ok i dont understand how come when i apply for a credit card at any store like walmart,target etc.... im approved but when i apply for a capitol 1 card or a visa,master card they dont approve it how come can someone please explain this to me.
2007-03-23 14:31:57 · 8 answers · asked by Anonymous in Business & Finance ➔ Credit
It's all based on your credit score. You can have many credit cards, but the balances need to be ZERO. If you have 5 cards and they are 75% to being maxed out, your debt to income ration is tooooo high.
Why would you get credit cards from Wal-mart, Sears, etc., when their percentage rates are 18%+? Tooooo high.
Just search "what is credit?" and read up on this. Good luck.
2007-03-23 14:37:55 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Yeah I know what you mean. It's weird how it works..it seems when you go into a Walmart they practically chase you down to get you approved for a credit card. From what I can see is that the low budget credit cards generally charge insane amounts of interest and annual fees but I've heard they do not do a complete credit bereau on you which is basically a very short and summary review of your credit where as the bigger companies may not either see you as a good potential revenue earner and would not take the risk with your no credit/bad credit.
2007-03-23 14:36:10 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You have a credit score, stores like Walmart, Target allow people with lower credit scores to have their card because you can only use it at their stores, they can limit their liability and it locks you into the store. Also the credit limit for these store cards are normally lower. It takes a higher credit score to qualify for a visa or master card because the credit card company is liable to the individual retailers for the full amount of the charge if you don't pay, the stores are only liable for their cost of what you bought, not the sell price.
2007-03-23 14:38:49 · answer #3 · answered by Al Bunn 3 · 0⤊ 0⤋
Probably because the interest rates for the department store card are a lot higher than the rates for one of the national credit cards like Visa.
I cant say what the avg dept store's card interest rate is but they can be very high. That's great news for the store because you are on the hook for that higher rate. No wonder they offer you 10% off your purchase for opening a new account....
The bottom line is that the store grants you credit because they charge higher rates. The national cards charge a lower rate typically and, perhaps, your credit history says that you are not worth the risk to them at the lower relative rate.
2007-03-23 14:40:50 · answer #4 · answered by sothere! 3 · 0⤊ 0⤋
The retail store cards are easier to get for people with little, or no credit. After you have a Target card for about a year (with a good payment history) you will be approved for a visa or mastercard.
2007-03-23 14:36:37 · answer #5 · answered by Anonymous · 1⤊ 0⤋
i comprehend plenty approximately credit and debt interior the U. S., yet interior the united kingdom there are distinctive regulations. many times, although, you mustn't might desire to pay to get a private loan (you pay sufficient interior the direction of the interest value, and if your credit is damaging, your interest value is even larger). i might stay away from everywhere or all people who says you will possibly desire to pay up front (quite 50 pounds!) for a private loan. Does the united kingdom have credit unions? oftentimes they have extra effective words and stipulations for loans. attempt going into quite a few banks on your section, tell them your difficulty and ask what suggestion they can supply. Ask what you're able to do to get the indoors maximum loan and advance your credit. additionally, i don't comprehend if there are businesses interior the united kingdom who can assist you to clean up the undesirable notices on your credit checklist. interior the U. S. there are a number of that declare to be waiting to try this, yet very few respected ones who won't rip you off. interior the destiny, be proactive in preserving your credit and convalescing your credit. it's going to shop you a LTO of time, attempt, and funds.
2016-10-19 11:36:28 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Try getting your credit report and reading it. Maybe you have too many credit cards or have applied for credit too many times or a million other reasons.
2007-03-23 14:35:25 · answer #7 · answered by Chrissy #1 4 · 0⤊ 0⤋
your insulting them by shopping at walmart.
2007-03-23 14:41:45 · answer #8 · answered by who me? 5 · 0⤊ 1⤋