Credit Card

[Anonymous]

Hello,

I am 25 years old and I am looking for a credit card that has 0% foreign transaction fees since I travel a lot. I was an authorized user with my mom's Chase Sapphire Preferred card for 3 years and decided I wanted it under my own name so went ahead and told my mom to cancel the card. She never used it and only got it for me while I was living abroad. I have a car loan, under my name, that I have been paying for about a year and 6 months, always on time and never missed a payment. I just received a letter from Chase saying that my request was denied for the Chase Sapphire because I do not have "enough accounts opened long enough to establish a credit history". I called them seeing if I can maybe refute it (lol) and the customer rep told me that they haven't approved or rejected my request you and it is weird that I received a letter. The paper shows my credit score is 828, which is a littler higher than I remember, last time I checked it was around 770's. If I do get rejected from them, how long should I wait until I apply for another card? And what card should I apply for that has a good reward system + 0% foreign transaction fees. I do not have any credit cards at the moment and would like one asap as I spend a lot a month and would like to get points.

Thanks

[AverageJoesCredit]

Im amazed your credit score is so high considering you have no credit cards. I would have waited to get my own cc's before having your mom cancel your only one, albeit as au. You can app orher cards at any time though with Chase on same card you applied id wait to actually see if your recon can pan out.

[Anonymous]

Where did you get your credit score from?  If it was from Credit Karma or similar free score site, it's not a useful number.

Secondly, don't forget that just because one card offers no foreign transaction fee doesn't mean that the bank converts the foreign price to dollars in a competitive fashion.  There are blog posts you can find on Google to show you how far apart different cards are from each other in true foreign transaction value.

[CYBERSAM]

Capital One has no foreign transaction fee and you don't have to tell them you are travelling. Its very easy to use and they don't require verification on the road like some other cards.

[Anonymous]

The credit score was on the letter they sent me. I called today and they confirmed the rejection of the credit card. They stated it is because I have a short history of credit cards and that they weren't open for too long.

My next question is how long should I wait until I apply for a different credit card? And which one should I apply for considering my situation? I currently do not have a credit card, I just have a loan out for my car that I pay on time.

Thanks

[austinguy907]

First you should have kept the CSP in place until you had an approval somewhere.

Second.... I'd stick with prime lenders like:

Chase

BOA

Discover

WF

Citi

If those don't work and you think you can get into a CU then:

Navy (NFCU)

PF (Pnefed)

Consumers (IL)

etc.

Get 2 accounts and then don't app for anything until they age a bit with use/payments.  You have the score now but, when that CSP history drops off you're probably going to see a big decline in score.  It's going to take a year or two to get things where they should be for some decent approvals / limits again.

[Anonymous]

**bleep**, I didn't know that. When would it disappear? I would prefer a chase cc as I bank with them. Would I get approved for the chase freedom? Should I apply for it right away or wait considering that I just got declined?

[austinguy907]

Chase already told you no soup for you due to lack of CC's on your profile / age of credit history.

You could take a chance and use another HP on Freedom and see if they'll let you in the door.  Personally with the lack of CC's I would try some of the others and get 2-3 of them under your belt and come back to Chase in a year or two.  

The AU account could be there for a week or two months depending on how soon they update the closed account status to the CRA's.

Applying now for other lenders before you take the hit on your scores and losing the AU history is in your best interest.

[Anonymous]

Got it, thanks! Any recommendations on cards that I will get approved on?

[CYBERSAM]

try Capital One prequalifications page, its very sold if they say yes and they are not as restrict on new files as other banks.

I would say after having Cap1 for 6months to a year, you should be able to qualify for any card that is out there