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Hi all,
I have four credit card accounts with low credit line. Other than that, there has been no late payment. I recently applied for another credit card and got denied due to few credit references and low credit limit.
But, a few weeks back I got an offer for another bank in mail and got it with a $3700 limit. Also, I got a new car. I understand that from next month both the new card and motor finance will show up on my credit report. Are these factors sufficient to mitigate the reason why I was denied the other card? It pulled the Experian score which is the lowest.
Secondly, is FICO score only for TransUnion or also for Experian and Equifax?
Thanks
Getting approved for a card
Hi Letya,
You just got a new card and another loan and you have three other credit card accounts. SO, I don't think you need to get another new card now. I think you should wait for 6 months to 1 year and then apply for another new card if you need to.
As for the cards with low credit limits try to pay down the balances. Maintain low balance on these cards, else your credit score will be hurt. In the meantime also make on-time payments on the new card and the loan. this will help you in building up good credit history. You will easily qualify for new credit after 6-8 months.
Thanks,
Aaron