Is whats there too old for them to go by?
2007-02-26 05:45:49 · 8 answers · asked by honeygirl17403 1 in Business & Finance ➔ Credit
What it means is that you have too many things that are TOO NEW! You do not have enough older credit - you may need to wait for about 6 months before you can get a credit card from the agency that you tried. Others may give you a card - especially a secured one, but there are fees associated with opening a secured credit card account.
Your credit score is determined by/helped by several things:
1. How many accounts you have open (items other than credit cards - this includes checking accounts, savings accounts, etc.)
2. How many credit cards you have
3. How much credit you were given that you HAVE NOT used.
4. The age of all of your accounts - the older the BETTER.
It shows that you are stable and aren't trying to run up your debt (which makes you more of a bankruptcy risk)
5.Your payment history
6.Whether you have ever defaulted/declared bankruptcy
7.Your debt level ($)
8. Other kinds of secured debt - like financing a car or other item that is "collateral" for the debt itself.
9. Debt sponsored by the government like student loans that are in good standing (either repaid or are being repaid on schedule)
Just remember you have to raise your credit score slowly - one or two items at a time - then you look stable and secure and are less of a credit risk. At this point, if you don't have a checking or savings account - one them and wait a few months then apply for a credit card with your bank - you should be okay in a few months as long as there aren't any other problems.
2007-02-26 06:02:07 · answer #1 · answered by Suzanne 3 · 0⤊ 0⤋
It means you don't have a history of good credit or if it was your first time opening a credit card, you have no history of credit.
..."age of credit references" is related to the above. It may not make sense to you, but now I think you get the picture.
If it is your first time, you must work for a company that has a credit union, like Macys, Bloomingdales, or Nordstrom. You can start off as an employee with a in-store employee credit card and build up your history of credit, so you can get approved for a Visa or MasterCard in the future.
Good luck! And don't get whole hogged in over-charging your credit cards. It can lead to bankruptcy and it will really ruin your credit rating. So don't spend beyond your means.
AS A NOTE: Do not begin by using Capital One. You have to be well disciplined with your credit. Capital One can penalize you if you don't meet up with your payment expectations and they will be sure to tear you down financially by sending you to collections if you don't read their "fine print".
2007-02-26 13:59:11 · answer #2 · answered by Agent319.007 6 · 0⤊ 0⤋
Sounds like you haven't had any open lines of credit for a while. Try getting an easy CC like for a store to build up some good credit first. May take 2-3 months for credit bureau to notice.
2007-02-26 13:49:02 · answer #3 · answered by raztaman420 4 · 0⤊ 0⤋
Correct! Apply for a 'secured' credit card. Try Capital One.
I started out with a $ 300.00 cash secured credit card with them. I used the card for one year and was NEVER late on my payments back to them. I had my $300.00 returned to me after the year was up. Now I have good credit.
2007-02-26 13:50:33 · answer #4 · answered by devil dogs 4 · 1⤊ 0⤋
you need to get a secured credit card with bank of america
you open a $100 savings account they give you a $300 credit visa card
2007-02-26 13:49:28 · answer #5 · answered by god knows and sees else Yahoo 6 · 1⤊ 0⤋
Either too old or haven't been open long enough
2007-02-26 13:53:45 · answer #6 · answered by hefnergang 4 · 0⤊ 0⤋
sounds like you applied at the wrong place
http://www.wesayes.com/?hop=wesayes
2007-02-26 13:52:30 · answer #7 · answered by jester c 2 · 0⤊ 0⤋
flippin burgers ain't cutting the rug
2007-02-26 13:49:09 · answer #8 · answered by Anonymous · 0⤊ 2⤋