So... we can't apply for a credit card? - Page 5

bertdude7 · 05-03-2014, 08:05 PM

Quote:

Originally Posted by Fee

Hey everyone!
I wanted to follow up on this.
I applied for a few cards and got denied. And it's mostly due to Experian (The aholes in the credit business).
After some inquiring i found out that they have my college id# as my ssn. They wont change it because they said i have to have credit for that number to get replaced by my real ssn. It's so frustrating because in order to build credit, you have to be approved for credit, however you keep getting denied because there's not history of you. It's a catch 22.

Can any one update on this?

I started with CapOne, then got approved for a Kohls, CapOne is also Kohls, so thats why I was approved I think. I currently have 4 credit cards in total, but I only use one and always pay on time.

2Face · 05-04-2014, 01:29 AM

Quote:

Originally Posted by bertdude7

This is false information, inquiries do not hurt your credit. I had over 8 inquiries and recently applied for a Discover It/Chase Freedom/AMEX and was approved on all. You have to build credit with a secured cc first or using a co signer. Not paying your credit bill on time is possibly the thing that harms your credit the most. By the way, my credit score is over 735, I started with the capitol one platinum secured card with a $200 limit, they recently gave me a $800 credit limit increase, thus making it unsecured now.

Hard credit inquiries especially if there are SO MANY within a short period of time don't hurt your credit..they will temporarily DESTROY it. It's definitely possible to be approved even with very low credit score..The credit card companies use discretion on case by case basis and at times are just looking to add customers. So moral of the story is..It is not a good idea to go on applying like crazy...

minus · 05-04-2014, 09:50 AM

I have Amex, Discover Card, 3 Visa cards. My first credit card was from State Farm like a week after receiving my SS. Anyone who has State Farm insurance pretty much is guarantee a credit card regardless of your credit history (Student Visa).

TexanJose · 05-04-2014, 12:46 PM

Quote:

Originally Posted by 2Face

Hard credit inquiries especially if there are SO MANY within a short period of time don't hurt your credit..they will temporarily DESTROY it. It's definitely possible to be approved even with very low credit score..The credit card companies use discretion on case by case basis and at times are just looking to add customers. So moral of the story is..It is not a good idea to go on applying like crazy...

I have Discover and did realize that when I applied for a card and got denied (Chase does NOT give people with tax IDs credit), my credit score got lowered. So, yes, applying for credit and not getting it lowers your score.

j_cis1011 · 05-05-2014, 01:02 PM

Quote:

Originally Posted by TexanJose

I have Discover and did realize that when I applied for a card and got denied (Chase does NOT give people with tax IDs credit), my credit score got lowered. So, yes, applying for credit and not getting it lowers your score.

I think even do getting it lowers your score because when they check your score it is considered a hard inquiry. Needless to say each inquiry only lowers it like 2 points I think.

bertdude7 · 05-05-2014, 08:07 PM

Quote:

Originally Posted by j_cis1011

I think even do getting it lowers your score because when they check your score it is considered a hard inquiry. Needless to say each inquiry only lowers it like 2 points I think.

I find this hard to believe, can you please provide source/link to confirm this?

j_cis1011 · 05-05-2014, 08:34 PM

Quote:

Originally Posted by bertdude7

I find this hard to believe, can you please provide source/link to confirm this?

Which part? Your score being lowered because someone checks your credit score? Or that it goes down 2 points? I know for a fact that it goes down because in December I moved into a condo and the landlord had to run a credit check. The week after that, I checked my credit score (via Credit Karma) and it said my score had gone down 2 points and that I had one hard inquiry. I'm speaking solely on experience, but I'll see if I can find something to confirm my statement.

j_cis1011 · 05-05-2014, 08:41 PM

I found a website that has more info on how your credit score works: http://www.myfico.com/crediteducatio...inquiries.aspx

How much will credit inquiries affect my score?
The impact from applying for credit will vary from person to person based on their unique credit histories. In general, credit inquiries have a small impact on one's FICO score. For most people, one additional credit inquiry will take less than five points off their FICO score. For perspective, the full range for FICO scores is 300-850. Inquiries can have a greater impact if you have few accounts or a short credit history. Large numbers of inquiries also mean greater risk. Statistically, people with six inquiries or more on their credit reports can be up to eight times more likely to declare bankruptcy than people with no inquiries on their reports. While inquiries often can play a part in assessing risk, they play a minor part. Much more important factors for your score are how timely you pay your bills and your overall debt burden as indicated on your credit report.

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So... we can't apply for a credit card? - Page 5