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Hey all,
New to MyFico. I've battled with my credit ever since I turned 18. I didn't learn the best financial behaviors when I was younger therefor I am where I am. I have managed to turn it around but am stuck. I get denied for EVERY card I apply for and I'm just frustrated as to why. I would like to buy property in a few years and I'm a student so I want to make changes that will really bring my score up. I was able to get an Auto Loan 14,000$ (Santander Consumer) and I have two credit cards, Nordstrom Retail Card- 300$ Limit (I work for them) and First Premier 300$. I hate the first premier card, every time I turn around they are charging me fees so I basically never even use the card. I just paid the balance off completely, I've had the card for a year and they still won't increase me. I would like to start rebuilding my scores so that I can ditch these subprime lenders and have some real bank credit cards. Any tips, suggestions, please HELP!!
Welcome!
It takes time but it is rewarding. Regarding getting denied for cards, tell us more about your credit profile - income, FICO, debts, negative entries on your CR, HP, SP etc.
Welcome to the forum you have some good suggestions here. You say you keep applying every inquiry lowers your credit score. The first thing you have to do is stop applying and let your current trade lines age. If you want help you have to share you whole credit history with us to help. Rebuilding there is no magic it's hard work and patience. Credit is a journey not a race.
@anikban21 wrote:I get denied for EVERY card I apply for and I'm just frustrated as to why.
What do the letters with the reasons for denial state? What do your credit reports look like? Have you addressed the biggest factors impacting your credit first?
http://www.myfico.com/crediteducation/whatsinyourscore.aspx
Start with any derogs that you have. Visit the Rebuilding subforum and see what you can do to address them as they have the biggest impact on your credit.
@anikban21 wrote:Hey all,
New to MyFico. I've battled with my credit ever since I turned 18. I didn't learn the best financial behaviors when I was younger therefor I am where I am. I have managed to turn it around but am stuck. I get denied for EVERY card I apply for and I'm just frustrated as to why. I would like to buy property in a few years and I'm a student so I want to make changes that will really bring my score up. I was able to get an Auto Loan 14,000$ (Santander Consumer) and I have two credit cards, Nordstrom Retail Card- 300$ Limit (I work for them) and First Premier 300$. I hate the first premier card, every time I turn around they are charging me fees so I basically never even use the card. I just paid the balance off completely, I've had the card for a year and they still won't increase me. I would like to start rebuilding my scores so that I can ditch these subprime lenders and have some real bank credit cards. Any tips, suggestions, please HELP!!
We definitely need more information about your credit situation. Have you pulled your CRs? What baddies are on your CRs? What types of balances are you letting post to your Nordstrom CC? How's your payment history with your current TLs (2 CCs and the auto loan)?
You may consider posting on the "Rebuilding" section for tips on how to improve your credit situation.
Good advice so far:
1) Stop applying for new credit.
2) Manage utilization on existing accts.
3) Start trying to address negs on your credit report (assuming that's the case).
Back when I still had negative info on my reports, I did not want to face it. But at some point I realized it was not realistic to go through life asking people to co-sign for apartments, car loans or anything that pops up along the way - such as life. I scoured through the rebuilding threads and found invaluable information that helped me turn things around. I addressed negatives one-by-one and it certainly wasn't instant gratification, but the knowledge I gained and effort I put into it made all the difference in the world. It took me around 2 years of a lot of letter writing and occasional frustration, but in the end, was completely worth it.
When you apply what are you putting down as your income? I've been told that many cards have a minimum income needed for approval so that might be part of your issue. What cards have you applied for and have you by chance tried to apply for any student cards since you are a student? Those tend to have less strict requirements and while they might not give you the highest limit it would be a great place to continue to grow your profile.
@CarnegieS wrote:When you apply what are you putting down as your income? I've been told that many cards have a minimum income needed for approval so that might be part of your issue. What cards have you applied for and have you by chance tried to apply for any student cards since you are a student? Those tend to have less strict requirements and while they might not give you the highest limit it would be a great place to continue to grow your profile.
Discover straight out says Min of $10k on the pre-approval letters I had gotten last year before i finally decided to apply maybe holds true in general for discover cards?