topic Re: cant get credit card in Credit Cards

cant get credit card

Anonymous — Wed, 22 Aug 2007 19:46:42 GMT

come from canada and i m looking for a credit card that i will not be denied for. ($10K)

if possible

here are my stats. EQ 622

cap 1

cl= 5K

blc= 3.1k

hist= 5 X30 days

1x 60

paid up to date. on a plan where i have no int. but must make $95/mo. pmt. until finished

cannot use.

TD visa(bank visa)

Cl= 1K

blc= 924.00 (MISSED BY 1 DAY)

hist= no baddies.

wells fargo

bcl= 5k

blc=0

hist= 1x 30 days

* sent GW, will taking off baddie for sept. 1/07

all other accounts have been paid and closed

no baddies

Wells auto

bank credit line

bank auto loan

citifinancial mtg/installment

citifinancial installment

last credit inquiry Aug 15/06

EQ 622

WHATS UP.

Re: cant get credit card

cgmiller63 — Wed, 22 Aug 2007 20:47:05 GMT

I'm not an expert and I am not sure how things work in Canada. You stated you are on a payment plan. I believe that your credit report reflects this. When potential creditors see that you are on a payment plan they will understandably be hesitant to extend credit. People normally are put on payment plans because they are having or have had trouble paying their bills. If you are already having trouble paying your bills, you would then be considered a poor risk. I'm sorry but you probably will have to get a secured credit card.

Message Edited by cgmiller63 on 08-22-2007 01:47 PM

Re: cant get credit card

Anonymous — Wed, 22 Aug 2007 21:25:27 GMT

I've been told that potential creditors look at those "payment plans," you know where you pay one payment to a third party and they pay all your creditors, as if you had filed bankruptcy. This could possibly be the reason why you are not able to get a card. Also, if you've just moved to the US from Canada, I'm not sure your credit history even follows you. In the past, I've researched moving to Canada and whether or not my US credit history will follow me there. I learned that it does not carry over and I would have to completely rebuild my profile in Canada.

Re: cant get credit card

Anonymous — Wed, 22 Aug 2007 21:28:58 GMT

thanks cg for a reply

im awaiting for all views so anxiously.

on my credit report and ones pulled at lenders. nothing shows for cap 1. ( that says im on a pmt. plan)

and i called cap 1 and also asked ,they said that they do not show anything anywhere.

This was also in my agreement by going on this type of plan.

at one point in my life, we did have financial disfficulties etc. but i agreed this kind of plan.

now. i also wanted to say that my uti. on my visa is usually 2% etc. and all payments have been on time for over a yr.

what do u think?

Re: cant get credit card

Anonymous — Wed, 22 Aug 2007 21:48:16 GMT

also im not paying to a third party. it goes directly to cap 1.

Re: cant get credit card

ronq — Wed, 22 Aug 2007 21:55:11 GMT

10k is a big number for that score.

Re: cant get credit card

Anonymous — Wed, 22 Aug 2007 22:15:51 GMT

i know its a big cl but we are high earners and virtually have nothing else as payments except mtg and utilities.

Re: cant get credit card

Anonymous — Wed, 22 Aug 2007 22:23:02 GMT

also i live in canada. and am a permanent resident

Re: cant get credit card

cgmiller63 — Wed, 22 Aug 2007 22:32:16 GMT

Capitol One does not report credit limits so your file could be showing high utilization. Could the fact that you are living in Canada and applying for USA credit be a factor? Perhaps someone on this board knows the answer to that. $10K could be a stretch, perhaps you can get a couple of $5k cards to begin with. This link can advise which cards you may be eligible for:

http://www.financeglobe.com/ScoreMatch/

Re: cant get credit card

Anonymous — Wed, 22 Aug 2007 22:42:01 GMT

thks for the link

i've research this subject extensively. whatever the card is in the us,

i can usually find their sister or some affiliate. and I usually go from there.

i've called so many companies. and it looks like everyones cut off is 650.

if i would apply the same day for several 5k cl would it ding my score

less than if i did it over 3 months etc.

Re: cant get credit card

ronq — Wed, 22 Aug 2007 22:44:36 GMT

Cap1 is supposed to start reporting actual CL this fall. I have a cap1 card that I ran the balance up near CL and paid off so that it report better. here's a copy of Noah_Brodie's post about cap1.

Capital One Hikes Interest Rates, Agrees to Disclose Credit Limits
Watch What They Do, Not What They Say
By Truman Lewis
ConsumerAffairs.Com

August 5, 2007

Like a three-card-monte dealer, Capital One is enticing consumers hoping to better their credit scores while jacking up interest rates for its long-time customers, even those with sterling credit and a good repayment record.

Capital One says it will begin reporting its cardholders' credit limits to the three national credit bureaus -- a step that could boost the FICO credit scores of some of its 50 million customers by 40 to 80 points or more within a few months.

The higher FICO scores would allow Capital One cardholders to qualify for lower mortgage interest rates when they buy or refinance homes and, one would think, help them get or retain a low interest rate on their credit card.

Not so.

Over the last few months, Capital One cardholders have been receiving notices that their interest rate is going up -- way up.

"I have had a Capital One credit card for over 5 years that was supposed to be fixed at 9.9% FOR LIFE. Now they tell me they are changing it to 15.49% variable. Did I die or something?" Galen of McMinnville, Ore., complained to ConsumerAffairs.Com.

Galen's complaint is similar to those of hundreds of other consumers who received an impersonal card telling them that, for business reasons, Capital One was raising their interest rate.

The notice makes no attempt to appear personalized and does not imply the customer is at fault. It's strictly a "business decision," the card states.

"I have never been late, always paid well above the minimum every month and considered them a reputable company," Galen said. "What's in my wallet? Certainly not Capital One from now on. I just pulled my $15K balance and put it in B of A at 2.99% for the next few months."

Galen is not alone. Many of the affected consumers have shown no hesitation in dropping Capital One and successfully applying for a card from another bank.

An attorney who frequently writes for ConsumerAffairs.Com had the same experience. She promptly applied for, and received, an Advanta card with 0% interest for 15 months and 7.99% thereafter. But, having read the fine print, she selected a pair of shoes from the Capital One premium catalog before canceling her account.

FICO Fuss

Whether or not Capitol One's sudden change of heart regarding credit scores was motivated by its desire to counter the uproar over its sudden interest rate hikes, the decision resolve an issue that has irked consumer advocates for years.

Capital One has long been pilloried for withholding its customers' credit limits in its regular reports to Equifax, Experian and TransUnion, the three national credit bureaus.

Many cardholders aren't aware of it but their credit scores can be artificially depressed if creditors do not report their maximum credit limits. That's because Fair Isaac assigns a heavy weight -- 30 percent of a person's entire score -- to what is known as "utilization" of available credit.

In other words, those who have a high credit limit but don't actually charge all that much would get a higher FICO score than those who are chronically bumping into their ceiling.

If Capital One hoped consumer advocates would bury it in garlands, the response may have been disappointing. The typical reaction could be summed up as, "About time."

Or, as Travis Plunkett, legislative director for the Consumer Federation of America, said in a San Francisco Chronicle article, it's a shame that "so many people were put at a disadvantage by their own credit card company."

Re: cant get credit card

Anonymous — Wed, 22 Aug 2007 22:49:35 GMT

Well another one for the BT files. Havent heard at thing about mine going up but they did just send me a sweet BT offer.

Re: cant get credit card

Anonymous — Thu, 23 Aug 2007 00:05:21 GMT

maybe im stupid or somethin' but i have read thoroughly about cap 1 etc. on this subject and

my cl does state 5k and my blc is 3.1k. doesnt that mean cap 1 is reporting. my blc goes down everymonth after my pmt.

what do u all think?

Re: cant get credit card

Anonymous — Thu, 23 Aug 2007 00:43:02 GMT

In the USA Capital One for several yrs hasn't posted credit limits to their credit cards ,be they Silver ,Platinum..whatever .

This does adversely effect people fico score .

It's never a good busness plan to screw the customer like this stupid plan does.

Capital One does this I've heard becuase they want to keep their customers from moving up to better cards with lower interest rates .

By not reporting your credit limit ,Crappy One could keep your fico score out of the golden area & stuck using their high interest garbage .

Another VERY nasty trick Capitol One uses : Suppose you fall behind on your payments on cap 1 Visa ,can't even make minimum payments .

Cap 1 just decides to charge it off ....BUT they don't report it to the 3 CRA's as a collection accn't as you would expect ..since a collection agency will be sent after you .

Instead Cap 1 continues reporting the accnt as a revolving line of credit ,albeit closed by the credit grantor will be displayed .

This means the interest ,late payment fee's etc.. will continue to build up forcing your credit utilization percentage to be ROYALLY SCREWED !

I personally know some people that are over 200% credit utilized an their fico score got hit like a nuke because of it ..we're talking upper 400's

This means to get a decent fico score you MUST pay or settle the charge off or wait 7.5 yrs for it to be deleted .

Capitol One will not accept PFD or GW letter & they love jacking up interest rates on their customers

There are other nasty stunts that Cap 1 loves to use ,but my posting is already along one lol .

Re: cant get credit card

SpecFile — Thu, 23 Aug 2007 00:50:28 GMT

Thanks Nightwing! I won't be doing business with them period.

Re: cant get credit card

Anonymous — Thu, 23 Aug 2007 01:11:56 GMT

with not having collections etc nor closed by grantor. do u think that the upcoming

change will hurt me or do nothing to my score.