Go Back  The Hull Truth - Boating and Fishing Forum > BOATING FORUMS > Dockside Chat
Reload this Page >

cannot get approved on credit card

Notices

cannot get approved on credit card

Old 02-21-2012, 04:26 PM
  #1  
Senior Member
Thread Starter
 
Join Date: Aug 2007
Location:
Posts: 405
Default cannot get approved on credit card

So I have not had a credit card in quite some time and have decided it would be best to have one to use on a daily basis. One reason for wanting one is the fraud coverage, another reason is I am getting tired of being hit with holds on my debit card for hotel rooms. Also I want to be able to rent a car on vacation if the need arises.
So here is where it gets weird, I am getting turned down left and right for cards. Turns out some very wise decisions I have made have actually hurt me. First, I am a homeowner, I do not have a mortgage. I never financed my home, I actually paid for it in full. So since I have no mortgage they do not consider me a home owner. Secondly I have a small investment portfolio of around $30,000.00, which shows I am not totally stupid with my money, does not show up on a credit report. The only debt I have is one home equity line with my bank for $15,000.00. This however only shows on one credit reporting agency. I am being told I do not have enough debt, which really confuses me.
How can a homeowner, with a decent credit score(725 averaged between three credit reporting agencies), with a good income, with investments, and little debt actually get into more debt? All I want is a card to make life more simple and earn from cash back on my purchases.
robalo78 is offline  
Old 02-21-2012, 04:42 PM
  #2  
Senior MemberCaptains Club MemberPLEDGER
 
Join Date: Nov 2005
Location: Central Jersey
Posts: 7,961
Default

Go to your bank and take out a HELOC. You don't have to use it, and it won't cost you anything, but it I'll establish a credit line that will count towards your score. Should help.
t3rockhall is offline  
Old 02-21-2012, 06:17 PM
  #3  
Senior Member
 
Join Date: Sep 2009
Location: Georgia
Posts: 2,028
Default

Either the HELOC as mentioned above or go talk to your bank. Most of them issue credit cards and would likely help you out.
SurfFishLife is offline  
Old 02-21-2012, 06:43 PM
  #4  
Admirals Club Admiral's Club Member
 
Join Date: May 2008
Location: Philadelphia
Posts: 5,088
Default

The OP already stated he has a home equiy line. Unfortunately I think you will have to start the painful method of credit building......Getting a secured credit card. You give them $500 and they give you a credit card with a $500 limit. It has a bunch of crappy fee's that I'm sure someone in your situation will not like but It's going to cost you to get back in.

Depending on where you have the investment account I would try and get them to give you a CC or go to the bank that you already have the line with. Credit scores are so rediculous now a days. You could have $10M in the bank but since you have no credit outstanding you are a high risk...WTF??

Good luck but start soon because it will take some time. Also don't apply for a bunch of cards in a short time period...that will hurt your credit score...
bjm9818 is online now  
Old 02-21-2012, 06:59 PM
  #5  
Senior Member
 
Join Date: Apr 2009
Posts: 1,222
Default

Originally Posted by robalo78 View Post
So here is where it gets weird, I am getting turned down left and right for cards. Turns out some very wise decisions I have made have actually hurt me. The only debt I have is one home equity line with my bank for $15,000.00. This however only shows on one credit reporting agency. I am being told I do not have enough debt, which really confuses me.
How can a homeowner, with a decent credit score(725 averaged between three credit reporting agencies), with a good income, with investments, and little debt actually get into more debt? All I want is a card to make life more simple and earn from cash back on my purchases.

Something is wrong. With a good credit score, provable income, and residential stability, you should have no problem. Go to your bank, talk to the branch manager. If that doesn't work, shop for a new bank. You should have no problem if you can talk to a decision maker. If it is any comfort, I was turned down by a home improvement store in similar circumstances. But with no one to talk to, I was SOL. The only reason I wanted their card was they were giving 10% off (up to something like $200) on first purchase if you apply for (and get) a new card.
MYTraveler is offline  
Old 02-21-2012, 07:10 PM
  #6  
Senior MemberCaptains Club Member
 
Join Date: Feb 2004
Location: Raleigh & Surf City, NC
Posts: 12,846
Default

Evidently to get lots more credit card solicitations you just have to tear them up when they come in the mail. The more I throw away the more the banks send me.
baypro21 is offline  
Old 02-21-2012, 07:15 PM
  #7  
Senior MemberCaptains Club MemberPLEDGER
 
Join Date: Nov 2005
Location: Central Jersey
Posts: 7,961
Default

Originally Posted by bjm9818 View Post
The OP already stated he has a home equiy line.
I missed that. It's too small - only 15 grand. He should probably try to up the line quite a bit. AND, while he's at it, he should talk to the same bank officer about getting another cc.
t3rockhall is offline  
Old 02-21-2012, 07:17 PM
  #8  
Admirals ClubCaptains Club Member Admiral's Club Member
 
Join Date: Nov 2002
Location: Birmingham / Hessel, MI
Posts: 26,971
Default

Any veterans in your immediate family?

Check out USAA credit card.

They may have opened up to non-vets also.
cedarholm is offline  
Old 02-22-2012, 02:09 AM
  #9  
Senior Member
 
Join Date: Jan 2007
Location: Albemarle Sound Management Area
Posts: 6,217
Default

Your own bank should issue one, stop in and talk to the manager.
Crabpot Man is offline  
Old 02-22-2012, 03:42 AM
  #10  
Senior Member
Thread Starter
 
Join Date: Aug 2007
Location:
Posts: 405
Default

thanks for the responses so far. My investments are with Wells Fargo Advisors, for some reason wells fargo the bank does not recognize them as part of wells fargo.Apparently they are seperated somehow, I actually tried cashing a check from the advisors office at the bank and they refused.
I am with Savannah Bank which is a relatively small bank and they do not issue out there own credit cards, it is some type of third party card but am going to look into it. I am definitely staying with them as I have had it with all the other banks in town.
It just sucks because what I have done well with doesn't show on a credit score and a live person needs to see it.
robalo78 is offline  
Old 02-22-2012, 03:53 AM
  #11  
Senior MemberCaptains Club Member
 
Join Date: Jun 2001
Location: Edgewater, Md
Posts: 213
Default

I doubt if the HELOC is doing you much good if you are not using it or have never used it much. The only real way is to build the credit. Try your bank for a car loan or open an account at a credit union and try for a car loan, with rates as low as 1.9 or 2.9 it doesn't hurt much, buy a car and make the monthly payments for a year or 2 that should start the ball rolling.
colmbarry is offline  
Old 02-22-2012, 04:40 AM
  #12  
Senior Member
 
Join Date: Apr 2009
Location: Michigan
Posts: 3,893
Default

The answer is easy!

Get a bid azz boat with a boat loan.

Last edited by ericinmich; 02-22-2012 at 09:13 AM.
ericinmich is online now  
Old 02-22-2012, 04:43 AM
  #13  
Senior MemberCaptains Club Member
 
bellsisland's Avatar
 
Join Date: Nov 2001
Location: Charleston, SC
Posts: 5,917
Default

do not start taking out credit just to play their stupid game. go to your bank, they will give you a credit card, get one with a $2500 limit or something.
bellsisland is offline  
Old 02-22-2012, 08:55 AM
  #14  
Senior Member
 
Join Date: Aug 2011
Location: Florida
Posts: 482
Default

Originally Posted by baypro21 View Post
Evidently to get lots more credit card solicitations you just have to tear them up when they come in the mail. The more I throw away the more the banks send me.
I forget which comedian said this, but I do it with a grin on my face:

I take a couple of the the cc offers and all the crap in the envelope and stuff them in another's 'no postage needed' return envelope and send it all to them to throw away for me.
notdeankane is offline  
Old 02-22-2012, 09:01 AM
  #15  
Senior Member
 
Join Date: May 2006
Location: Suffolk, Va.
Posts: 17,013
Default

I think you have just talked to the wrong people or applied to the wrong companies. Try your bank.
fishingfun is online now  
Old 02-22-2012, 09:21 AM
  #16  
Senior Member
 
Join Date: Jul 2006
Location: DE
Posts: 2,106
Default

Agree with others. You need to speak to a banker or reply to the decline letter with an explanation of why you have a limited credit file...Most if not all card issuers have a credit policy that checks how long and how many credit references you have in addition to how well you have paid them amongst many other attributes from you credit report/s. A "limited" credit report can be an indication of previous credit problems like a bankruptcy. Not fair, I know, but reality. Most banks can discuss with the card issuing bank and bypass the automated credit approval process and put a personal, hands on risk assessment of your financial history. Ya just have to find the right banker who can make it happen for you. Shop around.
starmonk is offline  
Old 02-22-2012, 09:26 AM
  #17  
Senior Member
 
Because Boat's Avatar
 
Join Date: Feb 2012
Location: PA & NJ
Posts: 5,939
Default

Start with a department store credit card, you know the ones that offer you 30% off your purchase just for opening an account. A gas card is also helpful, like Shell or Sunoco.
Because Boat is offline  
Old 02-22-2012, 10:11 AM
  #18  
Senior MemberCaptains Club Member
 
Join Date: Feb 2002
Location: Saugus, Ma. USA
Posts: 11,121
Default

Any chance someone from Nigeria has a credit card in your name?
jobowker is offline  
Old 02-22-2012, 12:20 PM
  #19  
Senior MemberCaptains Club Member
 
Join Date: Jun 2002
Location: Long Island,NY
Posts: 11,967
Default

Why hasn't the "I never buy anything on credit and you shouldn't do so either " crowd given any advice on the OP's problem.
SeaJay is offline  
Old 02-22-2012, 01:01 PM
  #20  
Senior Member
 
Join Date: Nov 2011
Posts: 201
Default

probably the main issue is they will not make much money off of you and they know it

a while back credit card companies were canceling accounts of people that paid off the balance each month because apparently the % of the transaction they get when you use the card was not enough for them and to make the money they wanted to make they needed you to carry a balance so they could make some interest as well

you probably look like someone that will pay it off after each use and that = no vig
TexasVines is offline  

Thread Tools
Search this Thread