Discussion in 'Credit Talk' started by Heidi, Sep 25, 2000.

  1. Heidi

    Heidi Guest

    I applied (over the phone) for a Chase -Walmart card not too long ago. This was my first time applying for a crdit card. I have not owned any credit cards before this, because growing up, I was taught that credit cards just put you in debt. My sister was a very good example as she let things get out of hand.
    I got my respose from them in the mail telling me I had not been accepted because of my number of revolving accounts (like what does this mean??!!)....I dont own any other credit or store cards....
    They also mentioned the length of time at my current residence... what does that have to do with anything??? I have been here just over 2 years at the same place.

    I then called Trans Union and am getting my credit report sent to me. Just because I have no idea why they would deny me because of these things.

    I am constantly getting credit card offers in the mail, but I watch for the rates and all the rest. I have decided to get one to establish some credit. I have payed my bills on time... I am very responsible, so I am just wondering why this is happening.

    If anyone could help with some advice, I would really appreciate it!
  2. Michael

    Michael Guest

    Your problem is that you have never established credit, before Chase will loan you $$ they want to have some idea of how you will pay it back.

    To establish credit you will have to accept some of the offers your getting with out worrying about the interest rates.

    Of course if you don't want to pay 28% on a credit card just don't use it much, and pay it off each month!

    Soon Chase will be sending you offers!
  3. RichGuy

    RichGuy Guest

    There's a big difference between cards that are offered to you in the mail and cards you apply for on your own. The cards you choose to apply for may have very stringent credit standards. You do need to accept a couple of the better cards offered to you in the mail. Usually they know how much or how little credit you have, and they think you might fit their other standards.

    I would differ with Michael in that if you get offered cards with no annual fees and decent interest rates, then you should prefer those over the other kind. But if they're all bad, you still need to pick a couple and start a credit record. Just be careful and budget your new credit cards like you would cash.
  4. RichGuy

    RichGuy Guest

    Also, your number of revolving accounts (credit cards) is zero, so there's no record for Chase to go on. They want you to have a couple of other credit cards already. Most of your bills don't get reported to TransUnion, only credit accounts or delinquent accounts. Since you have no credit cards and pay your bills on time, you may have no credit record at all.

    One card you may want to apply for is the Wal-Mart store card, issued by Monogram Credit Card Bank. They probably have easier standards than Chase, partly because their credit limits are so low. Almost any store cards or gasoline cards would be good to start with, because they usually have no annual fees. I'd be curious to know which cards you get offered in the mail. Please feel free to ask us about any or all of them.
  5. Crdt Dfnse

    Crdt Dfnse Well-Known Member

    Establish Credit With Depth

    While Michael & RichGuy have offered some valid points-of-view, consider also credit depth. Itâ??s often not enough to just establish credit but doing so in relative terms to what one hopes to eventually accomplish; i.e., prime (unsecured) cards with high limits.

    Simply establishing any credit card and maintaining low balances doesnâ??t demonstrate sound credit depth, in that if one doesnâ??t tap the limits on occasion. A perspective prime lender doesnâ??t get a sound feel for heavier credit line limits, hence prime cards are more likely considered accordingly.

    My suggestion would be to tap out the limit on one or two of those starting cards, at first within reason. If an initial limit is say $300, spend the full amount and wait 30-days (one billing cycle) for the account to season; pay-off the balance, and start the process over again. By showing a responsible ability to pay, you set a trend and probability to do so with higher balances. This is whatâ??s meant by credit depth, in part, and it works to your advantage in gaining higher limits and better terms.

    Keep The Faith,
    Anthony Villaseñor
  6. Heidi

    Heidi Guest

    RE: Establish Credit With Dept

    What would be the best credit card offer to accept right now? I am looking at the olympic Visa cards that are on the main page of this site. Seems like a good card. Isnt applying online just the same as calling, as far as security goes? I guess I have to trust the net a little more to know.
  7. Michael

    Michael Guest

    RE: Establish Credit With Dept


    If you have some credit reporting to your bureau why not get an Aria Card, the banner ad pops up everywhere or go to and get an instant approval.

    Aria usually give $300.00 to 1,000.00 for people just starting out and will report your card to the 3 bureaus!
  8. David

    David Well-Known Member

    RE: Establish Credit With Dept


    Let me save you an inquiry. The olympic cards that you see advertised are Capital One platinum cards. If you applied, your application would be immediately denied for "insufficient established credit."
  9. roni

    roni Well-Known Member

    RE: Establish Credit With Dept

    Did you apply for a platinum card. Most offers from Chase are platinum offers. This can be very misleading. With no credit history you can not qualify for this card. Try a prime card which is not platinum or gold. I think capital one will give you a break. good luck!

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