topic Re: Denied Capital One Secured Mastercard in Credit Cards

Denied Capital One Secured Mastercard

Anonymous — Mon, 27 Aug 2012 23:04:46 GMT

Hi all,

I recently posted about how I have no credit history, and was denied the Cap1 Secured Card online. I just got their letter in the mail, and it said the reason for the rejection was insufficient income.

I'm a student and I entered my (albeit low) stipend as a TA for the upcoming semester as income. To my surprise, however, it did say my TU score is 679. Apparently those student loans in "good standing" have established a credit score for me.

Unfortunately, the Cap1 inquiry will not fall off until Sep. 2014 (just checked my annual reports online). Any advice on a future card I can apply for to establish and build my credit? I'm not sure if I could qualify for student cards--Capital One denied me for only their secured card! Should I try to recon with them or try elsewhere?

Thanks!

Re: Denied Capital One Secured Mastercard

LS2982 — Mon, 27 Aug 2012 23:09:16 GMT

@Anonymous wrote:
Hi all,

I recently posted about how I have no credit history, and was denied the Cap1 Secured Card online. I just got their letter in the mail, and it said the reason for the rejection was insufficient income.

I'm a student and I entered my (albeit low) stipend as a TA for the upcoming semester as income. To my surprise, however, it did say my TU score is 679. Apparently those student loans in "good standing" have established a credit score for me.

Unfortunately, the Cap1 inquiry will not fall off until Sep. 2014 (just checked my annual reports online). Any advice on a future card I can apply for to establish and build my credit? I'm not sure if I could qualify for student cards--Capital One denied me for only their secured card! Should I try to recon with them or try elsewhere?

Thanks!

What is your annual income?

Re: Denied Capital One Secured Mastercard

Anonymous — Mon, 27 Aug 2012 23:14:47 GMT

Based on the coming school year, I reported $5,000. This was just for duties this upcoming school year. However, I did not include any amount paid to the school to pay the remainder of the tuition that is not covered by loans, or scholarships. Since applying, I've read that some people do include this.

Re: Denied Capital One Secured Mastercard

LS2982 — Mon, 27 Aug 2012 23:16:44 GMT

@Anonymous wrote:
Based on the coming school year, I reported $5,000. This was just for duties this upcoming school year. However, I did not include any amount paid to the school to pay the remainder of the tuition that is not covered by loans, or scholarships. Since applying, I've read that some people do include this.

Are you able to get a PT job?

Re: Denied Capital One Secured Mastercard

Brian_Trying_700 — Mon, 27 Aug 2012 23:20:26 GMT

See if you can be a AU on your parents CC like Amex or Discover.

Re: Denied Capital One Secured Mastercard

LS2982 — Mon, 27 Aug 2012 23:21:43 GMT

@Brian_Trying_700 wrote:
See if you can be a AU on your parents CC like Amex or Discover.

I'm not sure thats going to help get the OP past the income part of approval. Cap1 will approve with no history.

Re: Denied Capital One Secured Mastercard

Anonymous — Tue, 28 Aug 2012 00:23:29 GMT

Thanks for the responses.

While it isn't really feasible for me to get an additional PT job this school year, I will be graduating in May, and *hopefully* be able to find a FT teaching job then, with a FT income. I was hoping to try to get a head start this year.

Do you think I have a shot with a student card?

I saw Wells Fargo's College Card requires income 3,000+ or maybe I could try their secured card which has no stated income requirement?

Any thoughts?
Thanks.

Re: Denied Capital One Secured Mastercard

LS2982 — Tue, 28 Aug 2012 01:08:37 GMT

@Anonymous wrote:
Thanks for the responses.

While it isn't really feasible for me to get an additional PT job this school year, I will be graduating in May, and *hopefully* be able to find a FT teaching job then, with a FT income. I was hoping to try to get a head start this year.

Do you think I have a shot with a student card?

I saw Wells Fargo's College Card requires income 3,000+ or maybe I could try their secured card which has no stated income requirement?

Any thoughts?
Thanks.

Its worth a shot, fingers crossed for you!

Re: Denied Capital One Secured Mastercard

Anonymous — Tue, 28 Aug 2012 01:11:30 GMT

Go for the WF secured credit card; it won't graduate, it has a $18 fee, and WF is awful. But! it is easy to get. wait 6months-1year and then get the Discover More, Cap1, Maybe Walmart/Target/Lowes card. If you wait 8months to a year you can try for the Amex Zync. Not all companies need income verification like Cap1, they did that to me as well... They were the only company to request it, although I did have the secured for 1 year with P.O.T

Or if you got money to spend for a faster result, get a secured loan (with cd) for like say 6 months. Pay it off and you only end up paying the loan fee, it could be an option if you want a good looking mark for future car or credit cards.

Re: Denied Capital One Secured Mastercard

injustifiiable — Tue, 28 Aug 2012 01:34:42 GMT

I know some people don't like the idea of fibbing on an app, but he could PROBABLY get the Journey student card if he puts in the right number. He would probably only get $500 CL but it would be a start.

For what its worth, I applied for a SonyCard by CapOne and put in my $35K entry level income and got the same denial reason...It's BS quite frankly but who knows how they figure it out...DTI comes into play here...

Re: Denied Capital One Secured Mastercard

Anonymous — Tue, 28 Aug 2012 01:36:10 GMT

Hey

I was in a similar situation as yours; I applied for the Wells-Fargo student and got it with a $1000 limit.

I did have a savings and checking account with them, and I’m sure this helped. Perhaps before you apply go and open a checking/savings account with them and ask to apply while you’re there.

In addition Wells-Fargo specificly allows you to use scholarships, grants ect as “income”

As an aside I have heard its hard to get CLIP with them, anyone know if this is true?

Re: Denied Capital One Secured Mastercard

gettnthere — Tue, 28 Aug 2012 01:30:47 GMT

ive heard that students CAN include scholarship monies in the INCOME section.

on a side note: i think ive read alot of fine print on cards where it states the minimum income is 10k. MAybe OP can re-configure income to include grants,scholarships to meet that requirement

Re: Denied Capital One Secured Mastercard

Anonymous — Tue, 28 Aug 2012 01:31:23 GMT

Public records, personal online footprint, other webpages open during access to your application and their website...

Re: Denied Capital One Secured Mastercard

injustifiiable — Tue, 28 Aug 2012 01:35:59 GMT

@Anonymous wrote:
Hey

I was in a similar situation as yours; I applied for the Wells-Fargo student and got it with a $1000 limit.
I did have a savings and checking account with them, and I’m sure this helped. Perhaps before you apply go and open a checking/savings account with them and ask to apply while you’re there.
In addition Wells-Fargo allows you to use scholarships, grants ect as “income”

As an aside I have heard its hard to get CLIP with them, anyone know if this is true?

+1...I've read a few posts of people getting preapproved for the card when opening an checking/savings account at WF. It's worth a shot.

Re: Denied Capital One Secured Mastercard

Anonymous — Tue, 28 Aug 2012 01:37:41 GMT

@gettnthere wrote:
ive heard that students CAN include scholarship monies in the INCOME section.

on a side note: i think ive read alot of fine print on cards where it states the minimum income is 10k. MAybe OP can re-configure income to include grants,scholarships to meet that requirement

Due to the new regulation you can not solely use money received after the college takes there part as income. Most CC companies actually say it now in the terms of service. Although as a student, especially with student cards.... You can stipulate "income" from say; parents, friends, side job... Cap1 didn't consider my funds I receive after school feels, that was stated in the "other income" section.

Re: Denied Capital One Secured Mastercard

Genecio — Tue, 28 Aug 2012 01:38:50 GMT

Hopefully you can app for another card. Capital One isn't the greatest CCC. Perhaps you could even get a prime card.

Re: Denied Capital One Secured Mastercard

Anonymous — Tue, 28 Aug 2012 01:52:01 GMT

Re: Denied Capital One Secured Mastercard

Anonymous — Tue, 28 Aug 2012 02:04:07 GMT

Thanks for the replies.

I checked out the Wells Fargo cards again and hate the checking/savings account fees that are required for their secured card, but am still considering it.

Any thoughts on any other cards? I'd hate to have to do another hard inquiry with the recent Cap1 one, and keep getting rejected over and over, but I do want to start somewhere

Thanks again!

Re: Denied Capital One Secured Mastercard

Anonymous — Tue, 28 Aug 2012 03:24:21 GMT

Do you guys think I have a shot at reconning with Capital One and maybe saying I'm a full time student too, or is it pretty much set in stone because of income?

Edit:

Also someone mentioned CapOne Journey card. But wouldn't they have my income saved on file from the previous app if I was to suddenly include the other sources on there?

Re: Denied Capital One Secured Mastercard

firesoul453 — Tue, 28 Aug 2012 04:31:34 GMT

I got approve for my first credit card (with no history) a little over a year ago with only 8k in income.

Also while capital one suck, I bet you can get there jouney card and with 1.25% unlimited cash back its not that bad of a deal.