Question
Why When I Apply For A Credit Card?
I am 18-years-old and I have a credit card with Capital One credit card, which I have not made the first payment on, so I don't know if I have credit yet. By the way. Capital One sent me this credit card offer through the mail with a reservation number, so I was instantly approved. But, I have applied for a Amazon Credit Card, a CitiBank, a PayPal Plus, and each one keeps telling me they can not process my application right now, and they will send me their decision in a few days to 30 days. What does that mean? Could it be that they don't have any information on me, as far as my credit history is concerned, because I just got a Capital One credit card. I hope this means that, and not that I'm not approved. Please, tell me what this usually means. Thanks in Advance.
3 years ago - 9 answers
Best Answer
Chosen by Asker
You will need to make 6 months worth of payments for you to have established credit with Capital One and some companies require at least a year. Also, it is all considered REVOLVING CREDIT and it is not good to have too many open credit lines of this sort. Hurts your credit score and makes you a higher risk. One or two even three credit cards are plenty. It toom me 5 years to establish good credit ratings and be able to have multiple lines of revolving credit. An auto loan will help boost your status at this point. Good LucK!
3 years ago
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Other Answers
It means that they want a real person to review your credit...not just a computer. Its probably just because you have little to no credit history at all. Same thing happened to me.
by Gordon R- 3 years ago
Yes, you are right that it could be because you have little credit history now, and they want a human to review the application. It could also be the result of a recent address or name change or some other personal data change, so that they have to ensure that you are who you claim to be. By the way, applying for many credit cards close in time can lower your credit score, so it is possible that they are reviewing why there have been so many recent applications for credit on your report.
by Julie- 3 years ago
Ok, this is what happened. First let me congratulate you on getting the capital one card. Even though you got the credit card, Capital One basically took a chance to give you a card. It takes roughly about 6 months to a year to establish some form of credit history. When you first apply for credit when you don't have any, it takes a lot longer becuase the credit card company underwriters have to decide 2 things: Do they have any credit, and are they even credit worthy if they have any credit. Also, my suggestion would be not to apply for so many cards starting out, becuase every time you apply an inquiry shows that you applied for credit. Too many of those will make it look like you're desperate for credit. The easiest way to get a credit card would be to see if where you bank offers a secured credit card. You would have to put up a deposit to get the same amount in a line of credit, but that deposit is put in a savings account and it gains interest while you're building your credit. If you make your payments on time and manage the card properly, after about a year you get the deposit back and the card will either become unsecured, or you'll get an offer for a much better card. Another thing to think about when it comes to managing the card would be not to max it out. Charge what you can pretty much pay off in full or make more than the minimum payment so that you won't go in over your head. It's easy to get into credit card debt, but it's hella hard trying to get out and stay out sometimes. So my advice would be to chill on getting the cards for right now, take care of the one that you have and the other card offers will come.
by Smoovy Loco- 3 years ago
DO NOT apply for any more credit cards anytime soon! Every time you apply, the credit card issuer makes an inquiry to your credit report, too many will lower your FICO score. Use your Capital One card for at least 6 months, build a good history, then apply for a better card. Best to go for a reward card. After you get a reward card, start using that one, and stop using the Capital One card. If the Capital One card has an annual fee, close that account. If no annual fee, keep it open, but don't use it.
by SuperAndy dot com- 3 years ago
Hi, I get your point I think you should try www ... There are some links that may help you I hope that helps Regards Abhinav
by Abhinav- 3 years ago
What are you thinking? How are you EVER going to be able to pay off that many credit cards every month? You should not have any credit card, but if you must only get one and pay it off in full every month or you will be headed for great debt!
by bevrossg- 3 years ago
Your Credit will not be built with Capital One until you have been making payments for awhile. Once you establish to them that you will make timely payments, they will report to the Credit Bureaus and you will have a Good Credit History.
by donna_honeycutt47- 3 years ago
It is a sign to stop right now and dont get all those credit cards. Use the one card to establish credit but do not carry a balance. This is a crucial moment in your life. You can either get loaded down with debt and have to deal with it later, or you can avoid debt and have a wonderful life.
by richkvegas- 3 years ago