First Credit Card Denials UPDATE!!! CFU APPROVAL!

[Anonymous]

I too laughed out loud when I read that about the auto loan. Lol. Of course they wanted you to get one .Theyre making money .

Anyway OP. Sorry about that .You'll learn as life goes on but honestly you need to do a lot of research and this forum is the best spot to do it. Its helped me and thousands of others come a long way in 1 year .And 1 year of credit is what you'll need to get into chase. Literally a year to the day I've seen for most people .Get declined at 11 months of history and approved at 12 and half months. 

So for a thin profile starting out with little to no credit I highly suggest discover as I do to most others in your case .I can almost bet they are going to give you a generous starting limit . Next you can try amex .Their prequals are solid .And you dont have to go by just their prequals .If your prequaled for one of their cards your pretty much good to go on several others as long as they are not top tier cards .Do your research .Also same goes for cap1. Their prequal are solid .Almost guaranteed .But it's up to you they pull an inquiry on all 3 bureaus. But its fine with me and most people .Just keep in mind chase 5/24 rule for when you get to a hear of history .Leave some room for them .

The fact that you do have an auto loan reporting (although highly unnecessarily) is greatly helping your scores and when you get a few cards reporting it will help even more . you have solid scores right now .They will take a hit for about 2 months and then bounce right back and climb even higher after attaining new cards. 

So in short I highly suggest a discover card. And yes cap1 venture cards are known to give good starting limits as well .And possibly go for an amex also. I wish you the best of luck and hope to see a post from you in the credit card approvals forums soon. 

[Anonymous]

OP, maybe try to build some credit relationships, locally. There are numerous regional banks/CUs eager for your business and this is sometimes the way to go at the very outset. Hang in there...you'll be fine! 

[Anonymous]

I'm sure others will mention it, but getting a auto loan (or any loan) just for good credit is poor financial advice. 

I get that you would prefer to have Chase cards, but Chase seems to only issue cards to people with history. 

If you get a Discover or Cap1, use them correctly and obtain credit limit increases to build a credit line, your chances with Chase will be good in a year or two. 

Also, FICO8 doesnt inlcude AU accounts in AAoA or Credit utilization. I beleive some of the older scores do. 

Good luck. 

[Anonymous]

UPDATE!!!! CFU APPROVAL!

So I have no idea how this happened, and I've decided the credit card application process is just bat **bleep** crazy!!!

After having been denied and convinced that my credit sucks and I'd have to start with a card from another lender, I checked my bank statement with chase today and received a notification that I had an offer for the freedom unlimited. I read through the fine print and prayed and agonized over weather or not to apply, but I closed my eyes and hit submit and was instantly approved with a $4800 credit limit! 

Here's my credit info for future applicants. 

They pulled Experien Fico 8: 745

Payment history: Perfect

Inquiries on Experien: 2 (this was lucky! had they pulled equifax it would have been 11)

Credit mix: Fair, 1 auto loan

AAoA of credit: 10 months

BUT I have been an AU on my parents cc for 10 years. There is differeing opinions on how that factors into the approval process, but I wholheartedly believe it helped me with this!  

According to the fico app I have 4 things hurting my approval odds:

few accounts 

short histroy

no revolving credit

no credit card activity

[UncleB]

This thread is closed to new messages.

The new thread can be found here:  http://ficoforums.myfico.com/t5/Credit-Card-Approvals/UPDATE-CSP-APPROVAL-CFU-Offer-and-Instant-Appr...