Comments on: Failed to get approval for credit card application!WHY so difficult?

By: mos p

mos p — Mon, 03 Aug 2009 03:22:35 +0000

Your credit history is important when it is the matter of approving you for the credit. It depends on your personal details, salary, whether there are defaults or court judgments against you, and various factors. They are used in an equation that calculates your personal score. Lenders will then decide whether to approve your application or not, depending on this score.

Remember various other companies will also use your credit report. Besides credit companies, insurance companies and employers who want to hire employees, will also have a look at your credit report. You may be surprised, but always keep your credit report clear by paying on time.

By: DAS

DAS — Sat, 01 Aug 2009 19:43:56 +0000

No way to do that now, you are new, with no credit history, no credit record. So, you will have to start credit, with maybe some small stores etc, that don’t require previous credit. And you can get a secured credit card or a secure loan, that is secured by your money, your payment will be reported to the credit bureaus, and after a year or so, you will probably be able to get some unsecured credit. This is how you build credit.

By: Baba Yaga

Baba Yaga — Thu, 30 Jul 2009 20:10:52 +0000

If you have been turned down for a credit card, the CC company must tell you why, and you are entitled to a copy of your credit report and you are entitled to a free copy of your credit report (not your FICO score) annually. You can visit www dot annualcreditreport dor com to get that. In the meantime, open a checking account, start a savings account, get gasoline and store credit cards, and always pay your bills on time. This will help you establish a credit history and eventually get a revolving line of credit. Good luck.

By: Steveo

Steveo — Thu, 30 Jul 2009 01:38:49 +0000

This is a very good explanation on getting and building credit. But to put it in a short answer, without having been here long, and not having credit to begin with, it is very difficult to get credit.

By: Shel

Shel — Wed, 29 Jul 2009 10:41:15 +0000

Yes- it’s very frustrating trying to build up credit.
Secured cards are great ideas, as other people have suggested.
I believe that getting a cell phone contract will also help you build up credit… just make sure you pay your bills fully and on time.

By: Lana

Lana — Sun, 26 Jul 2009 05:46:33 +0000

WORKING WITH A LOAN COMPANY MANY YEARS AGO, YOU NEED TO TAKE INTO CONSIDERATION OF HOW LONG YOU HAVE BEEN HERE;NOT LONG ENOUGH ON YOUR CURRENT JOB, HAVE NOT LIVED LONG ENOUGH AT YOUR RESIDENT, BANKING ACCOUNTS, ETC. YOU SHOULD TRY GETTING A CARD THAT ALLOWS YOU TO ADD FUNDS YOURSELF. SUCKS PAYING FOR INTEREST THAT WAS INTEREST FREE TO START WITH; PRE-PAID VISA, MASTERCARD, ETC…

By: src50

src50 — Sat, 25 Jul 2009 14:29:09 +0000

Yes, you have no or very limited credit history.

By: Junbug

Junbug — Thu, 23 Jul 2009 09:56:35 +0000

you have to work your way up for credit to be solid and it takes time.

here are some suggestions.

If you have some money, get prepaid credit card. You simply put your (say 1,000) to your credit card issuer and and credit card limiting up to 1,000. Later on, you can raise your credit limit higher.

If you don’t have spare change to put up, keep up with your bills make sure all the bills are under your name. Car loans and mortgages help when they are on time.

If none of those helps call me or write me.

By: A.Mercer

A.Mercer — Wed, 22 Jul 2009 14:36:59 +0000

Try for a secured credit card. Take like $300. Go to a bank and apply for the secure credit card. If they accept you, they take the $300 and hold it as a deposit against your card. You get a card that has a $300 limit on it. You can use this to build your credit. Be sure to ask them if they report the credit to the credit reporting companies. I have heard that some banks do not. That might not be true but it never hurts to ask. If one bank turns you down then find another. Sooner or later one will accept your application.

Odds are the secure card will work. It is a much safer arrangment for the banks. They will not give you credit over what they are holding. If you do not pay them back then they can use the deposit to close the account and they do not lose any money.