Hi I just have had 2 decline letters with the reason being insufficient credit history. What does this mean exactly and how can I correct this problem. I have 4 credit accounts all paid on time never late,or over limit. One account is 1 1/2 yrs old, one will be a yr old in march, and two opened up in Aug 2000. Thank you for any help suzanne
RE: what is insufficient credi In some cases, it means you haven't maintained the same two accounts for at least two years. I got that message from both Sears and Wards, when I had had one bank card for six years. But my oldest other account was less than a year old.
RE: what is insufficient credi Means you dont have 24 months of credit history (sufficient defined as). Many card companies look for 24 months or close to it.. Suggest you try citibank, they accept "6-12" month folks.
RE: what is insufficient credi Suzanne: You're not doing anything wrong. I received a lot of insufficient credit history letters when I began establishing credit several years ago. It just means that the credit you have has not been established long enough in that company's eyes. Many credit card companies like to see at least two years of established credit history. You seem to be doing a great job of maintaining your credit - give it about six months and next time you apply you're likely to get the answer you want to hear. Best of luck. Dani
