Turned down for the new Disney credit card

[Randi]

I realize that in the context of more serious happenings going on now, that this is a petty annoyance, but my son had tried to get one of the new Visa cards from Bankone. We assumed that there would not be any problem, as he has had a Master Charge for years and also a Penny's card. He regularly gets unsolicited requests to sign on to various other cards. But according to the letter he received today, he has too FEW bank revolving cards! Too FEW? Since when would that be a credit risk? I called and got the standard lunacy. Like is his card actually a debit Master Charge? Gee, then explain the statement he gets each month. Anyway, we called for the credit report to see what it says, and then go from there. I just thought it would be nice for him to have as he loves all things Disney.

 

[dandave]

Having too little credit can be a problem. They like to see that you have multiple accounts, because they can then "grade" your payment history. We have several cards. I charge on them all, but pay off the balance each month.

 

[emmagata]

I got mine the other day. I probably won't use it. I only got it as a souvenir.

 

[jamsmom]

Originally posted by emmagata
I got mine the other day. I probably won't use it. I only got it as a souvenir.

Me, too....well....I may use it some.

 

[Cindy B]

Too few is sometimes too little to judge for credit scores.

Personally I think too few is great.. we got out of credit card debt and will never go back to it!


I didn't get the card either, so don't feel bad.

 

[Luckymommyx2]

There are so many things banks consider when looking at the credit report. One thing is to see how long you've been on file compared to the date of your oldest reporting file. For example if you've been on file since 1980 but you only have one or two accounts which are both not opened until the mid 90's that can draw a red flag. The major speculation there would be that someone possibly opened up a bunch of accounts, maxed them out, declared bankruptcy and is just starting to obtain credit again. There are so many tricks that banks learn (the hard way) that they often become a little too strict on those just starting to obtain credit legitimately. Every bank is different. The kicker is that banks want to see established credit but some have a hard time being the ones to help you establish it.

One bank card and one department store card should have been fine, especially if they have been open and reporting favorably for more than six months. Sorry for the long post and sorry about your son's letter Randi.

 

[travelin' tigger]

Chaulk me up as another who got rejected. Waiting to get the credit report to find out EXACTLY what's going on!!!

 

[ead79]

Do be sure to pull his credit reports from as many of the three major credit reporting bureaus as possible (Equifax, Experian, Trans Union). It sounds to me that the reason for declination might be too short of a credit history to accurately rate or too few credit items (charge cards, lines of credit, etc.), so time will fix that one. But it's good to know if there are any negatives on the credit report now so you can get them straightened out before the time comes to get a car loan/home loan/etc. Oh yeah, I almost forgot that in the fine print it said that you must have an annual income of over $14,400 a year. If your son is a student/young person, he might not have the required annual income. Goodness knows students are poor, LOL!