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mjc | Need an expert please - Should I apply for a credit card even though...? |
So here's the deal - Earlier this year (around March) I had applied for a credit card from my bank and was rejected (I had no credit). But I ended up having to get a small loan to get a new engine for my car that was around $1300. I payed it all off with no late payments and whatnot. So I'm hoping it brought my credit score up a bit.
So I really would like to apply for a credit card again but I dont know if it's too soon. I know it effects my credit score so yeah - I dont really want to mess that up.
Also, before my loan my credit score was 616. And my checkbook had been stolen a few years ago which caused me to overdraft (a few times :S - they ended up going to jail) So I'm wondering if that has anything to do with me being rejected or will have any effect on my reapplying.
And PLEASE I dont want to hear the crap about why I shouldnt get a credit card. I'm not a total idiot. :) If you need anymore info just let me know and I'll add details.
Thanks guys in advance!
Additional Details
I've already had 5 years experience with the good ol' debit card. :) |
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$m¤¤v¥ £¤¢¤
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I can help.
I'm going to tell you what makes up your score to give you a better idea of what you're dealing with:
1. Payment history- 35%
2. Total debt owed vs. available credit-30%
3. Length of time establishing credit-15%
4. Types of credit established-10%
5. Inquiries and new accounts-10%
I'm going to explain how these 5 factors played a part in why you didn't get the card, how the loan will affect your score, and what you can do to get that credit card.
Ok, you didn't get approved because of #3, which isn't a bad thing because you got a small loan which helped #4. Remember, there's 2 types of credit that you can establish, revolving and installment. by opening up that loan. It takes both kinds of credit to establish your score.
Now, one thing you should keep in mind that whenever you apply for credit, regardless of if you're approved or not, a "hard inquiry" is created which drops your score anywhere between 5-10 points (see #5) So it's important not to apply for a lot of credit. So each time you apply for credit, you need to make the most of it.
Now it's a good thing that you paid off the loan, that will definitely look good on your score. My next thing would be this. Depending on where you bank, you might want to see if they offer secured credit cards. They may, then again, they may not. Some credit unions and large banks like Bank of America, Wells Fargo, USBank, all offer these. Remember when I told you that it's important that if you make every application count. And a secured card does just that. It give you the best chance of getting approved mainly because you have to place a deposit upfront, to make it a low risk. How it works for example is if you placed a $300 deposit, you'd get a credit line of $300. You still would have to pay back what you've spent, like a regular card. The deposit is used only as collateral to insure that whatever is spent will be paid if it goes delinquent. A couple of advantages is that by adding to the deposit can raise the limit(see #2), which gives you more control, and usually the deposit is linked to a savings account or a CD which gains interest while you're building credit. A good way to use the card would be to treat it as if it had a credit limit of $50 at any given time. Spend $20 a month, pay it off on time, increase the limit, and do it again the next month. This way, you're building credit, but not going into debt while you're doing it. Usually after a year or so of paying on time while building the credit limit, the card either converts to a regular card or a better card is offered, and most importantly the deposit is no longer needed and is given back to you.
In a sense you will have custom built a credit card that you're satisfied with
I posted links below to some companies that should help you
Thanks for reading and good luck! |
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?
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6 months should be a good wait time |
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evanlah
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first of all...take a quick look at your credit report. you can go online, there are some that do a 3-in-1 report for you. this way, if there is anything incorrect, you can go about the immediate steps in disputing it.
yes, apply, even if you only get a small limit, keep it perfect. credit builds credit. you must start somewhere. they will look at many factors when you apply. your net to debt ratio, your ability to pay it back, and other credit. so, if you now have some credit, chances are much better that you will be able to get a card. good luck. |
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_nicole_
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A credit card is good if used responsibly. Get one and use it for gas or something, then pay it as soon as it is due. This will keep your credit in good standing. When banks look at your credit history, they want to see that you are responsible. Avoiding credit cards is not always good, as many things rely on credit.
Debit cards are good, but they are not credit cards. They do not report these funds to a credit reporting agency. Also, they come directly from your bank account. Good to have. Does not report a history.
I was in your shoes not long ago, and 6 years later, they still say I have limited credit and I have had the same bank for 10 years! |
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panek025
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If you want to establish credit-apply for a secured loan. If you put lets say $500.00 in a savings account, you can borrow against that money. It is usually a guaranteed loan, and can help rebuild your credit rather quickly, or you can do a secured credit card. Yes, credit is rather important and you will need it. It is always best to check out what rates you are going to be receiving from the finance company before you apply with them. Your credit score will decrease if you have to many inquiries on your report. An inquiry is a trade line that will appear on your credit every time you apply for credit. It is best to keep them to less than 4 per year.
As for the checking account. Depending on how many hot checks were written on the account. The bank may have reported your account to chexsystems. If it was not a substantial number of checks this may not have occured. You can go online, and get a free credit report from www.annualcreditreport.com. You will receive a free copy of your credit report. If you want to pay for a score you can. I think that it might be an additional 5.00 or something. I do not pay for my score, because you can tell by looking at your report if you have anything negative reporting on your credit. Best of Luck!! |
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hot twin
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if you really want to i would say go ahead and try again. most places have a 90 day policy, that i know of. but having a credit card can help your credit score. and since you did have a loan and paid it ontime and all, maybe you won't have a problem this time. all you can do it try. |
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netbug60
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I believe it is too soon to apply for one.
It is better to build up more credit before you try to get a credit card. |
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Kevin G
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Applying for a credit usually only knock your credit score about 2 points a pop. I would apply for 1 credit card that I've researched about interest rates and terms. (Never accept a card that has an annual fee or any other fees associated with you just having the account open.) If you don't get it, you may just want to take out a smaller loan and repay it on schedule since the interest is generally much less than a credit card. Soon enough, the card companies will flood your mailbox with offers. READ THE FINE PRINT and choose wisely. Also, in regard to the stolen check situation, if it's not shown on your credit report you're in the clear. If it is, write a letter to the bureaus reporting it ans explain the situation and mail in copies of your resolution with the authorities. They have 30 days to remove the erroneous info. Unfortunately, you may have to send in more than 1 letter because these places get a lot of mail and some things don't get resolved as quickly as we'd like. Good luck |
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brady ewart
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Almost every household owns at least one credit card. And it's little wonder why: credit cards are a powerful financial tool with great benefits. Whether you want to apply for a credit card for the first time or add another card to your collection, it is essential to do some homework. The following factors will help you prepare to apply for a credit card.
Understand the Benefits
One of the greatest benefits credit cards offer is convenience. If you need money quickly, a credit card allows you access to more funds than the bills you carry in your wallet. When your car breaks down or unexpected health costs come up, you'll be prepared.
A credit card can help you budget expenses. Your monthly credit card statement will itemize the different purchases you made. A quick glance at the statement will show how your money has been spent.
When you apply for a credit card, you have a chance to improve your credit score. After you receive the card and start using it, you leave a trail. This credit history shows your spending habits and ability to pay back your debts. Having a good credit score can help you secure a loan in the future.
Another benefit when you apply for a credit card is that it offers theft protection. If you lose cash, there are very few ways to recover the money. However, if your credit card is lost or stolen, you can report it. Your credit card company will investigate the fraud and issue you a new card.
Know what to Look For
If you think there are an overwhelming number of options available for credit cards, you are right! There is a credit card for almost everyone today. Finding one that suits your lifestyle is key to making the most of your credit card. There are a number of points to consider before you apply.
First, check out the annual percentage rate (APR). This measures the cost of credit and is written as a yearly interest rate. If you plan to carry a balance from month to month, you may want to get a card with a low interest rate. Some offer low introductory rates. Be sure to check what the interest rate will be after this initial period. You'll want to have an APR that will work well for you in the long term. Read more from: http://www.credit-card-gallery.com/article/144,Apply_for_a_Credit_Card_Today |
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Frank
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You should expect to get approved for a credit card which will help boost your credit score just a little. The loan should have helped a little. The theft should never have affected your score. It's not illegal to put that on there, it's just not right. You should get a copy of your credit report and protest the overdrafts.
I won't preach to you about not having credit cards. They can be useful in building a credit history and a few other ways the no credit card experts never cover.
I would rather see people spend all their money paying off credit cards every month and if there is an emergency, then charge it back on a credit card because the worst case scenario is that you would be back where you started if the emergency costs as much as or more than your emergency cash. If the emergency costs any less than you would have saved in emergency cash or for every month you have no emergency, then you saved money because credit cards charge way more than what you would earn on a savings account.
I also believe credit cards can be used to leverage money. Say you charge $1000 on a credit card during the month of January. It will be due from February 20-25, and so you might write the check somewhere around the 14th. You just borrowed $1000 for roughly a month. If you put it in a 12 month CD, you could earn over 5% interest, which at 5%, would be $50 a year. Then if your card gives you 1% in points or cash rebates, you would earn $10 a month, which would be $120 a year. So the credit card earned you $170 a year. Few people swing that and most get caught overspending because the credit is too tempting. But if you think you are strong enough, go for it. Just be sure to get a card with some reward system that is useful to you and has no annual fee for the card or the reward system. |
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You ask, I answer
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go to www.freecreditreport.com
sign up, find out your credit score, then cancel the service within 30 days so you don't get charged. it works. that's how i check my credit. then you can base your decision on that. just remember, every time you apply and get rejected for something, it goes AGAINST your credit. hopefully, that loan helped you. |
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misschicky
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applying shouldnt reduce your credit.........if so just get the minimum amount you can get and make you you pay it off blah blah blah.......its the interest that gets you......i renewed my loan to pay off my credit card and had $250 of fee left....and i only pay the mimmum amount nd now its up to 404$$.......i think the lowest is $1,500 whch is plenty |
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Sreeni
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It is always a good idea to keep track of your credit history once a year. when someone asked a credit question, I myself got my report recently from one of the credit bureaus. It'll help you see the improvements or possible downside in your credit history.
To get your free report check out www.annualcreditreport.com
If you are interested in getting the FICO scores, there's a small amount of $$. One credit report is free each year.. so, get yours ASAP and take a printout and save it along w/ ur important documents.
Since u already are using a debit card for 5 years, contact that bank to see if u can get a secured credit card for 500 to 1000$. If u make payments ontime for 6 months, you can convert secured card to unsecured. |
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john
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If you have no credit, capital one is probably your best bet. They have credit cards for people with limited or no credit. just look for the "limited credit ok" ones. |
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Tinman12
 |
OK, so you beat me to the part of where we shouldn't talk you out of not getting a credit card. I'll do the reverse. I am going to talk you into getting a credit card. Its easy, even with no credit history. I did so with my daughter.
Do Internet search for Orchard credit cards. Go to their website and sign up. You can do a better business bureau search against them. Then decide.
Here's how it works. You have to open up a savings account with them. That is to secure the credit card that you will receive. Usually around a $300 deposit is fine. After one year if you are with good standing with them. They return your money and extend your credit without a minimum balance. And you use their credit card. If you pay your monthly bills on time with them it will open up the door with other creditors to get more cards. My daughter took my advice and now she is happy. I'm not because it is still more important to stay away from credit cards. She will not listen to that part.
Use your credit wisely. Try not to overspend. And please make sure that you have the money to always make your payments. |
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Adeel C
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Hi.
I used to be in your shoes.
Infact, I couldn't even get a loan, overdraft or even credit cards.
Each search/application that you make does leave marks or 'footprints' on your credit history and most experts advise not to make more than two searches/applications within 6 months.
Taking out loans and replaying them back on time DOES improve your credit score, so a HOT technique I highly recommend you do is to go back and get another, slightly higher loan out from the same place and pay it back..THEN REPEAT, WITH HIGHER AMOUNTS EACH TIME.
In regards to your credit card issue, I first suggest that you check your credit history - you can order your report online from many agencies, one of the big ones being EXPERIAN.
This way you can see what information the credit agencies hold about you.
As I said, I used to be like you..now I have FOUR (4) credit cards and 3 overdrafts.
I highly suggest that you get a hold of this credit bible ebook - this is where I learnt all the secret tips from to improve and repair your credit history, get unlimited credit cards and more..
http://link5.niesong.hop.clickbank.net
Adeel |
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qman
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No no no, no credit card.
Get a debit card. Credit score doesn't matter. |
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mommy to be!
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NO! You should not get a credit card regardless of your credit score. Yes, it can help you raise your credit score...but it can mess it up in so many ways...Like me for example, I got 2 cedit cards over a year ago to pay bills ( I know how lame is that)....but my minium payment was only 1$10 a month....not so bad...so it seemed...well i was keeping p with them and my credit score was....WAS...doing good but i so happend to miss one payment (by an accent) and some how my APR% rate jumped up SUPPER HIGH and my credit score sucks....i make payments but no matter wat i pay the credit card ppl are always on me....now if you want to apply go on ahead but remember applying and checking your credit knocks off points and can slowly bring down your credit score....think abt wat you will be useing a credit card for....maybe you can get it and just the cards up :D |
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tyler g
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dont worry you will get your baby back i know it, keep hope! |
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