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Author Topic: Which credit card should I apply for after getting rejected from a couple?  (Read 2982 times)

Offline Crazy tools

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I am 19 with no credit. I applied for a student card from the 2 banks that I have active checking accounts with and I got denied. After I became an authorized user on an Amex card, after about three months I applied for my own amex and got denied. I want to know which cards I should try or maybe just wait. "I feel rejected" (just the other day I got an offer in the mail for a capitol one card but there is a 39 dollar fee per year so I didn't apply, if I wait does that mean I will get offers for other cards without the annual fee?)

Offline Chaim171

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I am 19 with no credit. I applied for a student card from the 2 banks that I have active checking accounts with and I got denied. After I became an authorized user on an Amex card, after about three months I applied for my own amex and got denied. I want to know which cards I should try or maybe just wait. "I feel rejected" (just the other day I got an offer in the mail for a capitol one card but there is a 39 dollar fee per year so I didn't apply, if I wait does that mean I will get offers for other cards without the annual fee?)
Ask the banks that you have checking accounts with whether they issue "Secure Cards". Secure card is the card that has a credit limit determined by the amount of money you put into savings account. The bank then holds the money in your savings account as a collateral for your credit card which means that if you don't pay your credit card, the bank will pay itself from your savings account.
You could also search for other banks online that offer Secure Cards, but your best bet, I think, would be with the banks that you already doing business with. BTW, CapitalOne is big on secure cards and you could accept their offer, use the card for six months or more - Pay on Time!!! After that time, you won't have a problem getting approved by other banks. At that point you could close your CapitalOne account, so the whole thing will cost you between $20.00 & $39.00 depending on whether CapitalOne will refund you any money. I think it's a pretty good deal for someone with no established credit history.
As for waiting for offers to come, I wouldn't hold my breath because now, as you yourself said, you don't have an established credit history - Being an authorized user used to help in the past, but not anymore. (At least not as much as it was).
Also, don't take it personally from the banks. They don't care who you are. All they want is your $MONEY$ not a relationship.

Offline hocker

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beaware congress haas passed a law that will go into effect Feb. that anyone under 21 applying for a cc must have either a cosigner or proof of income.

Offline Cheap dude

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That is unconstitutional ! 18 is a legal adult.   
(I have no idea just my opinion )

Offline Crazy tools

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I was thinking about applying for the Capitol one and canceling, but I was scared by canceling it would mess up my credit history. Does anyone know if canceling lowers your credit score?

Offline Chaim171

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No, you can relax a bit - Canceling a Card will NOT "mess up" your credit!!! If, for example, you had the Cap1 for 10 years & never had a late payment and this was your only card for, let's say,  eight years and then you  applied for two more cards & got approved and then afterwards you went and canceled the Cap1, yes, in this case you would have some substantial but not 'catastrophic' drop in scores due to the fact that the average age of your credit history, instead of being 4.5 years is now only 2  years old. But, in your case, for all intents & purposes, you don't yet have a meaningful score. So what are you worried about? Use the system to your advantage and don't worry about canceling in six months or 1 year. By that time, assuming you're going to be on time with your payments on Cap1 for six months & in the month #7 will apply & get approved for two additional accounts, you will do just fine.

Offline Crazy tools

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Thanks I"ll try that. (others can still answer)

Offline deals

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No, you can relax a bit - Canceling a Card will NOT "mess up" your credit!!! If, for example, you had the Cap1 for 10 years & never had a late payment and this was your only card for, let's say,  eight years and then you  applied for two more cards & got approved and then afterwards you went and canceled the Cap1, yes, in this case you would have some substantial but not 'catastrophic' drop in scores due to the fact that the average age of your credit history, instead of being 4.5 years is now only 2  years old. But, in your case, for all intents & purposes, you don't yet have a meaningful score. So what are you worried about? Use the system to your advantage and don't worry about canceling in six months or 1 year. By that time, assuming you're going to be on time with your payments on Cap1 for six months & in the month #7 will apply & get approved for two additional accounts, you will do just fine.

you great

Offline MOSES

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beaware congress haas passed a law that will go into effect Feb. that anyone under 21 applying for a cc must have either a cosigner or proof of income.
How do you know that??

Offline Chaim171

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How do you know that??
Just Google it!!!

Offline rm

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Re: Which credit card should I apply for after getting rejected from a couple?
« Reply #10 on: January 13, 2010, 12:30:33 AM »
I'm 21, my first card was a CapitalOne card. I've gotten others since, I havnt tried for too many tho. I havnt close my Capital One, I was scared for my credit 2!