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According to the following article, you should wait at least 90 days to reapply: http://www.yourcreditnetwork.com/blog/DeniedCreditCardApplicationsHowLongToWaitBeforeReapplying.aspx
Here’s another good article I found, called “Credit card application rejected? 3 steps to getting next one approved”: http://www.creditcards.com/credit-card-news/how-not-to-get-rejected-for-new-credit-card-1267.php
Also, make sure you are including all of your income: Alimony, child support, or separate maintenance income, odd jobs, etc! Every penny counts.
Maybe consider applying for a different secured card. I also recommend applying in person. My wife was offered a secured card the other day that she went to the bank.
Wow, excellent topic and tips Amy. Thanks for sharing! I’ll try this out and report back.
What are the chances of being preapproved and then denied?
Yeah, that’s exactly what happened. They asked her why she didn’t have a credit card with them. She told them she used to have a rewards cards, but the account was closed. Apparently they tried to reopen her account but was declined, and was offered the secured card instead.
She’s going to ask if it’s possible to put down a bigger deposit to get a higher credit line.
It’s good that you know what the issue was. I don’t know how long you need to wait to re-apply once you’ve been denied, but I would suggest waiting a couple of months and applying again, reporting a higher income.
Hi Christie,
Thanks for the info, I didn’t know about this. I was able to negotiate deletion off both accounts from my report (luckily the amount I owed was not much so I ended up paying). I’m still waiting for one of the collections to be removed, but supposedly it’ll be deleted in the next weeks. Have you disputed the collections from your report? Please let us know how it went.
Hi there dustinhood and welcome to the forums.
Well, it depends on wether you’ll get free enrollment (through Capital One) or are thinking about paying the $8.99 month membership. I’ve been enrolled in CreditInform since February 2011 through Capital One so I got it for free. If you are going to pay for the membership, I would suggest to spend a few extra bucks and enroll with MyFico, Experian or a company that offers real scores and reports.
If you are getting the service for free and you are currently not receiving FICO score and reports, then I think it’s definitely worth it. You get a monthly credit report which I believe is pretty accurate. Having access to this information is important, and they’ll suggest things that you can do to improve your credit. You’ll also get FAKO scores, which are not real credit scores, but at least you’ll have a general idea of where you stand.
Make sure to check out the following threads, which contain information on how to get a free annual credit report (in case you don’t know about this already):
Hi Amy,
Thanks for the heads up. The only score and report I’ve been checking lately is the one provided by Experian. I was aware from an article I read a few months ag, that Experian does not work with FICO scores anymore, but that they are still valuable and useable.
I didn’t know that they still provided FICO scores to lenders and this is a good thing to know ’cause I suppose lenders will be seeing a different score than the one I’m seeing. I agree with you, I should check my other scores to see where I really stand. I haven’t checked my TransUnion or Equifax scores since January.
I wish all this stuff was free so I could check them at least once a month! I guess I can wait a couple of months and check them again in January for free…
Thanks for the article. It was really helpful
Hi Christie,
Sorry to hear that you were denied for the Capital One Card. Are you trying to rebuild or establish credit? I believe that my credit score was a little lower than yours when I applied and I was approved. Do you have any idea why you were denied?
Whatever it was, don’t be discouraged, there are plenty of secured cards out there. Amy mentioned a couple of good choices. Other banks that offer secured cards: Bank of America, Citi, Wells Fargo.
You should call Capital One to ask why this happened. Explain them your situation, maybe they’ll reconsider.
Thanks to both for the words of encouragement. I guess I just need to be more patient and keep working on removing the negatives from my report. Hopefully I’ll be able to boost up my score with the new secured credit card.
@Amy:
– My current Revolving Credit to Debt Ratio according to Experian is: Credit: 88%, Debt: 12%, which I think is pretty good. I just don’t have enough credit right now.
– My oldest account age is 8 years, though this specific account is now closed.
Also, thanks for the good article. I had posted this link on the blog some months ago, but it’s good to come back to it.
Sorry for the confusion I think I was not very clear. The 580 score I mentioned is my FICO score, I’m currently monitoring my report and score through experian. My Fako score is something like 644 (MyCreditInform).
I was able to negotiate two deletions, one of them has already been removed, but there was no change at all in my score. The other will be removed in the next few weeks, hopefully I’ll see some improvement after this as I would not have any accounts in collections any more. This were both medical bills and some people say they don’t affect your score much. I’ll know in a few weeks.
EDIT: I realized I was going off topic with my comment (and hijacking ambersun’s thread), so I just started a new one here: http://www.newdirt.org/forums/topic.php?id=28
Hey ambersun,
Those “FREE CREDIT REPORTS AFTER CREDIT DENIAL” links are really handy. Thanks for sharing! I wish I had them when I had applied for credit cards and got denied. I’ll be using them for sure when it happens again
Just a quick update. I ended up registering for the Experian Credit Tracker service. It provides unlimited access to my report and daily monitoring of the other two Credit Bureau agencies. So far so good. I already noticed that one of my collections (one of two) was removed, as I was able to pay it in full. I’m working on getting the 2nd one deleted.
Hi chgodave, welcome to the forums.
First of all, congratulations on being sober, it takes guts!
About your card. It’s great that you were able to qualify for an unsecured card after having your capital one for just a couple of months. I’ve had mine for 9 months and still haven’t tried applying for other cards yet (I’m trying to clean up my report first).
I don’t think you should worry about those 3 hard inquiries. I’ve read that having between 2-4 is ok.
Have you seen any improvement in your credit score since you have the two credit cards?
