Question


Nicole ...

Declined for a student credit card?

Okay so I applied for a student credit card through my bank with a $300 limit and was declined. The letter said "After examining your financial situation and credit history, we are unable to offer you a card at this time for the following reasons: Your credit experience is insufficient" I'm a little confused about that. I work 2 jobs and make $1000-$1200 a month, go to school (which my parents paid for, so no student loan), I live at home rent free, and the only thing I have to pay for is my $250 car insurance. I figured that I'd be able to get a $300 credit card so I'm a little confused on why I was declined. So now I've gone from having no credit rating to having a bad one because this will make my rating go down? So now how do I go about getting a good credit rating? Also my bank does their credit cards through Desjardins. And I'm in Canada, so I don't know if any of that makes a difference or not!

5 months ago - 2 answers

Best Answer

Chosen by Asker

The reason they gave you is valid. The only thing you pay on is your insurance, which is not reported to the credit bureaus, therefore, when they ran your credit report, it came back as non existent meaning, you have never had credit, so they have nothing to base their judgment on as far as giving you an unsecured card for $300 or $5000. Get a secured card with your bank for $300 and use it wisely. This will build a credit rating for you, and you can then again apply in 6 to 12 mos for an unsecured card. At that time, you will have credit experience and may have a better chance of getting a card.

by 1939

5 months ago

Asker's Rating: 

Other Answers

That is the problem you have no credit. Get a prepaid card. Use it correctly for 6 months and then the company might switch you to a regular credit card

by sassy2- 5 months ago