I applied for a credit card a few days ago and I got a notice of rejection, it did state that I did not score high enough so I went to experian.com and pulled a credit check. My score said good and the number was about 715 (im 21 yrs old) and pretty mch only have school loan debt. Anyway I can improve this?
2007-03-07 05:36:38 · 6 answers · asked by princesskamby 2 in Business & Finance ➔ Credit
There's nothing wrong with your score at all. I'm going to offer you a piece of advice. If you're wanting to maintain and improve your credit score, getting a credit card may or may not be a good idea. If you've been declined once, and chances are you may not get declined again when you apply for any credit it decreases your score by 2-3 points. The easiest way to get a credit card is to try where you do your banking. See if they offer a low-balance credit card or even a secured credit card. How the secured card works, is that you have to put a deposit upfront to secure the line of credit, usually $200(you can deposit more). The deposit collects interest while you're proving that you're credit worthy. The key is to make small purchases ($20-30), or if you use more you best pay it off in full, on time, every month. Usually it takes about 6 months to a year before getting your deposit back and the card becomes unsecured. When this happens, you not only are able to get your deposit back with interest, but you can negoatiate for a lower APR, and a higher limit as well.
Another thing is that you can report anything that you pay every month as well as good credit (rent, utilities, day care, phone, cell phone, insurance, etc.) to this reporting agency called PRBC. It compliles your verified payment history into a scored report that can be used in addition to your regular credit report. I've supplied a link for you to see for yourself. I hope that the advice that I've given you helps out
2007-03-07 06:34:03 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Too much revolving debt can hurt your credit score. Another option would be a small CD secured bank loan. If you can find a bank that has no minimum loan amount, then take whatever amount you can afford and open a bank CD. Most banks will loan against their own CD's no matter what your credit history might be because it is considered a cash secured loan. Not to mention that the interest rate will be MUCH lower than on a credit card. Put the borrowed money into an account and set up an automatic payment from that account to the loan. Then all you will have to worry about paying is what ever interest has accrued. Hope that makes sense!
2016-03-28 22:38:24 · answer #2 · answered by Wendy 4 · 0⤊ 0⤋
715 is a really good score actually. However, some companies like to see established credit like owning a house or car...loans that you've had for several years.
2007-03-07 08:12:34 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Your score is one component, but if you lack income or credit history you may have trouble getting certain credit cards. But just keep applying, somone is going to approve you.
2007-03-07 05:53:36 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Your score is good! Did they use experian for your score or one of the others?
2007-03-07 05:47:21 · answer #5 · answered by *G* 3 · 0⤊ 0⤋
oh I hate to share this one but hehehe, really I love this resource, they have evry information I need to take care and improve my credit
pls dotn also miss their free credit repair ebook!, its just in their site..
2007-03-07 07:06:51 · answer #6 · answered by Trish L 1 · 0⤊ 1⤋