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This Really Chaps My Ass

boo7382

By boo7382,
in Huddle Lounge

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boo7382 Newbie

boo7382

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So I have a basic credit card with Wells right now. My pops initially had to co sign because you need an arm and a leg these days for credit cards and 2 years ago I didn't have any credit.

Well here I am 2 years later have fully paid on time for my credit card and all that jazz. I leave $$ on there and continue to use it so i can be building history instead of only using it for a few things and immediately paying them off. Also, I bought a car in September and have made all my payments on time, I even overpay by about 150 on every payment.

Anyways I really want a card with good miles and rewards so I went to apply for a Capital One card today on their website and it denied me!

What do I have to do to get approved? So frustrating because I pay all my bills on time and I know I have a good credit score but I guess just not enough credit. Any advice on further building my credit? I figured the car would put me over the hump.

And yeah, it really chaps my ass.

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PhillyB Grand Master

PhillyB

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yes, but if you can't do that a credit card is probably a bad idea to begin with

they've got a line of cards with no pre-set spending limit that lets you determine your own cap by continued monthly purchasing and paying-off that builds your credit in the process and gradually raises the spending. they're a good way to go, and the customer service you're going to get is world-class. if you're looking to travel there's a number of rewards cards you can get that'll land you excellent travel benefits (the delta skymiles is probably the most notable one.)

edit: no you don't, you can pay minimum installments. but it's still a good idea to pay it off at the end of every month bc interest sucks.

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PhillyB Grand Master

PhillyB

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You should go to your bank and discuss what might be wrong with your credit. Some of the poo that makes lenders skittish will surprise you.

excellent advice... run a couple of different credit reports while you're at it (if you haven't already) to see if there's anything on there that you don't know about working against you. i've had random poo pop up that i'd forgotten about and had to take care of or was just completely wrong and i had to get removed from the record.

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boo7382 Newbie

boo7382

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I only ask about that because my boyfriend has one and keeps trying to get me to do it but I don't Want to pay off my balance very month. Pretty sure at this point I'm supposed to keep something on there so I have ongoing credit activity

I could easily pay off my card right now....my limit is only 2500 hehe

I really want the capital one card because you can fly any airline with you miles and put them towards something else.

Also Wells credit cards suck. When I called earlier the girl signed me up for Cash Back Rewards. I get one percent on the dollar. Yep.

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pstall Newbie

pstall

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use the free reports available to you. but always do this. get 1 from each every 4 months, that way you get a free report the whole year.

secondly, start hanging out at creditboards.com. you can learn all the tricks of the trade of credit building.

cap 1 is tough in some ways and easy in others.

some card companies see you paying some extra amount and believe it or not, that can be a flag because they know you will nail payments and they won't make any money on you in fees.

lots and lots of algorithms go into credit card users.

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Mother Grabber Grand Master

Mother Grabber

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probably has to do with your debt to income ratio. Regardless of how good your credit rating is, you only going to be granted so much credit, usually around 50% of your income. Your car, rent/mortgage, credit cards, etc. all count against your DTI ratio:

http://www.bankrate.com/brm/news/mortgages/20070116_debt_income_ratio_a1.asp

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