Why do I keep getting denied by capital one?

[Notoriouswithag]

Matt I would go through your bank first of all before going with a credit card company.

I dont know who your bank is but Bank of america allows their college students to get a student credit card. There is 0%, and it functions just as a regular credit card, and the minimum payment is cheap(like $20 min./month) and your credit limit starts out around $600 I think the good part is the card helps build your credit untill your ready to upgrade

 

[grada89]

Try out this site and get a student credit card.

http://www.creditcards.com/college-students.php



edit: Wow i just took a look at them and when i got my 2 credit cards a year ago there were a lot more options and many companies offered student cards. If you do apply watch out for annual fees.

BTW: I had no credit when i was approved 1 year ago.

 

[MagicChic]

^ 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.

My credit score is over 720...and that was before I got a house too. 720 or 740 + is considered excellent credit. So if you're sitting at 700, it's considered 'good' credit.

Leesburg, you might not get to keep the 0% interest if you re-fi, but car loans help out your credit pretty significantly. (As long as you make the minimum payment toward the principal on time every month.) When you go to get a loan, the banks like to see various TYPES of credit on your report. So, just having a credit card isn't enough. They still might consider that a lack of credit.

 

[SoNgMaN]

get a copy of your credit bureau report. equifax has a 1-800 number. make sure there is nothing on it that would make them not give you one.

 

[MagicChic]

He's never had a credit card, or any other type of credit before. So there shouldn't be anything there.

 

[mose6161]

mine is 720. that is with GTI car payments and a JCPenny credit card.\



dude i don't care if you don't shop there, the shit's not that bad. spend 5 dollars on a jimi hendrix tshirt and give it to your brother or something, but you basically get a free credit card which you never need to use to get your credit rating up.

 

[kitty]

a gym membership has nothing to do with credit, unless you decide not to pay and the debt is sold to a collection agency.

there's enough misinformation here to make my head spin. the only information here i agree with is to stay below 50% of your credit limit.

the main reasons you're not getting a card right now are:

A) the economy sucks. people who have credit, GOOD credit, are finding their account was closed or limit reduced. obtaining a new line of credit right now overall isn't easy.

B) a credit card is a non-secured line of credit, it'll always be harder to get a credit card than a car loan, or any other secured line of credit. if you default on your car loan, they come take the car, easy as that. and they have NO problems with that, because they'll sell the car for more than you owe. if you don't make your credit card payments, they have nothing to repossess.

FYI: paying your credit card bill in full each month, or paying it off before the bill comes, has nothing to do with your credit score. they do not report the amount of your payment, or the date you made the payment. they report the total balance of the month, and that you made at least the minimum payment and it was made on time. it doesn't matter if you pay the $15 minimum or the entire $1000 balance, if it got to them two weeks before it was due or two days before it was due.

in regards to credit scores, keep in mind, CREDIT SCORE is a very broad term. if you're referring to the FICO score, that's a particular type of credit score, and the range is 300 to 850. it's very possible to reach 800+, 850 basically doesn't exist.

 

[MagicChic]

a gym membership has nothing to do with credit, unless you decide not to pay and the debt is sold to a collection agency.

there's enough misinformation here to make my head spin. the only information here i agree with is to stay below 50% of your credit limit.

the main reasons you're not getting a card right now are:

A) the economy sucks. people who have credit, GOOD credit, are finding their account was closed or limit reduced. obtaining a new line of credit right now overall isn't easy.

B) a credit card is a non-secured line of credit, it'll always be harder to get a credit card than a car loan, or any other secured line of credit. if you default on your car loan, they come take the car, easy as that. and they have NO problems with that, because they'll sell the car for more than you owe. if you don't make your credit card payments, they have nothing to repossess.

FYI: paying your credit card bill in full each month, or paying it off before the bill comes, has nothing to do with your credit score. they do not report the amount of your payment, or the date you made the payment. they report the total balance of the month, and that you made at least the minimum payment and it was made on time. it doesn't matter if you pay the $15 minimum or the entire $1000 balance, if it got to them two weeks before it was due or two days before it was due.

in regards to credit scores, keep in mind, CREDIT SCORE is a very broad term. if you're referring to the FICO score, that's a particular type of credit score, and the range is 300 to 850. it's very possible to reach 800+, 850 basically doesn't exist.

And your credentials are...?

I pretty much told him correctly everything you said except for the paying off your balance. (which is what I was told to do by a friend of mine that worked for Chase.)

 

[MkVBlkMgc]

And your credentials are...?

I pretty much told him correctly everything you said except for the paying off your balance. (which is what I was told to do by a friend of mine that worked for Chase.)

Thanks for that.

I also loved the 'tude from the n00b.

Why do some folks have issues saying things nicely.:iono:

 

[kitty]

And your credentials are...?

I pretty much told him correctly everything you said except for the paying off your balance. (which is what I was told to do by a friend of mine that worked for Chase.)

i worked for experian for a few years, i work elsewhere now but deal with credit reports daily.

i didn't say ALL info here was incorrect, as it normally is when i find these types of posts. i was actually surprised to see your post about 50%, glad some people know this.

 

[MagicChic]

Why do some folks have issues saying things nicely.:iono:

lol, your guess is as good as mine.

kitty, you did say, and I quote, "there's enough misinformation here to make my head spin. the only information here i agree with is to stay below 50% of your credit limit." but you pretty much repeated what I, and a couple of other members here already said. Did you read the entire thread?

 

[SoNgMaN]

He's never had a credit card, or any other type of credit before. So there shouldn't be anything there.

yes but it doesn't keep someone from stealing his identity and making some money off him.

 

[kitty]

lol, your guess is as good as mine.

kitty, you did say, and I quote, "there's enough misinformation here to make my head spin. the only information here i agree with is to stay below 50% of your credit limit." but you pretty much repeated what I, and a couple of other members here already said. Did you read the entire thread?

i did read the entire thread, and i said the only thing i agreed with is what you said about 50% of the limit.

i then went on to explain how paying the balance in full each month has no effect on your credit score. several people had implied it did.

not sure how anything i said came across as an attitude, it was just a bunch of facts, no attitude.

 

[mose6161]

well enough debate, has anyone actually got some REAL advice?

he needs credit, lets make a list of things that give you credit.

not 2 pages of b/s.


i'll start: i have a credit score of 720 because i opened a department store credit card and because of the car payments i make on my GTI.

theoretically, since you own a GTI, and should be making payments, shouldn't you already have credit?

i mean, freecreditreport.com knew i owned a GTI. kind of weird.....

 

[julito04]

its under his dads name, not his. Dont try to apply to a bunch of credit cards at once, that doesnt look good on credit regarding inquiries. The best thing to do is start out with a gas, dept store or some other small time credit card with a low amount to begin with in order to BUILD your credit. shit takes time. Unless you have money and can buy trade lines hahaha.