I got denied a credit card at Home Depot today. Actually, it was not an official denial, but a notice that they'll get back to me in 7-10 days. I figure that getting back to me will be a denial.
I'm confused by all this. My unsecured debt at the moment is miniscule. I have student loans and a car loan, plus a small, up to date credit card balance of a few hundred dollars. Years of sporadic payments on my credit card apparently are still haunting me, even though I eventually paid off the nearly $10,000 of bad debt a couple of years ago through the second job. It's now been almost two years since then, since that summer when my car went a day from getting repossessed, since I thought I'd have to declare bankruptcy to get out of it. With a little help from the folks and a lot of toil with the second job, I was able to get out of it.
In the last year or so, I've started to get new credit card applications in the mail, which I figured was a sign that my credit score was improving. I got one with a $1000 limit, for emergencies, and used it for such last summer. This school year, I applied for a Dell line of credit, and was approved. I bought a computer for my classroom after months of problems with getting any sort of technology in my room, and it turned out to be a good purchase that I've already paid off. However, since that time, I was denied a credit card at Sears when I wanted to buy a piece of exercise equipment. So I guess different businesses use different credit reporting scores, and I wonder what the cutoffs are. It's all so mysterious and seemingly random to me. I would think that Dell would be stricter in its credit offering than department stores, but I guess not.
Last week, I got a preapproval credit card from Home Depot, plus a $200 coupon off my first purchase with it. All I was supposed to do was go in there and do the paperwork, and then make my purchase. I've been wanting to get a washer and drier for a long, long time - my entire adult life - and thought this might be a good way to do it. I'm paying nearly $25 every time I go to the laundromat and it's getting ridiculous. Since I just paid off my computer, I thought I might try my hand at another purchase to concentrate on.
Alas, it looks like it's not to be. Unless something surprises me, I can't get a line of credit from freaking Home Depot. How I ever think I'm going to get a line of credit to purchase a home, I do not know. I guess it's just a waiting game until my credit score increases enough so I can be an adult and stop going to a freaking laundromat.
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7 comments:
You can go to Equifax and buy a 3-in-1 credit report. This lists everything on your credit report from the three major credit-reporting companies. It runs about $25 and is valid for thirty days. It's possible that whatever credit firm Home Depot uses shows you owing debts that you don't actually owe.
I don't know if you've bought a credit report before or not, but the report doesn't include your credit score. If you have to choose one over the other, get your credit report.
Also - if you had any charge-offs or outstanding debts less than three years ago, that may be negatively affecting your credit score.
It's also entirely possible that soem of your information is being shown incorrectly by the reporting agencies. Something as simple as an address being formatted differently, or the inclusion/exclusion of a middle initial can muddy the water.
I agree with the other commentators that you should definitely get your credit report. It is suggested to do this frequently, like a doctor’s check-up (annually).
I recently got mine and had to contact several companies to update their records as far as showing balances I owed from old debt. There was also something on there from a line of credit established before I was born, so obviously that wasn't mine and I had that removed as well.
The credit reporting companies take 7 years to cycle information off your report, so if you have just recently cleared it up over the last few years it is only a matter of time for that to disappear. Take heart in this though, I’ve been told that bad credit is better than no credit.
All of the other comments are good, but I also wanted to tell you that some stores are more strict than other sources of credit... which is odd, but true. I wouldn't lose hope - are you still a member of MSUFCU? If so, you have a long line of credit with them, and hopefully they would help you with money to buy a house. Anyway, hang in there, and best of luck with your new site! Jerica :)
$25 to do laundry! Yikes!
Epiph-
Starting Sept. 1st in Maryland, you'll be able to get a free credit report from http://www.annualcreditreport.com/
The Sept 1st comment is correct. Most states already have it free, but they have been cyclying them in a few at a time. You'll be able to get one once a year. d.
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