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The Equal Credit Opportunity Act (ECOA) is a United States law that states that creditors must evaluate candidates based on credit worthiness only, not on factors that have nothing to do with their ability to repay the debt. The law applies to any creditor who regularly extends credit to consumers, including banks, retailers, bankcard companies, finance companies, and credit unions.
Among other things, the ECOA states that it is illegal for creditors to:
Discriminate based on race, sex, age, national origin, or marital status, or because one receives public assistance.
Ask about marital status if a candidate is applying for separate, unsecured credit, with one exception: one can be asked about marital status if one lives in a community property state. No matter what the state of residence is, joint credit (credit shared by a married couple) or credit secured with property is exempt from this.
Ask the candidate if they have, or plan to have, children
Disallow regular sources of income, such as reliable veteran’s benefits, welfare payments, Social Security payments, alimony, child support, etc. Nor may they refuse to consider or discount any income earned from a part-time job, pension, annuity, or retirement benefits program
Ok, now that you know that. You don't get a bad credit rating if you're not approved. Anytime that you apply for credit, a "hard inquiry" is created which drops your credit score 3-5 points regardless if you're approved or not. You don't necessarily have to have credit cards in order to have a credit score. If you've had student loans, financed a car, furniture, appliances, or have bought a house, then you establish credit that way.
But I'm confident that you'll be able to get approved for a low limit card at least. And if all else fails, there's secured credit cards. You can think of these as do-it-yourself credit card. You do place a deposit upfront that's used as collateral to get a credit line. But that's if worse comes to worse, which I doubt that you'll have any problems!
Good Luck! |
*Cherries*
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First off, you should obtain your full credit report to see what is on it, good or bad. Then if bad you need to pay your debts asap. If good, then you should be able to get a credit card but only and usually if you have a source of income to show the credit card agency that you can pay for the charges!!!
if you get denied, you have the right to know why you got denied! Not necessarily you will get a bad credit rating if you get denied. A bad credit rating comes from delinquent accounts, late payments etc.
Start by obtaining a FULL copy from all three credit bureaus...Experien, Equafax and
trans-union.
Good luck! |
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