topic Re: Need help on applying for a credit card! in Credit Card Applications

Need help on applying for a credit card!

Anonymous — Sun, 09 Nov 2014 18:08:15 GMT

Hello everyone,

I have a TU score of 674 according to credit karma. I havent pulled scores from the other two bureaus. I moved to usa in december last year and got my secured card in january. I have made all the payments on time and paid in full but the credit limit is have is $700, initially i had put up $500 to get the secured card and they increased my limit to $700 last month. That's not really enough for me.

So I was looking to apply for a new CC with a higher limit. Credit karma said I had "very good" odds of getting a discover it card getting approved. So I applied for that and they asked me to call on a number for some verification. I did and they said they will get back to me within 7-10 days. Now the status of application is shown as this

Unfortunately, we are unable to approve your application at this time. In 7-10 days you'll get a letter from us explaining why."

My primary use is almost all of my monthly expense which includes grocery, cable,internet and almost all other stuff. We right now split the expense between my and my wife's card but sometimes we need to pay in between the month coz we often reach the card's limit.

It would be great if you people could help me with a new credit card.

I would prefer something with no annual fee or very low annual fee.

Thank you!

PS : If Income matters, my wife just lost her job. We were at 110k before this and now were at 60k before taxes.

Re: Need help on applying for a credit card!

Anonymous — Sun, 09 Nov 2014 18:13:35 GMT

Check Capital One for pre-qualifications. If you don't know how to find them, type "Capital One Pre-Qualify" into google. Put in your information and it will let you know if they have any offers for you. They would probably be a good option for getting a decent credit limit with a limited history. Let us know what you find out and we can advise you further.

Re: Need help on applying for a credit card!

yfan — Sun, 09 Nov 2014 18:15:26 GMT

Did you try Capital One?

Re: Need help on applying for a credit card!

Anonymous — Sun, 09 Nov 2014 18:16:27 GMT

I have had many many mails from capital one in last 3-4 months. I usually ignore them because when i applied for a secured card from them in december, they denied a secured card saying i didn't have enough credit and income. Ain't that the point of a secured card? lol

I will get back to you after I do as you say!

Re: Need help on applying for a credit card!

Anonymous — Sun, 09 Nov 2014 18:23:23 GMT

Capital One classic platinum and quicksilver one rewards. These are the ones they say I'm prequalified for.

EDIT :Barclaycard Rewards Mastercard, Credit Karma says this one is good for me. IT has no annual fee. What do you guys think of it?
I dont feel like paying the $39 dollar fee right now. I saw a $19 capital one card somewhere!

Re: Need help on applying for a credit card!

Anonymous — Sun, 09 Nov 2014 18:21:44 GMT

Hmm, I believe the initial credit limit on those cards can be as low as 500 so they won't necessarily help your situation much. Check the Chase pre-qualify and the Citi also. Those are both very reliable.

Re: Need help on applying for a credit card!

Anonymous — Sun, 09 Nov 2014 18:30:24 GMT

Both cant match my info with a prematch card.

Re: Need help on applying for a credit card!

Anonymous — Sun, 09 Nov 2014 18:33:57 GMT

Well if you don't want to wait for your scores and current account to mature you could go ahead and apply for either Capital One card. Don't count on them immediately solving your spending requirement issue with your low limit hard you already have. They may only approve you for a 500 limit but you would be enrolled in credit steps program. After your 5th statement cuts on a credit steps Capita One card you get an auto credit limit increase. So that is always an option. Let me know if you have other questions. If you do apply let us know what you get. By telling your story on here it helps other people in a similar situation with helpful information.

Re: Need help on applying for a credit card!

Anonymous — Sun, 09 Nov 2014 18:39:25 GMT

I have a capitalone offer in mail too. I need to see which one is it. I guess it will be similar to the ones the website shows. Can you tell me what you think about the Barclay Rewards Mastercard and a Capital One Platinum Credit Card? Credit Karma says that chances of me getting approved for both of these are high. Could you throw some light on it?

I will surely get back and give an update here if I apply.

Re: Need help on applying for a credit card!

Anonymous — Sun, 09 Nov 2014 18:46:51 GMT

Yes the Capital One offer from the mail is probably for one of the cards that they showed you on the Pre-Qualification website. It may not be, definitely check and see. The Capital One Platinum Mastercard was my first credit card that I got in May 2014. I only started with a 300 CL and after 5 statements they increased my credit limit to 3300. That happened in October of this year. I since have opened 10 personal credit cards and 1 American Express for my business and I have just under 100,000 in available credit now. So I have to say that I really like Capital One Platinum MasterCard. It helped me get into a really great situation. In my experience the Barclay Rewards card is definitely a better card, but I think it may be harder to qualify for than the CapOne card. You could apply for both if you so choose. If you do apply for both, be sure you do it on the same day so that the inquiry from one application doesn't affect the other application.

Re: Need help on applying for a credit card!

Anonymous — Sun, 09 Nov 2014 18:49:14 GMT

Also Dilpat, I believe Barclay has a pre-qualify tool also. It is a little harder to find if I remember correctly.

Re: Need help on applying for a credit card!

Anonymous — Sun, 09 Nov 2014 18:50:07 GMT

@Anonymous wrote:
Capital One classic platinum and quicksilver one rewards. These are the ones they say I'm prequalified for.

EDIT :Barclaycard Rewards Mastercard, Credit Karma says this one is good for me. IT has no annual fee. What do you guys think of it?
I dont feel like paying the $39 dollar fee right now. I saw a $19 capital one card somewhere!

let me stop you right there, credit karma isn't even 100% accurate credit score, and their credit card suggestion is about accurate as an octopus predicting who's going to win soccer match, actually scratch that, octopus is more accurate.

Re: Need help on applying for a credit card!

core — Sun, 09 Nov 2014 19:07:10 GMT

@Anonymous wrote:
If you do apply for both, be sure you do it on the same day so that the inquiry from one application doesn't affect the other application.

Inquiries are updated immediately. This does not work.

Re: Need help on applying for a credit card!

Anonymous — Sun, 09 Nov 2014 19:10:00 GMT

Applied for the Capital One Platinum Card. Got approved. Limit is $1000.

Applied for the Barclaycard too. It's under review!

Re: Need help on applying for a credit card!

Anonymous — Sun, 09 Nov 2014 19:10:34 GMT

@core wrote:
@Anonymous wrote:
If you do apply for both, be sure you do it on the same day so that the inquiry from one application doesn't affect the other application.
Inquiries are updated immediately. This does not work.

So why do an app spree if this is the case? I did 10 applications in one day(all approved), if this were true I would have been denied on too many inquiries, correct?

Re: Need help on applying for a credit card!

Anonymous — Sun, 09 Nov 2014 19:12:35 GMT

@Anonymous wrote:
Applied for the Capital One Platinum Card. Got approved. Limit is $1000.

Applied for the Barclaycard too. It's under review!

Congratulations on your approval dilpat. That is a solid starting limit on a credit steps card and you may see a really good credit limit increase after your 5th statement. You can call Barclay and ask them what is going on with your application. When you call just tell them that you just applied and ask if they would like any more information. They might just need you to verify something and they can get you an approval right away. Good Job!

Re: Need help on applying for a credit card!

Anonymous — Sun, 09 Nov 2014 19:21:48 GMT

Thank you! I will give them a call.. Should i call Discover guys for a recon when i receive their response within a week?

Re: Need help on applying for a credit card!

Anonymous — Sun, 09 Nov 2014 19:40:59 GMT

When you get your denial letter and see the reasons for the denial jump on myFICO and tell us what they are. It will also have the FICO score they used to reach their decision. If you provide those details members on here will be able to help you decide if a recon is worth another hard pull. Again congratulations on your new approval. Now go call Barclay! haha

Re: Need help on applying for a credit card!

Anonymous — Mon, 10 Nov 2014 01:48:14 GMT

Fantastic job!

Re: Need help on applying for a credit card!

core — Mon, 10 Nov 2014 13:11:26 GMT

@Anonymous wrote:
So why do an app spree if this is the case? I did 10 applications in one day(all approved), if this were true I would have been denied on too many inquiries, correct?

The purpose of an app spree is to get the apps in before the first tradeline reports and dings you. The apps need not occur on the same day. This is why in an app spree you start with the most inquiry sensitive lender first. For the 10 apps in your case, that count could be as few as 3 inqs per CRA. That doesn't seem excessive to me. Even if all 10 were on the same CRA, that still doesn't demonstrate anything one way or the other. 10 inqs isn't always too many, it obviously depends on the lender and your file. You almost certainly would have been approved for all of them if you had spread them out over 2-3 days.

I would also like to point out that if this trick/urbanlegend really worked for hiding inq's, then we would not be allowed to openly talk about it here. Just like several of the tricks that really do work.