That is because I'm a cheap fuck/we're on a family plan and I am not paying for 3 other people.
Why is it so hard to get a credit card approved?
- Thread starter chatmasta
- Start date
That is because I'm a cheap fuck/we're on a family plan and I am not paying for 3 other people.
Umm, I guess you aren't aware of the credit tightening of the last 2 yrs?
You pretty much answered you're own question.
Unless you are currently employed with proof of income or you get the parents to co-sign you can't get a credit card.
Here is some more info if you are under 21
well for one thing if you're a white guy you'll have no chance of getting approved for an affirmative action credit card
average white guys get kicked in the balls again
average white guys get kicked in the balls again
Yeah I thought that might be it - wasn't sure. Thanks.
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Also, the lady at BankOfAmerica never thought to mention this to me when she was putting in my application. Seems I am not the only one unfamilar with the new law, haha.
Also, as you build your credit, try to get 3+ accounts reporting to the credit agencies. Such as 2 credit cards and a car loan.
I had a 773 credit score, but just had 1 credit card for 3 years, and was denied (for an Amex and mortgage pre-approval) because I needed to have at least 3 credit accounts. Kinda lame, but oh well.
CreditKarma.com is a really helpful site that is completely free. I don't think they get you your official score, but they calculate it I guess and it is really close to your real score.
The 21+ new law is so stupid imo.
I had a 773 credit score, but just had 1 credit card for 3 years, and was denied (for an Amex and mortgage pre-approval) because I needed to have at least 3 credit accounts. Kinda lame, but oh well.
CreditKarma.com is a really helpful site that is completely free. I don't think they get you your official score, but they calculate it I guess and it is really close to your real score.
The 21+ new law is so stupid imo.
As long as you have a job and can verify income you can still get a credit card if you are under 21.
Giving out credit cards like candy to college kids without sufficient income is a recipe for disaster for the financial system (as we all found out, duh)
Seems like a no-brainer law, IMO.
I'm having the same problem. I'm only 20, and I've only been at my current job for about 3 months. In order to get a $500/month rewards card I have to be able to show steady employment for 6months. Bust your AM's balls, get on weeklies, and just keep reinvesting. Good luck bros :thumbsup:
Age discrimination is stupid with credit cards and other financial stuff. Maybe a law saying if you are under 21 you can't go more than X amount into credit card debt would make more sense.
The law clearly punishes everyone under 21, including those that are responsible. If you have to show 6 months of employment that is even more insane.
The law clearly punishes everyone under 21, including those that are responsible. If you have to show 6 months of employment that is even more insane.
DING DING DING!!! who the fuck invented this credit bullshit anyway
If you cant afford it now what the fuck makes you think you can pay for it later
yes
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Not sure how it is in America, but in Australia it's simple enough to just lie about your income, put your own number as the work payroll number and confirm wages when they call etc etc.
You go for a student credit card. They should still be offering them. They'll give you like $200 limit. Buy gas and crap on it each month, pay it off right after, build up your score. Don't get too many cards after a while if you need them (maybe 3-4 max), don't max out your cards, don't spend nothing on them, and ALWAYS pay on time.
I have an 820 credit score. I went to move a CD from shitty wamu last year to BofA for a better rate and they were like, oh... you wouldn't happen to want a mortgage, would you?
SRSLY?! You're gonna ask me that when you guys are failing like no tomorrow? *facepalm*
But it's chill having a good credit score. I get the best rates on any loans if I ever need them and credit limits on cards are sky-high (Got a $100k Amex for my biz when I opened it). Just be financially responsible and you'll have no probs.
I have an 820 credit score. I went to move a CD from shitty wamu last year to BofA for a better rate and they were like, oh... you wouldn't happen to want a mortgage, would you?
SRSLY?! You're gonna ask me that when you guys are failing like no tomorrow? *facepalm*
But it's chill having a good credit score. I get the best rates on any loans if I ever need them and credit limits on cards are sky-high (Got a $100k Amex for my biz when I opened it). Just be financially responsible and you'll have no probs.
When I turned 18 with no history and a full time job I got a First Premier Bank credit card (it's a card for people with bad credit).
Within a year I got a AMEX & Capital One card.
I advise you to do the same, good luck.
Within a year I got a AMEX & Capital One card.
I advise you to do the same, good luck.
Capital one usually approves people with no credit with a 300 dollar limit to start after about 3- 6 months of no late payments you will be upgraded to a 500 dollar limit. Cellphone bills doesn't post on any of the 3 credit reporting agency reports, and authorized user accounts no longer posts on credit reports either. You can open up credit cards before your 18. Whatever you put on your first credit card application is what the credit agency has to use, before that they have no dob, names, addresses or anything on file. american express usually don't accept people with no credit history and your credit report must have no late payments for the past 2 years to get a credit card your credit rating must be around 630 to get in, they also have something called finical review, where they freeze your cards and ask for last year taxes to see if you actually make the amount you claimed and their credit cards with no pre-set spending limits have an "exposure limit" which is basically a credit limit and your card can be declined at any moment for even a 2 dollar charge.
DO NOT SIGN UP WITH FIRST PREMIER BANK their cards are the WORST. they give you a limit of 250 dollars and they basically charge so many fees for getting the card you only have a 50 dollar limit when it comes in the mail, you get charged a monthly fee and also a annual fee for just having the card. Use that as your last resort!
Also apply for credit cards shows up on your credit report and can lower your score, choose wisely!
DO NOT SIGN UP WITH FIRST PREMIER BANK their cards are the WORST. they give you a limit of 250 dollars and they basically charge so many fees for getting the card you only have a 50 dollar limit when it comes in the mail, you get charged a monthly fee and also a annual fee for just having the card. Use that as your last resort!
Also apply for credit cards shows up on your credit report and can lower your score, choose wisely!
the law is that while <21 you need a guardian co-signer or you need to prove that your income is sufficient to make the payments.
most banks have just decided to make it the co-signer thing rather than risk incurring the wrath of congress and deal with income verification requirements.
not sure how this has affected secured cards.