topic Re: Help Please! New to credit arena in Credit Cards

Help Please! New to credit arena

Anonymous — Thu, 31 Oct 2013 13:36:22 GMT

Ok so I recently got my equifax score to a 756 Fico but I have been denied on four CC applications because of limited credit history and now too many inquiries. I applied at PenFed (denied, no credit experience 756 FICO) USAA military affiliate card (App still pending) CitiCard (denied too many inquiries) DiscoverIT (denied too many inquiries, not enough credit history) OneMain Financial (756 FICO approved, high Apr, 3,000 personal loan) my score has shot down and I really need a Credit Card..
What can I do?

Re: Help Please! New to credit arena

Anonymous — Thu, 31 Oct 2013 13:39:14 GMT

Suggest you call a Representative of the Creditor you apply with and request a re-consideration.

Re: Help Please! New to credit arena

myjourney — Thu, 31 Oct 2013 13:42:23 GMT

@Anonymous wrote:
Ok so I recently got my equifax score to a 756 Fico but I have been denied on four CC applications because of limited credit history and now too many inquiries. I applied at PenFed (denied, no credit experience 756 FICO) USAA military affiliate card (App still pending) CitiCard (denied too many inquiries) DiscoverIT (denied too many inquiries, not enough credit history) OneMain Financial (756 FICO approved, high Apr, 3,000 personal loan) my score has shot down and I really need a Credit Card..
What can I do?

Welcome to the forum

More info needed

How many INQ's do you have on each CB?

How many in the last year?

Other cards?

Car or mortgage loans?

Student loans?

All 3 scores (Fico)

NFCU maybe an option since they don't seem to be INQ sensitive.

Re: Help Please! New to credit arena

brother7 — Thu, 31 Oct 2013 13:44:16 GMT

It seems that "too many inquiries" is a recurring reason for credit denial. Therefore, stop applying. Four doesn't seem like too many to me, especially if the creditors are pulling from different CRAs, so I suspect there are other inquiries on your CRs that you haven't listed.

If you really need a credit card, pick a card that's easier to get, such as a student card (if you're a student). The best student cards now are Discover it for Students and Capital One Journey.

Re: Help Please! New to credit arena

Anonymous — Thu, 31 Oct 2013 13:49:26 GMT

I applied with companies that only use equifax because thats my best score and yes, I do have 35,000 in student loans but they are in good standing and I literally applied for ONLY four CC and one personal loan.. I need a CC to establish good history though.. but I want to use EQUIFAX only

Re: Help Please! New to credit arena

Anonymous — Thu, 31 Oct 2013 13:50:51 GMT

No other inquiries in the last year, no mortgage, no auto loans

Re: Help Please! New to credit arena

myjourney — Thu, 31 Oct 2013 13:51:58 GMT

@Anonymous wrote:
No other inquiries in the last year, no mortgage, no auto loans

Do you qualify for NFCU?

Re: Help Please! New to credit arena

takeshi74 — Thu, 31 Oct 2013 13:57:28 GMT

@Anonymous wrote:
What can I do?

Typical advice is secured or credit union.

Re: Help Please! New to credit arena

parakleet — Thu, 31 Oct 2013 14:19:14 GMT

There's no guarantee that a CCC will only use EQ - if you're borderline, even those that typically pull EQ may double or even triple pull you. What's on your other CR that's not on the EQ? What are your fico scores? Income? AAoA? Baddies? Need a lot more information - will this be your first CC? Try researching the shopping cart trick with store cards on the forums. But if you do, don't get a million store cards, just get one or two to help build history, which will allow you to get a proper CC in the future. Also, you may have to take the secure route - BoA seems to have popular secured CCs.

Re: Help Please! New to credit arena

Anonymous — Thu, 31 Oct 2013 14:33:50 GMT

Shopping cart trick? I'll check that out! I just called discovers recon line and got APPROVED yay!

Re: Help Please! New to credit arena

Anonymous — Thu, 31 Oct 2013 14:34:20 GMT

No I dont qualify for NFCU