topic Re: I need credit asap. in Credit Cards

I need credit asap.

Anonymous — Sat, 31 Mar 2012 18:00:23 GMT

I applied for a credit card to start building my credit but I was turned down for reasons they stated. I want to build my credit again, I have no credit cards at all. what should I do..I need credit.

Thank you.

Re: I need credit asap.

Anonymous — Sat, 31 Mar 2012 18:01:55 GMT

What card did you apply for?

Re: I need credit asap.

birjest — Sat, 31 Mar 2012 18:11:53 GMT

Take a deep breath and take your time.....do not rush into the "credit world" if you are not prepare for it. First, are you a student in college; second if not, try applying for a secure credit card like USAA, NFCU, PENFED, and others. Thirdly, how is your credit looking.....

Re: I need credit asap.

Anonymous — Sat, 31 Mar 2012 18:26:39 GMT

I applied for Kohls and for Wellfargo in the same month.

Re: I need credit asap.

Anonymous — Sat, 31 Mar 2012 18:34:45 GMT

I'm not a student. I don't know how my credit is..but if I was denied by a retail store maybe it isn't good.

Re: I need credit asap.

bichonmom — Sat, 31 Mar 2012 18:35:16 GMT

I can't speak for Kohl's, but WF is VERY hard to get and NOT a starter card.

We need some more info to advise you...

Are you just building credit at a young age, or are you rebuilding?

Do you have anything on your CR? (Student loans? auto loan? anything at all?)

Do you have any baddies on your CR? (late payments, collections, etc.)

Have you pulled your CR? Since you were denied credit, you can get it free. You can also get one CR free a year from www.annualcreditreport.com.

If you're just starting out and have nothing (good or bad) on your CR, then you probably don't need to pull it. Otherwise, you definitely should. You need to see what is one each of your CRs, because they're not always the same. (Experian, Equifax and Transunion)

If you give us more info, we'll be able to give you some suggestions.

Re: I need credit asap.

Anonymous — Sat, 31 Mar 2012 18:35:42 GMT

Hello, and welcome to the forums.

You stated that you want to build your credit again. So, I assume from this that you are rebuilding your credit. If so, what does your credit past look like? Do you have a history of closed accounts in good standing, or do you have some that show late payments, charge-offs or collections? Have you pulled a credit report recently? Do you know your FICO scores?

Please know, these questions carry no judgements whatsoever; just trying to get an idea of where your credit stands currently so that we can help to give you and idea of what cards you might be able to be approved for.

Re: I need credit asap.

birjest — Sat, 31 Mar 2012 18:36:00 GMT

Ok, then purchase your report here on the site. All of your questions such as why you are being denied will be answer...

Re: I need credit asap.

Anonymous — Sat, 31 Mar 2012 18:42:32 GMT

I do have late payments...but if I want to rebuild my Credit..they should give me a Change to do so even if it's a small amount to start with, maybe.

Re: I need credit asap.

Anonymous — Sat, 31 Mar 2012 18:46:16 GMT

@Anonymous wrote:
I do have late payments...but if I want to rebuild my Credit..they should give me a Change to do so even if it's a small amount to start with, maybe.

I understand the catch-22... in order to be extended credit, you have to have good credit; but, to have good credit, you have to have been extended credit.

This is where rebuilder cards come in. These are accounts that are designed for people who are either new to credit or have had problems in the past. They have easier approval criteria than the prime issuers, such as Wells Fargo, Citi, Chase, BoA, Amex, Discover, etc.

Once again, if you can give us a detailed breakdown of your credit reports, we can make specific recommendations.

Re: I need credit asap.

Anonymous — Sat, 31 Mar 2012 18:54:37 GMT

So, I applied for a Kolhs Credit C but I was turned down, by experian and one of the reasons were "no usable retail revolving accounts", so, how am going to rebuild my credit if they won't give me a chance to do so?

Re: I need credit asap.

Anonymous — Sat, 31 Mar 2012 18:57:33 GMT

@Anonymous wrote:
So, I applied for a Kolhs Credit C but I was turned down, by experian and one of the reasons were "no usable retail revolving accounts", so, how am going to rebuild my credit if they won't give me a chance to do so?

You go the secured route.

Re: I need credit asap.

bichonmom — Sat, 31 Mar 2012 19:01:30 GMT

@Anonymous wrote:
So, I applied for a Kolhs Credit C but I was turned down, by experian and one of the reasons were "no usable retail revolving accounts", so, how am going to rebuild my credit if they won't give me a chance to do so?

You need to pull your CRs for all 3 bureaus and give us more info, so we can better advise you.

Re: I need credit asap.

Anonymous — Sat, 31 Mar 2012 19:04:23 GMT

No wonder, Wellfargo turned me down too. I know that my credit score with experian is 648, I don't have any other information, but I will pull up my credit score today.

Re: I need credit asap.

Anonymous — Sat, 31 Mar 2012 19:06:25 GMT

Thank you!!!

Re: I need credit asap.

birjest — Sat, 31 Mar 2012 19:06:44 GMT

I have to agree with others here...that can't be the sole reason why you was turned down. however, I am glad to see that you are going to pull your report. Consider this to be day 1 of your journey to the 700 Club!!!

Re: I need credit asap.

MarineVietVet — Sat, 31 Mar 2012 19:08:32 GMT

@Anonymous wrote:
No wonder, Wellfargo turned me down too. I know that my credit score with experian is 648, I don't have any other information, but I will pull up my credit score today.

Hello and welcome.

Please be aware that the scores that you get from the Experian website are not FICO scores. They are called "PLUS" scores and are not used by any lender. No one has been able to buy their own Experian FICO score since February of 2009. Creditors can pull Experian and also there is a CU (PSECU) in Pennsylvania that supplies that information to it's members only. You can only buy true FICO scores at a few places. One place is here at myFICO.

At one time you could also purchase your Transunion score at transunioncs.com but no more. Wal Mart now offers a TU08 score to those who have their store card and the Discover version.

Equifax will still sell you a FICO score found here: www.equifax.com/web-myfico-products/

Re: I need credit asap.

Anonymous — Sat, 31 Mar 2012 19:08:57 GMT

@Anonymous wrote:
No wonder, Wellfargo turned me down too. I know that my credit score with experian is 648, I don't have any other information, but I will pull up my credit score today.

Please be aware that Experian does not sell true FICO scores to the public. Your actual FICO score could be either higher or lower than the score that they sell.

I would suggest that you buy your Equfax and Transunion scores here, as these are true FICO scores. If you post your scores along with the details on your reports (Average Age of Accounts, types of accounts, payment history on accounts, etc.) then we can give you an idea of what cards might give you the best odds of approval.

Re: I need credit asap.

Anonymous — Sat, 31 Mar 2012 19:10:00 GMT

Your score is not as important to a lender than your actual credit report/credit history. Your credit score can flucuate greatly from month to month, for instance, last month my TransUnion score was 658, it is now 721, and because I just paid off almost all my debt, it is probably near 750. What lenders look at is your credit history, things like on time payments, and good spending behaviour. Since you have no tradelines open currently, I would advise you to get a secured card and go from there. Cards like the prepaid American Express can also be graduated into a charge card such as the Zync. I would advise you to get one of those as well. But until you give us more insite as to what is on your reports that is currently holding you back, its sort of hard advising.

Re: I need credit asap.

nuggets321 — Sat, 31 Mar 2012 19:22:57 GMT

The fact of the matter is that there is NO substitute for the way that they score a long , steady , on-time payment history. There are NO true "quick fixes" in the credit game. You would probably want to start at the beginning and pull your reports from each bureau. If you have jsut gotten denied, they will be free of charge (depending on if they pulled that particular bureau). That way you know which lenders are way out of bounds for you currently. As secured card is honestly VERY viable as a tool to get postiive history reporting. Stay away from the predatory E-z approval FP, CreditOne, etc as you will likely owe most of your limit before you ever swipe it for the first time.....