Chances of approval, advice for first card

Anonymous · ‎10-07-2014

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.

Anonymous · ‎10-07-2014

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.

Anonymous · ‎10-07-2014

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 · ‎10-07-2014

@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.

Anonymous · ‎10-07-2014

@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

Anonymous · ‎10-07-2014

@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.

Anonymous · ‎10-07-2014

@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

+1

The score doesn't tell the whole story.

jsucool76 · ‎10-07-2014

@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.

FinStar · ‎10-07-2014

@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.

Anonymous · ‎10-07-2014

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