What do credit card companies want?

[Rxdoc]

I would like to get a mid-level credit limit card for emergencies but despite having the same job since I graduated 4 years ago and earning above 6-figures, I am always declined. My credit history is not the greatest, but I don't have any collections or a bankruptcy. How can my income and work history not be enough to get a single credit card, but it can get me financed for vehicles and a very nice rental? How have others gotten credit card companies to give them a chance?

[user5387]

Auto loans are secured, while CCs are unsecured.  That's one difference.

If you post some details of your scores and history, you might get some useful input from others about various things.

[myjourney]

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@Rxdoc wrote:
I would like to get a mid-level credit limit card for emergencies but despite having the same job since I graduated 4 years ago and earning above 6-figures, I am always declined. My credit history is not the greatest, but I don't have any collections or a bankruptcy. How can my income and work history not be enough to get a single credit card, but it can get me financed for vehicles and a very nice rental? How have others gotten credit card companies to give them a chance?

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Welcome to the forum 

More info needed to better help 

INQ's in the last year 

You said history wasn't great but you have no baddies please explain 

Fico scores?

[Rxdoc]

Thank you for your assistance. Over the past couple of years I have 5-7 inquiries depending on agency. I don't have a bankruptcy or any collections but what I must admit is that with a busy and varying work schedule, I have a few late payments. FICO hovers around 500, and I can't believe a few late payments can do that much damage.. Or can they even against multiple other solid accounts and a solid income/ work history?

[myjourney]

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@Rxdoc wrote:
Thank you for your assistance. Over the past couple of years I have 5-7 inquiries depending on agency. I don't have a bankruptcy or any collections but what I must admit is that with a busy and varying work schedule, I have a few late payments. FICO hovers around 500, and I can't believe a few late payments can do that much damage.. Or can they even against multiple other solid accounts and a solid income/ work history?

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Lates can have a heavy effect on scores and since they will show for 7 years the older they get the better but there's hope.

Try GW's and hope for some goodwill from those lenders 

[takeshi74]

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@Rxdoc wrote:
I would like to get a mid-level credit limit card for emergencies but despite having the same job since I graduated 4 years ago and earning above 6-figures, I am always declined.

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Start with this: what are the reasons for denial?

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@Rxdoc wrote:
I have a few late payments. FICO hovers around 500, and I can't believe a few late payments can do that much damage.. 

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They absolutely can.  It takes a serious late to end up reported.  Have you pulled and reviewed all your reports?  There are definitely reasons why your score is ~500 and those reasons will be on your reports.  You need to address them.  It's not just your income, collections and BK that matter.  Refer to this:

http://www.myfico.com/crediteducation/whatsinyourscore.aspx

Payment history is 35%.  It is a signifcant portion of your score.

You may need to take the typical builder/rebuilder advice of going for secured cards and cards from credit unions with more lax udnerwriting criteria.

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@Rxdoc wrote:
What do credit card companies want?

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Depends on the creditor. Underwriting criteria can vary from creditor to creditor. However, in your case it's not so much what creditors want but why your credit is warranting a 500.

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@Rxdoc wrote:
How can my income and work history not be enough to get a single credit card, but it can get me financed for vehicles and a very nice rental?

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As stated above, it's a matter of secured versus unsecured.  Rentals aren't relevant.