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Member
ELR
Posts: 8
Registered: ‎02-17-2009

Re: Can anyone suggest me which card I can be approved for sure?

I also want to know of a for sure one, but it's hard to know. My credit history is older than yours, the last time I open an account was over a year ago, never been late. My scores are in the 660s because of the short history (only 4 years) and I applied for a Capital One card, we have 3 with them and have never had any problems and I was denied. I think that because of the economy it's getting harder to get credit unless your score is over 750, and if you keep applying it's only going to take longer.
Frequent Contributor
DickC
Posts: 260
Registered: ‎05-21-2009

Re: Can anyone suggest me which card I can be approved for sure?

As others have stated, there is just no such thing as a GUARANTEED APPROVAL.

 

Years ago, it was much easier when credit cards were being thrown at anyone who had a pulse. OF COURSE, we are now seeing the end results for that.

 

Credit is a very alluring thing and we all I am sure have gotten bit by it at one time or another. I can remember in 1974 when I was issued a MASTER CHARGE -THE INTERBANK CARD with a cred it limit of $300.  You have NO IDEA how much that felt like I had acheived SUCCESS. The idea of a piece of plastic that was the same as $300 was EXCITING to say the least.

 

Just be patient and things will work out. As others say, let your accounts age, establish solid payment patterns and before you know it, you will be reaching your credit goals.

 

 

Established Member
alex65
Posts: 23
Registered: ‎06-20-2009

Re: Can anyone suggest me which card I can be approved for sure?

Thanks for the helpful suggestions and inputs. Besides a thin credit history I am also suffering from uncountable inquiries, most of which are result of my ignorance and impatiance.

 

Based of the tips and suggestions from you Gurus i am gonna hold myself for a while now. 6 months at least.

 

Btw- does anyone has any idea about my any possible chances of being  pre-approved by the lenders i applied and denied. Do they review such once-denied applications?

 

Thanks.

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Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007

Re: Can anyone suggest me which card I can be approved for sure?


alex65 wrote:

Thanks for the helpful suggestions and inputs. Besides a thin credit history I am also suffering from uncountable inquiries, most of which are result of my ignorance and impatiance.

 

Based of the tips and suggestions from you Gurus i am gonna hold myself for a while now. 6 months at least.

 

Btw- does anyone has any idea about my any possible chances of being  pre-approved by the lenders i applied and denied. Do they review such once-denied applications?

 

Thanks.



I don't think they they throw denied apps in a drawer and pull them out in a couple of months and review them again.

But what they do (and this is how they found your name in the first place) is make promotional soft inquiries by sending a general set of criteria to the credit bureaus, describing some general ranges of scores, general "cleanliness" of credit reports, etc., and in exchange, they get the demographics of consumers who fit those criteria. Since a lot of this people on closer review won't meet the lenders' standards, they get declined, as you did.

But the lenders will keep softing, and at some point they'll like what they see on your reports. I wouldn't be surprised if some of them perk up when your oldest account hits one year.

You might also want to sit down and calculate your AAoA (average age of accounts.) If you have the same info on all three reports, which is common for those who are new to US credit, the easy way to do this is to pull your full Equifax report directly from their website. They will display your AAoA in years and months (months in your case), whereas the myFICO reports will only display it in terms of years. Otherwise, figure how old every account on your reports, open or closed is, in months. Go from the month that they opened until now. Add up all the months, divide by 12, then divide by the number of accounts --> that's your AAoA.

Once you know your AA, I'd strongly advise waiting until it hits at least 1 year. And remember that every time you add a new account, you're dropping your AAoA again, so be very, very choosy. Timothy, a former moderator, always advised not apping if the new account would drop your AAoA to a lower year. I didn't get what he meant until I dropped my AAoA a bunch, and boy, did my scores drop too. :smileytongue:
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007

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