I am Filipino and have been living in this country for only 1 year and 10 months. I obviously don't have have much history yet. I am 26 years old. I have been applying for credit cards for department stores, Gap, Banana Republic, etc. and always been denied. Like for example, the one of the Gap. This are the factors: 1. Age of oldest account 2. bank revolving obligations in relations to bank revolving lines 3. average age of accounts I do not understand any of these. Can you please explain it to me a bit? Also, I have debt with 2 credit cards but I pay more than the minimum every month. Much more but it hasn't gone down yet coz I use it too. It's a total of $5,000 and I pay about $300 for both credit cards a month. So where could I go wrong? I have been applying for a lot of credit cards and am always denied?
1. Age of oldest account 2. bank revolving obligations in relations to bank revolving lines 3. average age of accounts Hi, well number 1: indicates the age of your oldest account, you said you have 2 cards, obviously you first account has not aged enough yet. Number 2: Indicates how much you have in credit and your balances, from what I read I would assume your credit lines are at/near your the max. Number 3: is similiar to number 1, I assume both cards are relatively new in age. Building credit takes time, try to get your balances down some, always pay on time and wait til your accounts reach atleast 2 years. Stop applying because this gives you inquiries which can lower your credit score. It takes time Hope this helps and if anyone can add?
