what does this statement mean? i send payments to the credit card company every two weeks. i always send twice what they ask for. why would they deny me?
2007-09-08 13:47:04 · 6 answers · asked by melannie21 2 in Business & Finance ➔ Credit
i pay my credit cards automatically every two weeks, so i will never forget not to pay them. also, it allows me to pay extra every month.
2007-09-08 14:00:40 · update #1
It is called debt to income ratio. If you make $10,000 a year and have $2,000 in debt then you DTI is 20%. That is about the point when you will start to get denied. But if you make $20,000 and owe $2,000 then your DTI is only 10% and getting addition credit is easier. You may want to try a non traditional source such as www.prosper.com. and use the funds to pay off you credit cards at a lower rate since in this case the lenders at prosper decide if they think you are worth the risk of lending you money despite you DTI
2007-09-08 13:55:47 · answer #1 · answered by GGLC 2 · 0⤊ 0⤋
Your question is muddled.
Most credit card want one payment a month although you can pay more often. Are you supposed to pay every two weeks?
How were you denied credit? Borrowing more on the account?
If you have been approved for $4,000 and you have paid down $500 and want to borrow $600, that will put you over the limit.
2007-09-08 13:56:17 · answer #2 · answered by Mike1942f 7 · 0⤊ 1⤋
You need to call your credit card company and ask why another company denied you credit based on your payment with this company.
If you're paying twice what they invoice you for, you should be fine on credit. They owe you an explanation as to why another company turned you down with this excuse.
Also, check to see that those payments HAVE been applied to your account. And get one of those free credit reports for your name--find out if anything fishy is going on with identity theft, this is a red flag here. You are entitled to one free credit report from each of the three major companies, go online and request one of them.
URL is below.
2007-09-08 13:55:50 · answer #3 · answered by Elaine M 7 · 0⤊ 0⤋
You might want to check out this site - they can help you improve your credit score by using the law and they're 100% legal. They are also in good standing with the Better Business Bureau and do not charge those extremely ridiculous prices like those companies that scam. I used their service and was so happy that I did. They offered a money-back guarantee, were professional, and delivered on what they promised. Check out their website to read all about them. Let me know if you have any questions about the process - I'd be happy to help.
http://www.secureyourcredit.info
2007-09-10 16:25:00 · answer #4 · answered by Lady K 1 · 0⤊ 0⤋
It means that at the rate you are paying, you will never get them paid in full. You don't need another card, you need to manage the one you have by paying it in full each month.
2007-09-08 13:50:55 · answer #5 · answered by Suzy 5 · 2⤊ 0⤋
It's not what you pay, it's what you owe. Even though you're paying twice what they ask for, you're still only doing small payments.
2007-09-08 13:50:17 · answer #6 · answered by Anonymous · 0⤊ 0⤋