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Twenty one year old male really needing some guidance
my credit score is 703 im 21 years old really trying to find a credit card that gives me some slack in the sense of my credit limit but it seems i keep getting denied why is this if my credit score is good and what if any cards are available for a guarenteed approval

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What is your length of history? Do you have a ton of inquiries?

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Any credit history?

If you have not had a credit card before, you are not likely to get one just by applying, even with a good credit score.  See, the approval notification is based strictly on your credit score, but lenders take other factors into account, especially past history.

So the first thing to do is find a secured card that you might like, deposit the amount of money required and that will be your credit limit.  After several months of careful usage and good payments, it may be converted to a "regular" card with a higher credit limit.  You will have higher interest rates at first, but those can decline with the passage of time and a good history.  You can lessen the impact of the higher interest by (1) Keeping the credit card usage at or below 20%, and (2) paying the balance due in full every month so you won't be charged interest.

It takes time to build a great credit file, but you have the time to do so and you're making a good start.

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What about getting a charge card?

I understand that you are trying to get a traditional credit card, but have you thought about getting a charge card from AMEX instead? They are generally easier to get approved, and with your score, you are more likely to get it. I said charge cards because of two main reasons:

1. NO SECURITY DEPOSIT: Unlike secured credit cards, you don't have to pay any deposit upfront. Yes, AMEX charge cards have their annual fees, but if you are a new member, that fee will be waived for the first year. This way, you get to use the card free for the first year.

2. NO PRE-SET SPENDING LIMIT: The best feature! With secured cards, you will be tied to the credit limit (equivalent to your security deposit). However, AMEX charge cards have no pre-set spending cap. The spending limit increases the more you use the card. Of course you have to pay the balance in full every month, but then incuring debt is not your goal anyway, right? I have been using the card for about 1.5 years now and have never had any problems with any charges going through. This way, you can put all charges on this one card and have no worries of you being utilizing 'too much" of your available credit.

Charge cards do have some drawbacks (e.g., how they report your balance to the credit agencies), but I think their benefits outweigh the drawbacks. If building history is your goal, then you can give this a thought. Just a suggestion!

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