Can i refinance my home=yes Can i lease a brand new vehicle and only put 500 down=Sure Can i Get a guranteed capital one platinum credit card=Sure Can i get an increase on my capital one k-mart card which is only 600=NO Can i get a 500 Payday loan=NO Reason for the NO's=You have bad credit
Honestly, you should consider yourself lucky. These "loans" border on usury, and the associated interest rates usually work out to something like 66% monthly.
What i don't understand is if one has bad credit if should apply to any kind of loan.Yet it seems even with bad credit sometimes you get approved and sometimes you don't.I have 7 subprime credit cards a car lease and a refinanced mortgage so how can i still have bad credit.The payday loan was just a test to see if i would be approved.I have never had late pays on any of my current bills.My ch 7 was in 1996.I would think 6 years of positive trade lines would count for something?
Well, if you have 7 subprime cards and two loans, you might have too much credit. I know that's not the reason code they gave you, but they are probably looking at the amount of debt you have or maybe even the total amount of unsecured credit you have access too. If you had tried to get the Payday loan first (before all the other stuff) you probably would have been approved. But, as has been mentioned before - stay away from them, they're bad news.
Remember, "bad credit" is a subjective term. "Bad credit" to one company may not be so bad to another. It all depends on the amount of risk a creditor is willing to accept. That is why "bad credit" can apply to all creditors.
Your mortgage and your car lease are collateralized. You have past the 6 year mark so you can file again for BK. Would YOU loan unsecured $$ to someone who got right back into high interest debt after a BK and was trying for even more unsecured debt?
all 7 credit cards have a credit limit of between 500 and 1000.My auto lease has 3 months remaining at 210.00 a month,My house payment is 600 a month.My income is over 70,000 a year.So my debt to income ratio is peanuts some people owe more on one credit card than i owe on all 7 of mine.I don't see how i am a credit risk?My ch 7 was due to a buisness failure,my mom and pop store went belly up due to two new mini mart/gas stations that opened near me.Oh well so goes life!
