I applied for a CC but was denied!! How can I improve my credit?

[911paramedic]

Pay a couple bucks (12.95 I think) and get a My FICO credit report. This is better than most because it does not go against you like others do. It will tell you all the lenders you are obligated to, any bad marks and who from, and your overall credit score. Most of the other credit report services count as a "credit check" and lower your score by a few points, but this one does not.

Good little service.

 

[dakels]

Originally posted by: edro13
Credit is retarded.

I have a Sears card that has a balance of about $800 on it (my laptop). I have paid all the payments on time for the last year. Every credit card I have applied for from Student cards, to cards with a $500 limit, I have been denied for. After my 5th denial in 2 years, I decided to get an online credit report (Equifax). My FICO rating is 748. 7 fvckin 48! According to their site, that is extremely high and most people get discaounted interest rates with that score. Tell me then, with that score, why the hell I can't get a freakin $500 credit card?

The only thing on my credit report was DEFERRED school loans (still in college) and my Sears Card.

WTF! On the last application I even lied about my income and said that I make $45k a year JUST to see if that was the problem.... Wrong.... DENIED again.

EDIT: WOw! I didn't even see your FICO score when I posted this! We have like the same score!

well when I first went for a credit card I had the hardest time. I figured I would go easy and just get a sears card as well. I remember it was around 5-6 years ago and I was just walking around the mall for Xmas stuff. One of thoise credit card people asked me if I wanted the free gift for filling out the credit application blah blah blah. I figured what the hell I will start with some dumb sears card. My official IRS claimed sole income at the time was $48k/year single, 20 years old. I never had anything on my credit report and never had a loan before. I even had my credit report checked right before that (free and not counting against me via a friend at TRW) and it said I had zero credit history, nothing good, nothing bad. Well a few weeks later in the mail I get DENIED for this stupid sears card. So then a few months later I try to get a Mobil gas card... again denied! That one I even stated I was making $55k/year cuz I had just done some extra freelance. Again I got denied for the "easiest" of cards. Later I talked to a friend who was an exec at a bank. He said he would try to help me out and see if he could get me one of their Bank's CC. Again he came to me shocked and said I was rejected. I eventually had to secure a credit card through my bank. I don't know what my credit is now but I just got approved for a home loan for $160k so it can't be that bad Still, establishing credit was soooo freakin difficult. I am gonna make sure I start my future kids out by cosigning so they don't have to go thru what I did.

 

[Ime]

When I got my first CC, I got it through my credit union. It was a secured credit line. I had to give them $600 for a $300 line of credit. That was about 8 years ago.

Now I have two cards (a Visa and MC) with 8.9% APR each, with unsecured credit lines so large I doubt I'll ever max them out (and I tried when I took on my wife's debt load).

Consider applying for a secured credit card, after about 6-12 months.

My advice, never have more than 2 credit cards, in addition to a check card.

Using a check card for me was a real good thing. Now I have to make sure I have the money BEFORE I buy.

In the end, however, it all comes down to self-control. It's something I learned early, and my wife learned later. It's never too late, though. Even the worst credit can be repaired in time.

 

[tk149]

For those who really need to build (or rebuild) a good credit history:

Some banks (and probably other institutions) offer secured "credit" cards. These credit cards are secured by a small amount of money that you deposit at the bank. In other words, you deposit $500 in the bank, agree not to draw on it, and the bank will offer you a credit card with a $400 limit. After 6 months or a year of responsible credit history, you can move up and get a "real" credit card.

Be aware that some financial institutions will charge you outrageous fees and interest rates for this type of card. But some won't. I worked for one bank that used to do this, and it barely charged anything for the service because it was primarily a community outreach tool (i.e. not a money maker).

 

[FelixDeCat]

The whole system is full of excrement anyway. The best example would be when I did my biannual credit review. I pointed out specific data which I verified to be incorrect. After first being denied my request for correction, I simply recommunicated the information to a representative and it was updated. And since I had a receptive ear on the other end, I was able to take care of other things (after of course reading the riot act to said individual).

 

[dman]

Equifax - 800-685-1111
Experian - 888-397-3742
TransUnion - 800-680-7289

I called Equifax and chose the option that I'd been denied credit recently. Got my report in about 1wk and that was over the xmas holidays.

Doesn't include score, but, still good for free.

NOTE: They don't ask anything about having been denied credit (no proof was needed). Before you unethically jump in-- if you haven't applied for any credit in the past 90days they can assume you are mistaken/lying as there'd be no history of any credit inquiries for anyone to deny you credit. You'll just get a letter saying they have no indication of you being denied.

 

[Squisher]

This thread has got me thinking that I need to clean up my credit report. I must have 20 credit cards laying around not being used.

I was going to ask one that I do use to increase my credit limit, just for the hell of it, but maybe I won't, seeing how I wanted to set up a new credit card(AMEX cash rebate) as my primary card.

 

[mrCide]

my score is 714 last i checked, and i got an amex blue no problem, my 2 friends (one with a large amount of savings/account, and longer work history) both got denied and are both older (im 20).. credit is weird sometimes..

 

[krwell]

LINK

This sucks, I just paid the $13 and no where does it state my actual numeric score.... any help?

 

[RossMAN]

Originally posted by: krwell
LINK

This sucks, I just paid the $13 and no where does it state my actual numeric score.... any help?

If you ordered the EquiFax.com Score Power for $12.95, it's there.

Go here, login with the username and password you chose when you first signed up, there should be a tab for Credit Score, Score Power, FICO, or something similiar ... select that tab to see your credit score.

Unfortunately my 30 days has already expired and I no longer have access to my Score Power @ EquiFax.com so I can't tell you exactly where it's located but IT IS THERE, you just gotta search for it.