i was denied from a credit card co. for these reasons and i dont really understand them.........help please!!?

Question

i applied for a credit card recently and was denied for these reasons ......delinquency adverse public record or collection......
ratio of revolving account balances to revolving credit lines.......
time since adverse public record or collection.........
can some one please help me understand this?!!!!

Answer 1

Bummer about the denial... The first and third reason (adverse public record or collection) should be related to each other. If ever you had an account turned over to a collection agency or defaulted on a government obligation (like a guaranteed student loan), that could be the cause of this one. The second reason (ratio of balance to credit) should be attributable to your existing credit cards. Credit cards are considered revolving credit. The reason provided would refer to the amount of balance(s) you are currently carrying as a proportion to the amount of available credit (i.e., having $4,500 in total balances with $5,000 of total available credit).

Adverse items take seven years to disappear from your credit record, so there is not much that you can do other than ride out the cause of the first and third reason. The second could be addressed by reducing the amount of outstanding balances you have.

Good luck and good credit.

Answer 2

There are some items that are showing up in your report that deal with some past public record, such as a collection, a judgment, or a bankruptcy. The ratio of revolving balances to revolving lines, simply means you have a a number of credit card accounts with high balances to your high credit allowance and makes you a high risk. I would suggest you get a credit report and see what is reported for accuracy.

Answer 3

You were denied because you have no credit score and instead of building a little bit of it maybe with a secured credit card, you went out and applied not for a card but for a bunch of them. In other words you made a series of mistakes and so they denied you. RE: Recently got denied for credit cards, what do these reasons mean? - I recently got two credit card offers in the mail, I applied for one (Student Discover) got denied. Applied for the other (MasterCard Platinum) and also got denied. The only other credit card I have applied for was a store credit card which I have paid on time every month in full the first two times, and a little over the minimum the last 2 months and going to pay it off this month. Could this have affected my credit? I was told it was better to make payments because paying off a bill/loan too fast looks bad. That is why I chose to pay off in installments, not because I couldn't afford what I bought. Besides that I have a checking account which occasionally has been over drafted in (no overdraft protection but they don't charge me a fee). Usually it is put into the negative when I thought a bill had been taken out and it hadn't and I bought a little more gas than I actually could afford. I have been more careful with it recently. When I got denied for the credit cards these were the reasons they gave me: Credit Score: 647 Key factors that affected your credit score were as follows: 1) LENGTH OF TIME ACCOUNTS HAVE BEEN ESTABLISHED 2) LACK OF RECENT BANK REVOLVING INFORMATION 3) PROPORTION OF LOAN BALANCES TO LOAN AMOUNTS IS TOO HIGH 4) LENGTH OF TIME REVOLVING ACCOUNTS HAVE BEEN ESTABLISHED 5) NUMBER OF INQUIRIES ON CREDIT BUREAU Can someone please tell me what all of these mean and how I can rectify them? How long should I wait before applying again and should I get another store card to build more credit before applying for a real credit card? I am barely 20 and have only had the store card and checking account for a few months. I have an income of about 200 a week after taxes.

Answer 4

Well the first part said you had a collection agency after you for payments to something, if this is not true you need to call the local credit bureau and tell them you want a copy of your credit and your credit score. The other deals with the amount of credit you have right now how many credit cards do you have? are you owing on all of them. Again you need to call the local credit bureau for advice and how to fix it.

Answer 5

Your credit report is showing a delinquency or unpaid debt. They are also indicating your over your head in credit card debt.

Both allowable reasons that should be a red flag to you to look into your fiances and make some changes.

Answer 6

1. You either have a judgment on your credit record or collection actions on it.

2. You have too much debt right now. The credit you currently have is maxed out.

3. The actions in #1 are fairly recent. At least too recent for the credit card company's lending criteria.

Answer 7

it means you dont or didnt pay your bills recently and may have outstanding accounts
revolving balance means the ammount of credit one can have with your credit score and income exceeds what the credit card company will accept
the last portion i believe relates to a balance that may have been charged off by the creditor but the bad report is still there