topic Re: Chances of approval, advice for first card in Credit Cards

Chances of approval, advice for first card

Anonymous — Wed, 08 Oct 2014 03:31:39 GMT

Hello guys. I just joined after reading many threads, but wanted to get some specific advice.

My background: 18 year old college student, on my parents credit card account ($25k limit) as an authorized user, which shows up on my credit report as being opened in 1997, 0 late, and with an extremely low to 0 balance. I recently applied for the Capital One Jouney card in mid August and was denied because I couldn't prove my annual income at the time. I can claim around $30k in income and my last credit scores were 771 Experian (from denial letter) and 779 VantageScore 3.0 FAKO (from Credit.com).

I would like to get my own credit card to establish credit. I plan on PIF always so I'm not worried about interest rates. Looking for a card with no AF, maximum benefits, and cash back. I'm mainly interested in the Chase Freedom and Citi Double Cash at this point. I'm also interested in the AMEX Everyday and Blue Cash. Are they difficult to get in my situation? I would be willing to apply for the Delta Gold AMEX if I could change to the other AMEX Credit cards, so is that possible? I am also curious about how hard it would be to get an AMEX charge card in my sitiuation. So if anyone has insight into the likelihood of getting any of these cards, I would appreciate it. I'm also wondering how long after my Capital One Experian inquiry I should apply for another card whose company uses Experian. I just have the one inquiry for Capital One on my Experian report and I beleive Chase uses Equifax usually. Thank you for your advice.

Re: Chances of approval, advice for first card

Anonymous — Wed, 08 Oct 2014 03:30:37 GMT

It sounds like you're just getting started as far as credit goes.

I don't know if i'd try applying for anything prime just yet.

Perhaps try for the BoA 99/500 Secured CC.

Re: Chances of approval, advice for first card

Anonymous — Wed, 08 Oct 2014 03:34:48 GMT

I've been looking at real credit cards because my credit scores look really good, the authorized user account seems to be on my credit report the same as if it were mine. Can they see the difference?

Re: Chances of approval, advice for first card

FinStar — Wed, 08 Oct 2014 03:36:48 GMT

@Anonymous wrote:
I've been looking at real credit cards because my credit scores look really good, the authorized user account seems to be on my credit report the same as if it were mine. Can they see the difference?

Yes, lenders (via their automated algorithms) can see the difference... your CRAs will display as an Authorized User account.

Re: Chances of approval, advice for first card

Anonymous — Wed, 08 Oct 2014 03:40:06 GMT

@Anonymous wrote:
Hello guys. I just joined after reading many threads, but wanted to get some specific advice.

My background: 18 year old college student, on my parents credit card account ($25k limit) as an authorized user, which shows up on my credit report as being opened in 1997, 0 late, and with an extremely low to 0 balance. I recently applied for the Capital One Jouney card in mid August and was denied because I couldn't prove my annual income at the time. I can claim around $30k in income and my last credit scores were 771 Experian (from denial letter) and 779 VantageScore 3.0 FAKO (from Credit.com).

I would like to get my own credit card to establish credit. I plan on PIF always so I'm not worried about interest rates. Looking for a card with no AF, maximum benefits, and cash back. I'm mainly interested in the Chase Freedom and Citi Double Cash at this point. I'm also interested in the AMEX Everyday and Blue Cash. Are they difficult to get in my situation? I would be willing to apply for the Delta Gold AMEX if I could change to the other AMEX Credit cards, so is that possible? I am also curious about how hard it would be to get an AMEX charge card in my sitiuation. So if anyone has insight into the likelihood of getting any of these cards, I would appreciate it. I'm also wondering how long after my Capital One Experian inquiry I should apply for another card whose company uses Experian. I just have the one inquiry for Capital One on my Experian report and I beleive Chase uses Equifax usually. Thank you for your advice.

Looks like you want a Ferrari as your First Car, try something easier to get, like, https://creditcards.chase.com/credit-cards/amazon-credit-card.aspx?CELL=63WS&list=1,2,4&SP4R=VK0WN8& .....AND..... http://www.creditcards.org/nfl-credit-cards/nfl-extra-points-credit-card--4 .......AND..... http://www.creditcards.org/discover/discover-it-for-students-with-20-cashback-bonus

Re: Chances of approval, advice for first card

Anonymous — Wed, 08 Oct 2014 03:40:19 GMT

@FinStar wrote:
@Anonymous wrote:
I've been looking at real credit cards because my credit scores look really good, the authorized user account seems to be on my credit report the same as if it were mine. Can they see the difference?
@FinStar wrote:
@Anonymous wrote:
I've been looking at real credit cards because my credit scores look really good, the authorized user account seems to be on my credit report the same as if it were mine. Can they see the difference?
Yes, lenders (via their automated algorithms) can see the difference... your CRAs will display as an Authorized User account.

Should I be able to see this on my credit report? Also, could this be different between banks? Card is with US Bank.

Re: Chances of approval, advice for first card

Anonymous — Wed, 08 Oct 2014 03:44:03 GMT

@Anonymous wrote:
@Anonymous wrote:
Hello guys. I just joined after reading many threads, but wanted to get some specific advice.

My background: 18 year old college student, on my parents credit card account ($25k limit) as an authorized user, which shows up on my credit report as being opened in 1997, 0 late, and with an extremely low to 0 balance. I recently applied for the Capital One Jouney card in mid August and was denied because I couldn't prove my annual income at the time. I can claim around $30k in income and my last credit scores were 771 Experian (from denial letter) and 779 VantageScore 3.0 FAKO (from Credit.com).

I would like to get my own credit card to establish credit. I plan on PIF always so I'm not worried about interest rates. Looking for a card with no AF, maximum benefits, and cash back. I'm mainly interested in the Chase Freedom and Citi Double Cash at this point. I'm also interested in the AMEX Everyday and Blue Cash. Are they difficult to get in my situation? I would be willing to apply for the Delta Gold AMEX if I could change to the other AMEX Credit cards, so is that possible? I am also curious about how hard it would be to get an AMEX charge card in my sitiuation. So if anyone has insight into the likelihood of getting any of these cards, I would appreciate it. I'm also wondering how long after my Capital One Experian inquiry I should apply for another card whose company uses Experian. I just have the one inquiry for Capital One on my Experian report and I beleive Chase uses Equifax usually. Thank you for your advice.
Looks like you want a Ferrari as your First Car, try something easier to get, like, https://creditcards.chase.com/credit-cards/amazon-credit-card.aspx?CELL=63WS&list=1,2,4&SP4R=VK0WN8& .....AND..... http://www.creditcards.org/nfl-credit-cards/nfl-extra-points-credit-card--4 .......AND..... http://www.creditcards.org/discover/discover-it-for-students-with-20-cashback-bonus

The score doesn't tell the whole story.

Re: Chances of approval, advice for first card

jsucool76 — Wed, 08 Oct 2014 03:46:11 GMT

@Anonymous wrote:

@FinStar wrote:
@Anonymous wrote:
I've been looking at real credit cards because my credit scores look really good, the authorized user account seems to be on my credit report the same as if it were mine. Can they see the difference?
@FinStar wrote:
@Anonymous wrote:
I've been looking at real credit cards because my credit scores look really good, the authorized user account seems to be on my credit report the same as if it were mine. Can they see the difference?
Yes, lenders (via their automated algorithms) can see the difference... your CRAs will display as an Authorized User account.

Should I be able to see this on my credit report? Also, could this be different between banks? Card is with US Bank.

Some banks use AU accounts in their decisions, some don't.

is the 30k income you're claiming from a job, or scholarships, or what? Just be aware you can't claim student loans as income.

You said you got a 771 from a denial letter, what card did you apply for and how long ago was it?

I'd try for a student credit card first. BoA offers a student travel, and cash rewards card. Discover offers a student version of the IT card, citi has a thankyou preferred card for students as well, though their rewards are lackluster.

Be aware that just because your score came back as a 771, that doesn't mean you're a shoo in for the best cards on earth. Your report is most likely empty except for that AU account.

Re: Chances of approval, advice for first card

FinStar — Wed, 08 Oct 2014 03:47:49 GMT

@Anonymous wrote:

@FinStar wrote:
@Anonymous wrote:
I've been looking at real credit cards because my credit scores look really good, the authorized user account seems to be on my credit report the same as if it were mine. Can they see the difference?
@FinStar wrote:
@Anonymous wrote:
I've been looking at real credit cards because my credit scores look really good, the authorized user account seems to be on my credit report the same as if it were mine. Can they see the difference?
Yes, lenders (via their automated algorithms) can see the difference... your CRAs will display as an Authorized User account.

Should I be able to see this on my credit report? Also, could this be different between banks? Card is with US Bank.

Yup, you should be able to see this on your credit report. It would be listed next to the Responsibility indicator (Individual Account, Joint Account or Authorized Account). There is no difference in banks reporting the information, US Bank would report it in the same fashion as Chase or Citi with regard to the Reponsibility indicator.

Re: Chances of approval, advice for first card

Anonymous — Wed, 08 Oct 2014 03:49:58 GMT

Some banks use AU accounts in their decisions, some don't.

is the 30k income you're claiming from a job, or scholarships, or what? Just be aware you can't claim student loans as income.

You said you got a 771 from a denial letter, what card did you apply for and how long ago was it?

I'd try for a student credit card first. BoA offers a student travel, and cash rewards card. Discover offers a student version of the IT card, citi has a thankyou preferred card for students as well, though their rewards are lackluster.

Be aware that just because your score came back as a 771, that doesn't mean you're a shoo in for the best cards on earth. Your report is most likely empty except for that AU account.

Income is in an acceptable form that the company will take. Applied for Capital One Journey in mid-August

Re: Chances of approval, advice for first card

jsucool76 — Wed, 08 Oct 2014 03:52:32 GMT

@Anonymous wrote:
Some banks use AU accounts in their decisions, some don't.

is the 30k income you're claiming from a job, or scholarships, or what? Just be aware you can't claim student loans as income.

You said you got a 771 from a denial letter, what card did you apply for and how long ago was it?

I'd try for a student credit card first. BoA offers a student travel, and cash rewards card. Discover offers a student version of the IT card, citi has a thankyou preferred card for students as well, though their rewards are lackluster.

Be aware that just because your score came back as a 771, that doesn't mean you're a shoo in for the best cards on earth. Your report is most likely empty except for that AU account.
Income is in an acceptable form that the company will take. Applied for Capital One Journey in mid-August

Do you have a banking relationship with anyone? Wells fargo seems to be good about giving their student card to their customers. I opened a college checking/savings account with them and the rep asked me if I wanted their card and I said yes, and got it like a week later. I never even filled out an application.

Re: Chances of approval, advice for first card

Anonymous — Wed, 08 Oct 2014 03:56:37 GMT

jsucool76 wrote:
Do you have a banking relationship with anyone? Wells fargo seems to be good about giving their student card to their customers. I opened a college checking/savings account with them and the rep asked me if I wanted their card and I said yes, and got it like a week later. I never even filled out an application.

I have accounts with a credit union (will be leaving as I have moved) and USAA.

Re: Chances of approval, advice for first card

jsucool76 — Wed, 08 Oct 2014 03:58:22 GMT

@Anonymous wrote:
Do you have a banking relationship with anyone? Wells fargo seems to be good about giving their student card to their customers. I opened a college checking/savings account with them and the rep asked me if I wanted their card and I said yes, and got it like a week later. I never even filled out an application.
I have accounts with a credit union (will be leaving as I have moved) and USAA.

A credit union is probably the first place I would go if you have accounts with them. I'm not sure how USAA is with issuing someones first credit card. You could always apply for their secured credit card if you got some cash to throw down. Im surprised you were denied for the cap1 journey card. What reasons did they list in your denial letter, if you remember/still have it.

Re: Chances of approval, advice for first card

Anonymous — Wed, 08 Oct 2014 03:59:31 GMT

@jsucool76 wrote:

Im surprised you were denied for the cap1 journey card. What reasons did they list in your denial letter, if you remember/still have it.

I was surprised at this as well.

Usually they don't even require a pulse for that card.

Re: Chances of approval, advice for first card

grinlikechelsea — Wed, 08 Oct 2014 04:00:43 GMT

I would recommend either Discover for Students or a secured BoA card (make sure to add the 3-2-1 rewards; then its one of the best secured cards on the market).

Re: Chances of approval, advice for first card

jsucool76 — Wed, 08 Oct 2014 04:01:05 GMT

@Anonymous wrote:
@jsucool76 wrote:
Im surprised you were denied for the cap1 journey card. What reasons did they list in your denial letter, if you remember/still have it.
I was surprised at this as well.

Usually they don't even require a pulse for that card.

Yeah, they send my fish pre-approvals for the journey card all the time. Wonder if OP has any weird errors on reports.

Re: Chances of approval, advice for first card

Anonymous — Wed, 08 Oct 2014 04:02:00 GMT

@jsucool76 wrote:

A credit union is probably the first place I would go if you have accounts with them. I'm not how USAA is with issuing someones first credit card. You could always apply for their secured credit card if you got some cash to throw down. Im surprised you were denied for the cap1 journey card. What reasons did they list in your denial letter, if you remember/still have it.

Was denied because I did not have enough past income documents to prove the income I put on the form, but I do now.

Re: Chances of approval, advice for first card

jsucool76 — Wed, 08 Oct 2014 04:02:39 GMT

@Anonymous wrote:

@jsucool76 wrote:
A credit union is probably the first place I would go if you have accounts with them. I'm not how USAA is with issuing someones first credit card. You could always apply for their secured credit card if you got some cash to throw down. Im surprised you were denied for the cap1 journey card. What reasons did they list in your denial letter, if you remember/still have it.
Was denied because I did not have enough past income documents to prove the income I put on the form, but I do now.

Oh, if you have the proof of income now, I'd say give it another shot. Maybe even hit up the EO and see if they can use the same application so you dont need to take another 3 HPs for the card. You can google "capital one ceo email address" and shoot them an email and see if they'll let you use the same application. Alternatively, you can message them on facebook or twitter.

Re: Chances of approval, advice for first card

Anonymous — Wed, 08 Oct 2014 04:15:28 GMT

@jsucool76 wrote:
@Anonymous wrote:

@jsucool76 wrote:
A credit union is probably the first place I would go if you have accounts with them. I'm not how USAA is with issuing someones first credit card. You could always apply for their secured credit card if you got some cash to throw down. Im surprised you were denied for the cap1 journey card. What reasons did they list in your denial letter, if you remember/still have it.
Was denied because I did not have enough past income documents to prove the income I put on the form, but I do now.
Oh, if you have the proof of income now, I'd say give it another shot. Maybe even hit up the EO and see if they can use the same application so you dont need to take another 3 HPs for the card. You can google "capital one ceo email address" and shoot them an email and see if they'll let you use the same application. Alternatively, you can message them on facebook or twitter.

Capital One told me that after the decision is made, they can't promise that if I ask them to review the application again they won't pull more reports.

Re: Chances of approval, advice for first card

jsucool76 — Wed, 08 Oct 2014 04:17:33 GMT

@Anonymous wrote:
@jsucool76 wrote:
@Anonymous wrote:

@jsucool76 wrote:
A credit union is probably the first place I would go if you have accounts with them. I'm not how USAA is with issuing someones first credit card. You could always apply for their secured credit card if you got some cash to throw down. Im surprised you were denied for the cap1 journey card. What reasons did they list in your denial letter, if you remember/still have it.
Was denied because I did not have enough past income documents to prove the income I put on the form, but I do now.
Oh, if you have the proof of income now, I'd say give it another shot. Maybe even hit up the EO and see if they can use the same application so you dont need to take another 3 HPs for the card. You can google "capital one ceo email address" and shoot them an email and see if they'll let you use the same application. Alternatively, you can message them on facebook or twitter.
Capital One told me that after the decision is made, they can't promise that if I ask them to review the application again they won't pull more reports.

Well capital one isn't exactly inq sensitive, so I would maybe try for the discover it for students card, and then maybe a BoA student card, and if you dont have luck with those just app for capital one again.