I got denied credit because of too many public records. What is that?

Question

Is that having too many credit accounts open and what not? Because I have 5, and I thought that was fine, so the limit to balance ratio could potentially be higher, therefore increasing my credit score.

Am I wrong?

I was told that.

Or does that mean something else?

Anyways, this is annoying becuase it's near impossible to know what's right and what's wrong. Everyone tells you a different thing.

Can you believe it's WRONG to go over 50% of your total allowed limit? THAT IS INSANE.

IF you're allowed $5000, you should be able to SPEND up to that amount. I really don't see why they'd penalize you for spending more than a certian percentage.

BALONEY!

This whole credit thing is a compilcated stupid game, that's all it is, and it's ridiculous. Absolutely ridiculous.

Answer 1

Sorry to see youre having trouble getting the credit cards you want.. I hope this helps you:

Your credit score is an important factor when determing your creditworthiness, which in effect determine what kind of credit you are eligible for.

You're not wrong to have a lot of credit open, but say if you have only a little bit of available credit on each account then that's going to hurt your score.

Public records effect your score because they are usually things like tax liens (your past due taxes that are bought from the government at a lower rate by private collection companies to force you to pay), civil court hearings, child support and other reported "losses" that make you a credit risk to banks that would otherwise offer you credit.

So as you can see your credit score is very important. The credit score is a system used by banks to determine how likely you are to pay them back in the event that they were to offer you credit. Every negative thing in your report hurts your creditworthiness in the eyes of lenders, and it is now an industry standard, so it is important to follow it if you want credit in the U.S.

When you're trying to build a solid credit score it's important to get a comprehensive view of what is actually effecting it...
Your Credit Score (also known as your MyFico score) is calculated with the following breakdown:
35% - Payment History
30% - Credit to Debt Ratio
15% - Credit History
10% - New Credit
10% - Credit Types in Use

I raised my score to well over 700 points fro 500 using these steps in less than a year -- :

# Know and Track Your Credit Score (be sure to sign up for the free trial of your credit score tracking listed below. It really helped my get my score up.)
# Never Miss a Payment, Starting Today
# Never use more than 20% of your Available Credit
# Keep Credit Cards that Have No Annual Fees Open For as Long as Possible
# Extend Your Credit Limit on Cards You Already Have before You Get New Ones
# Get Credit Cards that Have CashBack Rewards to Contribute to your Balance
# Transfer Your Balance to a Credit Card with a Lower Interest Rate and a Higher Available Credit-
# If You Think You Are Going to be FORCED to Pay a Bill Late Ask for an Extension or Payment Plan
# Take out a Small Personal Loan and Repay it Over a Year
# Ask Someone With Good Credit if They will Account Shadow you


Read more here from my Millionster.com :
10-Ways to Boost Your MyFico Score

http://millionster.com/articles/debt/increase-fico-credit-score/

Answer 2

Well, as ridiculous as it may be, unless you plan on paying cash for everything...that is the way it works.

If you were denied credit because of too many public records, that means that there are several accounts that you didn't pay and they received a judgement against you....these are the 2nd most damaging items on your credit next to a bankruptcy.

My advice is to get a copy of your credit report, pick one and start paying it off.

Answer 3

Having many tradelines doesn't affect your credit. What affects your scores is the number of inquiries in a certain time frame, balance to credit line ratio (you should try to keep balances on revolving lines of credit at 40% not 50%), and tradelines that have recently being open. Not to mention collection accounts and delinquencies ofcourse. Hope this helps.

Answer 4

Public records would be stuff like leins, judgments. Court ordered stuff.

Get copies of your credit reports and see what is listed.

Answer 5

It takes 11 seconds for Yahoo Answers questions to load for me to be able to click on [add your answer] button. is my computer slow??

Answer 6

I dunno, but it sounds like a pain in the ***. smoke a bowl and listen to some house


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