What does insufficient credit history mean
So I jumped the gun and applied for - and was denied for - a Chase Freedom card today.
I am a 19 year old college student, so naturally my credit history is limited. I have student loans in deferrment (since Sept 2012) and a 1st Financial Bank USA Visa that I have had since January 2013. I always pay it in full every month, have never carried a balance, and my credit report is flawless. I was also approved for the Discover IT Student and Citi Forward Student at the end of June (but they are not yet reporting), each with $1,500 limits. I guess I got too cocky and decided to push my luck with the Freedom, and it put me back in my place.
Anyways, I got the 7-10 day message when I applied.
Called recon (866-270-2127) and was told that I was denied because I didn't have enough credit history. She said that everything else looked great, but that I just didn't have the history that Chase looks for. I asked
if there was anything I could do, and she said that there unfortunately wasn't, but if I kept it up I'd qualify in no time.
I then called the credit analyst recon (888-245-0625) and was also denied. The guy was very nice, but also told me I didn't have the history. Asked if I could do anything, he said nothing but let the accounts age. I asked for a lower limit, and he said that with such a short history they couldn't approve me for even the lowest limit. He was nice, and pointed me to myFICO for more information, which I found amusing.
I understand that my history is short, but it sucks that I burned a HP. Should I just suck it up and learn my lesson to research more before I apply, or is there any other recon techniques I can try? Have any users here had success in a similar situation? I'm heading to the garden now, but before I give up on this, I wanna make sure there's nothing more I can do here.Source: ficoforums.myfico.com