Trying to Rebuild my Credit

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Post subject: re: Retail Credit Cards

Bea
Date: 10/15/2000 9:05 am CDT

I have been re-establishing my credit for the last year. I have 3 sub-prime credit cards from Capital One, Household, and Home Federal. My question is that these cards charge really high interest rates so, I tried to apply for prime rate cards but, I was denied. My goal is since I have had these cards for almost a year I thought I could apply for the prime rate cards and transfer the balance. This is not true. I though maybe I have to apply for a retail card or something so that I can get some prime rate credit established. Any suggestions????

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Linda
Date: 10/15/2000 11:37 am CDT

That happened to me too. Different lenders have different requirements, but there's no way to know what they are.

I used the letter the credit card company sent me when they declined me, to get a free copy of my credit report. The reasons they gave (they have to tell you the top 3 reasons) didn't make sense. I think the person who sent the letter included every reason they had in the word processer. None of them were on my credit report when it arrived. The only negative things on my credit record are federal tax liens that were filed in 1992 and paid off in 1996. I am using about 50% of the credit available to me.

On top of that, they had "prequalified" me and sent me an invitation to apply, and to roll over balances. This has made me very leary of the so-called "prequalified" offers. All I accomplished was adding another inquiry to my credit file. I have my checking and savings accounts with the bank that did this (Centura) and I am planning on moving my business elsewhere, because I don't appreciate what they did.

Linda

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Bea
Date: 10/15/2000 1:17 pm CDT

Thanks for responding. You are exactly right about the denial letters. Everything on my credit report that was negative is paid in full and my current credit card payments are all paid on time. I have used probably a little over 50% of the available balances. I don't understand the denial letters and when you ask for clarification they don't know why they just refer you to your credit report. Strange world of credit we live in.

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Linda
Date: 10/15/2000 4:56 pm CDT

I would like to know what the "prequalification" consists of. Perhaps the credit bureaus are just selling names.

Linda

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