Anyone understand how applying for a stores' card works? I have a bank account that has a card with a visa logo on it so I can use it as a check card. Does that not qualify for a credit account? The notice Zales gave me said: "Insufficient Number of Accounts. Why can't I get this Zales card?
2006-11-28 15:32:43 · 7 answers · asked by Anonymous in Business & Finance ➔ Credit
Same thing happened to my daughter with JC Penneys. You don't have enough credit history for a store card to give you an account. Try applying to your bank for a regular VISA card. It is a bit easier because you already have an account with your bank and the interest rate will be lower than a store card. (But try to not carry a balance, okay.)
Your check card is just that, inspite of the VISA logo. The funds come directly out of your checking account, so there is no bill to pay, so no history to track.
2006-11-28 15:37:18 · answer #1 · answered by tantiemeg 6 · 0⤊ 0⤋
Using your checkcard doesn't impact your credit score. Your bank won't let you charge items that cost more than the balance in your account. The Visa logo lets you have the convenience of a Visa card (no checkbook to carry, just sign for your purchases) without incurring debt. And if you don't incur debt, you can't build credit. You are just demonstrating your ability to spend less than you have, and not to pay back what you borrow.
Look for a secured credit card. Most credit card companies offer these. Fees, interest and penalties can be high so read the fine print before you pick one out. You will make an initial deposit that will equal your credit line but unlike the check card where your purchases come out of the money you deposit, your secured card deposit will stay in a separate account and you'll get a monthly bill to make payments on. You can get these with no credit or bad credit because the bank has your money already; if you stop paying, they take the deposit. Don't do that, though, because you'll wreck your credit! Keep the secured card for a few months and you'll have a decent credit score; just make sure you use it. If you have it and don't use it then you don't build credit.
Department store cards are usually a little harder to get than regular credit cards. Not sure why that is! Don't apply to Zales again till you've had a secured card for at least 6 months; you're not going to get approved till you build some credit, but every time you apply and get rejected, your credit actually gets worse.
2006-11-28 15:59:37 · answer #2 · answered by dcgirl 7 · 1⤊ 0⤋
This Site Might Help You.
RE:
trying to apply for a Zales card with no previous credit??
Anyone understand how applying for a stores' card works? I have a bank account that has a card with a visa logo on it so I can use it as a check card. Does that not qualify for a credit account? The notice Zales gave me said: "Insufficient Number of Accounts. Why can't I get this Zales...
2015-08-10 22:41:42 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Zales Card
2016-10-05 00:57:06 · answer #4 · answered by gadis 4 · 0⤊ 0⤋
Probably because you haven't built up enough credit yet. Usually you have to have an actual credit card, like a Visa or MasterCard, before you'll be approved for a store credit card. That's how it was for me anyway. My first card was a card from Capital One. It's easy to get and good to use to build up your credit. Here's the link to find it: https://cardfinder.capitalone.com/CapOne/findMyOffer.do. Once you've gotten that card, used it a few times, and paid it on time, try for the Zales card again. You should end up getting it.
Good luck. :)
2006-11-28 15:39:07 · answer #5 · answered by Me 5 · 1⤊ 0⤋
David P is correct, stop applying for credit cards, that should tell you that something is wrong. Get a credit report and check over it to see what is wrong. To repair and reestablish credit you will have to get a secured credit card or a secured loan that will be reported to the credit bureaus, thereby building good credit over a period of time. By diminishing/deleting bad credit, and building good credit this will help you on the road to good credit.
2016-03-20 05:31:23 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Have you ever used your debit card as a credit card? If not, then that is not helping your credit. I use my debit card all the time as credit and it helps my credit stay up. Try applying one more time and then contact the credit bureaus if you are declined. Here are the numbers.
Equifax: 1-866-798-6598
Experian: 1-800-734-4617
TransUnion: 1-800-888-4213
Or try calling them first and finding out why you can't get approved. Good Luck!
2006-11-28 15:43:57 · answer #7 · answered by BTB 08/15/2009 2 · 1⤊ 2⤋