topic Re: =( zync denied, freedom 10 days.. in Credit Cards

=( zync denied, freedom 10 days..

gngo2007 — Tue, 26 Jun 2012 04:57:03 GMT

So AMEX outright denied me i believe because of income..i'm currently a student and working a temp job until August and so far I've only made $1,100 and I don't intend on working during the Fall..But Chase has given me the 10 day notice. Should i even bother with the Walmart card or just call it quits because of my super low income.

Citiforward-9/2011-$5500-->0 balance

Discover-1/2010-1000-->0 balance

Loans-9800 balance-deferred.

AAOA is about 1.9 years

AMEX:

"We are required by federal regulations to evaluate your capacity to take on new debt. The amount of your annual income and/or financial assets known to us is insufficient in relation to the credit you've applied for and your overall debt obligations as reflected in our records and on your credit report."

Re: =( zync denied, freedom 10 days..

CreditScholar — Tue, 26 Jun 2012 05:00:38 GMT

With that income I wouldn't bother.

You've got more than enough already given what you make. Use the credit you do have well, and when your income rises so should your chances of getting a new card. Until then no lender with half a brain should extend you more credit given your current profile.

Re: =( zync denied, freedom 10 days..

Repo-ed — Tue, 26 Jun 2012 11:29:51 GMT

Do-not-bother.

Gardent the cards you have, and then when you have steady income, you'll be in much better shape to app w/e you want.

Re: =( zync denied, freedom 10 days..

RockinRay — Tue, 26 Jun 2012 12:37:03 GMT

@Repo-ed wrote:
Do-not-bother.

Gardent the cards you have, and then when you have steady income, you'll be in much better shape to app w/e you want.

+1 - best advice on this for sure!

Re: =( zync denied, freedom 10 days..

gngo2007 — Tue, 26 Jun 2012 14:47:39 GMT

Who needs to go back to school should've done a full time job instead of temp..

Anyways chase denied me as well. But the csr did try to recon it without even asking me if I wanted to do that. He then told me that my report looks amazing and it would've been a brainless decision but the income ruined it..
The reason for declination was basically "obligations to income". Any way to recon that? Possibly tell them I have a chase checking and savings account and that I'm able to make all my payments with the money I have?...

Thanks for the help guys. Sucks I got the double reject though I wouldn't mind even a smal CL

Re: =( zync denied, freedom 10 days..

learnin113 — Tue, 26 Jun 2012 15:08:21 GMT

For a low/no income person, you already have a lot of credit.

Re: =( zync denied, freedom 10 days..

JusdoNit — Tue, 26 Jun 2012 15:14:37 GMT

@gngo2007 wrote:
Who needs to go back to school should've done a full time job instead of temp..

Anyways chase denied me as well. But the csr did try to recon it without even asking me if I wanted to do that. He then told me that my report looks amazing and it would've been a brainless decision but the income ruined it..
The reason for declination was basically "obligations to income". Any way to recon that? Possibly tell them I have a chase checking and savings account and that I'm able to make all my payments with the money I have?...

Thanks for the help guys. Sucks I got the double reject though I wouldn't mind even a smal CL

Hang tight. It will all come together before you know it

Re: =( zync denied, freedom 10 days..

injustifiiable — Tue, 26 Jun 2012 15:42:26 GMT

I kinda wish I was rejected for credit cards when I first started college and making next to no income at all...(granted it was 10 years ago and I don't remember what I DID put for income...rules have changed since then, obviously.)

I'd probably be in much better shape. Thank gosh banks aren't allowed to hawk their wares on college campuses anymore.

Re: =( zync denied, freedom 10 days..

gngo2007 — Tue, 26 Jun 2012 17:50:47 GMT

I swear I'm a good kid with my credit cards =) I really just wanted it to help build my score so I don't have crap rates for car loans, students loans etc.

But I guess I'll be wandering these forms for another 4 years until I'm done with pharm school (-.-) lol thanks again!

Re: =( zync denied, freedom 10 days..

Anonymous — Tue, 26 Jun 2012 17:54:40 GMT

They can get in trouble now under the new Credit CARD Act. For anyone under... 21 maybe? They must be able to show proof of the ability to repay. With your income barely above $1,000, Citi was pretty irresponsible in giving you a $5000 CL.

Re: =( zync denied, freedom 10 days..

gngo2007 — Tue, 26 Jun 2012 17:59:01 GMT

During that year I was making a lot
More.. Lol

Re: =( zync denied, freedom 10 days..

injustifiiable — Tue, 26 Jun 2012 20:29:40 GMT

They were handing out cards like candy back in 2001...If only the Fico forums were around then.

I remember September 2001 well...I think the AMEX Blue just came out and it had the Smart chip built in (not the contactless chip of today).

Re: =( zync denied, freedom 10 days..

espnjunkie — Wed, 27 Jun 2012 17:47:54 GMT

Garden what you have right now. There is no need for additional credit at this time and lenders will want to see income before approving you for more. More credit can only get you into trouble at this point.

Re: =( zync denied, freedom 10 days..

gngo2007 — Tue, 03 Jul 2012 02:34:14 GMT

thanks for all the advice guys.

just wanted to update. after getting denied for amex, i got two denial letters from chase. didn't even bother reconning since it was because of the income. however, today i just got an email saying i got approved. called in, verified it was approved today as well..

no more credit cards until im done with school =) thanks again!

Re: =( zync denied, freedom 10 days..

injustifiiable — Tue, 03 Jul 2012 03:34:49 GMT

@gngo2007 wrote:
thanks for all the advice guys.

just wanted to update. after getting denied for amex, i got two denial letters from chase. didn't even bother reconning since it was because of the income. however, today i just got an email saying i got approved. called in, verified it was approved today as well..

no more credit cards until im done with school =) thanks again!

Did you get your CL yet?