I can't get accepted for student credit card.?
Why I try to apply I get this reason: Your application was processed using a credit scoring system. The principal reason(s) for our decision were: * your credit references have not been established for a sufficient length of time* * your credit references have not been established for a sufficient length of time * Denotes reasons outside of the credit scoring system or determined during an additional review of your file by a credit analyst. In reaching our decision, we relied on information contained in the consumer credit file from the consumer credit reporting agency: EXPERIAN, 701 Experian Parkway, P.O. Box 2002, Allen, Texas 75013, 1 888 EXPERIAN (1 888 397 3742) I have 1 credit card that I pay on time, and 2 cell phones that I pay on time, plus a student loan.
Public Comments
- The letter you got is jargon for saying you don't have a sufficient length of credit history. 1 credit card, and 1 student loan really isn't a great variety of credit either. If you are a student im guessing your in the 18-27 range. Most people in this range don't really have a good length of credit history yet. Also, ive, never herd of cell phones being paid on time as a positive payment history that goes on your credit report. The only time i have seen this is if it winds up with a collection agency where it then becomes a negative item. Don;t continue to apply for credit cards, this will further hurt your score.
- You could always try another credit card issuer. But more than likely, you'll get a similar response. You already have 1 credit card... how long have you had it? Why do you need another? If your existing credit card account is completely - or close to maxed out, that would look negative to other issuers. Also, if the account is new it will have very little impact on proving your creditworthiness to other creditors. Your best bet is to be patient. Make sure your existing credit card balance DOES NOT exceed 50% of your available credit line (ie: do not exceed a $500 balance with a $1000 line of credit). Continue to make on-time payments and keep the account active for at least 1 year. Eventually, your credit score will build and you'll have enough history to get approved for a new card. GOOD LUCK!
* Some answers may have been provided by Yahoo! Answers.