Originally posted by: BigJ
Originally posted by: LoKe
How can you get a CC if they won't accept you because you don't have a CC?
Secured CC baby!
Capital One will give a CC (albeit with a $500 limit) to anybody.
Capital One will give a CC (albeit with a $500 limit) to anybody.
Yeah, I heard that. I tried to apply for a credit card from my bank (TD Canada Trust) and I never even got a response.
I've had two CCs in the past. CitiBank owns all of my loans, so they know what I'm up against I suppose, but they also know that I'll be making a decent chunk of change come December when I finish up my PhD. Oh well.... I just hope this rejection doesn't hurt my credit much in the future. Looks like I'll be robbing a few banks this weekend.... Wish me luck. :evil:
Originally posted by: Boztech
@ cyclo
A credit card will not assure you anything over the use of a debit card (with a Visa logo). I'm not sure what misconception you may have about that.
I work for the world's largest independent CC issuer and I can answer any questions you may have about that.
Anyway, just putting in my daily effort to try to help people avoid debt.
credit vs. debit offers advantages such as less fraud liability ("OMG I lost my credit card and someone charged $3k!!!" "No problem sir, we'll reverse all charges and issue you a new card." vs "OMG someone took my debit card and bought a big TV!" "Prove it."), cash back/rewards, and a month buffer if things go sour (not that ANYONE should count on this).
I agree that credit cards aren't for everyone. But there are advantages to them, if used responsibly.
I got a couple rejections trying to get my first card while in grad school as well. Ended up applying for a student targeted card and got one immediately. It surprised me that the credit card company was able to check my enrollment status while I was talking to them over the phone.
Yeah, universities sell out their students pretty squarely. As soon as you enroll, they've sold your information to anyone and everyone with a pen and paper handy.
As for what I was trying to buy, it's an engagement ring. The woman is in bed by now, but she lurks on here occasionally so I didn't want to spill the beans. Hopefully this thread will fall before she gets up or she'll probably kick me to the curb.
MrDudeMan
Lifer
- Jan 15, 2001
- 15,069
- 94
- 91
It has nothing to do with you not carrying a balance and everything to do with a lack of history. I got my first credit card when I was 18 and I paid $50 up front to have a credit limit of $200. After 3 months, I got my $50 back and the limit was raised to $500. After 6 months, it was raised to $5500 because I had money in the bank and a good history thus far. From then on out it was easy. I have 5 credit cards now (I'm 22), a car loan, a mortgage, and a small student loan. I monitor my credit monthly and it has only increased with the addition of these other types of credit. You are not required to carry a balance to enhance your credit as I never have and it hasn't suffered because of it. I've paid $0.00 in interest on all 5 cards in 4 years, and my credit rating has only increased.
The number also doesn't mean much sometimes. When I got my mortgage, my average score was 691, and after I paid off my student loan and had the mortgage for 3 months, it went up to 727. Now that I have a car loan on top of the credit cards and mortgage, the average is 745. My 745 is weaker than someone with a much longer history and lower score, however, but the fact remains that carrying a balance does not inhibit you, but lack of history does. They monitor several things once you get a card or two (the max number of cards you should have is 4...I have 5 because we actually need the 5th) like your debt to income ratio, if you have debt on more than 50% of your cards (we only use 2 of them a month and alternate them out to maintain history but keep the 50% rule in check), your max balance, if you have made delinquent payments, and several other things.
The number also doesn't mean much sometimes. When I got my mortgage, my average score was 691, and after I paid off my student loan and had the mortgage for 3 months, it went up to 727. Now that I have a car loan on top of the credit cards and mortgage, the average is 745. My 745 is weaker than someone with a much longer history and lower score, however, but the fact remains that carrying a balance does not inhibit you, but lack of history does. They monitor several things once you get a card or two (the max number of cards you should have is 4...I have 5 because we actually need the 5th) like your debt to income ratio, if you have debt on more than 50% of your cards (we only use 2 of them a month and alternate them out to maintain history but keep the 50% rule in check), your max balance, if you have made delinquent payments, and several other things.
If you're a student, you should be able to get a student version.
https://www.citicards.com/card...do?constituent=COLLEGE
My sister just applied for the Driver's edge platinum mastercard. 18, no credit card history, just opened a checking account 2 months before and she got a 1.5 limit.
https://www.citicards.com/card...do?constituent=COLLEGE
My sister just applied for the Driver's edge platinum mastercard. 18, no credit card history, just opened a checking account 2 months before and she got a 1.5 limit.
Get student card or have the local bank help you out. Or try a shopping department store card (ie. Macys)
kranky
Elite Member
- Oct 9, 1999
- 21,019
- 156
- 106
Originally posted by: CycloWizard
My application was denied because "Your credit bureau report shows you have no revolving accounts with a balance." I would have thought that that was a positive. I guess these bastards don't make money off of people who don't carry a balance.
Don't believe that. I have seen plenty of people get rejected and the reasons given didn't make any sense. People with no balances getting rejected for having too high balances outstanding, etc. It's probably lack of credit history.
lupi
Lifer
- Apr 8, 2001
- 32,539
- 260
- 126
Originally posted by: CycloWizard
Update:
My application was denied because "Your credit bureau report shows you have no revolving
accounts with a balance." I would have thought that that was a positive. I guess these bastards don't make money off of people who don't carry a balance.
Heh, I know someone at work that drives a 20 year old car and has paid off his house that was rejected for a card when work tried to get him a buisness one for travel expense because he had no accounts with a balance.
Originally posted by: CycloWizard
My application was denied because "Your credit bureau report shows you have no revolving accounts with a balance." I would have thought that that was a positive. I guess these bastards don't make money off of people who don't carry a balance.
Nope, thats bad.
What I did when I was old enough was sign up for a JCpenny CC. I used it for several months and paid it 100% off every month. Then I applied for a real CC and got it.
Like I said, I've had credit cards in the past and probably spent about $25-30k on them.
Ah, I totally forgot to mention that, but I do have a Kohl's card (and have since 2003). It has no balance on it, since i paid it off last Friday.
Originally posted by: CycloWizard
My application was denied because "Your credit bureau report shows you have no revolving accounts with a balance." I would have thought that that was a positive. I guess these bastards don't make money off of people who don't carry a balance.
Um you know most Credit Cards report your balance to the credit breaus even if you do pay it off monthly. Unless you pay before their reporting date but I bet most don't.....No one can tell if you pay your card off monthly unless you have a lot of credit card debt or around the same amount every month, but even that could be disputed by saying you spend the same amount every month.
Ex. You Charge $500 worth of stuff to a credit card. They send you a bill and report to the credit bureau companies that you are using $500 out of your credit limit.
Moot point but still a point
Well, the balance I paid was all of $9.60, so I doubt it matters much.Originally posted by: josh0099
Um you know most Credit Cards report your balance to the credit breaus even if you do pay it off monthly. Unless you pay before their reporting date but I bet most don't.....No one can tell if you pay your card off monthly unless you have a lot of credit card debt or around the same amount every month, but even that could be disputed by saying you spend the same amount every month.
Ex. You Charge $500 worth of stuff to a credit card. They send you a bill and report to the credit bureau companies that you are using $500 out of your credit limit.
Moot point but still a point
I have seen my Experian credit report and the companies that you have had revolving accounts with grade you on your payment punctuality, which is then factored in to your credit rating.Originally posted by: CycloWizard
Well, the balance I paid was all of $9.60, so I doubt it matters much.Originally posted by: josh0099
Um you know most Credit Cards report your balance to the credit breaus even if you do pay it off monthly. Unless you pay before their reporting date but I bet most don't.....No one can tell if you pay your card off monthly unless you have a lot of credit card debt or around the same amount every month, but even that could be disputed by saying you spend the same amount every month.
Ex. You Charge $500 worth of stuff to a credit card. They send you a bill and report to the credit bureau companies that you are using $500 out of your credit limit.
Moot point but still a point
yea, they just report you late if you are over a month over due...
Why can't you read? I DID have a CC when I first got to college. Then I had another one after that. Chase just sucks donkey sac and randomly cancelled my last one after I didn't use it for a while.
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