2006-07-20 05:26:06 · 10 answers · asked by emlovely 1 in Business & Finance ➔ Credit
My first credit card was from Capital One w/ 25% apr. which at the time I was only paying the minimum.
2006-07-20 05:27:25 · update #1
If you already have a credit card, then you have some credit. Is this the only one you have? If you're only paying the minimum, they're looking at that. If your balance is high, they're looking at that, too. Really, need more details to answer thoroughly - because it could be debt ratio, high balance, or maxed out balance and only paying minimum. That tells CC company you can't afford another card.
2006-07-20 05:29:45 · answer #1 · answered by Anonymous · 0⤊ 0⤋
When you are denied, you get a letter telling you that you were denied, and it will name the credit reporting agency that they used to look at your rating. Write them, enclose a copy of the rejection letter, and request a copy of your report. Since you have been turned down, they will send it at no charge. Look it over and correct any errors on it.
Stop applying for cards for the moment, every time you try for one it goes on your credit rating. Pay over the minimum payment on your current card. When you have that card paid to zero then you can call and ask them for a better rate. If you get it, pay the card off in full every month if you use it. Try to pay everything on time that might be reported, like taxes and rent. After a while your credit will get better and you can try again for a card. Once you have a little in savings that will help also. Never bounce a check, that will help. Good luck with it.
2006-07-20 12:35:41 · answer #2 · answered by oklatom 7 · 0⤊ 0⤋
you must be having some bad credit and that is why you keep getting denied. If you already have a credit card and you have made timely, at lest the minimum payments then you should be fine. Probably there is a collection on your credit from something else- unpaid utility bills, medical bills, ect. Go to annualcreditreport.com and print your credit report, that way you can see exactly what is on your credit. That is a free web site, provided by the government and once a year you can pull your credit report for free.
2006-07-20 12:32:51 · answer #3 · answered by fasb123r 4 · 0⤊ 0⤋
I would be sure to keep the Capital One card. The rate is high but if you make the minimum payments on time, eventually your rate will go down. If you still don't see improvement maybe try to make bigger payments. I would try opening credit with department stores. I would find out which stores are eaiser to get credit with. Maybe on there website. My husband got credit with Mervyns when he had absolutely no credit. It's a small credit line but that's where it all begins. I know Sears is a little stricter. Take care of your credit! It's more important than we think!
Good luck! :)
2006-07-20 12:37:02 · answer #4 · answered by ladycddles 2 · 0⤊ 0⤋
STOP APPLYING FOR CREDIT! Every time that you do, they do a "credit inquiry" which also negatively impacts you credit. Start with a secured card from your bank, buy your groceries each month and then PAY IT IN FULL at the end of the month.
Really, the only reason you should get a CC is for EMERGENCIES. They are evil.
2006-07-20 12:33:09 · answer #5 · answered by pretzel2222 3 · 0⤊ 0⤋
Can you live without borrowing? Can you save up a little? If yes and yes, then set up a card which you preload with cash and spend down, then reload. It won't take much time at all: it shows discipline and the ability to organize your money; banks will start looking you up.
If you can't live on your income without borowing, why on earth would I want to give you credit?
And for God sake, don't create a debt that carries a 20% interest charge and then make minimum payments. What that tells banks is that you are stupid, and that you can't do the arithmetic.
2006-07-20 12:32:56 · answer #6 · answered by Fred S 2 · 0⤊ 0⤋
Keep establishing good credit by not paying late, not closing any credit card accounts. Not having too much inquiry on your credit will also help. It helps to get a one time credit report from Tran-union, Experian, and Equifax. Be sure you have a good paying job too when trying to get a credit card application.
Hope you establish good credit, not just credit per se !!!
2006-07-20 12:31:15 · answer #7 · answered by Doclester 4 · 0⤊ 0⤋
It looks like you have already a credit score, or you would be able to receive a credit card.
Try to get a copy of your credit report and see if anything can be fixed/closed.
Talk to you bank, they should be able to let you know why they won't issue you a credit card and may be able to let you know what to do, or when you become eligible again.
2006-07-20 12:41:24 · answer #8 · answered by Don't look too close! 4 · 0⤊ 0⤋
get a secured card.... the help a lot...
check this
http://www.creditcardguide.com/premierbank.html
get a card... you will tipically put down $200 or more which will be put in a savings account and you will be given a card with that same amount of credit line...
use it... dont keep it near or over the limit... pay ontime for one year and you credit score will improve... but you have to give it time....
2006-07-20 12:30:21 · answer #9 · answered by siulnamor 2 · 0⤊ 0⤋
try a jewelry store like daniels jewelers buy a watch or something oraply for a reatail store credit card pay them off and the real cards will start coming in
2006-07-20 12:29:52 · answer #10 · answered by boston_thunder 1 · 0⤊ 0⤋