Credit Card denials..

[Anonymous]

My credit scores are as below

FICO   --  Equifax - 709   TU - 721. ( 12/2010)

But the problem is my credit history is only from Jan 2008, since then I had a chase freedom card for 1.5 years and without knowing its impact  I closed it. Later this year when I tried to apply for credit card I got  denied by Chase , Wells Fargo and US Bank.  But finally got approved for BoA for 3500$ (May 2010) . I have a chase workplace checking since 2007 and considering that there is no BoA here in Wisconsin, I applied for Chase Freedom today and got rejected again (I applied 6 monhts after the last application). Worse I got also rejected by Wellsfargo and Capital One as well, citing insufficient credit history.

In the last six months my Max on BoA is 10% and never missed payment, and there are enquiries from ATT and Timewarner.  No Negative information in my credit files.

Any suggestions?, I want to have a credit card with a banker who I can hold a checking account as well...

[Anonymous]

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@Anonymous wrote:

... and there are enquiries from ATT and Timewarner.   

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These inquiries suck!

[Anonymous]

Just keep paying on your current card and no lates, and this card you will never want to close.  it has a nice limit and it will be your oldest card.  after this card is open for a year or so with good payment history then try for the chase.  and if you get denied have a reconsideration done.  with your credit score i would not apply for crap1.  stick with the chase or citi.  but i would def allow 6-12 months to go by before applying again.  You could also apply for a walmart or target card.  its good to have a little mix of department card along with bank cards.  but only if it is something practicle for you to have. to many people apply for cards they dont need and it is such a waste.  ive spent years reading this site and when i started fico was 535 now up to fico of 650.   and only thing holding me back is 1 medical collection and 2 hsbc chargeoffs and 1 other account charged off.  I was very dumb to even get the hsbc cards to try and rebuild credit and all i did was set myself back another 4 years.  but in about 14 months i shall be feeling a lot better about my situation and maybe even be able to buy a house.

[Smug]

Why do you feel bad about the HSBC?

[Anonymous]

im just not a fan of the rebuilding credit card companies who give you a 59 af and 60 set up fee with a 300 cl.  hsbc is none for not growing with you.  ive had better luck with capital1 and atleast as my credit has gotten better my cl has increased.  and do to the fact that i had knee reconstructive sugery and didnt work for 6 months, had the credit card protection for this reason, they were supposed to pay min payment for me but it never happened.  ran me in loops.  just my own personal preference.

[Tazman81]

Raven:  Do you have a credit union in your area that you would qualify for membership?  They are usually pretty good about the whole "one stop shopping" where you can have credit cards, loans, checking, and savings account all in one place.  Or call Chase for a recon.  Let them know how long you've been with them, and see if they can give you a starter card.  Then build a history with them for 6 months and go for the card that you want.

[Anonymous]

Having a "neighborhood bank" that will be around for years is almost a thing of the past.  With bank buyouts (e.g. WAMU) and direct deposit and instant check clearing it doesn't really matter where your bank is in relation to where you live.

You used to be able to go down to your bank and apply for a loan, speak to a loan officer you mau have known personally, etc.  That's changing.  I belong to a major bank and they don't do this anymore like in the past.  WYou have to apply on line.  Nor do banks in my area publish the phone number for the local branch office, which makes it heck when you want to know when the drive-in windows close on a Saturday.

But I agree that credit unions are more neighborhood-friendly than banks now-a-days. 

[Smug]

I went for a discover and ended up with HSBC discover 2.9 percent for 6 months and it adds a tradeline.

[RHAL]

SMUG,

I was also offered that HSBC discover card. Is it the one with the annual fee and 1 point per dollar? What do you mean by another tradeline?

[BungalowMo]

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@Tazman81 wrote:

Raven:  Do you have a credit union in your area that you would qualify for membership?  They are usually pretty good about the whole "one stop shopping" where you can have credit cards, loans, checking, and savings account all in one place.  Or call Chase for a recon.  Let them know how long you've been with them, and see if they can give you a starter card.  Then build a history with them for 6 months and go for the card that you want.

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This is excellent advice!!!!!  CU's historically have better rates, nicer limits & are much more forgiving to those with "less than perfect" credit or thin files.  A good CU in your pocket is your best friend.

IMO...when it comes to cards who have denied me 2x in the past...I never app again.  I have great credit these days but I will never app at BoA.  They aren't worthy of me now.  I had a cap1 years ago & it was CO'd.  I paid it off...tried years later to get another...denied.  They will never hear from me again.

One thing folks often make the mistake of doing...apping for the card they *want* rather than the card they can *get*.  This usually happens with scores under about 680.  If you have baddies under 3 YO, don't try for an amex.....or a BoA, or a Chase...those big banks are only approving folks with good credit, or maybe past customers.

Since your scores are pretty good, I don't understand why those cards denied you.  Can I ask what state you live in??