I recently applied for a nebraska furniture mart card and they told me it was denied because my student loan was showing up as nothing (whatever that means). I checked my credit score/report and it showed me that I have a 703 score and all the information about my student loan looked correct. I even called the student loan company to make sure everything on their end was correct and they assured me they have been receiving all of my payments and everything looked fine. I'm not sure what to do. I was planning on getting a new car this year but I'm afraid I won't be able to if this doesn't get fixed. Could it have something to do with my age? I am 20 years old and I have been paying my student loan, another loan and bills for about 7 months now. Does anyone have any ideas? Thanks.
"Showing up as nothing"? I have no clue what that means. The person you were talking to probably had no clue why your application was denied. You could have been denied because your credit history is too short and it sounds like you don't have any other revolving credit. That's more likely, but with a score above 700 you shouldn't have a problem getting approved for most retail credit cards. Anyway, as long as you pulled all your credit reports and made sure nothing incorrect is showing up, I wouldn't worry about it too much. It's probably best that you avoid the retail card anyway and make the purchase with a student credit card that will have better terms, rewards, etc. If you get a student card and use it responsibly (never carry a balance and always pay in full) your FICO scores will continue to rise and you should have no problem getting an auto loan with a good rate and terms later this year.
I would apply for your own credit card as well. If you want your credit profile not to look so "thin" you could also ask a friend or family member to add you as an authorized user to one of their existing credit card accounts. Just make sure their credit card has perfect payment history and they are able to maintain a low balance (10% or less) on their credit card. Thank you! Heather with BoostMyScore.NET
