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YACCT: RossMAN help me :( UPDATE: good advice dispensed!

Z

Zugzwang152

Lifer
So I got denied for the Chase PerfectCard today, which was recommended to me by RossMAN. Because I was denied, I got a free credit report, which stated my score was 657, which is pretty decent. Is there anything I can do, or how long should I wait to try again? Reason for denial was credit history was too short, only 2 years for me. 🙁 Oh well.



EDIT: good advice for people interested in their credit. See below posts! 😀
 
657 isn't that decent. Above 700 is where you want to be. 657 will give you some pretty high interest rates if you apply for mortgages or car loans.

EDIT: I have less than a year of credit history, and my score is well above 750. What did you do to get your score so low?
 
What you can do is get a secured Visa/Mastercard from your bank or I would recommend a credit union if that is possible. Other than that you could try getting a "student" card from Sony or Citibank or something like that. Those are normally more lienent.
 
Originally posted by: Nocturnal
What you can do is get a secured Visa/Mastercard from your bank or I would recommend a credit union if that is possible. Other than that you could try getting a "student" card from Sony or Citibank or something like that. Those are normally more lienent.
Click to expand...

I already have a credit card, I have had one for 2 years now, which is why I figured it would be fairly easy to get another. I have a $3000 limit and sub 10% interest with it.
 
657 is a reasonable score, i'm surprised they denied you even with such a short credit history. I guess they're trying to cut down on the rising number of personal bankruptcies. (NOT saying you are a deadbeat 😉)

Your next choice is to go to the bank and ask them for a "secured" credit card. Basically, you have to put a certain number of dollars up front (usually $500-$2000), and they issue you a card with a balance of whatever you put in. Use this credit card for a few months and pay it off, then presto, you have shown them you are responsible with a CC, and they''ll issue you a regular card and give you the money back that you initially put down to secure your first card.

Best of luck. 🙂
 
Originally posted by: N8Magic
657 is a reasonable score, i'm surprised they denied you even with such a short credit history. I guess they're trying to cut down on the rising number of personal bankruptcies. (NOT saying you are a deadbeat 😉)

Your next choice is to go to the bank and ask them for a "secured" credit card. Basically, you have to put a certain number of dollars up front (usually $500-$2000), and they issue you a card with a balance of whatever you put in. Use this credit card for a few months and pay it off, then presto, you have shown them you are responsible with a CC, and they''ll issue you a regular card and give you the money back that you initially put down to secure your first card.

Best of luck. 🙂
Click to expand...

but, i already have a card, which boggles my mind as to why they'd deny me another... The main reason I took a hit on my score is because I have been carrying a relatively high balance the past couple months, although just recently I paid it all off.
 
Originally posted by: Zugzwang152
Originally posted by: Nocturnal
What you can do is get a secured Visa/Mastercard from your bank or I would recommend a credit union if that is possible. Other than that you could try getting a "student" card from Sony or Citibank or something like that. Those are normally more lienent.
Click to expand...

I already have a credit card, I have had one for 2 years now, which is why I figured it would be fairly easy to get another. I have a $3000 limit and sub 10% interest with it.
Click to expand...
Use that one to build up your credit score for a few months before applying for another one.

 
Originally posted by: Zugzwang152
I already have a credit card, I have had one for 2 years now, which is why I figured it would be fairly easy to get another. I have a $3000 limit and sub 10% interest with it.
Click to expand...

How much do you make (net), and what are your monthly expenses? Is that $3000 card maxed out?

Banks seem to have this magical value that they won't let you go over in terms of your available and current debt. Maybe you've reached that number. 😕
 
Originally posted by: N8Magic
Originally posted by: Zugzwang152
I already have a credit card, I have had one for 2 years now, which is why I figured it would be fairly easy to get another. I have a $3000 limit and sub 10% interest with it.
Click to expand...

How much do you make (net), and what are your monthly expenses? Is that $3000 card maxed out?

Banks seem to have this magical value that they won't let you go over in terms of your available and current debt. Maybe you've reached that number. 😕
Click to expand...

It is fully paid off now, the past 4-5 months I've ran it at 30-40% of my limit, although I always made payments on time and much more than the minimum required. I make roughly $1000/month, although I didn't include school tuition on my income on the application, maybe I should have. I have no expenses, I live at home, although I do purchase my own food/books, and pay for everything related to my car, including insurance.
 
Originally posted by: Zugzwang152
Originally posted by: N8Magic
Originally posted by: Zugzwang152
I already have a credit card, I have had one for 2 years now, which is why I figured it would be fairly easy to get another. I have a $3000 limit and sub 10% interest with it.
Click to expand...

How much do you make (net), and what are your monthly expenses? Is that $3000 card maxed out?

Banks seem to have this magical value that they won't let you go over in terms of your available and current debt. Maybe you've reached that number. 😕
Click to expand...

It is fully paid off now, the past 4-5 months I've ran it at 30-40% of my limit, although I always made payments on time and much more than the minimum required. I make roughly $1000/month, although I didn't include school tuition on my income on the application, maybe I should have. I have no expenses, I live at home, although I do purchase my own food/books, and pay for everything related to my car, including insurance.
Click to expand...

Hmm.

Even though you have a $0 balance on your original credit card, the fact that you COULD go out tomorrow and max it out counts against you when you apply for another card.

I know this for a fact because when I went to get my mortgage, I had to close a number of credit card accounts that had no balance, because they counted as potential debt. Perhaps this is the reason they denied you?

Why do you want another card? Do you not like the company you are with now? If that's the case, close your current CC account, and THEN apply for the other card that you want. Maybe that would help the situation a little.

 
Originally posted by: N8Magic
Originally posted by: Zugzwang152
Originally posted by: N8Magic
Originally posted by: Zugzwang152
I already have a credit card, I have had one for 2 years now, which is why I figured it would be fairly easy to get another. I have a $3000 limit and sub 10% interest with it.
Click to expand...

How much do you make (net), and what are your monthly expenses? Is that $3000 card maxed out?

Banks seem to have this magical value that they won't let you go over in terms of your available and current debt. Maybe you've reached that number. 😕
Click to expand...

It is fully paid off now, the past 4-5 months I've ran it at 30-40% of my limit, although I always made payments on time and much more than the minimum required. I make roughly $1000/month, although I didn't include school tuition on my income on the application, maybe I should have. I have no expenses, I live at home, although I do purchase my own food/books, and pay for everything related to my car, including insurance.
Click to expand...

Hmm.

Even though you have a $0 balance on your original credit card, the fact that you COULD go out tomorrow and max it out counts against you when you apply for another card.

I know this for a fact because when I went to get my mortgage, I had to close a number of credit card accounts that had no balance, because they counted as potential debt. Perhaps this is the reason they denied you?

Why do you want another card? Do you not like the company you are with now? If that's the case, close your current CC account, and THEN apply for the other card that you want. Maybe that would help the situation a little.
Click to expand...

The Chase card has great benefits, and although my current card is okay, I wanted one with better benefits. After I got this one, I had planned to close my current account. Or even leave it open for the heck of it, it's supposed to improve your score...
 
Originally posted by: N8Magic
Originally posted by: Zugzwang152
Originally posted by: N8Magic
Originally posted by: Zugzwang152
I already have a credit card, I have had one for 2 years now, which is why I figured it would be fairly easy to get another. I have a $3000 limit and sub 10% interest with it.
Click to expand...

How much do you make (net), and what are your monthly expenses? Is that $3000 card maxed out?

Banks seem to have this magical value that they won't let you go over in terms of your available and current debt. Maybe you've reached that number. 😕
Click to expand...

It is fully paid off now, the past 4-5 months I've ran it at 30-40% of my limit, although I always made payments on time and much more than the minimum required. I make roughly $1000/month, although I didn't include school tuition on my income on the application, maybe I should have. I have no expenses, I live at home, although I do purchase my own food/books, and pay for everything related to my car, including insurance.
Click to expand...

Hmm.

Even though you have a $0 balance on your original credit card, the fact that you COULD go out tomorrow and max it out counts against you when you apply for another card.

I know this for a fact because when I went to get my mortgage, I had to close a number of credit card accounts that had no balance, because they counted as potential debt. Perhaps this is the reason they denied you?

Why do you want another card? Do you not like the company you are with now? If that's the case, close your current CC account, and THEN apply for the other card that you want. Maybe that would help the situation a little.
Click to expand...

The thing is when they gave him the reason of not giving him the credit card it was due to too short of credit history. It would have said something along the lines of "carrying too much debt" etc. It's just too short of a credit history to give him that card. If you really need another one try another like "student" card. Their fairly easy to get if you have good credit payment history etc.
 
Originally posted by: Nocturnal
Originally posted by: N8Magic
Originally posted by: Zugzwang152
Originally posted by: N8Magic
Originally posted by: Zugzwang152
I already have a credit card, I have had one for 2 years now, which is why I figured it would be fairly easy to get another. I have a $3000 limit and sub 10% interest with it.
Click to expand...

How much do you make (net), and what are your monthly expenses? Is that $3000 card maxed out?

Banks seem to have this magical value that they won't let you go over in terms of your available and current debt. Maybe you've reached that number. 😕
Click to expand...

It is fully paid off now, the past 4-5 months I've ran it at 30-40% of my limit, although I always made payments on time and much more than the minimum required. I make roughly $1000/month, although I didn't include school tuition on my income on the application, maybe I should have. I have no expenses, I live at home, although I do purchase my own food/books, and pay for everything related to my car, including insurance.
Click to expand...

Hmm.

Even though you have a $0 balance on your original credit card, the fact that you COULD go out tomorrow and max it out counts against you when you apply for another card.

I know this for a fact because when I went to get my mortgage, I had to close a number of credit card accounts that had no balance, because they counted as potential debt. Perhaps this is the reason they denied you?

Why do you want another card? Do you not like the company you are with now? If that's the case, close your current CC account, and THEN apply for the other card that you want. Maybe that would help the situation a little.
Click to expand...

The thing is when they gave him the reason of not giving him the credit card it was due to too short of credit history. It would have said something along the lines of "carrying too much debt" etc. It's just too short of a credit history to give him that card. If you really need another one try another like "student" card. Their fairly easy to get if you have good credit payment history etc.
Click to expand...

Nah, my current one is good. I guess I just wanted to move up int he world too fast. I will pay off my card fully the next few months and apply again during Christmas. 🙂
 
There's already been good advice dispensed in this thread.

Wanna hear something ironic?

Although I have more credit history than you (almost 10 years), I have MORE debt and a LOWER credit score than yours and I was approved for a Chase FreedomCard.

So credit score isn't everything, just because someone has a 720+ Elite credit score doesn't mean they're a shoe in for any loan they apply for.
 
Originally posted by: RossMAN
There's already been good advice dispensed in this thread.

Wanna hear something ironic?

Although I have more credit history than you (almost 10 years), I have MORE debt and a LOWER credit score than yours and I was approved for a Chase FreedomCard.

So credit score isn't everything, just because someone has a 720+ Elite credit score doesn't mean they're a shoe in for any loan they apply for.
Click to expand...

I guess you're right on that one. They explained in a paragraph that they didn't have enough information to accurately track my buying/spending habits or something, which was why they declined my application. I guess First USA Bank will continue to receive my juicy interest payments for a few more months. How long do you recommend I wait until I re-apply?
 
1 year to show that you are responsible with credit + 2 months credit bureau's are usually 2 months behind in their data = 14 months

Or if you have only applied for ONE cc, try another cc ... Bank of America, CitiBank, Amex, etc.
 
Originally posted by: RossMAN
1 year to show that you are responsible with credit + 2 months credit bureau's are usually 2 months behind in their data = 14 months

Or if you have only applied for ONE cc, try another cc ... Bank of America, CitiBank, Amex, etc.
Click to expand...

Interesting. 2 months ago, I was carrying 30-40% of my limit, like I said above. Maybe they were using that information to determine my application. if so, crap! I actually applied simultaneously for the PerfectCard and an AmEx Blue Cash card. Still waiting on the result for the AmEx, they respond to you by regular mail.
 
Waiting sucks ... it's so nerve racking, I was 99% sure that Chase declined me but they didn't.

Hang in there, good credit takes time - it doesn't happen overnight.
 
I guess I just wanted to move up int he world too fast.
Click to expand...

Heh, some people would say you could do that by getting rid of your cards all together.

I have fallen into the CC trap a few times. I am lucky I learned enough to keep control of it and am now virtually debt free. My credit score was 720 last time I checked, the cars are paid off, I pay my balance every month and I only owe the state about $300 from an old $2200 medical bill from my second child.(Fiance was on state medical insurance at the time). Next step is saving for a house.
 
rossman, if i may ask, how do you have a LOW credit rating????????

no offense or slight intended. i just find it shocking considering how responsible you seem on these boards and in HD. if you dont want to respond you dont have to.
 
Originally posted by: Broohaha
rossman, if i may ask, how do you have a LOW credit rating????????

no offense or slight intended. i just find it shocking considering how responsible you seem on these boards and in HD. if you dont want to respond you dont have to.
Click to expand...

He very often frequents the hot deals, he scoops up the hot deals, therefore adding debt upon debt upon debt upon debt and don't forget his Honda Accord that he's still paying off.
 
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