Any suggestions on how to rebuild your credit when you've been turned down a few times for credit cards?

Question

I am in Canada. My credit is not considered bad but I still keep getting turned down for credit.

Answer 1

Have you checked your credit report lately? You could have some misinformation listed on your credit report or it's possible stole your identity. Get a current copy of your credit report and go through it carefully, you'll probably find something listed that you know nothing about. You should be able to get a free credit report since you been turned down for credit cards.

Answer 2

FIRSTLY THERE IS NO QUICK EASY WAY TO BUILT CREDIT, IT TAKES TIME SO DON'T BELIEVE THE LIES YOU SEE ON TV OR HEAR ON RADIO OR ON THE WEB. SECONDLY A CHECKING ACCOUNT HAS NOTHING TO DO WITH CREDIT SCORES AND WON'T HELP YOU BUILT CREDIT.


Not all information is being given on your financial situation.You've used the words "rebuild" which hints you may have had a past history of bad credit perhaps?, but obviously there is a reason why you are being turned down for credit cards.
Do you currently own a credit card and have missed payments? or maxed out your current credit card and trying to get another? or are late in paying bills? If so, you will not be able to get another credit card AND if you continue to apply for several credit cards within a period you are further hurting your credit score and lowering it further.
If you don't have any overdue bills nor credit cards presently and you are a first time user of "revolving credit" (a first time credit card), then you will first have to start out simple.

Firstly you can: go to your local CREDIT UNION, if you got an account,if not, join a credit union (cause no bank will give you a small loan under $5000 )and take a SECURED loan of say $500-$1000 and pay it back in 7 months to a year. It usually takes 6 months to get a credit score so DON'T pay the loan off too soon.This loan is a stepping stone to getting a secured credit card which is explained below.
Secondly, if you already have previous loans, then you probably already have a credit score but no experience with credit cards, so you won't be approved for a regular credit card. Try applying for a SECURED credit card. This would require you to place funds in a bank savings account (usually $100 to $1000)which will be used as collateral for your credit card.
After about 1 year the bank will review your payment records and , if in good standing, they will upgrade you to a regular credit card and give you access to the saving account which you used as collateral for the secured credit card.
If you a granted a secured credit card, pay off the balance in FULL EVERY month.Ideally your balance on a credit card should be no more that 25% of the limit of the card. This is called the DEBT to CREDIT ratio and the lower that is, the better credit you will have.Paying the minimum not only hurts your credit but also causes you to repay very high interest.
My bank first started me out with a $500 secured credit, with $100 in a savings account being used as collateral. I paid it off in full every month .Six months later it was upgraded and now a year and half later i got upgraded to a regular card with much higher limits.

Also Check your credit report to ensure its in order.

Go to this link
http://www.annualcreditreport.com
This is the site where you are entitled to a FREE copy of your credit report. I believe Canada has Experian and Transunion, I'm not certain on this since I'm in America.
Also for great financial advice visit
http://www.suzeorman.com
or watch Suze Orman on cable CNBC if you got it there, its Saturdays 9pm Eastern

Answer 3

At the first time check you credit report - may be it contains errors.
When taking a new credit for rebuilding purposes, make sure that the creditor reports to the major credit agencies. Apply for credit card that suits your credit score. It would be good if you obtain credit card from one of the major credit company ( anyone can be accepted for secured credit card).

Answer 4

you want a secured card. Banks will approve you for those becuase they are low risk for the financial employer. you want a deposit (oftentimes the quantity of the credit line you %) and there is usually a cost that is going alongside with it besides. i be attentive to the financial employer of u.s. one has a function that they are going to "graduate" you after approximately 9-twelve months in case you cope with it properly, and supply you your deposit returned and make the cardboard an unsecured card. different banks have those too. bear in mind that rebuilding your credit will take time, so initiate quickly! wish this facilitates. solid luck!

Answer 5

Do you have a checking account? If not get one. Then apply through your bank for a credit card. A lot of companies will not even consider you for a card if you do not have a checking account. If you are unsure if you can get one, most banks allow you to apply on-line for one.
Good luck.

Answer 6

Here is a link to a site that has a debt management software program, free. You input your income debts and living expenses and it returns to you an depth strategies plan of repayments. This is a start to sound debt management.

Answer 7

this site has all the credit secrets they don't want you to know:
http://worknearn.niesong.hop.clickbank.net/