topic Re: Applied and keep getting denied! Score 679 Help please in Credit Cards

Applied and keep getting denied! Score 679 Help please

Anonymous — Sat, 13 Oct 2012 19:14:06 GMT

I 'm a college student with a score of 679. I have 1 old navy credit card and a $6000 auto loan. I had an Amex added on by my mom, but I asked her to take me off the account. I thought I could open up an account that college students usually get approved for but I've done 3 inquiries and have been denied to two for sure. I'm waiting for Chase Freedom to respond back, but I'm sure I was denied for that too. Choice hotels and Citi Forward denied me already. I know I have a limited account history but why am I being told I need to wait to hear an answer and then being denied and not just instantly being denied?

Re: Applied and keep getting denied! Score 679 Help please

webhopper — Sat, 13 Oct 2012 19:27:21 GMT

We need a bit more information....

How long have you had the old navy card?
How long have you had the auto loan?
What is your employment status and how much do you make?

Re: Applied and keep getting denied! Score 679 Help please

migliogiorni — Sat, 13 Oct 2012 20:10:58 GMT

Call the backdoor number on Monday chase will give you a reason right there.

Re: Applied and keep getting denied! Score 679 Help please

Anonymous — Sat, 13 Oct 2012 20:13:24 GMT

I've had old navy for a year and the auto loan in August. I'm a full time student and I work at Macy's part time. I only make $1600 and I have around $2000 saved up in multiple accounts

Re: Applied and keep getting denied! Score 679 Help please

Anonymous — Sat, 13 Oct 2012 20:20:14 GMT

Your still not giving us important information. Where did you get that one score from. If it isn't a fico score don't pay any attention to it. You can pull your tu and eq fico score from here. You state you make 1600 is that per year per month per week? Also what is your AAOA average age of accounts?

Re: Applied and keep getting denied! Score 679 Help please

Anonymous — Sat, 13 Oct 2012 20:20:47 GMT

I'd suggest waiting until you don't have any inqs or new accounts in the last 6 months. If your mom can add you back to the amex and other of her oldest accounts, it will help lots.

After the 6 month cleanup, I would go for boa and wells Fargo Students and Walmart card.
I didn't get how much you make a year, so I can't suggest amex.
I don't recommend discover students as the low limit they give students will haunt you forever.

Re: Applied and keep getting denied! Score 679 Help please

Anonymous — Sat, 13 Oct 2012 20:36:20 GMT

That is my FICO score and $1600 is per year. 1 year is my AAOA

Re: Applied and keep getting denied! Score 679 Help please

Tran92 — Sat, 13 Oct 2012 20:47:20 GMT

Your not making enough income. I thought my part time job was bad lol. It would be hard to recon when your making only like 130 a month. I am surprise you can pay any bills.

Re: Applied and keep getting denied! Score 679 Help please

webhopper — Sat, 13 Oct 2012 21:02:32 GMT

Ya you aren't really making enough sorry to say. I'm surprised you got the auto loan. Best advice; keep on working and going to school. Have your mom add you back to amex and don't apply for anything else until you are out of school and making at least 20k per year.

Re: Applied and keep getting denied! Score 679 Help please

Voodard — Sat, 13 Oct 2012 21:05:56 GMT

You make $1600 a year and you're wondering why your credit card applications are declined; are you serious? Besides having an extremely thin credit profile, you don't make enough money to demonstrate the ability to repay your current debt plus an unsecured credit line. You need to be less aggressive with the apps and keep making your payments on-time to the creditors you have now. Once you graduate and have a job that pays something more in-line with $1600 bi-weekly you'll receive all sorts of credit card offers. You'll be an excellent risk for them and you'll probably have your pick of some of the best cards out there.

Re: Applied and keep getting denied! Score 679 Help please

CreditCrusader — Sat, 13 Oct 2012 21:07:39 GMT

@Anonymous wrote:
That is my FICO score and $1600 is per year. 1 year is my AAOA

These prime lenders are denying you because you do not have enough established credit history and your income is not sufficient to justify the awarding of substantial credit. The parent-credit aided FICO score is nice, but without a solid credit and income history to back it up, the risk to prime lenders is not mitigated.

Take heart...managing credit responsibly over time will fix what ails you now. We've all been there...patience is your friend

Re: Applied and keep getting denied! Score 679 Help please

Anonymous — Sat, 13 Oct 2012 21:18:53 GMT

I'm making so little a year because as I said I'm a student. I live with my mom and sister so I don't have bills other than phone, and car. I just want to know if there is a good credit card company for Full-time students. I don't care what the limit is of interests rate because I will pay in full every month.

my mistake i make 4800 a year

Anonymous — Sat, 13 Oct 2012 21:22:37 GMT

my mistake i make 4800 a year

Re: Applied and keep getting denied! Score 679 Help please

Anonymous — Sat, 13 Oct 2012 22:21:24 GMT

There have been cases where wells Fargo has handed credit cards to students with low income. If you bank with them, that would be one of the very limited, if any, options available.

I would suggest opening a joint credit card with one of your relatives that has good credit history/income mix. The limit you get there will make other lenders grant you similar amounts when you apply later on.

Re: Applied and keep getting denied! Score 679 Help please

jsucool76 — Sat, 13 Oct 2012 22:27:07 GMT

@Anonymous wrote:
There have been cases where wells Fargo has handed credit cards to students with low income. If you bank with them, that would be one of the very limited, if any, options available.

I would suggest opening a joint credit card with one of your relatives that has good credit history/income mix. The limit you get there will make other lenders grant you similar amounts when you apply later on.

The WF Student card has a minimum income requirement of $3000, so it is definitely a possibility for OP, but they accept almost NO ONE who doesn't bank with them.

OP: Are any scholarships and grants you get from your school included in your income? You're allowed to report any rewards you get from your school (with the exception of student loans, IE: You cannot report anything you have to pay back) in your income. Also, many student cards will often require you to send verification of your enrollment in order to be approved.

Also, you aren't subtracting the cost of your school from your icome, are you? Just because you are spending the money, doesn't mean it isn't income. There was one person who posted once that said they only made 2-3 thousand dollars because they kept subtracting all of their bills from their income.

If you're looking into the WF Student card, and you don't bank there, I would suggest going into a branch and opening up a college combo ($100 minimum deposit, not a big deal) and then have the banker you do that with submit an application for you. They approved me without even asking me about my income or anything, the banker did the application for me after I had left.

Re: Applied and keep getting denied! Score 679 Help please

Nstark — Sun, 14 Oct 2012 01:49:32 GMT

My first student credit card was Capital One Journey.

It's a nice starting card to have. It does give you 1% cashback on all transactions which is a bonus and an additional .25% if you pay on time.

As others have stated though, depending on what you put down as your income, tbat may automatically deny you. I will warn you that Capital One will pull from all 3 CRAs so be cautious if you have a lot of inquiries as it is; however, I had quite a few when I applied and that didn't stop me from getting the card after just having a few months history on a secured card.

I have Citi Forward as well, but they require more credit history to be established on multiple accounts first before getting approved.

Re: Applied and keep getting denied! Score 679 Help please

Tran92 — Sun, 14 Oct 2012 02:27:57 GMT

Try going around your local CU to apply for a student card. If anything you can open up a secured credit card until your income is more sufficient and established a longer credit history.

Re: Applied and keep getting denied! Score 679 Help please

Anonymous — Sun, 14 Oct 2012 02:32:55 GMT

@Tran92 wrote:
Try going around your local CU to apply for a student card. If anything you can open up a secured credit card until your income is more sufficient and established a longer credit history.

I was in a similar situation last year. I was college student and only made around 2500/yr. I applied for a credit card with a local CU and was approved for a $500 limit. Hope everything works out.

Re: Applied and keep getting denied! Score 679 Help please

Anonymous — Sun, 14 Oct 2012 02:48:23 GMT

I spoke to citi again. I forgot to add some amounts and updated my applications and was approved! 1100 spending limit which is perfect for me!

Re: Applied and keep getting denied! Score 679 Help please

Epcot — Sun, 14 Oct 2012 02:51:23 GMT

Congrats on the approval!