What if my husband applied for a credit card and it got declined and then applied for a secured credit card and that too got declined…does that ruin his credit history and secondly should he not apply for another credit card then? Or should we both apply for a secured credit card? Cuz I have a credit card through my bank under a student credit card.
Re: Credit Card
I used to work at a bank and had some dealings with credit products and actual credit applications. Mind you this was not in the US but I think standards are pretty similar in most western countries.
Here is the thing, every time you apply for a CC the bank will do a credit bureau regardless of what the situation is. So this shows up as an inquiry on your credit bureau. Ultimately, too many inquires very quickly together are a red flag for banks that the person is a credit seeker (not a good thing). Many times this can be explained by the person such as searching for the best interest rate on a mortgage or whatever. But often it is something a bank will investigate.
But maybe your husband doesnt have alot of credit history and this is the reason for the decline, but that is surprising in the case of the secured credit card.
Hope that helps.
Re: Credit Card
What if my husband applied for a credit card and it got declined and then applied for a secured credit card and that too got declined....does that ruin his credit history and secondly should he not apply for another credit card then? Or should we both apply for a secured credit card? Cuz I have a credit card through my bank under a student credit card.
why dont you get an additional credit card under his name on the account you already have. try that for starters
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Consider it a blessing... Credit cards are leeches that will suck ruin your finances.
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GB thanks for the info. he just moved to the US like a month ago so I will wait for another 4 or 5 months before I try again for him....
Mr. F bhai: I told him to do that but since my bank doesn't have very many locations near our house and this other bank does....he wanted to go to the bank that did....and he wouldn't listen....so i guess he is learning the hard way....but would it affect his credit history if i added him on my cc?
Kaleem bhai: I know but u gotta start somewhere....if i want to be able to rent an apt or buy a car need credit history....
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^ Pyari, u can just have the credit ccard just to have something in u rname and NOT use it at all... at least I think you can do that..
Re: Credit Card
pyaari
this info will help you.
Routinely, people in credit trouble are advised that one way to rebuild their credit is to get somebody – their mama, daddy, grandparent, or friend – to add them on a credit card as an authorized user.
Piggybacking, in most cases, is a great deal for the person trying to establish credit or get a boost to their bruised credit history, according to Jonathan Alper, Florida bankruptcy and asset-protection attorney.
Treatment of authorized users can vary by card issuer. But generally, adding an authorized user to your credit card account lets the credit history of that particular card be transferred to the new user’s credit files. Positive and often negative information on the card can be added to the authorized user’s credit files.
The authorized user has your permission to use the card, but he or she has no contractual responsibility to repay any of the charges on the card, according to Rod Griffin, a spokesman for Experian, one of the three major credit bureaus.
Clearly, if someone is trying to improve their credit history, they should only be added to an account in which the cardholder has had the card for a long time and used it wisely – paid the account on time and kept balances low. That positive information can significantly help the authorized user’s credit scores.
Re: Credit Card
I am not in usa but i guess they have same procedure everywhere, If you want to get a credit card, it will bit long way. Try going for small loans and than repaying them on time, small loans for small time. When you pay that on time , you get good credit history, that waywhen you apply you will get future loans and credit card easily.
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^ yea like when i came here my husband applied for departmental store cards for me at first just to build a credit history.also he joined my name as secondary card holder with some of his cards.
but now that we hav built a history we got rid of all unnecessary cards.
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even i cant one but it is becaue i do not have enough credit history????? how does this work i am 18 almost 19 so i it would have been my first card but they said no
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Zayma u should ask one of parents to add you to one of their credit cards as an authorised user. Just makes sure that its a card that has been in good standing and still is. Once you have been on their accounts for 6 months to a year you will start getting credit card offers yourself. Even to apply for store cards a major credit card is required so you may not be able to qualify for those either at this time. Best option is to start off as an authorised user with someone that has good credit. Some creditors have special cards for students, AMEX is one of them. Capital one also issues credit cards to people with limited or no credit history. My little bro who is 19 just got his first credit card too. He had only been a co-applicant on a checking account not a credit card and he applied with capital one and got his card.
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i got several store credit cards, Gap, Express and Macy's, most of em had special student accounts with very small limits ($150-200-500).
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Oh I never knew stores also offered student credit cards. Thanks.
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Yeah that's how the bank entice student's with CC, by offering good rates and special discounts and all.