Why haven’t I been approved for a store credit card, ive tried 3 times?
Today I went to Walmart and applied for their in store card (not the discovery card) and I wasn’t approved. I am 19 years old. I have one credit card in my name and I have always paid my bill on time in full, I have never excited the limit on my card. I have had my credit card for 1 year now, and the company I have my card through says I am excellent standings with them.
I have applied for a Sears card twice in the last two years and have not been approved.
This was my first time applying for a Walmart card. They gave me number to call and I did. They said with in the next 30 days I will receive a letter stating why I didn’t get approved. I cant wait 30 days to know why.
Has any one had any experiences with not getting approved for a store credit card? Why wasn’t I approved?
Please do not tell me I dont need credit cards, I would like to establish credit to purchase a house, car ect.
My credit card is at zero. I dont purchase any thing unless I can pay it off at the end of the month.
You do not have enough credit history. Yes, you have had a credit card for 1 year, but that is not enough to establish a credit history.
It is a catch 22, because you can’t get credit without having credit. Your best bet is to have a close relative co-sign with you. After a few years, you should be able to get one by yourself.
Another possibility is you have fraud on 1 or all of your credit reports. You may want to go to Equifax.com and order you a report. This should be done once a year.
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18-21 year olds are viewed as extreme credit risks in this market/economy…only the passing of time will remedy this…it’s not your fault.
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You do not have enough credit history. Yes, you have had a credit card for 1 year, but that is not enough to establish a credit history.
It is a catch 22, because you can’t get credit without having credit. Your best bet is to have a close relative co-sign with you. After a few years, you should be able to get one by yourself.
Another possibility is you have fraud on 1 or all of your credit reports. You may want to go to Equifax.com and order you a report. This should be done once a year.
References :
You do not need multiple credit cards to purchase a house or car. If you have one Visa or Mastercard that you pay in full every month, the sky is the limit for your credit score. The reason Walmart and Sears turned you down it because of the length of your credit history, and the balance on your credit card.
If you were to pay down your credit card to a zero balance and keep it there, they’d give you regular credit increases. The regular credit limit increases combined with keeping your balance at zero would raise your credit score. Add to that a car loan that is paid on time every month, you’d have no problem buying a house.
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Simple.
Having only one card is just not enough credit history to take a risk on you. Could be that come Feb 2010, you will need to be 21 to get anymore credit ( I don’t think this will affect what you already have )
It could be too many inquiries on your report
Could be you don’t make enough money
Could be you haven’t been on your job or lived at your residence long enough
There are a bunch of reasons a 19 year old would be declined. When you get the letter, you will know for sure.
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