Tips on Establishing Credit
archive
Posted: Wed Oct 13, 2004 10:31 pm
Post subject: Tips on Establishing Credit
dma
Date: 1/15/2001 11:24 am CDT
I have made a concerted effort to re-build my credit history. I have bought a car, bought a home and have applied for and received 3 dept. store cards, a gas card and have 2 visa cards with small credit limits. The dept. store cards have larger credit limits. I pay these bills faithfully every month. I wanted to apply for a more established visa credit card, but was denied because of the reasons stated: "too many inquiries in last 12 months", "total available revolving credit" and "insufficient number of credit accts rated satisfactory". This is crazy because, you are constantly bombared with mail of preapproved credit offers, so inquiries are made on your credit that are not authorized by you; I established this accounts to strenghten my credit and now I have too many accounts to satisfy receiving a more established card. What to do !? Should I close some accounts? Or should I continue to make payments and hope in the future my credit rating will improve.
Thank you.
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 Oct 13, 2004 10:31 pm
Post subject: Tips on Establishing Credit
Shereen
Date: 1/15/2001 12:36 am CDT
Just to inform you...
When you recieve a preapproved offer by mail or phone, a credit report IS NOT pulled. Preapproved means... that specific creditor receive CERTAIN information (it may be as little information as your income, or job, or even the state you live in) this information that they had recieved filled the criteria that they were looking for to offer you that PRE-Approved offer.
In other words: YOU HAVE RECIEVED A PREAPPROVED OFFER BECAUSE ACCORDING TO THE PRESCREENING INFORMATION OFFERED TO THE CREDITOR FROM THE CREDIT REPORTING AGENCIES, YOU FILLED THEIR CRITERIA.
IF you repond to the preapproved offer...you give the creditor grounds to pull, and they WILL pull, a full credit report on you and base their credit decision on the full information.
And, as you know, a simple thing like excessive inquires can hurt and possibly deny you credit with that specific company.
In addition, when a creditor sees that you have lots of inquries, it shows that you may be CREDIT HUNGRY or may be having some finacial difficulties and trying to acquire credit.
Some advice...work with what you already have. You have alot of credit now, work on building that by paying your bills on time all the time and stop trying to get more credit. If you work with what you have, you will get more credit from your current creditors.
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 Oct 13, 2004 10:31 pm
Post subject: Tips on Establishing Credit
dma
Date: 1/15/2001 8:38 pm CDT
Shereen:
thank you for answering my email. i don't apply for the preapproved offers i get in the mail, i just wasn't sure if this was being used against me. and i am now aware that certain inquiries are not reported to businesses. the cards i do have i applied for over time. and i pay all of my cards on time, each month. i even have paid off balances in full most times. but this is not reported to help your credit rating. it is very frustrating to make the effort to pay your bills and still be considered a risk. i will continue to pay my bills ON TIME and close some accounts completely. the card companies with the limit on credit work against the consumer not for them (excessive fees late and overlimit). the overlimit fee is applied if you are $.01 over. that is crazy. and the limits are so low that you can get very close to that limit (which is also a strike against your credit rating). i will not be applying for any more credit for long time.
archive
Posted: Wed Oct 13, 2004 10:32 pm
Post subject: Tips on Establishing Credit
Shereen
Date: 1/15/2001 8:49 pm CDT
To respond to you posting:
Just remember "you didnt get into debt in one day, and it wont take you one day to get out of it." Time is the only thing that you have on your side to heal credit! Take advantage of it.
A good thing to start practicing with all your credit accounts is: NEVER EVER USE MORE THAN 75% AT THE MAX OF YOUR CREDIT you will avoid ever being charge over limit fees and getting fustrated.
It is eaiser to lower your credit limit on your credit cards than to raise them. The best way to reestablish yourself with credit is:
-1.Your total amount of credit...on all cards... should not exceed what you make in one month.
-2.Keep ONE credit card in your house that has a 500-1000 limit as AN EMERGENCY CARD...This card is the only exclusion to the cards i was talking about in number one.
Doing this will allow you to NOT have excesive credit, but...if there is an emergency you still have the credit you need.
hope i helped!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Wed Oct 13, 2004 10:31 pm
Post subject: Tips on Establishing Credit
dma
Date: 1/15/2001 11:24 am CDT
I have made a concerted effort to re-build my credit history. I have bought a car, bought a home and have applied for and received 3 dept. store cards, a gas card and have 2 visa cards with small credit limits. The dept. store cards have larger credit limits. I pay these bills faithfully every month. I wanted to apply for a more established visa credit card, but was denied because of the reasons stated: "too many inquiries in last 12 months", "total available revolving credit" and "insufficient number of credit accts rated satisfactory". This is crazy because, you are constantly bombared with mail of preapproved credit offers, so inquiries are made on your credit that are not authorized by you; I established this accounts to strenghten my credit and now I have too many accounts to satisfy receiving a more established card. What to do !? Should I close some accounts? Or should I continue to make payments and hope in the future my credit rating will improve.
Thank you.
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 Oct 13, 2004 10:31 pm
Post subject: Tips on Establishing Credit
Shereen
Date: 1/15/2001 12:36 am CDT
Just to inform you...
When you recieve a preapproved offer by mail or phone, a credit report IS NOT pulled. Preapproved means... that specific creditor receive CERTAIN information (it may be as little information as your income, or job, or even the state you live in) this information that they had recieved filled the criteria that they were looking for to offer you that PRE-Approved offer.
In other words: YOU HAVE RECIEVED A PREAPPROVED OFFER BECAUSE ACCORDING TO THE PRESCREENING INFORMATION OFFERED TO THE CREDITOR FROM THE CREDIT REPORTING AGENCIES, YOU FILLED THEIR CRITERIA.
IF you repond to the preapproved offer...you give the creditor grounds to pull, and they WILL pull, a full credit report on you and base their credit decision on the full information.
And, as you know, a simple thing like excessive inquires can hurt and possibly deny you credit with that specific company.
In addition, when a creditor sees that you have lots of inquries, it shows that you may be CREDIT HUNGRY or may be having some finacial difficulties and trying to acquire credit.
Some advice...work with what you already have. You have alot of credit now, work on building that by paying your bills on time all the time and stop trying to get more credit. If you work with what you have, you will get more credit from your current creditors.
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 Oct 13, 2004 10:31 pm
Post subject: Tips on Establishing Credit
dma
Date: 1/15/2001 8:38 pm CDT
Shereen:
thank you for answering my email. i don't apply for the preapproved offers i get in the mail, i just wasn't sure if this was being used against me. and i am now aware that certain inquiries are not reported to businesses. the cards i do have i applied for over time. and i pay all of my cards on time, each month. i even have paid off balances in full most times. but this is not reported to help your credit rating. it is very frustrating to make the effort to pay your bills and still be considered a risk. i will continue to pay my bills ON TIME and close some accounts completely. the card companies with the limit on credit work against the consumer not for them (excessive fees late and overlimit). the overlimit fee is applied if you are $.01 over. that is crazy. and the limits are so low that you can get very close to that limit (which is also a strike against your credit rating). i will not be applying for any more credit for long time.
archive
Posted: Wed Oct 13, 2004 10:32 pm
Post subject: Tips on Establishing Credit
Shereen
Date: 1/15/2001 8:49 pm CDT
To respond to you posting:
Just remember "you didnt get into debt in one day, and it wont take you one day to get out of it." Time is the only thing that you have on your side to heal credit! Take advantage of it.
A good thing to start practicing with all your credit accounts is: NEVER EVER USE MORE THAN 75% AT THE MAX OF YOUR CREDIT you will avoid ever being charge over limit fees and getting fustrated.
It is eaiser to lower your credit limit on your credit cards than to raise them. The best way to reestablish yourself with credit is:
-1.Your total amount of credit...on all cards... should not exceed what you make in one month.
-2.Keep ONE credit card in your house that has a 500-1000 limit as AN EMERGENCY CARD...This card is the only exclusion to the cards i was talking about in number one.
Doing this will allow you to NOT have excesive credit, but...if there is an emergency you still have the credit you need.
hope i helped!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 1:32 PM
0 Comments:
Post a Comment
<< Home