Applying For a Credit Card

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Viewing 7 posts - 1 through 7 (of 7 total)
  • Author
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  • #589037
    qaws
    Member

    If I don’t have any credit right now (good or bad) and I apply for a credit card and I get denied, does that ruin my credit?

    #629023
    mchemtob
    Member

    it does not ruin your credit. if you would like to build up your credit you could apply for a secured card which means you give them x amount of dollars and they give you a credit card and if your account is in good standing after a year they will upgrade your credit status and refund your money. they ask for the money b/c u have no credit and they need to protect themselves. your credit score is determined bu how much money is available to you (credit) to how much money you owe (debt) for example if i have 10 credit cards and each one has a line of credit for 1,000 i have 10,000 available but if i owe 1,000 then the percentage is 10% debt to credit so your credit score would not be effected but if i owe 7,000 on the same 10,000 thats 70% and your credit score will drop. also paying late and skipping months lowers your score. debt is not only on cc also car lease home mortgage etc… hope this was useful

    #629024
    bitachoncoaching
    Participant

    also…..a lot of credit cards are canceling cards that havent been used in a while so if you owe money and they cancel a card on you it effets your credit to debt ratio and lowers your credit score and u didnt do anything wrong!!

    #629025
    RoshYeshivah
    Member

    As far as ive seen from my credit reports, applying for credit which is denied does effect your credit score.You can also start building up credit with capital one bank,they give you a credit card of $300 without any prior credit history and eventually they raise your credit limit.I started with capital one and after a year i’m basically approved for every decent credit card.

    #629026
    bitachoncoaching
    Participant

    applying for a 1st credit card with no previous line of credit does not effect a line of credit that does not exist…yet.

    #629027
    RoshYeshivah
    Member

    obviously so. But once you have a credit line and you apply for credit it affects your score.

    #629028
    Phyllis
    Member

    i use a debit card which i find really great, since the money you spend comes right out of ur account, instead of spending and then getting a whopping bill at the end of the month..

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