Every time I try to apply for a credit card I always get denied because I don't have a credit history. Well, how I am supposed to have a credit history if I never had a credit card before? I already have a debit card that I use all the time and I always choose credit, but I guess it's not good enough. What do I have to do in order to get my first credit card guys? Thanks.|||First, you stop applying, immediately. You do have a history now: a history of excessive applying, which will keep you from getting a credit card for at least a year.
Second, after you stop applying, you get a "secured" credit card, which is the only type of credit card currently available as a first-time credit card.
Do not, under any circumstances, apply for any credit card that is not "secured" until you have gotten a good credit history by having a secured credit card and going more than a year without applying for any credit cards.
The way you get your first credit card is to get a secured credit card, without applying for any others.|||If you have a debit card already that means you have an account with a bank. Ask the bank where you keep your money for a credit card.
Also, many times the debit card is also a credit card. Check to see whether your current card also works as a credit card. You might be surprised. Use it as a credit card to start creating a credit record.
Good Luck|||Check to see if your current bank offers its own credit card plan. Odds are you'll have more luck getting a credit card at a place where you currently hold a checking %26amp; savings account because they can base their decision to grant you a credit line off of your banking history rather than your non-existent credit score.|||Why do you NEED a credit card? Use debit and pay for the things you buy.|||Be very thankful you cannot get one.
Monday, December 12, 2011
How many credit cards should I have open for a good credit score?
I have 4 credit cards (limits are 1000, 3300, and two 500s) and was considering getting rid of one 500 credit card. Should I pay the whole thing off and KEEP it or GET RID of it??|||Keep it with a 0 balance. As long as it doesn't have an annual fee you aren't hurting yourself. Having more accounts (3-4 minimum, not more than 6-7 revolving accounts) helps you by giving a lender MORE evidence that you can manage your debts over a longer period of time. If a person has no late payments but only has one credit card with a 500 limit for the last 6 months - how do you know they are a good risk?|||I applied for a credit card from this site and got the credit card pretty quickly. I would like everybody to apply through the site: http://apply-credit-cards-now.info/
|||I am of the opinion you need one MasterCard or Visa and one AMEX card.
You get the occasional store card (Best Buy, Macy's) becuase of the deals you get.
But basically two.
Your credit score is a function of the size of the credit line you have and the balance you have against your combined credit line. So two cards with $10,000 credit lines but no balance will be doing better than your four maxed out cards.|||Cards with low limits lower your score because it shows that someone doesn't trust you with much debt. Get rid of both of the two 500s.|||Keep the accounts with the OLDEST history. If these 4 cards have a low APR and no annual fee I would keep ALL of them open. Just keep the balances low or nonexistent and you will build your credit score over time. Don't listen to people who say you don't need a good credit score. It is very important if you ever want to buy a car or a home or rent an apartment. If you plan on living in your mom's house for the rest of your life then yeah, you don't need a good credit score.|||Having lots of cards is not the problem..Have lots of card that are maxed out is...I have 25 cards I keep them always paid on time and always pay more than needed the keep the balance owed low if any!! My credit score is 810 Bet that!!|||I say three is enough|||If you actually get out of debt, you don't need any. Save the money you don't use for payments and you can buy things with cash. you don't need a credit score to spend cash.|||Keep the account open but dont use it, dont let the other accounts get close to their max balance as that is harmful to your credit score. If you have too many cards it doesnt look good either. Credit can be tricky.|||You only need one credit card to build up a good credit score, I do this and I am in the top 95% nationally. You might want to consolidate all to a low fixed rate and pay off the balance ASAP. If you don't consolidate then keep the oldest cards (two max) that you have with the BEST payment history (with no annual fees and low APR). You do not need to keep the one with the highest balance unless you plan on buy expensive needed items like a washer/dryer, refrigerator, etc.
But, if you consolidate once you get your new credit card before you activate it, sit down and bring out your checking book. Look at your balance and look at your receipts that you pay for items using cash (assuming you actually kept the receipts). Now ask yourself and be honest with yourself, "Am I responsible with my money and do I spend my cash responsibly"? If you regularly save your checking and savings accounts will reflect this. If your answer is no to either question, then you need to realize something about credit card traps. To avoid the credit card trap first recognize your spending habits. If you spend easily and have not developed a savers mentality, then possessing a credit card will be a tempting vehicle for you to spend beyond your income. To avoid this, know exactly how much you possess in your checking account and conscious do NOT charge to this limit.
I advise spending primarily with your credit card. It's by far much earier to track ALL of your spending habits instead of trying track both credit card and your cash spending habits. If you see something you desire or like, stop yourself and think do I really need this item and can I afford it? Sometimes it is hard to resist buying somethings you like with the convenience of the credit card, but when you think about what you really need versus what you want, you will begin to become a self conscious credit card user.
Everytime you fail to pay or only pay the min and not the balance the three credit card bureaus will track this information. You do not want them to record that you have bad spending habits b/c it will negatively impact your credit score, which will effect your ability to gain loans (for a car, a home, a business, etc) in the future. So building a good credit history is quite important, so it's important to do the right things right. Also, try to only have at most two cards b/c the more you have the more you are “liable for” in the eyes of the creditors. Even if you do not use the one card keep it open and use it responsibly. You do not need to request an increase in your card once it is transferred b/c in time they will raise it for you whether you ask for it for not. I never ask for it and it keeps on getting raised every few years, this is not great it just means I am liable for more and I have a higher limit. Good luck and welcome to taking one of the first major steps towards building a good credit rating!|||A good credit score is based on information such as accounts in good standing, length of establish account history in good standing, payments in good standing, (get the point of “good standing”).
A credit score is not based on the quantity but the quality of how you manage those accounts and your debt. I would recommend keeping two cards, three at the most.
Keep the cards that are most valued such as Visa and MasterCards. You did not state if any of those cards are proprietary cards such as gas or department store cards. In truth, those cards are valued lower because they carry a limited purchasing power (only within that store).
My first initial recommendation is keeping the cards with a higher credit limit. However, if you only have a few months established history with those cards compared to a few years with the lower credit limit ones, you may want to wait before canceling. Also, consider interest rates, annual fees, and other fees. Remember, you can always request to have your limit raised on the $500 credit limit cards if you have a longer history and a lower rate with them.|||Cut up the card, but keep the account open.
One of the things your credit score looks at is the ratio of credit balances vs credit available. If you can keep that ratio under 25 or 30%, it helps your score.|||The number of credit cards really doesn't matter. It's all about how you manage them. If you are responsible with them, you should be okay as far as credit scores are concerned.
If you close a credit card, that skews your debt ratio. You can [ay off one of the $500 cards, but don't close it.|||AT LEAST 14 CREDIT CARDS
Report Abuse
|||I am of the opinion you need one MasterCard or Visa and one AMEX card.
You get the occasional store card (Best Buy, Macy's) becuase of the deals you get.
But basically two.
Your credit score is a function of the size of the credit line you have and the balance you have against your combined credit line. So two cards with $10,000 credit lines but no balance will be doing better than your four maxed out cards.|||Cards with low limits lower your score because it shows that someone doesn't trust you with much debt. Get rid of both of the two 500s.|||Keep the accounts with the OLDEST history. If these 4 cards have a low APR and no annual fee I would keep ALL of them open. Just keep the balances low or nonexistent and you will build your credit score over time. Don't listen to people who say you don't need a good credit score. It is very important if you ever want to buy a car or a home or rent an apartment. If you plan on living in your mom's house for the rest of your life then yeah, you don't need a good credit score.|||Having lots of cards is not the problem..Have lots of card that are maxed out is...I have 25 cards I keep them always paid on time and always pay more than needed the keep the balance owed low if any!! My credit score is 810 Bet that!!|||I say three is enough|||If you actually get out of debt, you don't need any. Save the money you don't use for payments and you can buy things with cash. you don't need a credit score to spend cash.|||Keep the account open but dont use it, dont let the other accounts get close to their max balance as that is harmful to your credit score. If you have too many cards it doesnt look good either. Credit can be tricky.|||You only need one credit card to build up a good credit score, I do this and I am in the top 95% nationally. You might want to consolidate all to a low fixed rate and pay off the balance ASAP. If you don't consolidate then keep the oldest cards (two max) that you have with the BEST payment history (with no annual fees and low APR). You do not need to keep the one with the highest balance unless you plan on buy expensive needed items like a washer/dryer, refrigerator, etc.
But, if you consolidate once you get your new credit card before you activate it, sit down and bring out your checking book. Look at your balance and look at your receipts that you pay for items using cash (assuming you actually kept the receipts). Now ask yourself and be honest with yourself, "Am I responsible with my money and do I spend my cash responsibly"? If you regularly save your checking and savings accounts will reflect this. If your answer is no to either question, then you need to realize something about credit card traps. To avoid the credit card trap first recognize your spending habits. If you spend easily and have not developed a savers mentality, then possessing a credit card will be a tempting vehicle for you to spend beyond your income. To avoid this, know exactly how much you possess in your checking account and conscious do NOT charge to this limit.
I advise spending primarily with your credit card. It's by far much earier to track ALL of your spending habits instead of trying track both credit card and your cash spending habits. If you see something you desire or like, stop yourself and think do I really need this item and can I afford it? Sometimes it is hard to resist buying somethings you like with the convenience of the credit card, but when you think about what you really need versus what you want, you will begin to become a self conscious credit card user.
Everytime you fail to pay or only pay the min and not the balance the three credit card bureaus will track this information. You do not want them to record that you have bad spending habits b/c it will negatively impact your credit score, which will effect your ability to gain loans (for a car, a home, a business, etc) in the future. So building a good credit history is quite important, so it's important to do the right things right. Also, try to only have at most two cards b/c the more you have the more you are “liable for” in the eyes of the creditors. Even if you do not use the one card keep it open and use it responsibly. You do not need to request an increase in your card once it is transferred b/c in time they will raise it for you whether you ask for it for not. I never ask for it and it keeps on getting raised every few years, this is not great it just means I am liable for more and I have a higher limit. Good luck and welcome to taking one of the first major steps towards building a good credit rating!|||A good credit score is based on information such as accounts in good standing, length of establish account history in good standing, payments in good standing, (get the point of “good standing”).
A credit score is not based on the quantity but the quality of how you manage those accounts and your debt. I would recommend keeping two cards, three at the most.
Keep the cards that are most valued such as Visa and MasterCards. You did not state if any of those cards are proprietary cards such as gas or department store cards. In truth, those cards are valued lower because they carry a limited purchasing power (only within that store).
My first initial recommendation is keeping the cards with a higher credit limit. However, if you only have a few months established history with those cards compared to a few years with the lower credit limit ones, you may want to wait before canceling. Also, consider interest rates, annual fees, and other fees. Remember, you can always request to have your limit raised on the $500 credit limit cards if you have a longer history and a lower rate with them.|||Cut up the card, but keep the account open.
One of the things your credit score looks at is the ratio of credit balances vs credit available. If you can keep that ratio under 25 or 30%, it helps your score.|||The number of credit cards really doesn't matter. It's all about how you manage them. If you are responsible with them, you should be okay as far as credit scores are concerned.
If you close a credit card, that skews your debt ratio. You can [ay off one of the $500 cards, but don't close it.|||AT LEAST 14 CREDIT CARDS
How long does it take to establish credit?
My boyfriend has no credit and we're trying to qualify for a mortgage. We really want to buy a house by like November so we can qualify for the first time buyer credit.
If he got a credit card like today, that would be about 4 months. Is this enough time to get a score?
Also, he can't get approved because he has no credit, will a secured credit card give the same credit as a regular card?|||What is your credit like? If your credit is good just buy the house in your name only. Go to http://www.churchillmortgage.com where they will not charge you points or origination fees. They are endorsed by Dave Ramsey who is somebody you really should be listening to. Also get the book "The Total Money Makeover" by Dave Ramsey. I recommend this book second only to the Bible.|||It's going to take more than 4 months to establish credit. Do you have good credit? If so, add your boyfriend to one of your credit cards. Your good credit history will transfer to him.|||Here i s an excellent site with some wonderful options for you. It will definitely help you. Have a look. http://usacredit4.notlong.com/2AALWgM
If he got a credit card like today, that would be about 4 months. Is this enough time to get a score?
Also, he can't get approved because he has no credit, will a secured credit card give the same credit as a regular card?|||What is your credit like? If your credit is good just buy the house in your name only. Go to http://www.churchillmortgage.com where they will not charge you points or origination fees. They are endorsed by Dave Ramsey who is somebody you really should be listening to. Also get the book "The Total Money Makeover" by Dave Ramsey. I recommend this book second only to the Bible.|||It's going to take more than 4 months to establish credit. Do you have good credit? If so, add your boyfriend to one of your credit cards. Your good credit history will transfer to him.|||Here i s an excellent site with some wonderful options for you. It will definitely help you. Have a look. http://usacredit4.notlong.com/2AALWgM
How much credit do you need on a credit card to hire a vehicle?
I want to hire a van to move house, but want to move myself. I have a credit card but only with a 拢250 credit limit, its too late for me to apply for a new card or be able to up the limit, but if i want to hire a vehicle I am told you need a much higher "reservation" for them? Any idea how much?|||Hi they swip your card and get authority to use it in the event you dont bring the car/van back or you bring it back damaged. So providing there is still some available balance when they swipe it even 1p it will go through|||I don't think they actually charge your card unless you stiff them on the bill.|||Its usually 拢500. but depends on the company you're hiring from.
Check out their website cos it will usually state the amount there
xx|||Hi,
It's better not to use your credit card for buying a vehicle. You can do it through an auto loan instead. Find out how you can get a vehicle with an auto loan from http://www.autoloanguide.info . Good luck!|||depends where you live if in or near staffordshire, www.affordrentacar.co.uk dont charge deposit all you need is funds on card to pay for van, or try www.enterprise.co.uk i'm sure they dont charge a deposit and there nationwide|||They don't actually charge anything to your card, unless you don't pay of course. So they won't know how much credit you've got. Good luck
Check out their website cos it will usually state the amount there
xx|||Hi,
It's better not to use your credit card for buying a vehicle. You can do it through an auto loan instead. Find out how you can get a vehicle with an auto loan from http://www.autoloanguide.info . Good luck!|||depends where you live if in or near staffordshire, www.affordrentacar.co.uk dont charge deposit all you need is funds on card to pay for van, or try www.enterprise.co.uk i'm sure they dont charge a deposit and there nationwide|||They don't actually charge anything to your card, unless you don't pay of course. So they won't know how much credit you've got. Good luck
What is the best credit card to open for establishing credit?
I'm a college student and have no established credit. I've had a debit card for about 6 years, but I'd like to open a credit card to start building credit. I've researched MTV and Citi bank Visas, Discover, and American Express, but am still not sure what the best option would be. I plan to use my card sparingly and pay it immediately from my debit account.|||Best to start off with whatever your own bank is offering. If you plan to be a full payer it shouldn't cost you anything whichever you choose.
But you are known to your own bank so this should help ensure you get approved. Decline rates are in the region of 50%, so this is worth thinking about!|||You don't have to have a credit card to establish credit and paying a credit card off every month doesn't establish credit. They want to see you can make regular payments over a period of time without being late! You can purchase a car or other item and make payments on it and it will establish your credit. You have to be so careful with a credit card, they are out to get you and get as much money out of you as they can! So if you do decide to get one, read the fine print and follow every rule or you can have yourself a bunch of big problems before you can ever get the credit established!|||Apply for a card for people with LITTLE OR NO CREDIT... not bad credit.
And, all the companies you just listed are the wrong companies to apply with, because none of them will work with someone like you. Discover, American Express, etc are for people who drive $30,000 vehicles or more expensive cars than that. I mean, these are credit cards for people who don't need the money on the card.
So you either need a pre paid card, like Meta bank, Bank first, or Juniper. Or you need a secured Orchard bank card. Orchard bank is easy to get and they usually start people out with about $300 or $500 on the card. http://www.consumercreditsite.info|||If you don't have good credit , don't apply for regular credit card. That will ruin your credit score.
You should start with a bank secured credit card to build the score.
check the articles below,
http://www.cashorcredit24.com/how-to-bui鈥?/a>
http://www.cashorcredit24.com/how-to-use鈥?/a>|||Get a credit card from local bank and pay it in time. You also can use this service to avoid common mistakes while buiding credit and pre-estimate future scores for different scenarios of payments - credit-report-score.10001mb.com|||go with chase
you can go here to compare them, pick one that is right for u
http://www.bestcreditrates.net|||That's a great question! Planning your finances at such a young age is wise.
We live in the most "marketed to" society in the world. Electronics, cars, fast food, you name it, it is marketed to you on a daily basis (thousands of times!!). Banks are no exception. They market to you as well. In fact, they probably do it better than anyone. Perhaps you never though about it, but credit and credit scores are bank marketed products as well. Have you ever asked yourself, do I really need this CD, or do I really need these jeans? Believe it or not, it is legitimate to ask yourself, do I really need credit? (Gasp! What did he just say???) But how would I ever get a home loan? Believe it or not, there are lots of lenders who offer home loans without using credit score lending. It is called manual underwriting. The rates are as competitive as those who require a credit score. What about a car loan? Cars are relatively easy to save for over a 2-3 year period if you set back the equivalent of a car payment each month.
The second thing most young people never think about is the importance of building their net worth. Check out the links below and see how easy it is to save and retire a multimillionaire simply by putting away only $40 a week. Yeah, its old fashioned, it simple, its common sense, but how many people do you know that do it?
Becoming wealthy in this country is easy. You can do it! Its not hard! Good luck! Youth is on your side!!
Saving at an early age:
http://www.blawcenter.com/The_Money_Tree鈥?/a>
Credit scores:
http://www.cbsnews.com/stories/2005/10/1鈥?/a>
But you are known to your own bank so this should help ensure you get approved. Decline rates are in the region of 50%, so this is worth thinking about!|||You don't have to have a credit card to establish credit and paying a credit card off every month doesn't establish credit. They want to see you can make regular payments over a period of time without being late! You can purchase a car or other item and make payments on it and it will establish your credit. You have to be so careful with a credit card, they are out to get you and get as much money out of you as they can! So if you do decide to get one, read the fine print and follow every rule or you can have yourself a bunch of big problems before you can ever get the credit established!|||Apply for a card for people with LITTLE OR NO CREDIT... not bad credit.
And, all the companies you just listed are the wrong companies to apply with, because none of them will work with someone like you. Discover, American Express, etc are for people who drive $30,000 vehicles or more expensive cars than that. I mean, these are credit cards for people who don't need the money on the card.
So you either need a pre paid card, like Meta bank, Bank first, or Juniper. Or you need a secured Orchard bank card. Orchard bank is easy to get and they usually start people out with about $300 or $500 on the card. http://www.consumercreditsite.info|||If you don't have good credit , don't apply for regular credit card. That will ruin your credit score.
You should start with a bank secured credit card to build the score.
check the articles below,
http://www.cashorcredit24.com/how-to-bui鈥?/a>
http://www.cashorcredit24.com/how-to-use鈥?/a>|||Get a credit card from local bank and pay it in time. You also can use this service to avoid common mistakes while buiding credit and pre-estimate future scores for different scenarios of payments - credit-report-score.10001mb.com|||go with chase
you can go here to compare them, pick one that is right for u
http://www.bestcreditrates.net|||That's a great question! Planning your finances at such a young age is wise.
We live in the most "marketed to" society in the world. Electronics, cars, fast food, you name it, it is marketed to you on a daily basis (thousands of times!!). Banks are no exception. They market to you as well. In fact, they probably do it better than anyone. Perhaps you never though about it, but credit and credit scores are bank marketed products as well. Have you ever asked yourself, do I really need this CD, or do I really need these jeans? Believe it or not, it is legitimate to ask yourself, do I really need credit? (Gasp! What did he just say???) But how would I ever get a home loan? Believe it or not, there are lots of lenders who offer home loans without using credit score lending. It is called manual underwriting. The rates are as competitive as those who require a credit score. What about a car loan? Cars are relatively easy to save for over a 2-3 year period if you set back the equivalent of a car payment each month.
The second thing most young people never think about is the importance of building their net worth. Check out the links below and see how easy it is to save and retire a multimillionaire simply by putting away only $40 a week. Yeah, its old fashioned, it simple, its common sense, but how many people do you know that do it?
Becoming wealthy in this country is easy. You can do it! Its not hard! Good luck! Youth is on your side!!
Saving at an early age:
http://www.blawcenter.com/The_Money_Tree鈥?/a>
Credit scores:
http://www.cbsnews.com/stories/2005/10/1鈥?/a>
What matters more your credit score or the contents of your credit report?
If I have a good credit score but still have unpaid collection accounts on my credit report will lenders expect me to pay those before they would give me a mortgage? Or if my credit score is high does that mean they won't really care about much else?|||In the end it would be up to the lender as to if they would make you pay it. A lot would depend on the amount as well as the type of debt. If it was for something like a medical bill they may not, but if it is for a credit card debt they may require you to pay it off. Their biggest fear from them is if you get sued would you then have to default on the mortgage, basically making you a higher risk.
However, your credit score is based on your credit report. So if you have negative items on your report that will be reflected in your score. How much depends on several factors. But it would be out of the ordinary to have a high credit score(depending on what you consider high) if you have collection accounts.|||Icame across a free online webinar on this... umm it's at..
www.ficsitnow.com FICS - First Integrated Credit Solution
|||FHA loans are content driven, and Fannie Mae and Freddie Mac loans are credit score driven. In fact you are allowed up to $5000.00 in collections on Fannie or Freddie as long as your credit score is there(%26gt;620)|||the contents of your credit report. The banks want to know how well you pay your bills.Your credit score just tells them if they are taking high risk in approving you for a loan or not.|||Well -- look at this way. The Credit report has the discrete items that paint a picture of your history. And if there were a beauty pageant held to determine who had the prettiest credit report, your credit score would be a reflection of that. So basically your credit score is dependent on your report -- most lenders use the credit score because it saves them the trouble of having to do all the costly research into your history. Then again it also depends on how much money they risk losing...
However, your credit score is based on your credit report. So if you have negative items on your report that will be reflected in your score. How much depends on several factors. But it would be out of the ordinary to have a high credit score(depending on what you consider high) if you have collection accounts.|||Icame across a free online webinar on this... umm it's at..
www.ficsitnow.com FICS - First Integrated Credit Solution
Report Abuse
|||FHA loans are content driven, and Fannie Mae and Freddie Mac loans are credit score driven. In fact you are allowed up to $5000.00 in collections on Fannie or Freddie as long as your credit score is there(%26gt;620)|||the contents of your credit report. The banks want to know how well you pay your bills.Your credit score just tells them if they are taking high risk in approving you for a loan or not.|||Well -- look at this way. The Credit report has the discrete items that paint a picture of your history. And if there were a beauty pageant held to determine who had the prettiest credit report, your credit score would be a reflection of that. So basically your credit score is dependent on your report -- most lenders use the credit score because it saves them the trouble of having to do all the costly research into your history. Then again it also depends on how much money they risk losing...
Is a credit card number really valid for a deposit on a service?
I own a small business which often takes credit card numbers over the phone as a deposit. We recently had a customer no show, and she contested through her credit card company when we charged her (she claims it wasn't explained when she gave us her #). The credit card company took her side and said it is policy to allow anyone contesting to get their money back if there is no signature. How can this be? So many hotels and services take card #'s as deposits!|||Most credit card companies state in their cardholder terms that if a consumer is not satisfied with any goods or services through a merchant they can dispute the charges and or have them reversed. Even with a signature I think they can refund the customer. Unfortunately this happened at my job last year.|||Call your merchant services (credit card processor) and ask them how to avoid this situation in the future.
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