I am 20 years old. I have applied to 3 different credit card companies, and all of them have denied my application because of little or no credit history. I have a secured credit card, But it only pays 500 dollars. I need a higher limit than that, like if I had to fly home for an emergency. Is there ANY legitimate unsecured credit card I could apply for that has more like a 2000-4000 spending limit?
One thing that credit card companies aren't telling the public is that they have become 10x stricter when issuing cards nowadays. Basically, card companies are looking for people with zero chance of default, and in this economy they can pick and choose. Don't worry, you're not the only one being screwed and that's why you're being given lame excuses for being denied.
You did not mention your credit score and payment history. The key to knowing what you qualify for is your credit score. You'll need to pay for this (it's not free) and compare yourself to other people who recently got approved for credit cards. You can compare yourself at www.financeglobe.com.
In this economy, it's highly unlikely that you will be approved for an unsecured credit card with a high limit. Four things that work against you are: 1) No unsecured credit; 2) Low limits on existing cards; 3) Your age; 4) Limited types of debt. However, if you're working and not in school that works toward your advantage if you can prove you have a steady income.
But it is a good thing to get an unsecured card asap, even if it has a low limit. I don't know your credit score, but here's a good order for cards:
1) High (>700) -- Citi Platinum, Chase Freedom, Capital One Rewards
2) Medium (600-700) -- Capital One Standard Platinum
3) Poor (<600) -- First Premier Gold*, Orchard Bank Secured**
Good luck and sorry about your denials - unfortunately, it's all too common nowadays. Two years ago, you'd easily have a couple of low-limit cards. Good luck with your search.
*I'd avoid because of their outrageous fees. See my link below. To be fair, they provide a chance at credit for those with damaged credit.
**You'll need to deposit a check of between $250 to $2000, and that becomes your credit line. It's the best secured card and you can upgrade to an HSBC card with good payment history.
Owning a credit card, using it maybe like once every few months, and paying the bill on time, will increase your credit score. Also, having a checking account in your name. As well as, having a loan on something, like a car, that's in your name. And paying those bills on time. If you have all these things, your credit score should be around 700-750. And that will get you many accepted applications.
Get what you can. And use it for everything. Always pay it off though. They'll see that and give you more credit.