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CitadelStudent18

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Why Am I Getting Declined On Credit Card Applications?
Good Afternoon Everyone,
I am a student trying to apply for a credit card so that I can build a credit history. I make Approx: $5000 a year and my credit score is 787. I have applied for the Capital One Quicksilver Card and for the CITI Bank Student Card and I have still been declined. This is getting very aggravating because in my credit history I have not missed a payment on my student loans or anything of that nature. Why are they declining me and what would be a good credit card for me to apply for to build credit and such?
Thank you for your replies!

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Decline Reasons...

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CitadelStudent18, the first thing I would look at is your income...you've listed $5,000 as your income (yearly).  This would mean that you make less than $500 a month and for most lenders that is too low regardless of score.  Now, depending on your age, living situation, student status etc...you could probably use "household income" which would be the total of all person(s) living in your home and/or you may be able to include your parents income if they are paying a majority of your bills and living expenses while in school.

I would suggest you apply for a Student "Discover It" Card once you figure out the income question. Discover is usually really good about "thin" files, especially students, who have little or limited credit (mainly student loans).  If they can't approve you for the Unsecured version of the card, they will typically offer you a Secured Card.  Another option (and probably a good route to go anyways) is a Capital One Secured Mastercard. A $500 - $1000 deposit would be best.  

Whichever card you go with, use the card for all of your spending. That means bills, food, clothing, everything and anything that you can pay with a card, even if that means you have to make payments every week or so to keep the credit line freed up.  Make sure that you always pay the balance down to UNDER 10% of the total credit line BEFORE the statement cut off date (usually 1-3 days after the due date).  This way when the account reports to the credit bureaus it will show that you are managing the account well and keeping your Utilization (35% of your credit score) at the "optimum" level.

Within six months you will probably qualify for Unsecured Cards from Capital One, Discover, Chase, Barclaycard. Capital One, especially if you have shown heavy, responsible usage and payments, and stayed current on all your other loans etc will offer you PreQualified cards (QuickSilver One, QuickSilver, Venture) with pretty good starting credit lines. I started out with a $300 limit on a Platinum Mastercard and within two years the limit is now $10,000 and has been converted to a QuickSilver (World Elite MasterCard). Best of Luck to you and hope this helps.

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What the above poster said is spot on, might I add as another good suggestion, join a local credit union and get one of their secured cards. Your probably more likely to get approved for a card with a credit union than with a big bank. But the discover and capital one secured cards are definitely worth a try

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