topic Re: Credit denied - I don't even want credit. What should I do? in Credit Cards

Credit denied - I don't even want credit. What should I do?

Anonymous — Sun, 27 Jul 2014 23:39:27 GMT

I'm a 21 year old with not too much credit history due to age. But I do have money and that is no issue. I've been recently denied a few credit cards that I applied. I don't even want "credit" per se. I just like the 2% back in mileage and the welcome offers of 40k-50k mileage on those cards. I'm planning to spend ~$5k/mo so the 2% bonus start to add up quickly.

Obviously credit card companies deny you a card because they think you can't pay. To be honest I'd be fine with 0 credit. I would just deposit into the credit account anyway and spend my deposit.

Surly there's got to be a way of communicating this to the credit card people?

And before anyone suggest a secured credit card -- They don't have bonuses! That's all I care about.

My credit score is 770/750/710 for the reference.

Re: Credit denied - I don't even want credit. What should I do?

Jaylima91 — Sun, 27 Jul 2014 23:33:43 GMT

Don't tell lenders you "don't even want credit". That's the worst thing you can get across. Think about it, they wouldn't benefit from you being a cardholder since you don't care about having it or even using it. You want to tell them that you are young and looking to build credit. Explain to them that you make X amount of money and are looking to use the card and pay off in full every cycle. Perhaps start with capital one.

Re: Credit denied - I don't even want credit. What should I do?

-Wade- — Sun, 27 Jul 2014 23:36:33 GMT

@Anonymous wrote:
I'm a 21 year old with not too much credit history due to age. But I do have money and that is no issue. I've been recently denied a few credit cards that I applied. I don't even want "credit" per se. I just like the 2% back in mileage and the welcome offers of 40k-50k mileage on those cards.

Obviously credit card companies deny you a card because they think you can't pay. To be honest I'd be fine with 0 credit. I would just deposit into the credit account anyway and spend my deposit.

Surly there's got to be a way of communicating this to the credit card people?

And before anyone suggest a secured credit card -- They don't have bonuses! That's all I care about.

My credit score is 770/750/710 for the reference.

How many TL's do you have on your reports ? Also what types ??

Re: Credit denied - I don't even want credit. What should I do?

MT936 — Sun, 27 Jul 2014 23:34:42 GMT

shouldn't be getting denied with those scores

Re: Credit denied - I don't even want credit. What should I do?

Anonymous — Sun, 27 Jul 2014 23:37:41 GMT

Yes they would benifit from me being a card holder. I said I don't want credit but I didn't say I wasn't willing to spend. I'm probably going to be spending ~$5k/mo on the card i want. What I meant by not wanting credit is I'm willing to deposit the $5k/mo into the card each month BEFORE spending so that the credit company takes no risk on me.

I see in your signature you have barclay arrival plus. That's one of the cards I want badly. I'm getting quite jelly now.

Re: Credit denied - I don't even want credit. What should I do?

Anonymous — Sun, 27 Jul 2014 23:38:23 GMT

What does TL stand for?

Re: Credit denied - I don't even want credit. What should I do?

SOGGIE — Sun, 27 Jul 2014 23:39:50 GMT

@MT936 wrote:
shouldn't be getting denied with those scores

There are other things factored into the credit decision in addition to the scores. OP should review all consumer credit reports to make sure there are no errors or derogs on all 3 reports.

Re: Credit denied - I don't even want credit. What should I do?

BluePoodle — Sun, 27 Jul 2014 23:43:15 GMT

@Anonymous wrote:
What does TL stand for?

Trade Line's

Re: Credit denied - I don't even want credit. What should I do?

Anonymous — Sun, 27 Jul 2014 23:46:58 GMT

@-Wade- wrote:
@Anonymous wrote:
I'm a 21 year old with not too much credit history due to age. But I do have money and that is no issue. I've been recently denied a few credit cards that I applied. I don't even want "credit" per se. I just like the 2% back in mileage and the welcome offers of 40k-50k mileage on those cards.

Obviously credit card companies deny you a card because they think you can't pay. To be honest I'd be fine with 0 credit. I would just deposit into the credit account anyway and spend my deposit.

Surly there's got to be a way of communicating this to the credit card people?

And before anyone suggest a secured credit card -- They don't have bonuses! That's all I care about.

My credit score is 770/750/710 for the reference.
How many TL's do you have on your reports ? Also what types ??

7x active Credit Card, 1x closed student loan

All in perfect standing, never missed/late payments

Re: Credit denied - I don't even want credit. What should I do?

Kenny — Sun, 27 Jul 2014 23:46:48 GMT

@Anonymous wrote:
I'm a 21 year old with not too much credit history due to age. But I do have money and that is no issue. I've been recently denied a few credit cards that I applied. I don't even want "credit" per se. I just like the 2% back in mileage and the welcome offers of 40k-50k mileage on those cards. I'm planning to spend ~$5k/mo so the 2% bonus start to add up quickly.

Obviously credit card companies deny you a card because they think you can't pay. To be honest I'd be fine with 0 credit. I would just deposit into the credit account anyway and spend my deposit.

Surly there's got to be a way of communicating this to the credit card people?

And before anyone suggest a secured credit card -- They don't have bonuses! That's all I care about.

My credit score is 770/750/710 for the reference.

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Credit-Scoring-101-START-HERE/m-p/8169 -- Read this -- it's a good place for you to start.

http://ficoforums.myfico.com/t5/Credit-Cards/Helpful-Threads/td-p/415263 When you're done reading the first page then try to read the rest. You'll have a different outlook on how you're speaking of credit after you've read all of these topics.

Re: Credit denied - I don't even want credit. What should I do?

-Wade- — Sun, 27 Jul 2014 23:53:52 GMT

@Anonymous wrote:
@-Wade- wrote:
@Anonymous wrote:
I'm a 21 year old with not too much credit history due to age. But I do have money and that is no issue. I've been recently denied a few credit cards that I applied. I don't even want "credit" per se. I just like the 2% back in mileage and the welcome offers of 40k-50k mileage on those cards.

Obviously credit card companies deny you a card because they think you can't pay. To be honest I'd be fine with 0 credit. I would just deposit into the credit account anyway and spend my deposit.

Surly there's got to be a way of communicating this to the credit card people?

And before anyone suggest a secured credit card -- They don't have bonuses! That's all I care about.

My credit score is 770/750/710 for the reference.
How many TL's do you have on your reports ? Also what types ??

7x active Credit Card, 1x closed student loan

All in perfect standing, never missed/late payments

hummm, Are you using your cards? Also what does your total cl's to income look like (just % ) ?

Re: Credit denied - I don't even want credit. What should I do?

coldnmn — Sun, 27 Jul 2014 23:54:14 GMT

You have to start with some kind of credit card to show payment history. For some reason they don't want to take our word for it. Bank of America has a rewards secured credit card. FYI I had to start with a $300 Cap1 card 3 1/2 years ago. Not because I wanted to start from the bottom but that's whats required to gain trust with credit card companies. Good Luck!

Re: Credit denied - I don't even want credit. What should I do?

JediNeo — Sun, 27 Jul 2014 23:55:47 GMT

@Anonymous wrote:
@-Wade- wrote:
@Anonymous wrote:
I'm a 21 year old with not too much credit history due to age. But I do have money and that is no issue. I've been recently denied a few credit cards that I applied. I don't even want "credit" per se. I just like the 2% back in mileage and the welcome offers of 40k-50k mileage on those cards.

Obviously credit card companies deny you a card because they think you can't pay. To be honest I'd be fine with 0 credit. I would just deposit into the credit account anyway and spend my deposit.

Surly there's got to be a way of communicating this to the credit card people?

And before anyone suggest a secured credit card -- They don't have bonuses! That's all I care about.

My credit score is 770/750/710 for the reference.
How many TL's do you have on your reports ? Also what types ??

7x active Credit Card, 1x closed student loan

All in perfect standing, never missed/late payments

Have you tried to product change one of your accounts to one with a rewards structure that benefits you?

Re: Credit denied - I don't even want credit. What should I do?

Anonymous — Mon, 28 Jul 2014 00:02:45 GMT

@JediNeo wrote:

Have you tried to product change one of your accounts to one with a rewards structure that benefits you?

No. I didn't think it was possible, I thought I'd just apply for new credit cards with my prefered reward structures. Didn't go too well and I'm quite surprised.

Re: Credit denied - I don't even want credit. What should I do?

GlocksAndCredit — Mon, 28 Jul 2014 00:23:05 GMT

@Anonymous wrote:
@JediNeo wrote:

Have you tried to product change one of your accounts to one with a rewards structure that benefits you?

No. I didn't think it was possible, I thought I'd just apply for new credit cards with my prefered reward structures. Didn't go too well and I'm quite surprised.

OK - Which cards do you have? We can help if we know potentially.............

Re: Credit denied - I don't even want credit. What should I do?

js0319 — Mon, 28 Jul 2014 01:01:21 GMT

If you prefer to use your own cash, find a secured card with whatever rewards structure you want, and secure it with however much you think you may spend in a month on that card. I had a secured card a few years ago through a CU that had a $2.5k limit and rewards.

Re: Credit denied - I don't even want credit. What should I do?

Anonymous — Mon, 28 Jul 2014 01:09:36 GMT

At the moment all I'm asking for is a card with no foreign transaction fees and at least 1.5% in rewards. If you know of a secured card that has that then my problem is solved!

Re: Credit denied - I don't even want credit. What should I do?

TheFate — Mon, 28 Jul 2014 01:13:37 GMT

Secured cards don't offer Cash back but what you could do is try for the Quicksilver from Capital One.

Sounds to me like you're getting denied because you either have too many INQ's and/or too many new accounts. If you just let those age another 6-12 months you shouldn't have a problem getting a prime card

Re: Credit denied - I don't even want credit. What should I do?

newhis — Mon, 28 Jul 2014 01:32:20 GMT

@TheFate wrote:
Secured cards don't offer Cash back but what you could do is try for the Quicksilver from Capital One.

Sounds to me like you're getting denied because you either have too many INQ's and/or too many new accounts. If you just let those age another 6-12 months you shouldn't have a problem getting a prime card

I have BoA Cash Rewards secured card and a savings account, so I get 3.3% in gas, 2.2% groceries and 1.1% the rest.

Re: Credit denied - I don't even want credit. What should I do?

Anonymous — Mon, 28 Jul 2014 01:39:43 GMT

Capital One Venture Rewards? No foreign transaction fee and 2 miles per $1 spent. 40,000 mile bonus after 3k spend in the first 3 months.Any airline,any hotel,and no blackout dates.Points don't expire. Cap one is probably my least favorite of all the CC issuers but just a thought.

Also not sure what reward structure you are looking for but have you considered an AMEX charge card? The Platinum does not have a foreign transaction fee but it has a $450 annual fee and it is not waived the first year.With a sign up bonus of 25,000k MR points and the $200 airline credit that you could use now and then again as of January 1,2015 it would more than pay for itself for the first year.

AMEX charge cards are usually easier for people to qualify for and get their foot in the door.If approved for the AMEX charge you could immediately apply and try to get a revolver at the same time.If not approved for the revolver you can try again 6-12 months down the road after some usage on the charge card. One big plus with AMEX is if you are a cardmember it is always a soft pull if denied and only a hard pull if the application is approved.

One other positive if you get an AMEX is any cards opened in the future will have the same open date as your original card.Can be a big plus to average age of accounts.

Damn I am long winded sorry about that.