Hi, Im 28 yo and have a 100,000 mortgage. i make over 75K a year and have been with the same company for 5 years. Around five years ago, I moved from my home town and forgot to pay a $107.00 electric bill. When i Was buying my house, I discovered it and immediately paid it. Well, i got approved for a 100K mortgage, but it seems like I keep getting turned down for credit cards. I have one with a balance i pay off monthly- and a 2000 limit. Can someone help> i refuse to have a secured card...so any options
My suggestion, get a copy of your credit report, make sure it is accurate. Borrow $1800 from the credit card. Make payments of about $300 for 5 months, then pay the balance. Let the account sit for 2 months and repeat. This has worked for me, I have over $150,000 in credit card lines. http://www.creditsense.com
what do u mean "borrow $1800 from your credit card"? Surely, u dont suggest taking a cash advance. That is not a smart thing to do
Mike, I believe what he means is to take it out to show a pay history on your credit reports which will in turn motivate other unsecured creditors to trust you with credit cards. A mortgage is secured and is different. In order to get more credit cards, you need to utilize the ones you have to show borrowing capacity. It's ok to take cash out as long as you set aside the money and pay it back later, long enough to build an unsecured pay history. Mike wrote: ------------------------------- what do u mean "borrow $1800 from your credit card"? Surely, u dont suggest taking a cash advance. That is not a smart thing to do
Thanks for the explanation. I could not have done it better. You all know our motto, Exercise your credit to make it grow! CreditWorks, provides a vehicle to lower your costs or even make some money, if you can borrow at a low enough rate. http://www.creditsense.com
It's plain ignorant to take a cash advance. Simple as that! I purchase things every month and usually pay the balance in full. That seems more responsible than borrowing money at a high interest rate for no reason. Thanks, but no thanks for the help. DO u work for Cross Country Bank???
Mike, I know it seems crazy and you're right when you say that taking out a cash advance is bad. Unfortunately it's the best/quickest way to build up a better credit rating. When you pay off your balance every month the bank isn't making any money off of you. If you charge up near the max on your current card and then pay it off over a few months you show that you have the ability to pay off your full balance quickly yet at the same time the card company is making some money off of you which looks much better to others who are considering extending you credit. I know it sucks but unfortunately that seems to be the way the system works. Just my $.02 worth. Good luck. Kirk
It may be that I've never been in the sub-prime category, but banks and lenders have never had an issue extending me credit, and I've always paid in full on all of my credit and department store cards each month. Needless to say, I'm not even 20 yet, and I have platinum cards and get a slew of excellent credit card offers in the mail every week.
I have never been a sub-prime either. I have 48 accounts in good standing as per my last Experian credit report. I have built my credit to over $150,000, excessive? Maybe. But, I have also built a business on my credit. CreditWorks. Profit from the experience. http://www.creditsense.com
And you responded, because?? Well, why are you responding...you have added nothing important to my inquiry. And at 20 years old, how would you have the income sufficient for a Platinum credit card?
