YACCT - Just got rejected for my first CC

[HardcoreRobot]

Yeah... so im 22. I got thru school without taking on any debt. In fact I've never had a loan before. Or credit card. You would think that someone making 45+ year with no debts and clean financial history would be a welcome customer. Apparently Citibank thinks I need some revolving balances, WTF that is. I applied for the Dividends card. What Im really steamed about is that I waited a freakin month, and finally ended up calling them, just for them to say declined. I need a freakin credit card and I waited for that. The CSR on the phone was nice enough to suggest a Secure card, where I prepay 300 or something. That would last like what, a week? ARRRRG

Does anyone have any suggestions for me? HTF am I supposed to build credit if they wont give me a freaking card? I want a REAL credit card, and I want something with good rewards/bonuses. Any recommendations?

 

[PHiuR]

get your mommy or daddy to sign you up for one

 

[nageov3t]

do you have a checking account?

I make less and have a similarly clean financial history, and I've never had a problem with credit cards.

 

[fyleow]

Originally posted by: HardcoreRobot
Yeah... so im 22. I got thru school without taking on any debt. In fact I've never had a loan before. Or credit card. You would think that someone making 45+ year with no debts and clean financial history would be a welcome customer. Apparently Citibank thinks I need some revolving balances, WTF that is. I applied for the Dividends card. What Im really steamed about is that I waited a freakin month, and finally ended up calling them, just for them to say declined. I need a freakin credit card and I waited for that. The CSR on the phone was nice enough to suggest a Secure card, where I prepay 300 or something. That would last like what, a week? ARRRRG

Does anyone have any suggestions for me? HTF am I supposed to build credit if they wont give me a freaking card? I want a REAL credit card, and I want something with good rewards/bonuses. Any recommendations?

You don't have a clean credit history, you have none. Income doesn't really matter, hell even liquid asset doesn't matter. In this country credit score is king. I have no job and I have access to $20k in unsecured credit.

Get a secured credit card from your local bank and in 6 months you can get a real card.

 

[dullard]

Originally posted by: HardcoreRobot
Does anyone have any suggestions for me? HTF am I supposed to build credit if they wont give me a freaking card? I want a REAL credit card, and I want something with good rewards/bonuses. Any recommendations?

Bad move there on the choices in college. College is the time to build your credit - when you don't need a real card but you can prove that you can handle debt. But lets not dwell on the past. Everyone must start slow when it comes to credit cards (you don't just start with $100,000 credit limits). Since you missed the college boom, you are even more at a disadvantage. Just start small. Take a crappy credit card - anything you can get. Use it for a while, then apply for a real card with good rewards/bonuses.

Now that I think of it there is a Donna Reed episode that focusses on this very issue. Perfect family, great income, never had a dime of debt - and thus cannot get any loans.

 

[RossMAN]

Solution 1) Get a co-signer, it does not have to be a parent. Could be a brother, sister, girlfriend, next door neighbor or co-worker.

Solution 2) Save up some cash. Go to your bank and apply for a SECURED cc, you are virtually guaranteed approval for this. Use it for 1 year, making on time payments proving you are responsible with credit. After 1 year apply for a regular unsecured cc and you'll most likely be APPROVED. Close your secured cc and get your deposit back (plus the interest earned).

 

[HardcoreRobot]

Originally posted by: fyleow

Originally posted by: HardcoreRobot
Yeah... so im 22. I got thru school without taking on any debt. In fact I've never had a loan before. Or credit card. You would think that someone making 45+ year with no debts and clean financial history would be a welcome customer. Apparently Citibank thinks I need some revolving balances, WTF that is. I applied for the Dividends card. What Im really steamed about is that I waited a freakin month, and finally ended up calling them, just for them to say declined. I need a freakin credit card and I waited for that. The CSR on the phone was nice enough to suggest a Secure card, where I prepay 300 or something. That would last like what, a week? ARRRRG

Does anyone have any suggestions for me? HTF am I supposed to build credit if they wont give me a freaking card? I want a REAL credit card, and I want something with good rewards/bonuses. Any recommendations?

You don't have a clean credit history, you have none. Income doesn't really matter, hell even liquid asset doesn't matter. In this country credit score is king. I have no job and I have access to $20k in unsecured credit.

Get a secured credit card from your local bank and in 6 months you can get a real card.

I was referring to the fact that I have never been late on utilities or rent and have never overdrawn any of my accounts.

I guess I will just have to get a secured card.

 

[dullard]

Originally posted by: HardcoreRobot
I was referring to the fact that I have never been late on utilities or rent and have never overdrawn any of my accounts..

Those are just minor factors in a credit score. The biggest question is this: if given a loan, will you pay it back. The first person to give you a loan takes a big risk. With a CC during college, you take out a small loan and repay it month, after month, after month. Thus after some time, a company can be pretty certain that you will pay off their loan - and the risk is much lower. You on the other hand have never paid a penny on a loan, and thus how will any company know if you will take their money and run? Fyleow is correct, you have no credit history. Nothing cannot be either clean or dirty.

A secured card is a fine investment at your point - no reason to think badly of them.

 

[AgaBoogaBoo]

get a secured one to start with

 

[huesmann]

Get any credit card you can, even one with a high interest rate.

Charge everything you can to it, as long as you can afford it, i.e. you have the CASH to pay for it.

Pay your bill off every month, in its entirety.

After a while, you will have built up some good credit, then apply for a good card with low rate, or some kind of bonus (cash back, air miles, what have you). Cancel the old card.

After you use the new card for a while, you'll have credit offers pouring into your friggin mailbox.

The #1 rule of credit cards: ALWAYS pay off your monthly bill.

 

[ivol07]

Why don't you just go get a store card. I mean like a Best Buy card or a Macys card. I think they tend to be a little more lenient and you'll be able to build up some credit.

 

[StageLeft]

Tell citibank to eat you from behind. Apply at MBNA and if they deny you, write them a nice letter saying how you really know you'd be a great customer, and that you look forward to many years of business with them, etc. and I bet they approve it.