How to Clean Up My Credit
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Posted: Wed Dec 01, 2004 6:26 pm
Post subject: What to Do On Cleaning Up My Husbands Credit?
joan
Date: 11/6/2000 4:45 pm CDT
I have been reading the posts on this site an haven't seen my question addressed. I have been working on cleaning up my husbands credit report for 2 years and am at witts end. It takes 2 months to get any answers from the credit reporting agencies and have things corrected. Recently married, my husband works away all week and up until 2 years ago did not have a credit card. He applied for a capitol one secured card and got one with a $300.00 limit and that was raised to $500 last year.(always paid as agreed, never late) Going back and fourth between applying for credit cards getting the denial and requesting another report is getting pretty upsetting. He has not had any derogitory info on his report since 1996. And that was a few lates, due to a layoff. Since then those accounts were paid off and closed. My husband makes 60,000 a year and we only owe about $35,000 including mortgage, a loan and a credit card with everything to be paid off in the next 4 years. Why can we walk into the bank and walk out with whatever amount we want because they say "we have excellent credit". But we cant get a credit card over a $500 limit? He recently applied for a Capitol One Gold Card and was instantly approved for $200.00. The information came in the mail and guess what? The credit limit is $200.00. Not even worth carrying if you as me. Should I cancel this card or keep it since now there is another inquery on his report and other potential creditors have held that against him. What to do?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
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Posted: Wed Dec 01, 2004 6:26 pm
Post subject: How to Clean Up My Credit
dave
Date: 11/6/2000 5:55 pm CDT
Joan--
Revolving credit takes a little longer to build because it is riskier for lenders than mortgages and installment loans. After about two years of revolving credit history with at least two open lines, things improve. I have experience with Capital One also. I recently closed two accounts because I was frustrated by the slow credit line increases combined with the high fees.
It is unlikely that your husband will be able to jump into a high limit card soon but you can try other lenders who are a bit more generous about credit limits.
Some names that come to mind are Providian and Orchard Bank.
Providian is particularly noted for substantial credit line increases over short periods of time. The cost of the card is high but after a while you can negotiate about that.
If you are feeling really brave, apply for the Citibank Aadvantage card. Recently, Citibank has been approving applicants with minor credit bumps in the road as long as they are old and not serious like a bankruptcy. Your husband sounds like a good candidate for this card. Credit limits are generous and the card earns miles.
archive
Posted: Wed Dec 01, 2004 6:27 pm
Post subject: How to Clean Up My Credit
joan
Date: 11/6/2000 8:11 pm CDT
Thanks for the info Dave. It does become very frustrating because he has been turned down because of insufficient length of credit history, too many inqueries, too many new accounts, whatever that means as we only have a short term mortgage, a short term loan and two credit cards. Sams Club credit just gave him $800 in instant credit which was a shock to us at the time when capitol one has only increased his limit once in the last 10 months. Its not that we reall need these cards, but their good to have in case of an emergency. Nowadays, you can't even rent a car without a major credit card and some motels require one too. With limits so small, you can't afford to go on vacation even if you have the cash on hand. It has taken 2 years to establish a credit line of $500.00 on one card and $200 on another? with no over the limits or no late payments. What does he have to do? We hate to keep applying for cards as he keeps getting turned down for insufficient length of credit history and now too many inqueries. Without a revolving credit history they decline, if you ask too many times they say no. I'm still scratching my head.
Posted: Wed Dec 01, 2004 6:26 pm
Post subject: What to Do On Cleaning Up My Husbands Credit?
joan
Date: 11/6/2000 4:45 pm CDT
I have been reading the posts on this site an haven't seen my question addressed. I have been working on cleaning up my husbands credit report for 2 years and am at witts end. It takes 2 months to get any answers from the credit reporting agencies and have things corrected. Recently married, my husband works away all week and up until 2 years ago did not have a credit card. He applied for a capitol one secured card and got one with a $300.00 limit and that was raised to $500 last year.(always paid as agreed, never late) Going back and fourth between applying for credit cards getting the denial and requesting another report is getting pretty upsetting. He has not had any derogitory info on his report since 1996. And that was a few lates, due to a layoff. Since then those accounts were paid off and closed. My husband makes 60,000 a year and we only owe about $35,000 including mortgage, a loan and a credit card with everything to be paid off in the next 4 years. Why can we walk into the bank and walk out with whatever amount we want because they say "we have excellent credit". But we cant get a credit card over a $500 limit? He recently applied for a Capitol One Gold Card and was instantly approved for $200.00. The information came in the mail and guess what? The credit limit is $200.00. Not even worth carrying if you as me. Should I cancel this card or keep it since now there is another inquery on his report and other potential creditors have held that against him. What to do?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
archive
Posted: Wed Dec 01, 2004 6:26 pm
Post subject: How to Clean Up My Credit
dave
Date: 11/6/2000 5:55 pm CDT
Joan--
Revolving credit takes a little longer to build because it is riskier for lenders than mortgages and installment loans. After about two years of revolving credit history with at least two open lines, things improve. I have experience with Capital One also. I recently closed two accounts because I was frustrated by the slow credit line increases combined with the high fees.
It is unlikely that your husband will be able to jump into a high limit card soon but you can try other lenders who are a bit more generous about credit limits.
Some names that come to mind are Providian and Orchard Bank.
Providian is particularly noted for substantial credit line increases over short periods of time. The cost of the card is high but after a while you can negotiate about that.
If you are feeling really brave, apply for the Citibank Aadvantage card. Recently, Citibank has been approving applicants with minor credit bumps in the road as long as they are old and not serious like a bankruptcy. Your husband sounds like a good candidate for this card. Credit limits are generous and the card earns miles.
archive
Posted: Wed Dec 01, 2004 6:27 pm
Post subject: How to Clean Up My Credit
joan
Date: 11/6/2000 8:11 pm CDT
Thanks for the info Dave. It does become very frustrating because he has been turned down because of insufficient length of credit history, too many inqueries, too many new accounts, whatever that means as we only have a short term mortgage, a short term loan and two credit cards. Sams Club credit just gave him $800 in instant credit which was a shock to us at the time when capitol one has only increased his limit once in the last 10 months. Its not that we reall need these cards, but their good to have in case of an emergency. Nowadays, you can't even rent a car without a major credit card and some motels require one too. With limits so small, you can't afford to go on vacation even if you have the cash on hand. It has taken 2 years to establish a credit line of $500.00 on one card and $200 on another? with no over the limits or no late payments. What does he have to do? We hate to keep applying for cards as he keeps getting turned down for insufficient length of credit history and now too many inqueries. Without a revolving credit history they decline, if you ask too many times they say no. I'm still scratching my head.
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