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Do I Have to DO to Get a Credit Card These Days?!?!?

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Do I Have to DO to Get a Credit Card These Days?!?!?

Old 11-04-11, 10:05 AM
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Do I Have to DO to Get a Credit Card These Days?!?!?

A year ago, I took a new step in my fight to get some fucking credit history and raise my credit score. I have been rejected from credit applications for years, not because of bad credit, but because of no credit history!

I put down a $200 deposit to get a secured credit card. Unbelievable. I have no debts, good salary, paid off a vehicle financed through Toyota, yet this was the only way I could get approved for a credit card.

One of the selling points for the card is that they report your history to the three credit bureaus. I made sure to never be late on a payment, and my recent credit report showed the account in good standing.

So I checked my credit score online with Transunion and couldn't believe. I'm still poor rating at 607. I tried to apply for a Citi bank card last nite, and of course, rejected again. I can't get approved anywhere. Obviously, using and paying on this damn card for a year didn't do shit to help me out.

I really don't know what else to do. My bank only approves loans based on your score. I wish I could talk to someone and find out why these assholes keep rating me so low. Anyone else in my shoes? Any suggestions on how to get my score up? This is frustrating beyond belief.
Old 11-04-11, 10:37 AM
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re: Do I Have to DO to Get a Credit Card These Days?!?!?

Originally Posted by dvdjunkie32 View Post
So I checked my credit score online with Transunion and couldn't believe. I'm still poor rating at 607. ... I wish I could talk to someone and find out why these assholes keep rating me so low.
A credit report will tell you the reasons why your score was dinged. What does it say?
Old 11-04-11, 10:45 AM
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Re: Do I Have to DO to Get a Credit Card These Days?!?!?

http://www.bankrate.com/credit-cards.aspx
Old 11-04-11, 10:46 AM
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Re: Do I Have to DO to Get a Credit Card These Days?!?!?

Getting a card and not using it does nothing for your credit score. Get in the habit of using the card for all of your purchases and pay it off at the end of the month religiously. Also try to get one or two cards at department stores where you shop frequently. They're easier to get and helps build your credit score.
Old 11-04-11, 10:54 AM
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Re: Do I Have to DO to Get a Credit Card These Days?!?!?

Originally Posted by GMan2819 View Post
Getting a card and not using it does nothing for your credit score.
That's not true. Having a card for a long time helps establish credit history length which is important.
Old 11-04-11, 10:58 AM
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Re: Do I Have to DO to Get a Credit Card These Days?!?!?

So, get a secured card, and use it every month for something. Pay it off completely every month, as well.

I did that a few years ago, with a $200 limit. Now I have cards with $4500 limits or higher. Not that I dare use that...
Old 11-04-11, 11:23 AM
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Re: Do I Have to DO to Get a Credit Card These Days?!?!?

can you get a co-signer?
Old 11-04-11, 11:29 AM
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Re: Do I Have to DO to Get a Credit Card These Days?!?!?

Originally Posted by Mrs. Danger View Post
So, get a secured card, and use it every month for something. Pay it off completely every month, as well.

I did that a few years ago, with a $200 limit. Now I have cards with $4500 limits or higher. Not that I dare use that...
That's what I've been doing. I actually pay off this card several times each month, and my credit report doesn't show anything bad. To say I am in the poor credit rating category is plain wrong.

I don't even want to use the credit cards. I just want to build up my history so I won't get raped when I have to buy a car soon. My first time, they tried to finance me at 17% for a used car, no joke. It doesn't surprise me that our economy went down the shitter when you have a system that rewards people in debt, and punishes people like me.
Old 11-04-11, 11:30 AM
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Re: Do I Have to DO to Get a Credit Card These Days?!?!?

I wonder if the banks look at age when deciding whether or not to approve lines of credit. If someone is in their 30's and they're just now trying to get a credit card versus getting one when they're 18 or 19 they may question it.

I've had many credit cards, used them wisely. Back in the early 2000's I was able to get just about any card I wanted but even the most recent one I got was approved for several thousand dollars less than the previous one.
Old 11-04-11, 11:31 AM
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Re: Do I Have to DO to Get a Credit Card These Days?!?!?

Originally Posted by Mrs. Danger View Post
So, get a secured card, and use it every month for something. Pay it off completely every month, as well.

I did that a few years ago, with a $200 limit. Now I have cards with $4500 limits or higher. Not that I dare use that...
My wife, who is a Japanese citizen on a green card here, had to do the same thing to establish credit here in the States when we moved back a few years ago. Try it at a bank or credit union like we did and you can build up credit this way.
Old 11-04-11, 11:32 AM
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Re: Do I Have to DO to Get a Credit Card These Days?!?!?

Originally Posted by suziq999 View Post
That's not true. Having a card for a long time helps establish credit history length which is important.
The credit bureaus do not care if you use the card or not. The card issuer, however, does. This is how your credit limit is increased. A higher limit, in the OP's case, would be helpful.
Old 11-04-11, 11:41 AM
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Re: Do I Have to DO to Get a Credit Card These Days?!?!?

Originally Posted by dvdjunkie32 View Post
To say I am in the poor credit rating category is plain wrong.
Not trying to be rude, but it's not wrong. You haven't proven yourself a responsible borrower. With credit ratings you start at 0 and work UP, you don't start at 850 and go down... It's just the way the system works.

It might be easier to just save up for a few years and buy the used car with cash. Or take out the loan and pay it off right away (make sure no pre-payment penalties apply).
Old 11-04-11, 11:45 AM
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Re: Do I Have to DO to Get a Credit Card These Days?!?!?

Originally Posted by dvdjunkie32 View Post
I actually pay off this card several times each month
This might be part of your problem. The balance only gets invoiced once per month. On that specific day, if your balance is $0 (because you paid it off before that date), then that $0 (or simply a lack of needing to pay anything) might be what these credit people actually see.

I'm not saying that I'm correct. I could be wrong, but I've always waited for the "due date" to show up on my online banking (or paper statement) before paying any of my purchases off. For example, my last statement said:
$1800.00 on Oct 11th (business expenses, for which I luckily get reimbursed!). Minimum $32 due by Nov 7th.
If I had paid it off before Oct 10th, then it would say:
$0 on Oct 11th. Minimum $0 due by Nov 7th.
And it would appear to anyone besides myself and my bank that I didn't use my credit card at all.
Note that, I'm not saying the credit people see your actual balance. Just whether or not you had a balance to pay off, and whether or not you paid it.
Old 11-04-11, 11:50 AM
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Re: Do I Have to DO to Get a Credit Card These Days?!?!?

Yeah, I thought it was odd when he said he paid it off several times during the month.
Old 11-04-11, 11:54 AM
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Re: Do I Have to DO to Get a Credit Card These Days?!?!?

Yea, he might be on to something there. Like for an Amex on your credit report, it just shows the highest balance you have paid off on it. If you haven't paid off a balance (because you never let a statement get cut with money on the card), then they don't have a high balance to use in your score.

What DOES your credit report say? Usually the alerts on it don't tell the whole story, but sometimes they will say "insufficient credit history" or "more than one item past 30 days due" etc.

As said above, you need to take money you would have spent anyway (gas, food, cell bill, etc) and put it on the card. Then wait for the bill to come and THEN pay it off. Just set the money aside. I have a habit of "pushing" money from my bank account to my cards when I have saved for something or people have paid me for things I put on the card, but it is just to help me keep track...and I'm not trying to get a card.
Old 11-04-11, 12:38 PM
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Re: Do I Have to DO to Get a Credit Card These Days?!?!?

Originally Posted by mbs View Post
A credit report will tell you the reasons why your score was dinged. What does it say?
damn, have to buy another report to see what it says
Old 11-04-11, 12:40 PM
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Re: Do I Have to DO to Get a Credit Card These Days?!?!?

Don't exceed 30% of your credit limit on your card. Credit bureaus don't care if you pay off your balance each month. They're interested in how much of your available credit you use. If it's excessive, your credit score will drop.
Old 11-04-11, 12:40 PM
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Re: Do I Have to DO to Get a Credit Card These Days?!?!?

Originally Posted by dvdjunkie32 View Post
I don't even want to use the credit cards. I just want to build up my history
I'm not sure how you can do this?

Lenders want to give cards to people that use them.
Old 11-04-11, 12:56 PM
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Re: Do I Have to DO to Get a Credit Card These Days?!?!?

so, let me get this straight. You have no credit history at all, you get a secured credit card, you use it for a year without being late, and you're stunned that now you have a credit history, but it's "poor"?

You do realize they use credit history/score to do things like loan you thousands of dollars, right? And that people build up the "right" to borrow those thousands by maintaining a long-standing good use of credit? Give it some time, junior.
Old 11-04-11, 01:12 PM
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Re: Do I Have to DO to Get a Credit Card These Days?!?!?

Originally Posted by PopcornTreeCt View Post
I wonder if the banks look at age when deciding whether or not to approve lines of credit. If someone is in their 30's and they're just now trying to get a credit card versus getting one when they're 18 or 19 they may question it.

I've had many credit cards, used them wisely. Back in the early 2000's I was able to get just about any card I wanted but even the most recent one I got was approved for several thousand dollars less than the previous one.
I never thought about that. Funny thing is I now get flooded with credit card offers in the mail saying I'm pre-approved. I thought it was a sign that my score was going back up, but I still get denied. Apparently, pre-approved just means I'm a blimp on the radar.
Old 11-04-11, 01:16 PM
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Re: Do I Have to DO to Get a Credit Card These Days?!?!?

Also, the more often you apply (whether you end up getting approved or not) apparently also negatively affects your score.

Last edited by Dan; 11-04-11 at 01:28 PM.
Old 11-04-11, 01:26 PM
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Re: Do I Have to DO to Get a Credit Card These Days?!?!?

Originally Posted by dvdjunkie32 View Post
I'm a blimp on the radar.
I don't think you're that big
Old 11-04-11, 01:33 PM
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Re: Do I Have to DO to Get a Credit Card These Days?!?!?

Credit is a funny thing... I have an excellent score, but in debt up to my ears. So see its not always so fun. Thing is, I have had a credit history of 10+ years, never a missed or late payment, paid off cars and a house, and been at the same job for 7+ years. Its not something that happens overnight.
Old 11-04-11, 02:06 PM
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Re: Do I Have to DO to Get a Credit Card These Days?!?!?

Help pay off some of my debt I will write a glowing recommendation for you.
Old 11-04-11, 02:35 PM
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Re: Do I Have to DO to Get a Credit Card These Days?!?!?

Credit Card companies are definately getting really stingy with who they give cards/CLI to. It's just the way it is.

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