Turned Down for Credit Card Due to Lack of Credit
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Posted: Thu Jan 13, 2005 5:00 pm
Post subject: Turned Down for Credit Card Due to Lack of Credit
Susie Smith
Date: 4/5/2000 12:16 am CDT
I have been to your website it was quite encouraging. I am a student, having
five credit cards, some of them are 6 month old. I have some questions.
1. I have never kept any balance in any of my cards, but still i get rejected
from most card campanies saying that i dont have enough credit history, how
much time is require to say that i have enough credit history?
2. I am intersted in having one or two cards with good credit line
($2000-$4000) and get rid of all the cards which has credit line below $1000.
how do i procced?
3. Since i have five cards i wish to pay, the balance in full using another
card. (i.e) i have a card which billing closses on 4th april and gives me time
up to 28th april to pay my balance lets say card1. i have also got another
card which billing closes on 17th april lets say card2 i dont have any balance
on the card2. i want to use card2 to pay for card1 after april 17th so that i
could pay the amount next month instead of this month. In this way i dont
carry any balance on my card1 and get some time to pay the amount. I would
surly pay all the amount at the end of billing cylce of card2. Can i do this?
If so how do i procced? Do i end up paying charges for this transfer? what
are the aspects to be taken care before doing this?
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: Thu Jan 13, 2005 5:00 pm
Post subject: Turned Down for Credit Card Due to Lack of Credit
Board Monitor
Date: 4/5/2000 12:49 am CDT
Ariil,
Thanks for your recent inquiry! I will attempt to answer your questions. Hopefully others will also post responses.
The amount of time required to establish a sufficient credit history for higher credit lines varies. Unless you have a full time job while in school, it will be difficult to get a card with a high credit line. As long as you continue to use your cards wisely (on time payments, etc.), credit card companies will gradually increase your credit line. Using your cards responsibly will help you build a solid credit foundation....so it should be easy to get credit line increases once you enter the "working world".
In response to your second question, while it sounds like an attractive way to lengthen your grace period, the method you describe is not feasible. You can not pay one credit card bill with another credit card. You can transfer balances, but it usually takes a few weeks for a balance transfer to post. Moreover, there is a fee for some balance transfer offers.
Hope this helps!
Regards,
Jackie Hughes
Board Monitor
CardRatings.org
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Thu Jan 13, 2005 5:00 pm
Post subject: Turned Down for Credit Card Due to Lack of Credit
Susie Smith
Date: 4/5/2000 12:16 am CDT
I have been to your website it was quite encouraging. I am a student, having
five credit cards, some of them are 6 month old. I have some questions.
1. I have never kept any balance in any of my cards, but still i get rejected
from most card campanies saying that i dont have enough credit history, how
much time is require to say that i have enough credit history?
2. I am intersted in having one or two cards with good credit line
($2000-$4000) and get rid of all the cards which has credit line below $1000.
how do i procced?
3. Since i have five cards i wish to pay, the balance in full using another
card. (i.e) i have a card which billing closses on 4th april and gives me time
up to 28th april to pay my balance lets say card1. i have also got another
card which billing closes on 17th april lets say card2 i dont have any balance
on the card2. i want to use card2 to pay for card1 after april 17th so that i
could pay the amount next month instead of this month. In this way i dont
carry any balance on my card1 and get some time to pay the amount. I would
surly pay all the amount at the end of billing cylce of card2. Can i do this?
If so how do i procced? Do i end up paying charges for this transfer? what
are the aspects to be taken care before doing this?
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: Thu Jan 13, 2005 5:00 pm
Post subject: Turned Down for Credit Card Due to Lack of Credit
Board Monitor
Date: 4/5/2000 12:49 am CDT
Ariil,
Thanks for your recent inquiry! I will attempt to answer your questions. Hopefully others will also post responses.
The amount of time required to establish a sufficient credit history for higher credit lines varies. Unless you have a full time job while in school, it will be difficult to get a card with a high credit line. As long as you continue to use your cards wisely (on time payments, etc.), credit card companies will gradually increase your credit line. Using your cards responsibly will help you build a solid credit foundation....so it should be easy to get credit line increases once you enter the "working world".
In response to your second question, while it sounds like an attractive way to lengthen your grace period, the method you describe is not feasible. You can not pay one credit card bill with another credit card. You can transfer balances, but it usually takes a few weeks for a balance transfer to post. Moreover, there is a fee for some balance transfer offers.
Hope this helps!
Regards,
Jackie Hughes
Board Monitor
CardRatings.org
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 12:41 PM
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