Question: 6-9 mnths aint so bad… I’m just about done with a 3 *year* “battle” with those things… Just look forward to the “high” you’ll feel when it’s all done-n-finished! Does your workplace have a credit-union? I got a bit of my enemy transfered there.. Interest wasn’t any lower, but it sure does look a lot better on your credit-report, which allowed me to qualify for a much larger consolidation loan (for everything but the house) a few mnths later when I got my debt (not counting the house) down to $10k. As a result… One yr ago, I couldn’t even get my current credit-card to increase my limit by $500. Last week, I ordered and got new one with a $3k limit. If that $5k (what I’m still “looking at” paying off) were still on credit-cards, there’s no way that I’d have qualified for a new one (to replace the old one.. I’m not getting back into credit-card collecting)… Now using the CC for nothing but keeping my $$ in the bank till the end of the mnth for the maximum interest (even if it is less than 3%) and no “checkbook hassle”…
Karen Wheless wrote in article …
Answer: If you were applying for a “extra low rate” credit card, those companies usually have much stricter guidelines for approval. Most have higher income requirements and view even a few late payments as undesireable. They can afford to. Everyone in the country wants a card that only charges 12-13%.
“A few late payments” depends on how many trade lines (different companies reporting in your credit bureau report) show late payments. If you have 2-3 late payments (no more than 30 days) in 1 trade line, most companies might view that as something going on with that company only. If for example, you have 6 trade lines and 4 or 5 show late payments, that may indicate a problem with your paying ability (or willingness to pay promptly). Both of which are very scary for companies granting credit.
A high income/credit ratio means that they think you have as many (or more) bills than you can handle right now. If your income is 1600.00/month and your credit bureau report shows you pay out 1000.00 in bills each month (rent, credit cards, car loan, whatever), you don’t have enough left over for utilities, food, entertainment and their credit card payment too. Narrow minded I know but that’s the way it is.
Falsifying a credit application is FRAUD! While it might slip by, if something happens and you can’t pay (or some people don’t intend to) you can end up in severe legal trouble. More and more companies are pursuing legal action.
Sorry this is so long. I’ve working in credit for over 20 years. It’s very confusing and appears unfair alot of the time.
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