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Why can't I get a credit card?
I have NEVER had a credit card, car loan or anything. I paid off the medical bills that were on my credit report, and was able to buy my home in March. I have made my mortgage payments on time, and I thought that after a few months, this open account would show on my credit report and I'd be able to get a credit card. Not so. I applied for a Victoria's Secret card the other day and was turned down. Why am I trustworthy enough to finance a home, but I can't finance a bra? The saleslady said that it was probably because I've moved in the last 6 months, but I was at my previous address for 4 years! I just don't understand this. I just zapped my credit report with yet another inquiry, and for what? Why can people with thousands in credit card debt get more cards and I can't get one with no debt other than my mortgage? Someone in the financial field please explain this to me.
I have a debit card, and all my life have paid cash for everything. I am of the opinion that if I can't pay cash for it, I don't need it, but I want to build my credit score other ways than just my mortgage. A credit card was the most inexpensive way I could think of to build it...I can't afford a car payment.
7 Answers
- Anonymous1 decade agoFavorite Answer
Telling them your monthly income is higher usually helps, or tell them you make 45,000 plus a year, they won't know the difference and the more money you make, the more they are going to give you a look as for credit card approval. also try to get a small discover card first or visa. A home can be taken back for the money, credit card debt is that, debt thats not easy to recover, keep trying eventually they will give you one!!
- Anonymous5 years ago
No moving money to your Capital One card won't help you just yet. You just need to pay as much as you possibly can towards your Bank of America card every month and do not use it at all. Clip coupons, downgrade your cable or cell phone package, eat mac and cheese a couple nights a week. You'll be surprised how much extra money you will have to put towards your credit card bill. That's the best way to pay it down. About the Avon account. It's time to talk to your mom. Tell her you need her to pay that off NOW it hurting your credit especially if they are calling you b/c she is late paying. You can also call Avon and see if you can be taken off the account you may need your mom's permission to do this but if you can you should and soon.
- Anonymous1 decade ago
The answer to your question is that you can't get a card because you have no established record (which may take a couple years of on-time or early mortgage payments).
But a better approach is to stop seeing this as a "problem"; why would you WANT a credit card? The only thing it's for is to buy stuff with money you don't have yet, and to pay more for things you buy! (Price + interest)
Idiots PAY interest...
Smart people EARN interest..
A house is the ONLY thing there is a legitimate reason to finance. Do yourself a lemon savour and don't bother with credit cards. If you want convenience, get a debit card linked to your checking account. You'll be AMAZED how rich you'll get (and how quickly) if you only ever spend money you already have!
Good luck...
- Anonymous1 decade ago
With poor credit it become difficult for you to get a credit card. Then the lenders ask for some cosigner. But if you don't have like that you can try online and you will get one. Try to get some cards with low apr rate and some reward programs like cash back discount.Discover have some cards with 0% intro apr and also some rewards like 5% cash back on certain purchase.
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- Anonymous1 decade ago
Prabably because you did not have enough credit history. My daughter went thru the same thing not long ago, but my son got a jewelry store credit card when he was 17 and when he went out on his own to school, he was flooded with credit card offers
- 1 decade ago
Here's some you would qualify for:
http://www.loansourcesforbadcredit.com/creditcards...
Having no credit can be just as bad as having bad credit.
It certainly doesn't mean you can't pay your bills, it just means that you haven't demonstrated that you can.
Most millionaires have credit scores of 0.
Why, because they never borrow money.
JP
