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

[SunriseEarth]

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@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.

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Congrats!  I'd recommend gardening the CCs for at least 6 months and build a good payment history before trying for any new CCs. 

[azguy13]

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@Leadberry wrote:

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@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.

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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.

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I'm guessing it was more about the FICO score and not the report. FAKO scores are useless. I do use FAKO for monitoring HPs and just seeing how things are reporting.

[Anonymous]

Well I got a email from capital one about being approved for up to 30,000 in the blank check program. I am scared to death it is a subprime loan where I would have to keep the car for 72 months to get a decent payment and be upside down with a high rate. Should I apply for it ( blank check ) and see what rate I get and take it to the dealership and ask them to bet it?

[Anonymous]

Thanks! Yes for sure I dont think I will apply for another card for a year or two. I would like to get a travel rewards card for Delta at some point for the rewards, but I am in no hurry. The most credit cards I would feel comfortable having would be about 4, including store cards. I would like to get a car loan and then a smaller furniture loan ( under 2000 ) and in 2 to 4 years a mortgage. Its good for your score to have credit cards, installment loans, and just a diversified report.

[john398]

I guess cap 1 auto loans have rates from real low to high , guess its best to compare

From there site
Finance Terms

APR* as low as

36 Months  2.39%
48 or 60 Months  2.69%
66 or 72 Months  3.19%

[Anonymous]

Yeah true, for another time and another topic. Thanks for all the answers but I think I am good now with this. I will post when I have more questions hope to see you guys around. 

[Dimanchi]

follow the advise given by forum members, ope the secured card and just garden for 6 months.  building credit is a process that takes time and trust from the CC.  I was in your boat in August with a 530 EX-FICO and two sub-prime cards.... by Dec.  I got my score up to 660 and was approved for an AMEX DS.. three months later with low UT I have Disc IT, Barclay and CITI TYP... back in august I thought it was going to be impossoble to get these cards... but I received good advice in forum like this and similar to you they told to hang in there and that i will get the cc i wanted if I do the right things.. I did it, you can do it.... best of luck

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@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.

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