Today I found out that my credit score is 770. The reason why my credit score is high is because my parents co signed ro me to get a car loan. Today when I went to apply or a credit card I got rejected. I don't make alot of money. My question is even though I have a high credit card and becuase I don't make alot of money is that the reason I got rejected? Is there any way I can got my own credit card since I don't make alot o money.
2007-06-19 14:37:30 · 10 answers · asked by sb0983 1 in Business & Finance ➔ Credit
Since you did not mention that you have any other credit history besides the car loan, I'm guessing that is your only credit history?
If so, that could be part of the reason.
Other things may be a factor - what creditor/card you applied for plus your low income.
Quite a few creditors have a minimum income level that a person would have to meet.
The prime lenders would like to see a credit card history before approving someone for their cards
If you have no credit card history and applied for a prime card, it would be highly unlikely that they would approve you for it even with your scores.
You might go to your bank or credit union and speak to them about their cards. Find out what their criteria is to qualify.
Again, if you have no credit card history you might want to start out with a secured card. Just be sure to do your homework and find out if the card will unsecure and how long it normally takes for the card to unsecure. (some creditors never unsecure secured cards)
Or start out with a subprime credit builder like Orchard or HSBC.
2007-06-19 15:00:30 · answer #1 · answered by echo 7 · 0⤊ 0⤋
First open your own checking and savings accounts. Then apply for store credit cards; they're easy to get. Be diligent about paying them off. Get a secured card - that is, you desposit a sum of money in the bank and use the card to draw on it. Once you've established yourself as a responsible handler of credit, youll be able to apply for a regular credit card. But take it from someone who's been there: DON'T go crazy. DON'T assume you'll always be making more and more money so it's okay to buy lots of crap on time. DON'T miss a payment, even if they tell you you can. Good luck.
2007-06-19 21:46:48 · answer #2 · answered by Anonymous · 0⤊ 0⤋
That is a great credit Score. However credit score is only one thing that the credit analysts look at when applying for credit. You could have been declined for any number of reasons such as; time at current address, time at current job income level, those are the main things. Time at current address and job are usually an issue if you have been at either for less than 2 years. If you are a student you might want to try finding a company that issues cards to students with a lower income. I know when I worked at Discover Card we issued cards to students if they meet the min income level of 15k annual, ( that was over 3 years ago. Hope that helps
2007-06-19 21:45:41 · answer #3 · answered by Ringo the Monkey Boy 2 · 0⤊ 0⤋
If you want to apply for credit card, Chase Free Cash Rewards(SM) Visa® Card is a best option for you.
it gives:
* Intro 0% Fixed APR for up to 12 months on all purchases and balance transfers
* No Annual Fee
* 1,000 Bonus pts after first purchase
* Earn 1 point for every dollar in purchases
* $25 check or a $25 gift card/certificate from participating merchants for every 2,500 points earned
Apply online at: http://www.credit-card-gallery.com/Cashback.html and get instance approval.
2007-06-20 05:01:40 · answer #4 · answered by kassy kemp 2 · 0⤊ 0⤋
You should recieve a letter in the mail stating exactly why they rejected your application. Believe me, it happens to everyone. I was rejected for a Bealls card & I worked there. How bad is that?! You have awesome credit- be very smart about your choices. Good credit is something that is hard to rebuild.
2007-06-19 21:51:51 · answer #5 · answered by K_M 3 · 0⤊ 0⤋
If you are a student, apply for a student card. If not, try a credit union. American Express is often a great first card. They will approve thin files. Try for the Delta Skymiles card. THat is the easiest to get approved for.
2007-06-19 21:47:21 · answer #6 · answered by KatyG 2 · 0⤊ 0⤋
Trying getting an Orchard credit card http://www.ccvault.com/credit_cards/bad_credit.php
2007-06-22 17:30:29 · answer #7 · answered by Anonymous · 0⤊ 0⤋
I would apply for another card. I believe they have to tell you why you were turned down. I would ask. I still don't have a Sears card because they turned me down years ago and I have never forgotten it!
2007-06-19 21:42:08 · answer #8 · answered by kattsmeow 7 · 0⤊ 0⤋
You will get a letter in the mail explaining why you were turned down.
2007-06-19 21:44:45 · answer #9 · answered by Anonymous · 0⤊ 0⤋
I believe they also base it on your income.
2007-06-19 21:45:49 · answer #10 · answered by =) 2 · 0⤊ 0⤋