personal_finance_101
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If you've never had a credit card before, you probably don't have a credit history, so of course they're going to deny you. You need to build your credit history. There are 2 main ways to do this:
1 - get a secured card. This means that you put money into a savings account and then after 6-12 months of good payments, they unsecure it and give you a regular credit limit.
2 - get someone to add you as an authorized user. This is the quickest way to get credit as many cards, when you're added as an AU, will then report that cards history on your report. This gives you a sort of 'instant history'. Just make sure that the person who adds you has good credit. Also, if you do this, make sure you get a card or 2 of your own so you develop a payment history that's independent of this card.
Good luck! |
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King Midas
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apply for a sears or jc penny card they always approve people, |
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tarah1980
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get a credit histopry report...maybe you were a victim of CC fruad |
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Dirtydog
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!) Emloyment history is not long enough
2) Bad Credit score
3) Age
4) Income is to low
There are a variety of reasons that you have been refused, but the above are usually the most common. If you are young and going for your first Visa card build up your credit score first.
a) Get a small loan using money in a term deposit as security. Pay the loan off over its amortization period say take a 12 month term. Make all payments on time. This will go one you credit score.
b) Get a credit card from a department store. Make small purchases on it and pay them off as soon as the bill arrives. Remember a late payment even by one day affects your score. If you do not pay this off in full it will cost you 28% interest.
c) Do not get several credit cards as the more times there are enquiries into your credit score the lower the level goes. |
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davidkwankwokfai
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the more you apply, the less chance you will succuess. the more hit to your credit report, the lower your credit.
stop appling for a while.
Credit card companies will see, hey, you applied RBC and TD, Scotiabank, Captial One at the same time. What if they all approved, you will be stormed with credit. You have to wait for a while, make sure the next company you applied know they've been denied with credit. they will consider you again. |
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sunseekerrv
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A million things can go wrong with a credit card request. Is this your first card and are you applying for a card that requires more credit experience? Are you forgetting about something "bad" that you did a few years ago? Maybe there's a big mistake on your credit report. If the card company rejected you, they are required to tell you exactly why...make sure you get their explanation letter. You, by law, should NOT be in the dark about his situation. |
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tofu
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Check out your credit info from the 3 bureaus. The same thing happened to me and it turned out that someone had stolen my ss# and used it to talk $3000 phone bill. Disputed it and got it off my record. Experian, Transunion, and another one I always forget. You can order free credit info. now that you have been denied. |
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GoddessofCoughSyrup
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Your credit score wasn't in the right range most likely. Credit scores (now called vantage scores) are way too picky.
I met the criteria for Capital One's 8.99% fixed credit card.. applied and was rejected for picky reasons.
I wrote them a long letter asking them to re-evaluate my application and was ignored. I've never missed a payment and my debt to income ratio was <25% which is very good.
You can buy your credit score for 5.95 here:
http://www.experian.com/consumer_online_products/vantage_score.html
and by law, you are entitled to one free credit report a year here:
www.annualcreditreport.com
Look at Experian and Equifax.. Transunion isn't that great.
If you know what you're being docked for, you can start working to repair your credit so next time you'll get it. |
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Lady Day
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It is either your age, citizenship, credit score and/or income. |
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hector
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probly no credit history |
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Jim
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If you are having difficulty getting approved for a credit card because of poor credit, many people have found a successful option is to apply for a secured credit card. A secured card is one where you open a bank account and put money into the account as collateral. You can find out more about secured cards as well as options on rates, fees etc on www.bankrate.com. |
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Mariposa
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They people that deny you must tell you why they denied you or at least the credit bureau they checked with. Once you find out the credit bureaus name, you can contact them online or through the mail and receive a free credit report since you were denied credit. Check the report and see what gives. |
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sharrona
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Generally bad credit, you can still get a card, just not the one
you are applying for.
Or, add a co-signer, if that is necessary to build your credit.
good luck |
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SHAR
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bad credit |
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Been There~Done That!
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They are suppose to provide you with an explination, if requested. So, request it and see what they say.
There is no way for us to know. |
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Emilia
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Why do you really need one? If you don't have cash to buy it, don't buy it!!! If it is an emergency, ask Mom & Dad! |
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