Reply
Regular Contributor
Posts: 242
Registered: ‎07-26-2008
0

When is your credit old enough to get a decent card?

[ Edited ]
Here are my cards and age, BOA, April/07, CapOne, 04/07, Chase 06/07 and Paypal Buyer thing 06/08. It says on my power score that age of accounts is hurting my score. I realized after trying the score simulator, that my habit of carrying a pretty high balance is playing a big part in my low score of 600, so have paid everything to zero in the hopes of hitting 700.

I also have some inquiries - one from 06/08, 07/08 (this was a rental screening), another from 07/08, when I tried to pay for this thing with buy it now, not realising that they were checking my score and a whole bunch from 02/2008 when I applied for a bunch of cards (and was denied for all of them..ha).
 
Is there any point in applying for a nice card (I am thinking one that gives 5% cash back like discover or some similar card) once I hit over 700 or will they probably deny me because my credit history is too short, even though I have a decent score and never missed a payment? I have nothing else bad on my account. The history is very limited because I did not become a resident in the US until 05/07.
 
Should I wait for some sort of preapproved offer (currently I get these really crappy ones for cards, I don't want).
 
Other negative factors affecting my score as per scorewatch:
 
high credit usage 
seeking credit
accounts with balances
 
Any help would be appreciated.


Message Edited by siangirl34 on 07-29-2008 05:02 PM

Message Edited by siangirl34 on 07-29-2008 05:04 PM
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.