General Credit Topics

[Suebdu]

TU 678 EQ 696 I have two cap ones with 750, home depot with 1500, best buy 750, a closed credit one 650 lmt and an auto loan all open 2010 and 2011 except the best buy is new ,I have one collection that was settled 2 years ago,my util around 25 percent just got denied from 4 companies to get a major credit card cap one will never give u an increase over 750 or I would just stick with them now may have to and the bad thing is I work for one of companies I applied for and see worse credit get cards every day. I'm a little frustrated. I tried to get reconsidered at two of companies.

[AndySoCal]

The credit card companies  will or have sent you letter stating why our were denied.  Once you have that and do not mind postrin the reason(s) it might help in suggesting possible solutions.

[cjkredittman]

Dear Suebdu.

Sorry if I go a little bit Sherlock Holmes on you.

First of all there are usual suspects.

You collection

may have reappeared. That happens a lot in this industry

and I'm sure you know why.

Age of credit. Your credit lines'

sizes suggest you're rather new to credit card companies.

Your persistent reapplications is not a good sign for them,

although effect on your FICO score is rather small.

But let's look a little deeper. Your utilization rate is 25%,

which is excellent, by the way. Judging by your history

with credit companies you're looking at getting another

$1000 credit line. You're projected to use $250 dollars of it.

You already have this amount available to you.

So unless you want to burn the entire $1000, thus changing

your consumer behavior, what is the point of this

new credit card. Of course they can make some money on you,

but unexplained need for credit (not quite reflected in

CRA scores) could be a red flag. Finally, if I'm right,

and that's what they're thinking, maybe you do not need this

extra $250. That way both sides will come to the same conclusion

and postpone doing business together until a better time. 

[bettercreditguy1]

One of the quickest approaches to get to higher cli's and approval are  the Three P's. Pay in Full, Pay on time, and Patience. Credit is like a job. It takes time to get paid vacation and salary step increases. Likewise credit.