credit. Even for non-students, some lenders will deny an application with that many inquiries. If you want a Chase Sapphire Preferred at the end of the year, you could get a Chase Freedom. It has nice rewards and will let Chase get to know you, so they will not mind giving you a 5000 limit.
Citi gave my little brother two limits of 2500 and Discover was 1000 after sending in a lot of school documentation. I would apply for the Citi Forward instead of wasting more time with Discover.
01-23-2013 06:34 PM
Chase likes to see at least one year of credit history with a credit card before you can get a chase freedom. I doubt they will count his student loan into his or her credit history.
01-23-2013 06:42 PM
High loan balances simply means you haven't started paying them back yet.
original credit granted = x
current outstanding balance = x
This looks worse in a Lender's eyes than:
Original credit granted = x
current outstanding balance = x - 10,000
01-23-2013 09:44 PM
I'm looking for some advice on which card I should apply for next. Right now I have a Best Buy store card (joint account, $3600 CL) and an Amex PRG (opened 2 weeks ago, not yet reporting). I'm currently a full-time student but graduating this Spring (with a 2.3 year loan history, deferred but "pays as agreed") and so I would imagine a student card would be my best option right now.
I'd like to establish some credit history (and decent limits) so that I can apply for the CSP by the end of the year (I'll be moving to Korea and want a prime card with no FTF). If it helps, I have no baddies and a 701 EQ (FAKO), 733 EX (FAKO), 694 CK.
Any advice? Suggestions? Strategies?
UPDATE: I ended up applying for the Discover IT Student card and was instantly declined. I called the backdoor recon number (thanks myFICO!) and spoke with a very pleasant and very patient rep who informed me there was nothing he could do. Huh? Discover doesn't recon?
Here's where it gets weird (or at least puzzling). The reasons for the rejection were High Utilization and Too Many Recent Inquiries. Both of which I explained should not be issues! I currently have 2% utilization on my BB store card and my student loan payments are deferred until I graduate. As for the inquiries, I only have two on my TU report (which is what they pulled). The Transunion FICO score given was 669.
After some time the rep suggested that I try and reapply in about a week for the regular (non-student) version of the IT card. He said that the student card is evaluated based on a very different risk matrix and he was confident that I would be more favorably considered based on the standard card's underwriting criteria (which he admitted was counter-intuitive given my thin file and full-time student status). Apparently two inquiries for the student card is considered too risky! He said he couldn't go into detail but he strongly recommended that I reapply next week or later.
Any thoughts? Should I burn another HP in a week or two for another shot? Or should I just go take a cold shower and stick my head in the garden for 6 months?
That is indeed weird frico, as I just applied for the Discover IT student with 2 inquiries on my TU report beforehand on Monday, which I was instantly approved for, so that can't be the absolute factor. You dont have any badies or anything on your file? I agree with the above posters and check creditkarma to see exactly what is up with your TU.
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