topic Re: Why am I being denied? What is wrong with me? in Credit Cards

Why am I being denied? What is wrong with me?

Anonymous — Tue, 25 Mar 2014 00:15:47 GMT

I have has bad credit for ever but all but 1 repo ( happened 4 years ago ) is off my credit report now and 1 have one credit card I have been paying on well for 6 months and I have a student loan and another car I paid for on my credit from a long time ago. SO I have 3 good things and one bad thing. Depending on who you asking my credit score is 670 - 710 so why in the hell am I being denied for a new credit card?? I wanted a credit card with gas rewards but nooooooooooo. I am worried now because I need to buy a new car in 2 months or so and I am dont think I will be approved. I am thinking about going to companies that I made installment payments with ( but didnt report to my credit ) and ask them for a letter of recommendation will that help anything? It might sound crazy to WANT debt but I have been paying cash for everything for years and I am sick of it, I paid my dues, learned my lessons and I want access to credit.

Re: Why am I being denied? What is wrong with me?

SunriseEarth — Tue, 25 Mar 2014 00:28:39 GMT

@Anonymous wrote:
I have has bad credit for ever but all but 1 repo ( happened 4 years ago ) is off my credit report now and 1 have one credit card I have been paying on well for 6 months and I have a student loan and another car I paid for on my credit from a long time ago. SO I have 3 good things and one bad thing. Depending on who you asking my credit score is 670 - 710 so why in the hell am I being denied for a new credit card?? I wanted a credit card with gas rewards but nooooooooooo. I am worried now because I need to buy a new car in 2 months or so and I am dont think I will be approved. I am thinking about going to companies that I made installment payments with ( but didnt report to my credit ) and ask them for a letter of recommendation will that help anything? It might sound crazy to WANT debt but I have been paying cash for everything for years and I am sick of it, I paid my dues, learned my lessons and I want access to credit.

You also have a thin file, so the baddies can have a stronger effect. Have you done a lot of apps recently? What's your UTIL like on your CC? Have you pulled your CRs to see how they look (you should be able to get one due to denial). We'd probably need a bit more info to help you more.

Re: Why am I being denied? What is wrong with me?

Anonymous — Tue, 25 Mar 2014 00:35:35 GMT

I have a 300 limit on the one credit card I have. I have used all 300 before but right now my useage is 100. I got my credit report on creditscore.com. Thats where I got all the info. I thought it looked pretty good so I applied for another card and got turned down. I applyed for another card too 5 months ago and was denied so I have 2 inquires on my report. I know my credit history is thin thats why I am trying to beef it up with another credit but no one will give me credit, catch 22.

Re: Why am I being denied? What is wrong with me?

mrvoicelc — Tue, 25 Mar 2014 00:39:26 GMT

There are two routes you may be able to bulk up your file...one is with "subprime" cards and the others is to get a secured card from a prime lender...it will take time but you can do it...as far as your auto loan in two months...credit unions take chances on members when banks will not...I wish you well...I have been where you are...

Re: Why am I being denied? What is wrong with me?

gdale6 — Tue, 25 Mar 2014 00:44:41 GMT

SDFCU secured CC is the way to go, join the CU put the money you want for your limit in the savings account then call and ask that the secured card be opened there will be no HP to open the CC, there may be to join the CU. I would also check with your local CUs to see if they can help you with secured CC as well. Since you already have 1 bankcard I would only get 2 secured cards, use them all for next 6 months while working on your baddies and then app for some more unsecured credit.

Re: Why am I being denied? What is wrong with me?

Anonymous — Tue, 25 Mar 2014 01:19:55 GMT

I would consider I secured card and just use it to pay monthly bills I already have. But seems like abit of a step back because I already have a credit card. Capital one said they will increase my credit limit in 1 month so that is good. I was approved for their blank check auto loan program but I am afraid its going to be at a high rate. That was a big problem with my repo I was burried in a high rate upside down loan for 72 months. If I had my way I would lease a car or use that Ally bank program where they buy the car at 48 months so I am not stuck with it forever till its junk. Rebuilding credit is stressful.

Re: Why am I being denied? What is wrong with me?

Anonymous — Tue, 25 Mar 2014 01:35:54 GMT

Your thin file and lack of positive accounts is hurting you.

Start trying to attack that repo to try and get it off your credit report. There are lots of resources describing this in detail. Find them.

Get a secured card from a credit union. I'd suggest a local one where you can develop a relationship with somebody face to face. Hopefully they'll help you get to the point of the auto loan. If they offer suggestions, follow them above anything people here write.

Give that a couple months and pay off your $300 card. Since the limit is so low, it's really easy to make your utilization high. You want to pay down the card before the statement cuts. Then go for something pretty easy and useful. Say a Wal-mart card. The limit can grow quickly if you treat it well, and you get a monthly FICO from TU which many credit unions use for pulls. The motivation might help keep you on track.

3 revolving cards seems to be a healthy amount to build up a credit score. Garden this for a while.

The CU should like to see you use your card well. It will help a borderline app.

There's always somebody who will loan you on a car. But you don't want to be in a situation where you're victim to an unfavorable loan. Put off the car purchase as long as you can. If it's an absolute need, make sure you can refi without penalties. There are worst decisions you could make than paying 16% on a modest car for 6 months before you qualify for a better loan.

Re: Why am I being denied? What is wrong with me?

Smooth954 — Tue, 25 Mar 2014 01:41:15 GMT

You should invest in a credit report and score from here myfico as that is a better picture of the score the lenders are seeing. Credit.com is a FAKO score and may not be reflecting what the lenders are seeing. I would get all three reports and score as they can vary greatly Depending on what is being reported on each one. Then we may be able to provide you with more advise based on what is on your reports and scores etc..

Re: Why am I being denied? What is wrong with me?

tyler84098 — Tue, 25 Mar 2014 02:48:19 GMT

I second this from Smooth954. Certain creditors only report to one or some report to all three bureaus. Also some lenders and CC's only pull from one bureau, like AMEX is EX in most places. Like I had a collection account that was only on TU so I kept getting denied a Discover card because they mainly pull TU. But while I was disputing that collection account on TU, I was able to get 2 AMEX cards because they only pulled EX. So pull the "real 3" to see where everything is placed and reporting.

I also second what someone else has said about a secured card. I was in the same boat as you 6 months ago and opened a USAA Secured CC and within 2 months it jumped my score 50 points. They reflect on your report just as if it were a regular revolving account. It is a catch-22 for sure but you can only prove what you can show with creditors.

Hang in there, you'll get the better cards. It does take time.

Re: Why am I being denied? What is wrong with me?

Anonymous — Tue, 25 Mar 2014 02:55:35 GMT

Also, revolving, unsecured credit like a credit card is often more difficult to obtain than secured, asset backed credit like an auto loan.

Re: Why am I being denied? What is wrong with me?

Leadberry — Tue, 25 Mar 2014 03:07:31 GMT

@Anonymous wrote:
I have has bad credit for ever but all but 1 repo ( happened 4 years ago ) is off my credit report now and 1 have one credit card I have been paying on well for 6 months and I have a student loan and another car I paid for on my credit from a long time ago. SO I have 3 good things and one bad thing. Depending on who you asking my credit score is 670 - 710 so why in the hell am I being denied for a new credit card?? I wanted a credit card with gas rewards but nooooooooooo. I am worried now because I need to buy a new car in 2 months or so and I am dont think I will be approved. I am thinking about going to companies that I made installment payments with ( but didnt report to my credit ) and ask them for a letter of recommendation will that help anything? It might sound crazy to WANT debt but I have been paying cash for everything for years and I am sick of it, I paid my dues, learned my lessons and I want access to credit.

I don't understand why people here are advising you to buy your credit reports. Go to annualcreditreport.com and get your free credit report from each of the three major bureaus. The federal government has mandated that consumers get a free credit report from each CRA every year, and annualcreditreport.com is the site used to get your reports from the big three.

You need to provide more info if you want us to help you. To best help, we need to know every account on your credit reports, whether good or bad, how old it is and what the balance is. Also keep in mind that different lenders have different requirements. You have not told us whether you applied for a Citi card or an American Express card. If you could give us the reasons the lender gave you for denial, that would also help.

Also, a letter of recommendation means absolutely nothing in the world of credit.

Re: Why am I being denied? What is wrong with me?

jamie123 — Tue, 25 Mar 2014 03:53:27 GMT

Which credit cards have you applied for? Some credit cards are difficult or impossible to get unless you have excellent credit.

Do you shop at Walmart? It sounds to me that you would be approved for a Walmart card. Don't worry if they start you out with a small CL they are very generous with CLIs.

Re: Why am I being denied? What is wrong with me?

Anonymous — Tue, 25 Mar 2014 04:13:40 GMT

I already said which accounts I have a paid student loan, a paid car loan, a repo and a 300 credit card. I applied for a Walmart card and a Barclay card and denied for both. They said I didnt have enough credit, which that really makes me lol because thats why I was asking for more. I have never not paid a credit card so I wish they would give me a chance. I am open to the secured card if it will get me out of this. I already got all 3 of my free reports for the year so that is why I paid for access to a credit reporting site now, plus since I am trying to rebuild I want to look at it every month to see how it is going.

Re: Why am I being denied? What is wrong with me?

Anonymous — Tue, 25 Mar 2014 08:39:54 GMT

Garden and grow the $300 card? Is the card you have, from Capital One?

If not, did you try Capital One for their ''credit-steps platinum cards''? Don't tell me you got denied there too.....

Capital One easily gives you more than one card depending on your profile......All the best-!!!!

Re: Why am I being denied? What is wrong with me?

takeshi74 — Tue, 25 Mar 2014 13:35:50 GMT

@Anonymous wrote:
I have has bad credit for ever but all but 1 repo ( happened 4 years ago ) is off my credit report now and 1 have one credit card I have been paying on well for 6 months and I have a student loan and another car I paid for on my credit from a long time ago. SO I have 3 good things and one bad thing. Depending on who you asking my credit score is 670 - 710 so why in the hell am I being denied for a new credit card??

Derogs are always a major problem. Visit the reubuilding subforum and work on getting that derog removed. Also consider the reason(s) stated in your denial letters.

@Anonymous wrote:
I know my credit history is thin thats why I am trying to beef it up with another credit but no one will give me credit, catch 22.

It also takes time to rebuild so you're going to have to leave you impatience at the door and be prepared to be in this for the long haul. I'd also suggest seeing if any credit unions have more lax approval requirements that might help you build up your number of revolving lines and limits. Carefully manage your reported utilization.

@Anonymous wrote:
They said I didnt have enough credit, which that really makes me lol because thats why I was asking for more. I have never not paid a credit card so I wish they would give me a chance. I am open to the secured card if it will get me out of this.

You have to have a demonstrated history with many creditors so you need to find less conservative creditors that are willing to take the risk. Again, credit unions can have more lax approvals. Secured is another route already mentioned that you can take if you're not getting approval for unsecured.

Always paying credit cards helps but approvals are always based on your entire credit picture and not just a single factor. Definitely read up on the factors that do play into credit scoring:

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

Re: Why am I being denied? What is wrong with me?

SunriseEarth — Tue, 25 Mar 2014 16:55:03 GMT

@Anonymous wrote:
I have has bad credit for ever but all but 1 repo ( happened 4 years ago ) is off my credit report now and 1 have one credit card I have been paying on well for 6 months and I have a student loan and another car I paid for on my credit from a long time ago. SO I have 3 good things and one bad thing. Depending on who you asking my credit score is 670 - 710 so why in the hell am I being denied for a new credit card?? I wanted a credit card with gas rewards but nooooooooooo. I am worried now because I need to buy a new car in 2 months or so and I am dont think I will be approved. I am thinking about going to companies that I made installment payments with ( but didnt report to my credit ) and ask them for a letter of recommendation will that help anything? It might sound crazy to WANT debt but I have been paying cash for everything for years and I am sick of it, I paid my dues, learned my lessons and I want access to credit.

You may also want to search the forums for the "shopping cart trick" to pick up a store card. VS is a very easy one to get that way and could be useful if you shop there or at BBW.

Re: Why am I being denied? What is wrong with me?

Anonymous — Tue, 25 Mar 2014 17:19:58 GMT

Well I might have jumped the gun on being mad about being turned down for the credit card. When I applied for the Walmart card online they said they would send me a letter telling me yes or no and it was a no. So when I applied for the credit card a few days ago it said the same thing so I was like here we go again. They said they had instant approvals so I thought it was a no like last time. Well I got a email today that I was approved! I will know the limit when I get the card in the mail but I hope its higher than 300. I thought it was odd that my score is around 700 and I cant get a credit card, thats why I was mad. But now I am happy no secured card for me!

Re: Why am I being denied? What is wrong with me?

Anonymous — Tue, 25 Mar 2014 17:35:24 GMT

@Anonymous wrote:
Well I might have jumped the gun on being mad about being turned down for the credit card. When I applied for the Walmart card online they said they would send me a letter telling me yes or no and it was a no. So when I applied for the credit card a few days ago it said the same thing so I was like here we go again. They said they had instant approvals so I thought it was a no like last time. Well I got a email today that I was approved! I will know the limit when I get the card in the mail but I hope its higher than 300. I thought it was odd that my score is around 700 and I cant get a credit card, thats why I was mad. But now I am happy no secured card for me!

Congratulations

Re: Why am I being denied? What is wrong with me?

Anonymous — Tue, 25 Mar 2014 17:40:36 GMT

Thanks! I called them and I have a 750 limit, woohoo. And the capital one card limit is going up to 500 next month. So that is a decent amount of credit to manage and will make it so much easier to keep my useage low. The 300 limit I had before was so easy to use in a month. I am alot more excited about walking into a car dealership in a couple months now.

Re: Why am I being denied? What is wrong with me?

Anonymous — Tue, 25 Mar 2014 17:50:02 GMT

@Anonymous wrote:
Thanks! I called them and I have a 750 limit, woohoo. And the capital one card limit is going up to 500 next month. So that is a decent amount of credit to manage and will make it so much easier to keep my useage low. The 300 limit I had before was so easy to use in a month. I am alot more excited about walking into a car dealership in a couple months now.

Have you thought about applying for a car loan before you go to that car dealership? Not saying now but I know capital one has car loans you can apply to before you go to the dealership