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I'm a student trying to build my credit.
I have a Macys card that's six months old and around 5K in student loans. Applied for a Discover More card a few days ago with a CK score of 694 and got denied. In frustration, I applied for two more cards and got denied and so my hard inquiries are now at 3, or 4 after a few days perhaps, and my CK score is down to 681. How can I possibly build my credit if I can't get approved? I just applied for one at my bank where a have a bit of money saved so I'm really hoping I get that but I am still unsure of what to do. Seems like a lose lose situation. Help is much appreciated.
Asked by
red3a07dust
1 year ago
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Hey, do not apply for anymore credit cards. Your score will drop about 3 to 5 points for every inquiry you gain. It will take about 2 years for the inquiries to be removed. Also, you do not need to get more cards to increase your score, you need to use your card wisely and monthly. The amount that you use monthly should be under 10 percent. Example: My card has a 4000 limit, but i will use no more than 400 dollars until my credit limit is raised. I also have a student loan of 14K, and only this one card. my score is at 725 averaged.
joneserikg 1 year ago
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nandog 1 year ago
Have you received any credit card offers in the mail? That's how I got my credit card, it was one of those, "you've been selected" offers from Capital One. Otherwise, there's creditcards.com which will match you with credit card's you're most likeley to get accepted for. Problem is that you might get hit with another hard inquiry if you apply. Otherwise, try going to your bank and taking out a personal loan. Put the money into your account and make the regular payments. That would increase your chances of getting a credit card.
rabidhunter 1 year ago
Hey, do not apply for anymore credit cards. Your score will drop about 3 to 5 points for every inquiry you gain. It will take about 2 years for the inquiries to be removed. Also, you do not need to get more cards to increase your score, you need to use your card wisely and monthly. The amount that you use monthly should be under 10 percent. Example: My card has a 4000 limit, but i will use no more than 400 dollars until my credit limit is raised. I also have a student loan of 14K, and only this one card. my score is at 725 averaged.
joneserikg 1 year ago
Thanks for the tips. I noticed the hard inquiry hits weren't distributed evenly on my credit report. A portion of the inquiries were on transunion, but the majority of them were on experian (about 3), and I'm guessing thats why my experian score is 20 points lower? Transunion and equifax are in the 690's right now but my experian is in the 650's. I don't really understand this.
red3a07dust 1 year ago