Lately I've been trying to get a low interest rate 2.9%, 7.9% or 9.9% credit card, but I keep getting turned down because of my inquiries and one credit card company told me because of the amount of inquiries and the number of accounts I had opened in the past six months (store credit cards [4] ) the high balance I had on the cards, and the average age of active accounts. My question is do you think there is a possibility that If I pay all of them off (which all of them are paid off except one which has a balance of $500) and close them (I closed one) Should I close the accounts considering that the credit cards were from electronics stores and I do not plan on purchasing anything in the near future? Do I stand a chance at obtaining a low fixed rate interest credit card? Finally Can I make a statement on my credit report that the reason why I have so many inquiries is because I was trying to obtain a low interest rate credit card? Your help would be greatly appreciated.
I would like to know the answer to that question also. I've also been applying for low interest cards to transfer higher interest cards to. I've also been told I have too many inquiries. Is it possible to put something on the credit report explaining this?
To Don and Shirly, While there is nothing preventing you from putting such a statement on your credit report to what purpose. If, I imagine, your doing most of your applications online than than the automated system that checks your credit reports will never take, nor is programmed, to take any comments into consideration regardless of their value. Besides, if you dealt with a flesh and blood representative either in person or by phone you could state your case right then and there. About the only use I see for personal statements is for potential employers and mortgage loans.
My suggestion would be to close as many accounts as possible and to make sure they are reported as closed by the costumer. Department store cards are pretty useless, keep one and make sure you always pay it in full, unless they give you one of those options that don't charge interest till a specific date, but even then make sure you have the money easily available to make the payment in full before the interest gets charged. As far as too many inquiries, dealing from strength will make up for it, but you need to exercise your credit to make it stronger. Whenever you get turned down for more than 2 applications, you should cool it for a period of aproximately 6 months. Try to change your credit picture before going through another round of applications and try to time the applications to be around the same time. http://www.creditsense.com
