i always pay my bills on time which is a good thing but how come they never approve me for a credit card?

Question

ok i always pay my bills on time and my credit report says good things about me i always get approved for store credit cards,but when i apply for a capitol 1 or chase, or discover,or visa they never approve my credit and so i pay once more for a credit report and it doesnt say anything negitive about my credit so i ask and they tell me i have to many open accounts but i dont see what the problem is since i always pay my bills on time someone please help me understand.

Answer 1

First off, you said you pay once more for a credit report after chase and capital one deny you, if this is true, you are wasting your money. Whenever you are denied credit for anything (loan, credit card, job) they have to notify you of which service the used to determine your denial and with the denial letter you are entitled to a free copy of your report. Even though the report is good, your score may still be low. Keep up the good work and paying bills on time, try to lower the balances on the credit cards, don't use up more than 50% of the available balance and also, don't apply for too many cards/loans at the same time.

Answer 2

How many store cards do you have?

What is your total credit limit on all the cards combined?

What is your total balances you owe on all the cards combined?

This is what the big companies look for. If you have 10 store cards with $1000 each of credit, that means that AFTER visa gives you their card you could go out and run up $10,000 worth of debt and not be able to pay.

Pay your store cards down to nearly zero and then close most of the accounts, then apply.

Or go to your local credit union, open an account and talk to them about getting a visa through the credit union. That will be your best bet and you will get the best rate too.

Quit opening store cards, interest is too high and it screws your credit rating.

Answer 3

first of all most bill companies i.e electric or gas companies don't report your payments unless you owe them money, second try getting a secured credit card, which means you will have to deposit some money in order to open the account (250-1000), within six month if your account is in standing you get more offers from alot of banks willing to approve you instantly, and third don't pay for any credit report once you are declined for credit or a loan, they a letter telling you have the right to obtain a free report within 30 days, you can checkout bankrate.com and look for secured cards, you sound a pretty responsible so you will be ok...

Answer 4

Credit card companies tend to look at more than your credit report. They also look at your income to debt ratio, they look at time on your job, they look at the number of cards you already have and the current balances along with past payment history. Remember, each time you apply for a card, and each time someone checks your credit, your score wil be affected. That is, it will drop a few points. While you may pay your bills on time, and while your credit report has nothing negative on it, your score may not be high enough to get a VISA or Mastercard.
I would suggest that you check with your bank and see if they offer a secured card. You deposit money in a savings account (and leave it there) and the bank uses that as collateral for your VISA.
You make regular payments and they will report your payment history to the three major credit bureaus. If your bank doesn't offer it, try Bank of American or Wells Fargo. These are major banks and you can open your secured VISA account with as little as $300 up to $10,000.
Leave the money in your savings account and just make payments before the due date.
Do not, I repeat, do not go with companies that offer secured VISA cards like Orchard or Centennial. While even banks like Wells Fargo and Bank of America will have a higher than normal interest rate, banks like Orchard and Centennial will charge you over 30% in interest, and their fees are horrible. Avoid them no matter what.
Stay with a reputable bank and start building your credit.

Answer 5

Try Bank of America, I use to work there and they seem to approve everyone. On a side note you shouldn't have to be paying for your credit reports. If you are declined for a credit card, you should be sent a letter in the mail explaining why you were decline, and you are given the option to get a copy of your credit report for free. I hope that makes sense, I cant seem to get it the words out quite right.

Answer 6

Are you aware that the more loans or credit cards you have, the more it'll affect your credit score? If you're still keen to get one of the credit your mentioned in your question, I suggest you speak with them directly and find out the actual reasons.
You need to know that different companies have different rules and regulations.

Answer 7

Why did you pay for a report , they are free ?
When you are declined , they say why or give a number to call . Also, being declined is another reason for a free report .
If you are not approved , it may be because your debt to income ratio is too high (even if bills are paid on time)
Too many accounts ? Too much debt already ?
What is your FICO score ? That is important because that involves your debt to income ratio .

Answer 8

Well different credit card companies have different guidelines. "real" credit cards tend to be more difficult to obtain than store credit cards. It's just how it seems to be. It could be that your income is below their range or it could be you have too many store credit cards or you haven't been on the job long enough.

Answer 9

You are better off without a credit card. They are a rip off. Why do you want to pay them loan-shark interest? Wait until you have the cash to make your purchase.

Protect you privacy. It's nobody's business, where you spend your money, and on what. Use cash. Everybody takes cash.

Cash rules!

Answer 10

suggest you visit daveramsey.com to learn what bankers , creditslave cards pray you never ever learn or apply to your life.
the average credit card holder is 8400 - 12700$ in slavery making minimum payments. is this truly what you want?