Credit Score Concerns
If you have experienced being declined for a credit card or any loans, most likely, you have been offered a free credit report through snail mail in order for you to review and see why you have been declined. Unluckily, the numeric score that will determine the approval process cannot be found on these free credit reports, which makes consumers more confused. That being said, how does a free credit report given through snail mail 10-14 days later with no numeric score actually help educate an individual as to how why exactly they were declined? It actually doesn’t. You now have your 20-30 page credit report a week after the fact filled with verbiage that reads about as easy as mumbo jumbo.
Such free credit reports have the status and payment history of outstanding lines of credit and other financial obligations that include credit cards, charge accounts, home mortgages, car notes, as well as negligent medical and utility bills that were sold or outsourced to collection agencies. Such data will be used by the credit bureaus in order to generate your credit worthiness on their 300 to 850 numeric credit score scale. Lenders mainly use the credit score itself so as to approve a loan process, so it’s a must to get an understanding what they are seeing that coincides with the data on the credit report.
There may be a lot of questions when it comes to credit score, but one thing we know for sure is that it’s important. How about you, what are your concerns when this subject is being brought up?
Categories: Credit Score Articles Tags: Credit Score, credit score concerns, credit score questions, declined, lenders, lines, order
How does declined credit card applications affect your score?
Question by Project EX: How does declined credit card applications affect your score?
Hello, i applied for 2 credit card applications within a week and got declined. This is because, i am 18, and only have 2 bank accounts with no credit on file. When i paid $ 15 yesterday to see my credit score, it reported as having “no score”. So i guess my declined accounts don’t count, expect for the inquiry right?
And say i do have credit, how much does a decline account do for a credit card.
Also 1 more question: What is the easiest card to get, ive tried:
1. Texaco
2. Best Buy
3. Bank of America
any ideas?
Best answer:
Answer by Mary F
Credit card declinations are not reflected in your credit report but a lot of inquiries can hurt your score. If I were you I would consider trying to get a credit card through your bank or try a local credit union. If you need to get a secured credit card where the amount of deposit you put in equals the credit line. Charge some small purchases but pay off the entire balance every month. You also want to show a payment as agreed history. My husband and I have superior credit (over 850 scores) He has limits of $ 25,000 or more on some of his cards. Believe me when I married him I was coming into the marraige with a Chapter 7 bankruptcy and by following this advice I am in Credit Heaven. Good Luck!!
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Categories: Credit Score Questions Tags: affect, Applications, Card, Credit, declined, Score