insufficient credit accouts???

Discussion in 'Credit Talk' started by fyerflai, Oct 22, 2003.

  1. fyerflai

    fyerflai Member

    hey yall
    i recently got turned down for a credit card due to insufficient credit accounts, anyone know what this is or how it can be taken care of? thanks
     
  2. GEORGE

    GEORGE Well-Known Member

    You need MORE credit cards...
     
  3. Platinum

    Platinum Well-Known Member

    How many open/positive accounts on your credit report ???
     
  4. Mirage

    Mirage Well-Known Member

    ... and what credit card were you trying for?


    Best regards,
    Mirage
     
  5. fyerflai

    fyerflai Member

    but how am i going to get more cards if i keep getting turned down for credit cards everytime i apply
     
  6. Platinum

    Platinum Well-Known Member

    Re: Re: insufficient credit accouts???


    Get secured one !!!

    and read all the posts here....good luck !!!
     
  7. RichGuy

    RichGuy Well-Known Member

    Re: Re: insufficient credit accouts???


    Get a secured Visa or MC, as was already suggested. The first account is always the hardest, so you may need to put down a deposit for your first card.

    Wait for preapproved offers for gasoline cards or subprime bank cards to arrive in the mail.

    Apply for easier cards. For example, department store cards are easier to get than prime bank cards.

    Apply less often. A good rule would be no more than once every two months.
     
  8. lbrown59

    lbrown59 Well-Known Member

    Re: Re: Re: insufficient credit accouts???

     
  9. RichGuy

    RichGuy Well-Known Member

    Re: Insufficient Credit Accounts???

    LBrown,


    I think you're going over the edge again.

    What you have introduced is known as a straw man argument. It's an argument originated by you, for the sole purpose of arguing with yourself.

    No one else said that a person's credit score or credit worth should rest solely on credit cards, or whatever message you hid in those extremely awkward graphics of yours.

    I made some suggestions about credit cards because the poster asked about them. I often care about what other people want to know.

    And you might try using some common sense. If the poster needs more accounts, it's much easier to open credit card accounts than other types of credit accounts.

    Consider the difficulty of placing, for example, 5 auto loans on a credit report. That would require buying 5 cars, which is both impossible for most people and a waste of money.

    How about placing 5 mortgage accounts on a credit report? Even more difficult.

    Then consider the minimal expense and effort involved in opening 5 credit card accounts. And tell me whether or not credit cards are an efficient way to build a credit history.

    Also, credit cards require less documentation and paperwork than most other forms of credit.

    As for credit scores, you've been cranking against them for your last 10,000 posts, but now you equate them with creditworthiness?

    I think you got up too early, LBrown. Or maybe you stayed up too late. Your post was ridiculous.
     
  10. lbrown59

    lbrown59 Well-Known Member

    Re: Re: Re: insufficient credit accouts???

    1*No one else said that a person's credit score or credit worth should rest solely on credit cards
    2*If the poster needs more accounts
    3*Consider the difficulty of placing, for example, 5 auto loans on a credit report. That would require buying 5 cars, which is both impossible for most people and a waste of money.
    How about placing 5 mortgage accounts on a credit report? Even more difficult.
    4**As for credit scores, you've been cranking against them for your last 10,000 posts, but now you equate them with creditworthiness?
    5*Your post was ridiculous.
    RichGuy
    *******************
    1*But it does rely to heavely on them.
    2*Why should one have to go deeper into debt just to increase a score?
    3*Before credit cards came along people had good credit and didn't have to take out 5 auto loans or 5 mortgages.
    4*No I don't the industry does.
    5*Sure it is if you don't get it.


    THE END ** *** ** LB 59
    """"```--~~~~~~~~~--```'""'''
     
  11. GEORGE

    GEORGE Well-Known Member

    Re: Re: Re: insufficient credit accouts???

    My score is based ONLY ON CREDIT CARDS AND ONE MORTGAGE...
     
  12. NJones

    NJones Well-Known Member

    Re: Re: Re: Re: insufficient credit accouts???

    And UYGF! :)
     
  13. dinob12

    dinob12 Well-Known Member

    Rich Guy is correct,
    If you only have 1 or 2 store credit cards on file and they have only been open for 6 months to a year it will be extremely difficult to be approved for a Discover card in comparison to maybe a Cap 1. I often have to send out a letter indicating why a person has not been approved for an auto loan and in most cases whenever I have to deny anyone credit I will have to give them a reason.. In cases where the applicant is maybe 18-22 and they have no prior credit or just 1 of 2 credit cards I will have to ask for a cosignor. II understand the difference between you requesting a credit of maybe credit card with a limit of 2k compared to an installment auto loan of 15-40K. There are also other factors involved as well such as time on job and time at residence and is the applicant living with relatives ( skip risk) or is he buying a home or even leasing an apt..Those also play big factors in regards to giving credit to someone that does not have an established credit history.

    Try Cap 1 and Orchard..Orchard has been good to me over the years
     

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