Reply
New Visitor
katherinescott
Posts: 5
Registered: ‎09-07-2012

trying to be a big kid without my parents help!

hello, 

I am 23 years old & i'm trying to improve my credit score. The only thing bad on my credit is my school loans. Other than that, everyone is looking good. I paid my car off a year ago  & have had rent under my name for the past couple years. I have recently applied for multiple credit cards & keep getting declined. What can i do besides pay off my school loans to get approved for a credit card?!

I need your advice!

Valued Contributor
trumpet-205
Posts: 1,945
Registered: ‎11-11-2010

Re: trying to be a big kid without my parents help!

Bad as in what? Late, collection, or simply a large balance on your student loan?

 

Go and apply a credit card from Capital One. Make sure you apply their average credit line up. A recommendation is Capital One Newcomer.

In My Wallet:
Citi Forward (12/2010) | Citi TY Preferred (05/2011) | BofA Travel Rewards (07/2011) | Chase Freedom (11/2011)
GECRB/PayPal (05/2012) | Discover it (07/2012) | US Bank Cash+ (08/2012) | AMEX BCE (09/2012)
Target (10/2012) | Chase Ink Classic (11/2012) | BofA Balance Rewards (04/2013) | FNBO/Overstock (02/2014)
New Visitor
katherinescott
Posts: 5
Registered: ‎09-07-2012

Re: trying to be a big kid without my parents help!

just being late.

 

how is this capitol one card different from one just from my bank? i've been declined multiple times & i'm afraid to even apply another time.

Established Contributor
jamie123
Posts: 661
Registered: ‎03-22-2012

Re: trying to be a big kid without my parents help!

Welcome to the forum!

 

I have a few questions...

 

Have you pulled your credit reports from annualcreditreport.com?

 

Are you still a student?

 

What is your annual income?

 

Do you know what your scores are?



Starting Score: EQ 658 6/18/12
Current Score: EQ 680 9/23/13
Goal Score: EQ 720+
Take the FICO Fitness Challenge
Frequent Contributor
jd5189
Posts: 470
Registered: ‎08-14-2012

Re: trying to be a big kid without my parents help!

[ Edited ]

How late are the lates? Which CC's have you tried to apply for so far?

Also, do you know your scores?

In my wallet: Amex PRG & Zync, Amex BCE (19.2k), Chase Freedom (5k), PSECU Visa/PSL (20k)
Current Scores: Equifax: 738 (Fako) TransUnion: 721 (Fico) Experian: 717 (Fico)
Disclaimer: I am by no means a financial advisor. My posts are based on opinion, experience, and/or knowledge.
Valued Contributor
trumpet-205
Posts: 1,945
Registered: ‎11-11-2010

Re: trying to be a big kid without my parents help!

[ Edited ]

katherinescott wrote:

just being late.

 

how is this capitol one card different from one just from my bank? i've been declined multiple times & i'm afraid to even apply another time.


Like any newbie in credit world, one common mistake is to apply the card we want. Unfortunately, most card we want falls into excellent credit area. You need to show some good credit experience before having a chance to get approved with one.

 

Capital One average credit line up is more lenient than other lenders. I also advise you to look up local credit union and give them a visit. Talk to their loan officer to see if you can get a credit card from them.

 

In My Wallet:
Citi Forward (12/2010) | Citi TY Preferred (05/2011) | BofA Travel Rewards (07/2011) | Chase Freedom (11/2011)
GECRB/PayPal (05/2012) | Discover it (07/2012) | US Bank Cash+ (08/2012) | AMEX BCE (09/2012)
Target (10/2012) | Chase Ink Classic (11/2012) | BofA Balance Rewards (04/2013) | FNBO/Overstock (02/2014)
New Visitor
katherinescott
Posts: 5
Registered: ‎09-07-2012

Re: trying to be a big kid without my parents help!

i just applied for a credit card from my bank & they sent me information in the mail saying i was declined & my credit score is 596!! I am no longer a student at this time & my annual income in only $15,000.

New Visitor
katherinescott
Posts: 5
Registered: ‎09-07-2012

Re: trying to be a big kid without my parents help!

i applied for one from my credit union a year ago & also from Chase bank. I recently just applied again to Chase because I paid off my car loan & thought that would help.

Frequent Contributor
OptimasPrime
Posts: 348
Registered: ‎08-17-2012

Re: trying to be a big kid without my parents help!

A secured card might be your best bet to start. Not quite sure how lenient cap one is with their average credit products but a 596 might be too low for them to approve you for something that is unsecured

EQ 778 | TU 776
Barclay US Airways WMC 7.5k | BCE 5.8k | BofA Travel Rewards 9.1k | Chase Marriott Premier 13k | Citi TYP WMC 6.5k | Freedom Visa Sig 8k| Discover it 10k
Frequent Contributor
jd5189
Posts: 470
Registered: ‎08-14-2012

Re: trying to be a big kid without my parents help!

[ Edited ]

Bank credit cards can be fussy because they sometimes look at your account balances as well. Have you tried a capital one card? 

Try to see is you are pre=qualified for any of their cards:
https://findmycard.capitalone.com/PageVersions/LandingPages/LP_UNS_MS_V02.aspx

Edit: For credit sake, I would say your maybe average depending on the lates that you have.

In my wallet: Amex PRG & Zync, Amex BCE (19.2k), Chase Freedom (5k), PSECU Visa/PSL (20k)
Current Scores: Equifax: 738 (Fako) TransUnion: 721 (Fico) Experian: 717 (Fico)
Disclaimer: I am by no means a financial advisor. My posts are based on opinion, experience, and/or knowledge.

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+