Quote:
Originally posted by shannon
as with FaderMonkey, i didn't bother to check through all of the past questions, so if my question has been asked before, I'm sorry too.
i was thinking that it would be good for me to get a credit card to start building some credit. i'm 20, i know i wouldn't use it for stuff that i didn't already have money for, mainly just for building credit and maybe internet purchases.
i applied for a student card and got rejected. when i called to find out why, they said it was because of my student loan. i have a government student loan now for almost $10,000, but i am not paying it off now because i am still in school.
i was wondering if my applying online would have had anything to do with my rejection. if i was to go in to the bank and apply in person would they be more appathetic to the student loan issue? i would like to get a card from this bank as it's the bank i deal with regularly and i really like them. if they turn me down in person, might i have better chances somewhere else?
thanks.
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Well, excellent choice by choosing to begin building your credit. You may not have been turned down solely due to your student loan, but that may have played a role in it. I would imagine that a large factor would be the lack of credit history that you have.
If you want the credit card through that specific bank, I would go into the office and apply for a secured credit card. Basically, they'll take some of your money (amounts may vary, depending on the institution) and freeze it. Then they'll give you a credit card for that amount, so that if you don't pay your bills, they still have the money to pay for it. It will most likely report just as a normal credit card, and after a bit with that card you should be able to obtain an unsecured card, providing that you want one.
I would imagine that they have the same underwriting guidelines no matter how you apply, so re-applying for the same card in person probably won't make too much of a difference. The secured card is your best bet to build up credit without a co-signer.
If you have any more questions, just ask
