Why do I keep getting denied by capital one?

[LeesburgMKV]

I really need a credit card to start building up my credit. I'm almost 19 years old and the only credit I have is my gym membership (35 dollars a month). I have a feeling I'm just giving them wrong information some how but I have no idea where. I just got denied for the second time.

I'll probably just stop by my bank tomorrow and try to get one through them. Probably a lot easier in person.

 

[mose6161]

no advice w/ capitol 1, but if you want to get your credit up,



go to JCPenny and buy a pair of jeans. apply for and get a jcpenny credit card.

i did years and years ago, i've never used it, but it's actually made my credit gone up.


just a suggestion. gotta start somewhere.

 

[MagicChic]

Capital One is sometimes difficult. They didn't send me a credit card offer until I turned 19 or 20. Even recently, (this past summer) I asked for a credit increase (mine is $500) and they said no. I've had this card for about 6 years now. I also asked for an APR decrease & they declined that too. I think mine is 11%, not that it ever mattered because I always pay the balance off at the end of the month, but...that's still a high percentage!

In these times too, there's a lot of places that don't even want to give anyone a credit card.

You could always try American Express Blue. Or even just American Express. All you have to do is pay the balance off at the end of the month. No ifs, ands or buts about it (with the regular American Express card). But, they might not approve you for 'lack of credit history'. Which is why the Blue might be a better option for you. (works like a normal card where the minimum amount due would be like $10-$20 a month.)

 

[LeesburgMKV]

no advice w/ capitol 1, but if you want to get your credit up,



go to JCPenny and buy a pair of jeans. apply for and get a jcpenny credit card.

i did years and years ago, i've never used it, but it's actually made my credit gone up.


just a suggestion. gotta start somewhere.

I'd never shop at JC penny's though. I think my gym membership is my start off. I just need a credit card to put my car purchases on. I'm spending thousands of dollars at a time. Why not have it go towards my credit. I will never make a purchase with it if I don't already have the money in the bank. I plan on paying my balance in full every month. I just need to go to my bank. I'm just wondering why they denied me. Anything they look for in specific??

 

[BlueWabbit]

I would believe it would be difficult to get any kind of credit at times like these. Why won't you co-sign with your parents? They don't need to use it but you could. I started off in like middle school for emergencies only and I just left the card in my desk. I didn't really need one but it slowly built up.

 

[LeesburgMKV]

I would believe it would be difficult to get any kind of credit at times like these. Why won't you co-sign with your parents? They don't need to use it but you could. I started off in like middle school for emergencies only and I just left the card in my desk. I didn't really need one but it slowly built up.

I'd like to stay independent of my parents. I'm sick of depending on them. I pay 333/month for my car but it's in my fathers name. I wish it was in mine because I never miss a payment and my credit would be up a lot!

I want this to be on me. If I fuck up (which I won't because I'm extremely responsible with my money) then I don't want them to take the hit.

I think I'll try Amex.

 

[heftylefty]

if youre a member at costco then head to the membership desk and ask to apply for an AMEX through costco. i got instantly approved through them and i dont have shit for credit.

 

[LeesburgMKV]

I think my major problem is that I live with my parents. On all credit applications the only options are Own/Rent. I have no idea what to put for that.

 

[MagicChic]

I always used to put that I own (when I still lived at home) because I didn't pay rent.

By the way, you do need to let your credit build by NOT paying the balance off at the end of each month. You just need to not go over 50% of your max limit. So, if it's $1k, don't put more than $500 on the card. Pay the minimum payment for a couple of months and then pay it off. I think I was told to do that for a full year-2 years and then just pay the balance off at the end of the month after you've established some credit with the card.

To get your car in your name, you could always try to refinance the car under your name with your dad as the co-signer. That would help your credit. It's easier to refinance right now than it is to just try to get financing.

 

[LeesburgMKV]

I always used to put that I own (when I still lived at home) because I didn't pay rent.

By the way, you do need to let your credit build by NOT paying the balance off at the end of each month. You just need to not go over 50% of your max limit. So, if it's $1k, don't put more than $500 on the card. Pay the minimum payment for a couple of months and then pay it off. I think I was told to do that for a full year-2 years and then just pay the balance off at the end of the month after you've established some credit with the card.

To get your car in your name, you could always try to refinance the car under your name with your dad as the co-signer. That would help your credit. It's easier to refinance right now than it is to just try to get financing.

I don't think he'd do that. Also I don't know if I'd retain the 0% interest if I did that. My mom would but again the interest may go up.

 

[HyeWarrior]

I got my Capital One card right when I turned 18... I'm about to be 19 in exactly a month

It was my first and only card I had back then (besides the MasterCard with a $150 limit under my dad's name for gas only). Now I only have 3 cards under my name (Express, Macy's, and this Capital One). It started out with a $300 credit limit, but if you make your first 3 payments on time, it goes up to $500...

If you ever get approved, make sure you cancel the 2 protection plans on it!!! They put those on my card without ever consulting me, and it was an extra $8 charge every month... Worthless shit they try to convince you that you need in case you lose your card...

Now, I only use this card for gas... I try to pay double the minimum payment a month...

 

[fusiongt]

^ You'll build up better credit if you can pay off your whole card each month. I've done that since I got my credit card (2001) and last year when I got my credit checked at the dealership it was over 700, which I think is almost as good as you can get it. I've heard that 800 is just impossible. I figure if you have the ability to pay it all off each month, do it.

 

[SimonSaysGTI]

I got my first credit car when I was 18 and it was capitol one. After about 6-7 months of paying my bill on time in the full amount my credit score was over 700. Just pay the balance in full every month no point in letting it sit gathering interest. Also as you said never buy something if you don't have the money in the bank first.

 

[MkVBlkMgc]

^ You'll build up better credit if you can pay off your whole card each month. I've done that since I got my credit card (2001) and last year when I got my credit checked at the dealership it was over 700, which I think is almost as good as you can get it. I've heard that 800 is just impossible. I figure if you have the ability to pay it all off each month, do it.

Actually, 800 is very possible. Both my wife and I have a FICO score >800.

The advice given to the OP about opening a store charge card (Penney's, et al) is valid. Typically, they have less stringent guidelines and will offer credit to people with little or no existing credit.

The key here is to get in the system. Unless your gym reports to one of the three major credit bureaus (which is unlikely), your membership payment is not helping your credit score any.

Get a credit bureau report on yourself and see what is there. Get your FICO score. If you are <750 or so, you will likely not get in with Cap One or Amex. As another poster said, it is very hard to establish credit right now - money is uber tight.

Once you get a card, MagicChic is right - leave a small balance on it and let it revolve a little bit while making payments >minimum. That will increase your score.

One last FYI, choose where you apply carefully. Every inquiry to your credit file has the potential of lowering your FICO score.

Good luck.

 

[Bryan06GTI]

Call Visa and master card.. tell them you have little to no credit and you want to start building your credit.. they have different cards for different situations. they will work with you to get you a card i am sure..