I was tempted to put this in the pit, but I do want an answer so I’ll put it here. Please forgive my whining and ranting…
I had a credit card for about 5 years. When I first got it, it had a $300 limit. The interest rate was 18%. The limit increased to $1600 over those 5 years while the interest rate stayed the same. I paid the balance in full every single month and was never late.
I just cancelled it. I cancelled it due to the fact they would not increase the limit because I have gone over the limit several times in the last year. :rolleyes: They refused to even consider my request until one year had passed from the last time I went over the limit.
This was my only credit card. I used it for almost every purchase and would get near the limit several times a year. I used it to finance vacations. I used it to finance portions of my wedding. I have used to pay very expensive car repairs. I used it to buy major home appliances and to renovate my house. With these kinds of expenses of course I ran into the limit every now and again (I know this in not their fault).
Finally after having my card (embarrassingly) rejected at a restaurant a couple of weeks ago (for being over the limit), I called the company and requested an increase so this would stop happening. They refused. I know that it is not my right to have credit (though I do notice that some people think this), but I have never missed a payment or been late for 5 years. I thought I was a good customer. I guess not. I told them to close it down.
Now, however, I cannot get a good credit card. The only cards I seem to be able to get have a credit limit less than $2,000 and interest rates above 15%. I’ve applied for 3 different cards and was rejected by all 3. All three of the applications were sent to me in the mail with the phrase “Pre-Approved” stamped in big red letters and the word “maybe” written below in teeny-tiny letters.
Okay, now the background and the question: I don’t see how my credit rating is that bad and I don’t understand why I cannot get a decent credit card…
Reasons I should be able to get a credit card:
[li]I own a home. I have owned this house for more than 2 years, have close to $80k in equity, and have never been late on a payment.[/li][li]I bought a car 4 1/2 years ago. The financing involved a 4 year loan with a 21% interest rate. I paid it off in 3 years and was never late on a payment.[/li][li]I have student loans that I have not missed a payment on in 5+ years.[/li][li]I had the above mentioned credit card for 5 years and was never late on a payment.[/li][li]I have a good income and have held the same job for 3+ years.[/li][/ul]
The only black marks on my credit report are all about 6 years old. I went through a bad time 7 years ago and defaulted on a credit card. I almost defaulted on the student loans. I could have declared bankruptcy, but I didn’t. I worked as hard as I could and paid off all my debts. I thought I was demonstrating responsibility. Now, however, I wonder if I did the right thing. I know people who have declared bankruptcy, are less fiscally responsible than I am, and make less money than I do. They have no problem getting credit. :mad:
What can I do? How can I get a credit card? Why do I get rejected? I have checked all of my credit reports and they are accurate. All delinquent accounts paid and closed 6 years ago. All payments since then paid in full and on time. What do I need to do to get credit? And finally, how are the people I mentioned in the previous paragraph able to get more credit than I get?