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Need advice/ help with Credit problems

J

Jassi

Diamond Member
I am a 20 year old full-time college student at a senior level with a part-time job. I have no student loans (thanks to parents), a healthy savings account, no past problems with credit and no criminal background. And yet, I can't seem to get a credit card, not even through my bank. In the last month, I have applied to American Express Blue for Students, Discover student and Best Buy credit card. They have all rejected my applications.

I have no clue as to why I can't get a card. Is there any way I can find out what is so wrong with my "credit report"? I know if I ask for a report, my credit rating goes down and also when I get rejected for one. But, I would like to get a cell phone and recently, not having a credit card cost me one of the best deals for a laptop computer that I have ever found.

Can anyone help me out?
 
i had this same problem. basically, because you have not had a credit card or loans you have not been able to build a credit history. i was able to get a low limit CC through my bank as a student. Worst case, you can get a secured CC through your bank to initially build your credit. You should qualify for some of the crappy cards they push onto students on campus. They dont offer rewards like good CCs but just having them will build your credit so you qualify for the others.
 
another thing, they dont care if you have money in the bank, make 50k/yr, never bounced a check, never been delinquent on any bills. all they look at is your history with CCs and loans. No history, no card.
 
well, if you've applied and had been denied 3 time for a card, don't expect to be getting a card anytime soon as that right there made a hit to your credit.

what to do?

get your credit report now, and clear up any erroneous things on it. wait 6-12 months, and try again.
 
Can someone please share where I can ask for my credit report?

Also, if I get a card by co-signing with my parents, will that help my credit rating as well?
 
Originally posted by: Jassi
Can someone please share where I can ask for my credit report?

Also, if I get a card by co-signing with my parents, will that help my credit rating as well?
Click to expand...

my bad.

equifax

get the score power report for $14.95.
 
just keep trying. it was funny how amex approved me for their student card but not discover or even bank one.

if everything fails, i guess you can ask your parents to add you to their card, then spend responsibly and go from there.
 
Didnt someone say free credit report?

sniperruff - I got a letter from AMEX saying that I wasnt a student, I am gonna call them and ask if they want a teacher's note 🙂
 
Can anyone please tell me where I can get a free credit report mentioned above? I know this is a cheap bump but I really need an answer, this is a big problem for me 🙁
 
First do you still have the DECLINE letters the credit card companies mailed you?

Supposedly FreeCreditReport.com will give you a free credit report, but there must be a catch or two.

Instead I would suggest buying your credit report from MyFico.com

If your parents co-sign for a credit card or loan for you it will definitely help build your credit. But you will need to make all your payments on time and wait at least 12 months before applying for any new credit.

If I were you, here's what I would do:
  • Find your decline letters, you are entitled a FREE copy of your credit report with that letter.
  • Do it yourself without relying on your parents to bail you out. Since you have a healthy savings account, withdraw $500 and open a secured credit card with your local bank. You are 99.99% guaranteed to be approved. Make your payments on time every month, after 18 months apply for a regular credit card and you will be approved.

Good credit takes TIME to establish, it does not happen overnight.
 
Agreed, if you have the rejection letters, there should be a number on them to call for a free copy of your credit report. If you don't have the letters anymore, well, you may have to shell out money for your credit report/score from one of the three agencies:

www.transunion.com
www.equifax.com
www.experian.com

However, this really isn't of use to you, since it seems like you have no credit history. Oh, and there are two types of credit checks, hard that lower your score (like the ones credit card issuers use) and soft, that don't affect your score (I think only you can do soft pulls). For more information check out

http://www.creditnet.com/
or the faq in the fatwallet finance forum

As far as building your credit, there are a few opinions. Do you get any preapproved offers in the mail? If so, sign up for the first one without an annual fee. If not, you could get a loan and the repayment will create a credit history (you have to pay interest, which isn't so hot); or get a secured card from your bank (basically a cc backed by an amount you have in the bank); or you could sign up for the card at a retailer (which would probably be the best from the info I've heard here, as there are no fees and they pretty much approve everyone) these are the cards that they push on you saying that you get like a 10% discount on your first purchase (think jcpennys, express, younkers, etc). A few months of payments will start building your score, but a good score will take time.
 
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