I just tried to apply for a credit card. The company denied me and said that I had no revolving accounts with a balance. What does that mean? I have two credit cards already and I am not sure why I was denied. Any ideas?
2007-06-11 11:30:00 · 5 answers · asked by crzy_4_books 1 in Business & Finance ➔ Personal Finance
You do not keep a balance on your credit cards so they denied you based on the fact that you have credit you do not use R means revolving and I means Instalment. Revolvining is open ended in that you can borrow if your limit is $1,000 and then repay ($1,000 plus interest) and you would be able to borrow the $1,000 again until you or they closed the account. Insallment means you borow the $1,000 and then pay them back in fixed increments and then when you are done the accounts closes automatically.
2007-06-11 11:39:32 · answer #1 · answered by mss04 3 · 0⤊ 0⤋
A revolving account is usually a credit card or line of credit. The term refers to ANY account which allows you to borrow more at any time up to a set limit and pay back less than the full balance each month. No balance means you don't currently owe anything on the accounts. If you have no debt, why do you want debt. Live on less than you make and credit doesn't matter. Contrary to popular belief, if you have no debt, you don't need a credit score to get a home mortgage.
2007-06-11 19:21:31 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋
A revolving account is a credit card paid on a monthly basis. Of course the balance part is self explanetory - either you do not have a balance (and rarely do) on the current cards or they are not revolving. Your best bet is to go to visa.com and use there card finder wizard to find the card that is right for you.
2007-06-11 18:35:35 · answer #3 · answered by fastcarceo25 3 · 0⤊ 0⤋
Believe it or not, they like to see a balance on a credit card. Revolving account is a credit card.
It shows them your payment history.
Do you really need a third. Instead of store credit cards go for two major cards (Mastercard or Visa and Discover or American Express). Anyone that takes credit cards will take one of those two choices.
2007-06-11 18:34:59 · answer #4 · answered by Tim 7 · 0⤊ 0⤋
I think that means that you owe no money on either one of your accounts. So therefore you are not making any payments on anything. That is not a good sign to credit breaus. Try to buy something small and pay the minimum.. This will show them you are a good investment for them.
2007-06-11 18:41:13 · answer #5 · answered by Eve 1 · 0⤊ 0⤋