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bella78 asked:


I’m a new resident and have zero credit. To build one, I applied for a secured credit bank with Bank of America. I set up a savings account for $500 and that was supposed to be the card limit. Now, they told me to wait 4-6 weeks for my card to arrive. Instead, I just got a letter in the mail that I was DENIED. How come?? How am I supposed to build credit if I can’t get secured card? I don’t want to loan a card just to build credit and I don’t qualify for a store charge card. There’s nothing bad on my credit report, it’s blank. How on earth is it possible to be denied??
to agold_12: the card was secured, it means the bank takes no risk with it, come on. read all the details next time, please.
secured mean that bank holds 500, the limit of the card, and if I don’t pay, they take it from the secured. no risk for them

Jenice C asked:


have been laid off for a while. I have a personal loan, phone bills and about four credit cards. All my credit adds up to about 20k. I just got a new job and I am making about 2400 a month. My rent is 600 a month and I have about 200 monthly bills. All my credit went into collection agencies. Does anyone have any advice…Its not so easy just to pay it off because of my other expenses and settlements usually require 2 or 3 payments to pay off the whole debt. My loan alone was 8 thousand dollars. I want to pay all this off. Can you please give me advice how to pay it all off and than gradualy how can i rebuild my credit. Another option is bankruptcy…I live in New York. If I do bankruptcy, how bad would that affect my future. Also, would it affect me inheriting a house? Would it be a good option? I know it stays on my credit report for 10 years but can i still build credit after filing bankruptcy and how soon? thanks.

stacy asked:


Last year I stopped using a credit card without knowing that there was a direct payment set up for something that I thought I had already changed… so, I ended up owing about $200 for 3 months…. they finally cancelled my card, etc. This happened last June. I have tried to applied for new cards early this year and got denied… when I checked my credit report, it only shows that one bad card and a student card that I had long time ago… and nothing with the cards that I currently have. I own a business and have $10,000 of transactions each month which I pay off 100% every month as soon as I receive the statement.

My question is, why is it that the good cards I currently have (2 american express business cards and 1 mastercard business card) not showing up on my credit report? And, is that bad credit card record going to go away and if so, when??? Is this going to affect me when I want to take out a mortgage to get a house?
When I applied from my business cards, I did have to put in my SSN… so I am not sure if it’s on it. I will contact the CC company.

On a side note, last night I applied for another credit card from Citibank (personal only this time!) and it got approved. How long does it usually take for a new card to show up on my credit report and would it help out with my bad record?

Clueless in NY asked:


I currently have a load of credit card debt that have been sent to collections. The bad debt has accrued for the past 2 years (24 months), and my only way out is to repay the collection agencies. However, the credit companies have already charged off all my accounts! I have heard through friends and family (who are involved in the mortgage industry), that repaying my debt will refresh my credit report and even if I pay the bad debt it will stick to my credit report for 7 years as of the date I paid them off. I was involved with a debt settlement company, until I found out that my credit wasn’t gonna be fully restored. From what I know, my choices are bankruptcy or paying off my credit card debt in full. What I am looking for is a way to restore my credit without having to wait another 7-10 years, is this possible?

I want to buy a house in the next two years, and I want to build a stronger credit profile. I am 24 and accumilated debt between the ages of 19-22, when I realized I couldn’t afford to pay them because my income shrunk and I started school. Are there any REAL solutions for me?