OK, I recently checked my beacon score and it's at nearly 650, I have a macys card that I've used since I was 18 years of age which I've never been late on, and always have paid on time through. My credit seems to be good, but I did mess up with Regions bank when 19, and never paid them back because I didn't agree with their fees. But that is the only mistake in my credit. I need a mastercard or a visa real bad, because I want to further my credits development. So I applied for a Capital one Mastercard which is designed for people with a short credit history, but I get denied? Why would they deny a 650 beacon score from getting a piece of plastic with a 14 APR? Granted their is no annual fee but still, why deny me, I pay on time and I pay good enough!! Can someone who understands how the system works, explain to me why this has occurred? Thanks in advance!

 

 

-Anty

Are you still in college?

that's really odd, i got a CapitalOne visa having no credit history at all. i really don't know how their policy works because my friend also got denied for no valid reason. i guess because i used a promotions code from them so if you ever get ad mail from them, use it!

CapitalOne has like 30 different cards all having different requirements. CapitalOne was my very first CC.

I take great pride in my credit. Do not get credit cards where the home office is out of Delaware or mail forwarding to Delaware. The laws favor them. Please stay away from GE Capital they are one of the worst!!! I made my payments using certified mail with them.

So, what can I do to get a credit card, and actually be approved, I have good credit, I am confused on why they would deny me.

prob cause you never paid off regions bank. I mean even if you settled the account it does not look good on a credit score but it seems like you let it charge off? Otherwise you have a ehh decent credit score, dno why you got turned down tho

Not settling debts will haunt you forever until you take care of them.

 

And, you think it's bad to get a credit card now---- wait until you want to finance a car or a home.

 

Get it taken care of now. And I also suggest you close your Macy's account. Just think- how much do you really spend for it to make it advantageous to spend an extra 22% interest on your purchases. Yes, I said 22%. That's what Macy's charges. Pay by check. Credit scores are based in part by your history and part by what spending limit you carry on your cards vs. your income. If you paid off your Macy's card and still have a credit limit of $1,000, the credit companies have to consider that you will run your charges up to the limit, even though you never did. But, unfortunately, that's they way they see it.

 

I recently went through some HUGE re-adjustments in my finances. We closed most of the accounts we had- not just paid them off. Close the accounts. And as we pay off the rest, we're closing them too. When you get your credit back, stick to one or two cards with low interest rates.

 

Won't your bank give you a card tied to a savings account?? That might be a start and you can build from there....

The only down side to closing accounts is that part of your credit score is based on the average age of your accounts. So, that savings account mommy and daddy opened for you when you were born is an awesome asset, even if you never use it and it only pasy 1/2% interest.

The only down side to closing accounts is that part of your credit score is based on the average age of your accounts. So, that savings account mommy and daddy opened for you when you were born is an awesome asset, even if you never use it and it only pasy 1/2% interest.

But I wasn't talking about saving accounts- I was referring to credit card accounts. Credit scores always involve debt to income ratio. yes, the take into consideration your 401K and your saving accounts but that's not recurring income. Once you've plowed through your savings account, what are you going to pay your bills with?

Here's what your credit score is based on:

• Payment history. Does the record show frequent late payments, public records such as judgements or bankruptcy, or derogatory notes like charge-offs or accounts turned over to collections?
  
• Outstanding debt. How many outstanding balances appear on the credit report? What is the average balance? What is the ratio of total balances to total credit limits on revolving debt (e.g., credit cards, a home equity line).
  
• Credit history. How long have you had your oldest account?
  
• Pursuit of new credit. How many inquiries and new accounts does your report show, and how recent are they? How long has it been since the most recent inquiry?
  
• Types of credit in use. How many accounts are reported for bank cards, travel and entertainment cards, department store cards, installment loans, and so on.
  

Here are factors that will negatively impact your score:

• Amount owed on accounts is too high.
  
• Delinquency on accounts.
  
• Too few bank revolving accounts.
  
• Too many bank or national revolving accounts.
  
• Too many accounts with balances.
  
• Consumer finance accounts.
  
• Account payment history too new to rate.
  
• Too many recent inquiries in the last 12 months.
  
• Too many accounts opened in the last 12 months.
  
• Proportion of balances to credit limits is too high on revolving accounts.
  
• Amount owed on revolving accounts is too high.
  
• Length of revolving credit history is too short.
  
• Time since delinquency is too recent or unknown.
  
• Length of credit history is too short.
  
• Lack of recent bank revolving information.
  
• Lack of recent revolving account information.
  
• No recent non-mortgage balance information.
  
• Number of accounts with delinquency.
  
• Too few accounts currently paid as agreed.
  
• Time since derogatory public record or collection.
  
• Amount past due on accounts.
  
• Serious delinquency, derogatory public record, or collection.
  
• Too many bank or national revolving accounts with balances.
  
• No recent revolving balances.
  
• Proportion of loan balances to loan amounts is too high.
  
• Lack of recent installment loan information.
  
• Date of last inquiry too recent.
  
• Time since most recent account opening too short.
  
• Number of revolving accounts.
  
• Number of bank revolving or other revolving accounts.
  
• Number of established accounts.
  
• No recent bankcard balances.
  
• Too few accounts with recent payment information.
  

 

my savings accounts dont even show on my credit reports.

 

 

:lol

No, I am not in college, but I am going to real estate school. Anyways, about that capital one you got with no credit, how can I find it? Help me out. Any website that can pre-approve me by using my social? I need a third open account in my credit...