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BreANda BO | Why am I not getting approved? |
I am a 19 year old student who is trying to establish credit. I know in my future that I am going to need a good credit score to rent an apartment, buy a car, etc, so I want to start now.
I applied for a store credit card last year and was approved. I ended up never using the card, so a couple of months later, I closed the account.
A couple of days ago, I applied for another store credit card and was approved. The limit on the card was $100. The associates in the store were VERY rude, so I refuse to shop there anymore and closed the account.
Yesterday, I applied for a store credit card that I have really been wanting. My application was processed, but I was denied! I'm not sure why. Did closing out the other two accounts hurt my credit score? The store is a little more upscale than the other two stores which I had accounts at, does that have something to do with why I was denied?
A notice I received said: INSUFFICIENT CREDIT HISTORY ON FILE
What does that mean??
Additional Details
But what's the point of having a store credit card to a store that you never go into??
Should I try and apply for a gas card? Would that help establish credit history? |
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BeeGee
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Because you did not use either of the credit cards you were approved for, and because you closed both accounts as unused, the credit bureaus have no information on your payment performance. Being approved for credit is not the same as having a goood credit score/history. in essence, you were denied the card you wanted because there was no way for the store to know if you paid as agreed. The best thing to do is apply for another card and use it just enough to establish a good payment history, or borrow a small sum from a bank or credit union and pay it back promptly. Don't ever skip a payment or be late, as these will destroy your credit score. Best of luck! |
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src50
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That means you have little to no credit history. You should have used the store cards, paid the balances promptly, and left the accounts open. That starts you on the road to a good credit history. Lenders want to see a track record that shows you have had and responsibly managed credit. Closing the accounts because you don't like the store clerks hurts you, not the store. |
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Julia M
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That means that you dont have enough credit for the store to approve you. Keeping the accounts open would have helped because even if you don't use them, you're building your credit. Applying for lots of things in a short time period will lower your credit though. |
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gavmel259
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It because you have been applying for store cards, but never using them.
You have no history of using store cards etc.
What you need to to is to apply for one store card and make use of it, thus building a credit history. |
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ambiguous_leaf
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It means that you're credit report doesn't have enough information for them to approve you.
I'd suggest going to the bank where you have your checking account and getting a student credit card. You can also try to link it to your checking account as overdraft protection.
Once you have that one, you actually have to charge something to it and pay it. But yes, opening a card and then closing it can cause problems. Constantly applying for credit can also become a problem.
Just get one card and start establishing credit and as long as you keep up with it and don't rack up outrageous charges you should be ok. |
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sheloves_dablues
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Re-open one of your old accounts. Make a small purchase and then pay the bill in full. YOu will have established a perfect credit rating. |
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abstractfallacy
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Insufficient credit history means exactly what it says. You didn't use the cards s oyou have no credit making it hard to get a new card. Closing the other accounts probably did hurt you a little and so does applying for too much credit. You need to go to your bank and ask them for some advice. The bank I work at pretty much gives every student a credit card with the limit depending on their status (freshman, sophomore, etc.) |
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banche
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Insufficient credit history basically means you don't have that much established credit. |
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crave knowledge
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Open a checking account at a national bank like Bank of America or Washington Mutual. Then get a low limit credit card through them. Use is occassionally and set the money aside so you can pay the bill in full every month. Keep it open.
Store cards aren't always the best because they have high interest rate and many of them can't be used around town. A bank credit card, however, can be used wherever you want and you can build up your credit easily (and carefully.)
(Whenever you are denied credit, you are entitled to a free credit report, so you won't have to pay the $8 or whatever. So go ahead and call the credit agencies and get your copy...see if everything is well.) |
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