So I applied for my first real credit card (Citi Forward for College Students) and was denied because my "total credit obligations, which include outstanding credit lines, are too high to meet our approval guidelines when compared to my stated income". I really don't know a whole lot about how credit works, so I was helping someone with more experience could answer a question for me.
I'm currently an authorized holder on my parents Capital One account which has a balance of $17,472 and a credit limit of $19,600. I don't actually use this card, I only have it in case an emergency should come up. Without this account, which has been open 8 years, all I have in my credit history are deferred student loans and a retail store credit card I've had for a year that I opened to try and build up some credit. So basically I'm afraid that my parents credit card debt added to my student loans makes me look like a risk, but without it my credit history would be limited. So my question is, is this card hurting my chances of getting a credit card or helping?
Another question I have for anyone familiar with Citi Forward - I had (or thought I had) applied for the Citi Forward for College Students card since I went though the link on Citi's site that lists cards for students, but my denial email states that I applied for the regular Citi Forward. Looking at the site, the applications seem identical. So I was wondering if the application is mislabeled on Citi's site and if someone could provide a link to the definite application for the card that's meant for College students.
Thank you in advance!
