Why did I get denied for a student credit card?
rubberduckehs asked:
Okay, so I tried to apply for Capitol one first and it denied my application. Then I tried Bank of America and they also denied my application, but offered a secured credit card to me as a preapproval. Could it be because of the two student loans I borrowed? It’s not even disbursed to me yet though. What can I do to qualify? Am I doing something wrong? I am trying to establish credit because I have no credit history, besides the loans I just applied for school like last month and they’re not even given out to me until like August. Thanks
secured credit application
Okay, so I tried to apply for Capitol one first and it denied my application. Then I tried Bank of America and they also denied my application, but offered a secured credit card to me as a preapproval. Could it be because of the two student loans I borrowed? It’s not even disbursed to me yet though. What can I do to qualify? Am I doing something wrong? I am trying to establish credit because I have no credit history, besides the loans I just applied for school like last month and they’re not even given out to me until like August. Thanks
secured credit application
November 10th, 2009 at 2:08 am
secured credit application
it could be that it could be that you are applying for too many credit cards or you have bad credit.
November 12th, 2009 at 12:58 am
secured credit application
If you have no credit history, that is likely the reason they declined. You should definitely do the secured credit card as it will help you build your credit and will limit your spending.
Good luck.
November 14th, 2009 at 12:41 am
secured credit application
The best way to get your credit history started is to apply for a Department Store credit card like Sears, Macys, ect.
They’re usually pretty easy to get approved for, but they tend to have a pretty high interest rate, so be sure to pay your bill every month.
November 15th, 2009 at 2:13 pm
secured credit application
It’s probably because you have no establlished credit rating. Even though you have the 2 student loans, you haven’t started paying on them yet. Once you have the student loans, I’d suggest putting aside some of the money for the secured credit card. Once you start paying your bills on time every month, they will start reporting that information to the credit reporting agencies, and you will start to build your credit.
My stepson has 3 credit cards that he charges on regularly, but pays in full at the end of the month. He charges gas and entertainment (movies, dinner out with his girlfriend), but he has the money to pay it off when the bill comes. My husband still had to cosign his car loan, but he’s been good about paying that, too. So he’s establishing a great credit rating and as long as he has a job, he’ll be able to qualify for the next car loan on his own.
November 18th, 2009 at 10:26 am
secured credit application
Credit history is built from paying back loans, not from just having them.
A credit history is whether or not you paid your bills on time. If you just got the loans, they are not even in your history, yet. Credit is based on your ability to repay(your income), what you have borrowed and your history of paying back the money.
The reason why you got turned down for the credit cards, is because there is no history to show, if you will pay your bills on time.
The best thing to do is go to a local bank where you have an account and ask to speak to someone about a secured credit card they are the easiest to get and they have a much lower interest rate than a regular card.
You need to speak to someone in person, so that you can have your questions answered about having a credit card. You need to know what you are getting yourself into, and an internet application, can’t tell you that.
It is better, not to apply for your first credit card over the internet. Go to the bank in person for your first one.
November 20th, 2009 at 10:16 am
secured credit application
More than likely it’s because you have no credit history as of yet since you’re just starting out. They will look at your ability to repay also. You can browse this site and see if there are any cards that will suit your current situation. They have them broken down into categories, for instance, good credit, bad credit or no credit. They have student cards as well as pre-paid cards if you decide to go that route. This is the best place to look because they have over 100 cards in one site. Just remember to only apply for those you are seriously interested in because a creditors inquiry will show for every time you apply for a card.
November 23rd, 2009 at 1:39 am
secured credit application
Some card companies are picky and choosy when it comes to being approved. You may get approved for one but denied for the next.
I would highly recommend you try the citi bank student credit cards.