Finally got one card but cant get another?

Question

Helppppppp!!! I finally got a capital one card have made a couple of payments. Im trying to get another card but I cant get approved Ive done chase, walmart, target ( thats sad) orchard and discover( waiting for response but sure im denied cause of no instant approval) and ideas how to get me rolling Im trying to build credit because Im a new resident and like i said Ive only been able to get one

Answer 1

One card is all you need to establish a credit history. In fact, too many cards go against you.

Probably the reason you are being denied by the others is the multiple recent inquiries on your credit file. Usually lenders view that as a warning sign that the applicant is a "Credit Seeker".

Answer 2

First off, STOP APPLYING! Every time you get denied, it hurts your credit. For real. Next, use the card you have. That's good enough. Make sure you pay more than the minimum and do not exceed 50% of your max. (i.e. if your credit limit is 500 do have a balance of over $250) Then make your MORE THAN MINIMUM payments for more than 6 months in a row before you do anything.

Next, get a free credit report online (after six months). That will give you a good idea of where you are at.

Also, take the opportunity to get a free credit report right now. If you are denied credit, you are entitled to a free credit report from the major credit reporting agencies (Trans Union/Equifax).

Be patient.

Answer 3

Ahh ... That was a bad bad bad move you did there ! You shouldn't be applying for that many credit cards at once. That, 1) Will lower your score 2) Your potential lender will view it as a big RED FLAG ! Look at all those inquiries you got there, if they see you having so much inquiries, the chance of your getting approve on a credit card is 0.0000001% - So please do yourself a favor, don't ever apply again - for the sake of your credit score, stop applying for credit card !

Answer 4

YOU only need one card for emergencies ....to rent a car or make reservations.....that's it
how about a legitimate loan from your bank....using one of your accounts as collateral.....pay it off over the length of the loan....pay it off a month or 2 in advance looks good with little interest to pay..then take out another loan and pay it off
making on time payments on all your bills makes for better credit history....how about a car loan

credit cards are legalized loansharking ....they can end up hurting your credit and livelihood (you can now be denied a job if you have bad credit) if you are not careful....look what has happened in the past where consumers sent in payments...only to find out where they were sending them were third parties and not making on time payments (example First USA credit card scandal of the late 1990's ) took people years to straighten out their credit reports....credit reports stores information from credit grantors and public records, including bankruptcies, judgments and liens. Missed payments and most public record items remain on your credit report for seven years, with the exception of Chapter 7, 11 and 12 bankruptcies, which remain for 10 years, and unpaid tax liens, which remain for up to 15 years.
Active accounts and positive information will remain on the report indefinitely.

Answer 5

The problem is that you have a capitol one card.
they do not report what your credit limit is to the credit bureaus, so they make your credit report look as if you have that card maxed out. Also applying for all of those cards dings your credit score making the rest of the companies you apply to think you are in financial trouble.

Answer 6

Start with that one and be responisbile with it only charging what you can afford. Slowly build your credit and eventually you'll get approved for more.

Answer 7

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