American Express Student Card – HELP?
Will I get accepted?
-I’m 19
-Almost 6 months of credit history (hitting 6th month in a few days)
-3 credit cards, got them all in the 1st and 2nd month(Chase, citibank, and capitalone)
-I pay in full most of the time, never late
the only problem is that I have a LOT of inquiries. I’m guessing around 10-14 inquiries, most of which were denied for a credit card. Would it change now that I’m hitting the 6 month period? What are the chances that I’d get denied? I checked my credit score from experian and it said 718 but my transunion said 609. A few months ago, I tried applying for this card and I was denied
I would suggest waiting for a bit. You have a good credit score, but here are the things against you.
1. Many inquires in a short time.
2. 3 new credit cards. Say they all have a $500 limit, but you only make $1,500 a month as a student.
That is not a good credit risk (debt to income ratio)
3. Say this month you have a balance of $400 (when the credit card posted to your credit report) on one of your cards, but even though you made a payment that took it to $0 the day after, the $400 would still show up on your report for the month and would look like you like to “max out your cards”.
4. You were turned down in the last year for this card. Since all of your cards are new, I would wait at least a year before trying again and make sure that your current cards have no more than a $100 balance on them in the 3 months prior to applying for the new card.
STUDENT LOAN DEBT EXCEEDS CREDIT CARD DEBT NATIONWIDE 9-20-2010