Help with credit cards

Anonymous · ‎11-06-2012

Hello all. I am having the hardest time getting approved for a card. I have a 598 fico score and no one seems to want to approve me. I have a car loan which i pay on time every month. a secured card from capital one..again paid every month. Student loans paid every month. The only excuse they can give me is that i have 6 inquiries in the past year. Do they really use those against you? Does anyone know a unsecured credit card that i would be able to get with my qualifications? I dont want to apply for anymore if i will just get turned down once again. Thank you!

Elcid89 · ‎11-06-2012

With a 598, aboout the only unsecured card I see happening is Capital One, and even then it's iffy.

My advice would be to get a secured card, use it responsibly and let your scores improve while whatever destroyed them is aging off.

FICO 04 scores: 809 (EQ) 812 (EX) 818 (TU)

Amex Platinum NPSL - Citi HHonors Sig. $58k - BMW Ultimate $40k
Chase Sapphire Preferred $62k - Merrill Lynch + Signature $41k - USAA Rate Advantage $28k
NFCU Flagship Signature $50k - USAA Cash Rewards AMEX $28k
Citi Platinum Select / AAdvantage Signature $31k - Chase Amtrak Rewards World MC $41k

dodgerslv · ‎11-06-2012

@Elcid89 wrote:
With a 598, aboout the only unsecured card I see happening is Capital One, and even then it's iffy.

My advice would be to get a secured card, use it responsibly and let your scores improve while whatever destroyed them is aging off.

I agree, the best thing to do is try and get another secured cc, maby through your bank or CU if they offer it. Thats how i started, i had score in the 500's a year ago , i opened 2 secured cards (BofA, WF)and now a year later, i have a home mortgage, auto loan, and my first prime cc (Discover). Have patience and use the secured CC responsibly and you will see how that will payoff down the road...good luck!

gardening since 5/21/2016

Anonymous · ‎11-06-2012

I agree with both of the above posters! How long have you had the secured card? If it's been less than a year, I'd say either just keep using all the credit you currently have responsibly, and try for a unsecured card after a year (and after some of those inquiries age a year). If you really want another card right now, I'd try your bank or CU for another secured card!

Anonymous · ‎11-06-2012

Do you have any other derogatory items on your credit reports? I know you said they are stating inq's as the reason for not approving, but it seems there could be some negative info on your CR. Most people with student loans, a car loan, and even a secured card if all paid on time typically are hovering around the high 600's in terms of score.

webhopper · ‎11-06-2012

Best Advice, obtain your free credit reports from annualcreditreport.com and review for inaccuracies... with a score like 598 you likely have some derogatory information on there...

Check into the rebuilding forum to obtain advice on negotiating with creditors who are reporting negative information, PFDs and GW letters really work!

FICO 8:
Goal: Gardening!

Croselx · ‎11-06-2012

598 seems awfully low with an auto loan and a secured card.

I would sign up at creditkarma (free TU report, ignore the score) and creditsesame/credit.com (free experian report). There you can find any negative marks that you may have. As posted above said, if you find any negative marks go to the rebuild part of the forum so you can learn how to dispute and delete the negative marks.

As of Feb: AAoA 1 year, 10 months
CK TU: 740; Wal-Mart TU FICO: 721
CS EX: 715
8 CCs, 15 total accounts.
Negs on report: 1 30 day late aged 3 years
5 inquiries

nicholasyud · ‎11-06-2012

@webhopper wrote:
Best Advice, obtain your free credit reports from annualcreditreport.com and review for inaccuracies... with a score like 598 you likely have some derogatory information on there...

Check into the rebuilding forum to obtain advice on negotiating with creditors who are reporting negative information, PFDs and GW letters really work!

+1 additional to webhopper......do you think maybe you apply for a wrong cards that not fit your Fico score and your history ????

Get all your current card reach 1 year mark then apply for some store card like Walmart, Chevon, Macy.......used them for another years and apply for something else.........There is many facts that why you get denied for new application ? ....were your utility high ???? but yeah on top of , you probably have some derogatory in your credit report that hold your score down......maybe check care of that first then you might be able to get one of your dream cards...good luck

Starting Score: 560
Current Score: ?
Goal Score: 800

Anonymous · ‎11-06-2012

@Anonymous wrote:
Hello all. I am having the hardest time getting approved for a card. I have a 598 fico score and no one seems to want to approve me. I have a car loan which i pay on time every month. a secured card from capital one..again paid every month. Student loans paid every month. The only excuse they can give me is that i have 6 inquiries in the past year. Do they really use those against you? Does anyone know a unsecured credit card that i would be able to get with my qualifications? I dont want to apply for anymore if i will just get turned down once again. Thank you!

You should add to your deposit on Capital One secured card to get a good sized limit. if you have not done so already.

Then wait until your capital One card is over a year old. Then use Capital One prequalifier and apply for best they offer. If you don't like the offer, wait a few more months and try again. Your best bet for unsecured card is Capital One since they will use your history with them. Worked well for me.

Anonymous · ‎11-06-2012

+1