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I was rejected by Blue Sky American Express and was told in the letter my credit score was 702 which I thought was good especially since I just recently approved for an apartment and radio shack credit card. Not only that but I have been a American Express cardholder since 2006 and I get rejected by another American express card?
It was stated that
I have a low number of satisfactory accounts
What else can I do to get the score UP which I already thought was good?????
Several years ago, 702 would have opened more doors -- but these days, creditors are a bit more strict.
Did you get the Radio Shack card recently? If so, that might be one thing that was a red flag to AmEx. It makes creditors wary if they see you're opening several accounts at once or within a short time frame. Think of it this way: if someone suddenly had access to $10,000 of credit, the temptation to shop and spend it all would be pretty high. It wouldn't be a good credit risk to increase their available credit.
Here's some general tips for raising your score. Note that you can't really raise it overnight, improvement takes a bit of time.
1) Ensure you pay your bills on time.
2) Try to get the balance on any accounts paid down. Below 30% of the available credit is good, lower is better.
3) Keep your oldest credit card open..and use it to keep it active. One of the factors in your credit score is the age of your credit history and average age of credit accounts. Closing your oldest credit card can result in your score dropping.
4) Generally, having both installment and revolving credit helps increase your score. Revolving is basically a credit card; installment is a personal loan, student loan, mortgage, car loan... basically a loan of a lump sum that is being paid back on a schedule. Creditors like to see you can use both types responsibly.
5) Check your credit report regularly, and dispute any inaccuracies.
Several years ago, 702 would have opened more doors -- but these days, creditors are a bit more strict.
Did you get the Radio Shack card recently? If so, that might be one thing that was a red flag to AmEx. It makes creditors wary if they see you're opening several accounts at once or within a short time frame. Think of it this way: if someone suddenly had access to $10,000 of credit, the temptation to shop and spend it all would be pretty high. It wouldn't be a good credit risk to increase their available credit.
Here's some general tips for raising your score. Note that you can't really raise it overnight, improvement takes a bit of time.
1) Ensure you pay your bills on time.
2) Try to get the balance on any accounts paid down. Below 30% of the available credit is good, lower is better.
3) Keep your oldest credit card open..and use it to keep it active. One of the factors in your credit score is the age of your credit history and average age of credit accounts. Closing your oldest credit card can result in your score dropping.
4) Generally, having both installment and revolving credit helps increase your score. Revolving is basically a credit card; installment is a personal loan, student loan, mortgage, car loan... basically a loan of a lump sum that is being paid back on a schedule. Creditors like to see you can use both types responsibly.
5) Check your credit report regularly, and dispute any inaccuracies.
Yeah I was approved for the radio shack card in June and approved for the apartment in April.
FICO of 702 is at the very low end of a good score. Good is usually 700-750, excellent 750+. Specifically they said you had a low number of satisfactory accounts which means you either don't have enough accounts open or more likely have a history of paying late. I have one card where I moved and changed banks (autopay no longer worked), used the card for a random purchase (probably gas or fastfood when I forgot my debit card at home). Three months later I get a call asking why I'm not making payments. Six years later, that account is still not in satisfactory standing. They dropped the late charges, but I didn't even think to ask about having the negative removed from the credit report.
You can call the reconsideration line. If it's something like being 60-90 days late one time five years ago, they'd more than likely approve you. On the other hand, reward cards are usually targetted at those with good and excellent credit, so you're at the very bottom. No harm in asking them to reconsider at this point, but do your research first on what range of people get approved for a credit card (credit karma or ficoforums). There's not really any point in applying if the credit card denies anyone under 720. Hard inquiries stay on your record for two years even if they don't have that much impact on your score.
FICO of 702 is at the very low end of a good score. Good is usually 700-750, excellent 750+. Specifically they said you had a low number of satisfactory accounts which means you either don't have enough accounts open or more likely have a history of paying late. I have one card where I moved and changed banks (autopay no longer worked), used the card for a random purchase (probably gas or fastfood when I forgot my debit card at home). Three months later I get a call asking why I'm not making payments. Six years later, that account is still not in satisfactory standing. They dropped the late charges, but I didn't even think to ask about having the negative removed from the credit report.
You can call the reconsideration line. If it's something like being 60-90 days late one time five years ago, they'd more than likely approve you.
I really want a Best Buy Credit Card but haven't been too successful
Personally, I would never get store credit cards. Their rates are always through the roof. Just get a visa. Everyone accepts them and their rates are better than the store rates. My Visa is at 9.9%. No annual fees. $25000 limit. I have that one card only and use it as little as possible.
I know people get the store cards because of discounts and that's great if you pay it off every month, but take 2 or 3 months to pay the balance off, and that store has more than made their money back.
Why?
What is so special about that card (along with the high interest rate)?
They have the best options for TV's and Computers just in case the ones I have now dies unexpectedly and just want it for that reason along with building up my credit
You don't have to get Best Buy's CC for that... any card will do.
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