 Help me choose a credit card!? |
Hi, I'm a teen looking to improve my credit and have a little more financial flexibility. What credit cards do you think would be good for someone with no credit?
Note: I'd love ... |
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I got this 50 dollar visa gift card for x mas and i tried to buy something online with it at americaneagle.com and i entered the number in and it said ERROR: the number you entered is not valid.
... |
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I found an apartment and he needs security deposit of $1200. Anyone know where i can get a loan with bad credit that is not a scam???
Thanks.... |
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 Chapter 13, Bankruptcy? |
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| I worked retail and at some points our pin pad would be down so as long as the customers card said Visa or Mcard we could run it as credit ,,but it only takes it from you checking just as if we ran a ... |
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 Credit cards?!? |
I need to build up my credit, because i have basically none!
and today i was talking to a lady at my bank and she said to apply for a credit card
my question is, if you have one ... |
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| just checked my credit score. it was 652 is this a good score? could I get a home loan with this?... |
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FreakyGeeky | Why can't I get a higher limit? |
My parents filed for bankruptcy and are still able to get a credit card with $5,000 limit. When I apply, the most they will give me is $500! (if they approve me at all!) My credit score is between 665 and 675 which lands me in the fair range. I have one account that went to collection 3 years ago and I paid (charge off) and one payment that was 30 days late about 8 months ago. That's it. All the other accounts are positive....mortgage, car, 2 credit cards, nicor payments, furniture payments and student loan. My biggest debt being the house and car just like everyone else. The credit cards having about a $100 each on them, a student loan that I've had for 6 years and am almost done paying off. The furniture I have had for a year and have $300 left. What's the deal?
Additional Details
In regards to the debt to income ratio, where are they getting that info? I check my report about every 3 months and have NEVER seen my salary on there. Even when I worked for a company...I am now self employed so that makes it even more unlikely they have any idea what I make. |
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MBA Don
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what "score" are you referring to? Are you looking at Experian's Vantage Score or the one all the lenders use called the "FICO" score? A 665~675 Vantage score would be lower credit rating than a 665~675 FICO score.
I recommend:
1) One of the limiting factors is your income to your debt level. If you don't make a lot of money, and you already have a bunch of debt payments to make, it may be hard to get a higher credit limit.
2) If you have recently opened a number of credit accounts and have a bunch of inquiries, that will also impact the way the lenders look at you.
3) Why are you looking for higher limits? Do you need it right away? If not, just wait 6 months to a year and request your credit card company to increase your credit limit. If you have a quiet and perfect history for a while, it's much easier to get a raise in credit limit.
Good luck!
Just Be! |
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John T
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The first thing that I would do is to pull all 3 credit reports from: Experian, Equifax & Trans Union and verify that there isn't anything negitave on your report...... if there is anything in collections that is yours pay it off as quickly as you can as this is a possible factor. Is the one that you had in collections 3 years ago still on your report, if it is and it is paid, ask them to remove it from your report, as a charge off on your account is not good. How many times have you applied for credit recently?? Each time that you apply for credit your score drops even if your not granted credit and each request for credit stays on your report for 2 years. You state that you have 7 to 8 open accounts with a balance on them, the creditors may look at this as too many, if it is possible try and pay off what you can. It may also be because of your debt to income ratio. this may not be on your credit report, but every credit application that you fill out asks for your annual income and the debt to income ratio can be derived from there. I would suggest that yu contact one of your credit card companies and ask for a credit limit increase, if they deny you, they should send you a letter on the reason(s) why you were denied a cred limit increase. Something tells me that there may be more on your credit report than you are saying or that you may know about. So pull all 3 of your credit reports and go from there.
Hope this helps....... and good luck..... |
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?
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there must be something you aren't saying. you should be able to get credit. |
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tri j
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Depends on what your income is and your credit report |
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Prenn
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Debt/Income ratio. That's easy, when you applied for a credit card, you have to list what your income is. All they need to do is to verify your employment and find out the same type of job how much the comparable salary would be based on your experience. You can't inflate your salary.
Also, when a credit analyst analyzes the account, he/she can see how much available credit you have, they will not give you more than you're capable of paying back because they don't want you to default on their loan. |
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tlcorbett85
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Creditors also consider your ability to pay and the length of your credit history. Even though you may not have a lot of credit, your payments may be high, and your debt to income ratio may disqualify you for an increase.
Your parents qualify becuase creditors know that they cannot file bankruptcy for seven years after the first filing. This means that there is a lesser chance of default on the credit card payments. You present a higher risk, since you can file. |
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Keith
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They look at your debt to income ratio. How much debt you have compared to your monthly income. Also check your credit report, it's free. freecreditreport.com there might be some false information on there. |
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