Thread: VERY SAD

NO ONE WILL APPROVE ME. Damnit.

Nancy,

I'm sorry you're having such a rough time with your credit. Many of us have been there. Certainly I have.

If you tell us more about your situation, maybe we can help. What's your credit like now? Do you currently have any cards, even those that are sub prime? And what cards have you recently applied for.

Most of us who have been credit challenged have had to start in the sub prime market and work our way back into the world of prime.

Take care and hang in there.

Donna

Sorry to hear this. I was in almost the same situation for years, except that I had one credit card but could never get a second one.

In my case, part of the problem was poor bill paying habits, bordering on negligent. I've tightened up a lot on that, and now have 14 credit cards. None of my credit reports shows a single late payment on any credit card. (My problems have been with utility bills, which I pay with far less enthusiasm than I do my credit card payments.)

What broke me out of my "one card only...insufficient credit history...history of delinquent obligations" mold was subprime credit cards offered to me in the mail. I accepted Capital One and then Providian, and the rest is history.

Subprime cards gave me the multiple accounts that are necessary for a good credit record. Some creditors turn me down because my accounts are too new, but ususally it's because of one remaining bad debt. Sears even turned me down for having too many bank cards (6 on my Trans Union report), so I want to pay off and close down two of them this year.

Have you tried applying for subprime bank cards? You should try to get a subprime bank card, no matter how small, as soon as you can. I recommend Capital One.

It may take a year or so, but once you have a good credit record with two or three accounts, you start getting offers in the mail. You also get accepted far more often when you apply on your own. Eventually, the only limit on what you can get will be your income. Some of these people have incomes of $60,000 to $100,000 or more. For now, you need to start small and take good care of what you get.

Do it and see what happens. Best wishes for 2001.

I am in the same boat,Nancy I have applied at Capital 1 and other ones and always get turned down I only have 2 negative things on all 3 credit reports!!!!! one for a hospital for about 300.00 dollars dated about 5 years ago and some kind of a catalog that I never finished paying for about 13.00 still oweing. I feel I would be a good applicant but always get turned down I wish I could get help........

If you are stating that no one will approve you, then I take it that you've tried Providian and Capital One. Next step is to get secured cards (min deposit is $300)from Citibank and Chase. After 18 months of timely payments, each issuer will return your deposit and reward you with an unsecured line. That is how I got my Citibank Visa back in 92. Now that my credit needs rebuilding, I decided to get the Chase secured. Keep in mind that Chase reports as secured and Citibank doesn't report at all during the 18 months but will report the whole history of the account once it turns unsecured. Also, I've heard that Chase will unsecure your card and give you a limit the same as your original deposit. I sent them $300 and I plan on sending them more money over the next 4 months or so. When Citibank unsecured my card they gave me a line incease of $500.

If you haven't applied for the capital one secured, its VERY hard to get turned down. Unless you've burnt them before. $99 will get your started to building/re. Well worth the deposit. (remember you do get the money back + plus interest in a year or so)

FYI...

I applied for the Capital One secured card and they made me an offer for a $200 line of credit for $199 deposit! I even sent them the $199 but after much consideration, I called and canceled the application and they sent me my money back. I just didn't feel that it was worth the fees and interest rate. I was hoping for and offer for a $99 deposit but NO DICE! :-(

I started out with that card and that offer. I took what i could get at the time.

roni

Hi MP$40,

Where to get the application for Citibank Secured Card?? I couldn't find on their website. I've also tried Providian and Capital one and turned down as I have paid charge off with them 2 years ago.

Thanks

Call (800) 950-5114 and request an application from a rep. $300 will get you started but just remember that the account will NOT be reported until after 18 months when it becomes unsecured. Also, DO NOT pay late on this account....not even by 1 DAY. They will turn you down for unsecured status because of it. That happened to me. I was late 1 time (by a day or 2? Can't remember) and when 18 months was up, they didn't not unsecure my card. I had to wait ANOTHER 18 months before they did this. I finally got my $300 back and they raised my limit to $800. It's been $800 since '95 (almost 6 years ago)!!!! But that's because I've had negative stuff on my credit. I did notice that they review your account frequently for increases. I see the soft inquiries on my report all the time.