Hi, I recently got an invitation to apply for a credit card and did so. But they send me a letter saying that they can not give me a credit card because the credit report they received did not contain the required credit references and I have limited credit experience. When I got the application I thought that they already checked my credit history and approved it, that`s why I applied. Now I have another bad thing in my credit report. I don`t know what I should do. I have a secured credit card for 6 months and I always pay the whole amount, but still I am not approved by any other place. My secured card`s limit is so low that I need a new one. What do you recommend? Another question, they say in the letter that I have a right to get a free copy of my credit history. Will they send me the same one that they would if I paid them for it. Or is there another type of credit history(maybe a less detailed one) that they send to the refused people. Sorry the message is so long. I will appreciate any answer.
The invitations or "Pre-Approved" letters that you receive in the mail do not mean that you have qualified for the card, they will only look at your credit report after you send in the application. Try to extend your credit card payments into 2 to 3 months instead of paying the whole amount every month, at least until you establish some credit history, I have seen a couple of banks, especially sub-prime banks that wont even bother to report your good payment history to the CRA's if you pay the full amount every month. Also some banks that offer secured credit cards DO NOT report to the CRA's so check with them and make sure that they do report. You will get the same copy of your credit report regardless if it's free or not. Good luck! Alex. Creditinsiders.com ---------------- Free Credit Repair Information. http://www.Creditinsiders.com
You may have applied to a "pre-selected" offer. These offers do not gurantee approval, and to my knowledge some "pre-approved" offers do not guarantee approval either. I also do not know what bank or type of card you applied for, however my advice to you is to apply to a "Sub prime" lender such as Capital One, Orchard bank, or Providian. STAY AWAY FROM CROSS COUNTRY BANK. The denial letter would say that you are entitled to a free credit report from the CR reporting agency they used. However the report is not issued from the credit company. On your denial letter there should be a telephone number or address for- Trans Union, Equifax, or Experian. Call this number and they will issue you a free credit report. And this will be virtually the same credit report that the bank used to check your history. I said virtually because some inquiries and personal information will be on the report you recieve but not on the report that the credit card company recieved. My advice to you would be to order your reports from the other 2 reporting agencies as well, to get an overall view of your current credit position. Good Luck, Rock
Be fore warned that everytime you make an inquiry regarding your credit (i.e. apply for a loan or credit card) your credit rating drops!
You could also try calling the card company and ask to speak with a supervisor in the credit dept. Let them know your not happy with geting your chain yanked thinking you were approved and then being denied. Tell Him/Her your relationship with the other account and see if they will review the privious denial. It sometimes works. You also might try up-ing the security deposit on your card to a more respectible level, however even $300.00 should look good enough to get a new card shortly. Avoid applying for more credit for the next 4-5 months then try Aria they should approve you for $1,000.00 and then try Target and Best Buy! After that it's all downhill, just don't go wild on the inquiries. Generally no more than 4-5 new ones per year, spread out a bit is acceptable.
