How can I be rejected to open a new card with a descent credit score?

I have always used a debit card....I dont have nay credit cards at all. So I thought I will not have a credit history at all.

I tried to open an account at a store and got rejected saying that there is no credit history for me. This happened at another store too.

Now going thru all this.....I was dreading as to what my score would be....and recently I have been thinking abt buying a house.

So I signed in equifax to day....and it shows my credit score as 697....how is that possible when I got rejected 2 times opening a credit card with 2 differernt stores?

Will this score help me to get a lender or will they reject it ? I dont get it!

Help?

Thanks!

How can I be rejected to open a new card with a descent credit score?

The only way to even be able to have a score calculated is to have some credit. So saying you don%26#039;t have %26quot;any%26quot; credit is not correct. This does not have to only be Credit Cards, it can also include things such as Auto or Student loans.

A 697 score is fairly good, if there is a lot of history. So it sounds like you may have a thin file. That is either only a few accounts or a short history(under a couple of years).

The best thing to do is understand that your credit score is not the only factor in getting a home loan. Another major factor is things like your Debt to Income Ratio. But if you want to know more about credit scoring, you should look at the company that actually does the FICO score. The link is below and you can look it over to understand it a bit better

How can I be rejected to open a new card with a descent credit score?

Your credit score reflects how you are in paying back any commitment to a bank or any other financial instruction

The score show if you have had many such commitments and how you were in paying them

-----ON TIME----

No at how fast you paid them off

that don%26#039;t mount to a hill of beans in a corn field.

The score reflects at how you are in paying a monthly payment on time.

And ONE payment to one bank a month is about as impressive as a tricycle bicycle race.

So do not fear a couple of on going payments they will raise your credit score after just 9 months time of payments.

------Example-------------

Remember that car loan for 5 years?

They do want to know can you payback that $74,000 Dodge Viper reliably

with out a bunch of in mail notices of late payments.

-------

Get a credit card at the bank you have your ATM card for staters

How can I be rejected to open a new card with a descent credit score?

you still get a score even though you may not currently have any credit.

To answer your main question though, indeed you will most likely get refused for a credit card but what you need to do is just establish credit at this point. You do so by starting small, like a department store credit card (you will most likely get a low line limit like $100) don%26#039;t open too many at once though as it will negatively affect your score, wait at least 3 months between each request. Do not go buy a car either as this too will affect your credit negatively. Also do not excessively request credit, whenever you try to get new credit, your credit report gets pulled and the more it gets pulled the worst the score will get (to put it in simple terms).

Lastly, in order to keep having a good score, don%26#039;t use more than 50% of your credit limit, for instance if you get a Macy%26#039;s car with $100 limit, don%26#039;t ever spend more then $50. It is ideal to use 25%-50% of the limit and pay on time, this will really help you improve your score and eventually be able to obtain a major credit card.

Another option for new credit (if it applies to you) get a student credit card through your bank, they are much more liniant with those who have little history - this is actually how I started building credit as I too was in your situation at one time!

Good luck and remember that your credit score determines your future so be responsible with your credit.

How can I be rejected to open a new card with a descent credit score?

lenders like to see a good credit history, which means they like to see accounts that have been open for a while and kept in good standing.

I started with a small department store card whenh I was 18 and built it from there.

How can I be rejected to open a new card with a descent credit score?

Why don%26#039;t you try pulling your credit report to see what derogatory items you have. Your allowed one free credit report as per %26quot;The Fair Credit Repaorting Act%26quot;. You could go to www.perfectcreditcompany.com and scroll down to the bottom of the page and click on get my free credit report. Click on all three bureaus and you get all three free. Just make sure you have paper in your printer cause one bureau might have 10 to 20 or more pages. Don%26#039;t worry about making an inquirie cause your pulling your own consumer credit report.