747 Ducks Unlimited DECLINE??

[Anonymous]

You might want to acquaint yourself with the rules issued by the Consumer Financial Protection Board as they pertain to credit card applicants under the age of 21: https://www.consumerfinance.gov/policy-compliance/rulemaking/regulations/1026/51/ See (b) Rules affecting young consumers.

I don't have any opinion on whether reconsideration would help; lenders enforce these rules with varying degrees of strictness so other issuers might approve a credit card where FNBO would not.

[Anonymous]

Thank you for the link! Very usefull. I was skimming through it and I saw this:

Current or reasonably expected income includes income that is being deposited regularly into an account on which the consumer is an accountholder (e.g., an individual deposit account or a joint account).

Allowance from parents comes from checks deposited in my checking account (ranging 1.5-3K/mo at the end of every month)...shouldn't this count as income then?

Best,

Charles

[rbentley]

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@Anonymous wrote:

I'm thinking about the future. 10 years from now I'd like to have a solid base.

Best,

Charles

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I thought you were thinking of leasing a Jag that your parents won't co-sign for?  Maybe the Porche you are driving now replaced your plans for the Jag.  In any event applying for 3 more cards and trying to lease a luxury car on your very thin and young profile is a receipe for rejection.

[CreditInspired]

@maizeandblue said
Also, if I were driving a Porshe Cayenne between 3 homes the last thing I'd be thinking about is the price of gas.
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Excellent observation. 😁

[Anonymous]

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@rbentley wrote:

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@Anonymous wrote:

I'm thinking about the future. 10 years from now I'd like to have a solid base.

Best,

Charles

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I thought you were thinking of leasing a Jag that your parents won't co-sign for?  Applying for 3 more cards and trying to lease a luxury car on your very thin and young profile is a receipe for rejection.

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Indeed I was. However, I've decided to just keep my Porsche Cayenne.

Looking back I'm glad I didn't get myself into any consumer debt like that when I didn't need to. Would have been a pretty bad move I think.

Best,

Charles

[Anonymous]

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@Anonymous wrote:

Thank you for the link! Very usefull. I was skimming through it and I saw this:

Current or reasonably expected income includes income that is being deposited regularly into an account on which the consumer is an accountholder (e.g., an individual deposit account or a joint account).

Allowance from parents comes from checks deposited in my checking account (ranging 1.5-3K/mo at the end of every month)...shouldn't this count as income then?

Best,

Charles

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It could perhaps count as income but that's a determination that would be made by each lender.

[Anonymous]

Ah that makes sense.

Thank you for your help! I read through all of the page you sent me. Sounds like I really need to turn 21 to be able to fully engage in this hobby, thats for sure.

Best,

Charles

[ridgebackpilot]

Don't feel bad, OP. It's not just your age; I'm 40 years older than you with similar scores, and I got declined by FNBO for too many inquiries!

The Costco VISA is a great alternative that pays 4% on gas and other purchases.

[CJ7]

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@Caardvark wrote:
AAoA is 1.5 years based on the numbers you provided? Calculations should be based on months (30+30+30+0+0)/5

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Have a parent add you as an authorized user to a 20 year old account and it becomes

(30+30+30+0+0+240)/5=66 or 5y6m

[SarahJo]

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@Anonymous wrote:

Hello all,

Got instant declined for Ducks Unlimited...called in and they said that it was declined for lack of credit bureau information.

EX: 721

EQ: 754

TU: 766

AAoA: 2.5yr

CL: $19,400

Utilization: always under 20%

I'm 20 years old, opened 3 cards as soon as I turned 18, financed a motorcycle at 18 and paid off in 3 months, always pay every balance in full and have never missed a payment.

Decided after 2.5 years of no INQ, I wanted 3 more cards to help AAoA...applied for Chase Freedom Unlimited - instant approve $6K, Amex GOLD instant approve...

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In addition to your age, file, etc. the DU card can also be quite sensitive to INQ's within the past 6mo/1yr...if I recall correctly, people have been denied due to inq numbers having just one recent inq.  The letter should hopefully provide some insight.

EDIT: We have a Cayenne Turbo and a WRX, the gas CB craving is real haha...