Hi personal finance, first post on this subreddit.
I am a 22 year old male who is working full time trying to build credit. I applied for a credit card in September through my bank and was rejected for the reason "not enough accounts opened long enough to establish a credit history". I did not apply for a credit card right away becuase I didnt want multiple rejections on my credit history. I spoke to a banker at my bank last week and they called their credit department who recommended I apply for a secured credit card.
So last week, I applied for a Discover Secured Credit Card and put down a $1000 deposit. I noticed that the money hadnt been taken out of my account, so I checked on the status of my application and got the following message "Thank you for considering a Discover Card. Unfortunately, we are unable to approve your application at this time. In 7-10 days you'll get a letter from us explaining why."
I am discouraged because I am not able to get a credit card to start building my credit and conversely, I seem to be damaging my pretty non-existing credit history.
Some details:
I work a full time job with a $65,000 salary.
I have $14,000 in liquid assets.
I have been an authorized user on one of my parents' credit cards since 2013.
Any advice on how to move forward or any explanations about what could be wrong would be greatly appreciated.
EDIT: Upon signing up for credit karma, it looks like my parent's mortgage and auto loan is on my credit history. Trying to resolve this.
Submitted May 18, 2017 at 02:16PM by pfthrowaway_1994 http://ift.tt/2rjeSPQ
