I recently applied for an American Express card and it said that I got declined because I don't have sufficient credit history and that the credit cards that I have have not been open long enough... the question is, how long would long enough be? 6 months?
I recently turned 18 and have 2 credit cards. Payments have been made on time... I believe I applied for the cards about 4 months ago.
2007-10-06 13:04:53 · 9 answers · asked by Matt C 1 in Business & Finance ➔ Credit
I'm 21 and still get declined for that reason, although I did recently get an amex card. You need to have established GOOD credit history for at least 2 years. make sure you are NEVER late, and check your credit report before applying to make sure it shows you have no balances on your card if they are paid off... and make sure you pay them off all the time! they will decline you if your balances are too high as well.
You do need a variety of cards though... right now i have an amex, a mastercard, a visa, and a store card.
2007-10-06 15:29:23 · answer #1 · answered by sami_sam 4 · 0⤊ 0⤋
Most credit card companies consider 6 months long enough to have a sufficient credit history.
Personally, an 18 year old doesn't need more than one credit card anyway. You only need a credit history if you plan on getting more credit cards or to take out a loan. But if you can afford to pay off your card every month, then you don't need a credit card! You can just use the cash you use to pay off the card to pay for your purchase.
2007-10-06 23:25:37 · answer #2 · answered by Steve V 3 · 0⤊ 0⤋
I'm not sure about the time line, but American Express is the last card you'll get due to the way they extend credit lines. It takes years to build a solid credit history.
At your age, you should only use the card if you have the money in your bank. Then you make purchases with the card and then immediately pay the card off with the money in the bank. Don't be foolish and follow the general public.
The general public has an average outstanding debt of $18,000, which takes about 30 years to pay off making minimum payments. On top of this, the savings rate in the US is at - 1.6%. Currently, the general public is more fiscally irresponsible than George Bush. Be smart and budget, don't buy what you can't afford and you'll live a great life!
2007-10-06 13:14:17 · answer #3 · answered by Hammy 2 · 1⤊ 0⤋
You haven't been eligible for credit long enough to show how you'll handle it. AMEX is a hard card to get.
If you have 2 credit cards, and are making timely payments, you're on the right track. Don't charge more than you can pay for...the long answer had a lot of good advice, so I won't repeat it all. And you probably don't need any more credit cards, except maybe a gas card for security.
Just be patient. Building a good credit history takes time, and you just haven't had the time yet.
2007-10-06 13:45:29 · answer #4 · answered by Debdeb 7 · 0⤊ 0⤋
It doesn't ruin your credit, but it does give you a low credit score. Every time someone inquires about your credit that gives you negative points. If you have a lot of credit cards it will show on your credit report that you have too many revolving credit, and some times that gives you negative points. You can inquire for your credit report to the credit bearou, I believe you can even do it on line for a small fee. Its best to not apply for a credit card, or credit if its just to receive a small gift that some credit cards offer. Its always good to ask for your credit report for accuracy, and report any discrepancies.
2016-04-07 08:10:19 · answer #5 · answered by Anonymous · 0⤊ 0⤋
The American Express Blue Card was the card that got the whole blue movement rolling. Although it isn’t as power packed with the features found in Sky Blue or Blue Cash, the Blue card is still a worthy choice. If you select “Blue” you get 0% APR for up to 15 months, 4.99% APR on balance transfers for the life of the loan, and you will earn points toward the American Express free rewards program. Yes, there is no annual fee with the Blue card either! get more detail about it at: http://www.credit-card-gallery.com/American_Express.html
2007-10-08 23:22:38 · answer #6 · answered by alexa dion 3 · 0⤊ 0⤋
Since you have two credit cards, you don['t need to apply
for anymore, that won't look good. Try getting a Clothes
Store, or Home Depot, something that will broaden and add
to establish history. But don't spend outside your budget.
Do you have cell phone, or car payment. Get something other than another visa or mastercard.
2007-10-06 14:25:18 · answer #7 · answered by Anonymous · 0⤊ 0⤋
i would say pay your debts on time for a year and keep all your credit cards open and try again
2007-10-07 13:18:04 · answer #8 · answered by vincent 2 · 0⤊ 0⤋
Check out http://www.ineedrates.com
2007-10-07 15:04:01 · answer #9 · answered by Anonymous · 0⤊ 0⤋