Tips on Applying for First Credit Card
Author: THATH
Posted: Fri Jul 14, 2006 7:15 pm
Post subject: Applying for our first credit card
My husband and I have been trying to get a credit card so that we can go on vacation. We hate credit cards but hotels will not accept cash anymore so we don't have any option. We applied for a Visa card via Elan Credit Dept. and were denied due to information on the Experian credit report. I just attempted, with my husbands information only, an AMEX card and was instantly denied because of the same information as well as the fact that my husband has basically no credit history. We have a mortgage and I have not quite as bad as it used to be credit. I really don't know what to do. Any advice?
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Author: jrjdrayer
Posted: Fri Jul 14, 2006 7:24 pm
Post subject:
What exactly is on your credit report that is "not so bad" ?
Author: THATH
Posted: Fri Jul 14, 2006 7:38 pm
Post subject:
mine is so so. It means that I've at least attempted to have credit. that's what got us qualified for a home loan since my husband never did. I had a credit card in college that I messed up with but paid off eventually. It doesn't report on the summary. I had a voluntary reposession of a vehicle that we settled on that and paid off in 1999 and doesn't seem to show up on the credit report. I was wrong about the credit reporting agency it was equifax, not experian. I did check equifax out and it says that our mortgage is "paid as agreed", I've sent in a few student loans late this year so it says "doesn't pay as agreed". Theres another account on there that I have NO clue what it is that has a $0 balance owed. A wells fargo card opened in 1994. There is a collections on there that I do not ever remember having for a medical bill for $87 that states "balance owed $0". That's it. So it seems that my late student loan payment last month is keeping us from getting a credit card? We have nothing reported under the "negative account history". It also is not showing that I have a contract with a gym that my dues are paid on time every month and have for the last 3 years. There is no report of it at all.
Author: jrjdrayer
Posted: Fri Jul 14, 2006 8:25 pm
Post subject: Tips on Applying for First Credit Card
Do you know what your credit scores are for Experian, Equifax and Trans Union ? Other than perhaps your mortgage, it doesn't sound like you have any positive accounts, it sounds like there is a little something reporting derog on all of them. Is that correct ? Gyms don't usually report, (although sometimes the huge chains do, like Bally's).
Author: THATH
Posted: Fri Jul 14, 2006 8:51 pm
Post subject:
No I don't know my credit score. It costs money to get the actual scores from what I've seen and I don't have a way to pay unless I send in a check and then wait for it to clear before they send me my score. I'm guessing its the couple of late student loan payments this year but that boggles my mind as I had late student loan payments when we applied for our mortgage *that were paid up and going on time after that* and we still qualified for our mortgage. There are 4 things on my equifax credit report. Our mortgage, my student loan, the collection that I still do not know what its about and neither does my husband and the $700 thing from 1994 that states 0 balance due and "pays as agreed". And the cc company said they only looked at equifax, not the other two.
Author: Brammy
Posted: Fri Jul 14, 2006 9:02 pm
Post subject:Tips on Applying for First Credit Card
You may qualify for a Household bank Master Card. There is a sticky at the top of the forum for easier to get cards. Household's interest rate is a bit high and there is an annual fee but its a good card for establishing or reestablishing credit.
I 've had mine for 3 yrs now and am about to close it but I will admit it was my gateway to the better interest cards that I have now. Keep in mind, they are a rebuilding card so if you don't keep your record pristine, with them and everyone else from the time of application they WILL rate-jack you.
www.householdbank.com
Author: THATH
Posted: Fri Jul 14, 2006 9:03 pm
Post subject:
I just found our credit report for when we applied for our mortgage. This was almost 3 years ago, though.
My husbands
Equifax-Fico 707
TransUnion-Fico 592
Experian-N/A due to lack of credit history
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Fri Jul 14, 2006 7:15 pm
Post subject: Applying for our first credit card
My husband and I have been trying to get a credit card so that we can go on vacation. We hate credit cards but hotels will not accept cash anymore so we don't have any option. We applied for a Visa card via Elan Credit Dept. and were denied due to information on the Experian credit report. I just attempted, with my husbands information only, an AMEX card and was instantly denied because of the same information as well as the fact that my husband has basically no credit history. We have a mortgage and I have not quite as bad as it used to be credit. I really don't know what to do. Any advice?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: jrjdrayer
Posted: Fri Jul 14, 2006 7:24 pm
Post subject:
What exactly is on your credit report that is "not so bad" ?
Author: THATH
Posted: Fri Jul 14, 2006 7:38 pm
Post subject:
mine is so so. It means that I've at least attempted to have credit. that's what got us qualified for a home loan since my husband never did. I had a credit card in college that I messed up with but paid off eventually. It doesn't report on the summary. I had a voluntary reposession of a vehicle that we settled on that and paid off in 1999 and doesn't seem to show up on the credit report. I was wrong about the credit reporting agency it was equifax, not experian. I did check equifax out and it says that our mortgage is "paid as agreed", I've sent in a few student loans late this year so it says "doesn't pay as agreed". Theres another account on there that I have NO clue what it is that has a $0 balance owed. A wells fargo card opened in 1994. There is a collections on there that I do not ever remember having for a medical bill for $87 that states "balance owed $0". That's it. So it seems that my late student loan payment last month is keeping us from getting a credit card? We have nothing reported under the "negative account history". It also is not showing that I have a contract with a gym that my dues are paid on time every month and have for the last 3 years. There is no report of it at all.
Author: jrjdrayer
Posted: Fri Jul 14, 2006 8:25 pm
Post subject: Tips on Applying for First Credit Card
Do you know what your credit scores are for Experian, Equifax and Trans Union ? Other than perhaps your mortgage, it doesn't sound like you have any positive accounts, it sounds like there is a little something reporting derog on all of them. Is that correct ? Gyms don't usually report, (although sometimes the huge chains do, like Bally's).
Author: THATH
Posted: Fri Jul 14, 2006 8:51 pm
Post subject:
No I don't know my credit score. It costs money to get the actual scores from what I've seen and I don't have a way to pay unless I send in a check and then wait for it to clear before they send me my score. I'm guessing its the couple of late student loan payments this year but that boggles my mind as I had late student loan payments when we applied for our mortgage *that were paid up and going on time after that* and we still qualified for our mortgage. There are 4 things on my equifax credit report. Our mortgage, my student loan, the collection that I still do not know what its about and neither does my husband and the $700 thing from 1994 that states 0 balance due and "pays as agreed". And the cc company said they only looked at equifax, not the other two.
Author: Brammy
Posted: Fri Jul 14, 2006 9:02 pm
Post subject:Tips on Applying for First Credit Card
You may qualify for a Household bank Master Card. There is a sticky at the top of the forum for easier to get cards. Household's interest rate is a bit high and there is an annual fee but its a good card for establishing or reestablishing credit.
I 've had mine for 3 yrs now and am about to close it but I will admit it was my gateway to the better interest cards that I have now. Keep in mind, they are a rebuilding card so if you don't keep your record pristine, with them and everyone else from the time of application they WILL rate-jack you.
www.householdbank.com
Author: THATH
Posted: Fri Jul 14, 2006 9:03 pm
Post subject:
I just found our credit report for when we applied for our mortgage. This was almost 3 years ago, though.
My husbands
Equifax-Fico 707
TransUnion-Fico 592
Experian-N/A due to lack of credit history
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 12:40 PM
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