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Thread: credit cards?

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    Senior Member beautifulxxdisaster's Avatar
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    Default credit cards?

    hey i was wondering if ne one new that if i apply twice for the same card(capital one healthcare finance) that it will effect my credit negativly? Or applying for ne card will that go against my credit??? thnx <33

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    Banned Melonie's Avatar
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    Default Re: credit cards?

    normally, every application for a credit card will result in the lender making a 'Hard Credit Pull', with that hard credit inquiry being recorded ...

    (snip)""Hard" Credit Pulls: Hard credit inquiries are made by lenders. Lenders, when granted a permissible purpose by a borrower for the purposes of extending his credit, can check his credit history. Hard inquiries from lenders directly affect the borrower's credit score. Keeping credit inquiries to a minimum can help a person's credit rating. A lender may perceive many inquiries on a person's report as a signal that the person is looking for loans and will possibly consider that person a poor credit risk." (snip) from

    In regard to applying twice for the same Capital One credit card account, I can only assume that the reason for making the second application is that the first application was denied. I really don't know the de-facto difference in effect on credit score, if any, of having two hard inquiries from the same lender vs two hard inquiries from two different lenders.

    Generally speaking, if a future lender were to read beyond the FICO score and actually look at the details of a credit report, it is logical to assume that one inquiry by a lender followed by no account being created with that lender could be explained by any number of 'innocent' reasons ... the applicant decided not to follow through, the applicant found a 'better deal' with another lender etc. However, by the same logic, two inquiries by the same lender followed by no account being created with that lender is hard to explain via 'innocent' reasons. Thus a future lender, when viewing the two inquiries by the same lender, will almost certainly conclude that said lender had a valid reason to deny approving both applications. This is even more likely to be the case when said lender caters to the 'subprime' market as Capital One clearly does.

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    Senior Member beautifulxxdisaster's Avatar
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    Default Re: credit cards?

    Thanks Melonie!! Your soo much help <33
    Sense we're talking about credit cards i have 1 more question

    My only card i have right now is my victoria secrets credit card. I got it two months ago and now my first payment is due. They sent me my statment and my interest is 23%!!! So if i start making my payments and make them on time, how do i go about getting a better interest rate? I'm really in the dark on this- sorry if these questions sound stupid but i am clueless

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    Default Re: credit cards?

    With a Victoria's Secret credit card, you will never get a better rate. That is about average for any dept store credit card. Those are best used only for the bonuses you get, but should be paid off in full every month. Regular cards (visa, mastercard, etc) have lower rates, but your credit score and payment history will determine the rate you get. Once you have the card for awhile and keep a good payment history, you can then try and get a lower rate with the same company. Once again though, this won't work with dept store cards.
    I believe you Dottie and you have my support

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    Default Re: credit cards?

    ^^ Just call up and ask after you've made some on time payments. I did that with capitol one (bastards) they lowered my rate from 23% to 15%. I told them that I don't use their card because the rate is so high and that I would use it more if the rate was lower.
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    Senior Member beautifulxxdisaster's Avatar
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    Default Re: credit cards?

    Thanks ladies
    Nice to know

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    Default Re: credit cards?

    Since I read sxybrats post it's probably best to use the VS card for things you can readily pay off the same month since the rate is so high.
    you live like an ivy vine
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    that's your flaw
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    Default Re: credit cards?

    considering cards are coming out now with 35%+ rates, that 23% actually looks almost...low these days.

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    God/dess Deogol's Avatar
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    Default Re: credit cards?

    Watch the Frontline report in the Frontline sticky message at the top. That will give you some clues what you are getting into with credit cards.

  10. #10
    BrunetteGoddess
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    Default Re: credit cards?

    While we're talking about CCs, do you think Vicky's Secret would give me a VS card if I filed for BK in March? I really would like some kind of card to build me credit with that won't charge me hundreds just to start it up. Kohl's?

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    Banned Melonie's Avatar
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    Default Re: credit cards?

    ^^^ from what I'm hearing about creditworthiness standards these days...

    Assuming that you were able to file a Chapter 7 bankruptcy which wiped out all of your past debts, this also put you on record has having a poverty level official reported income. Mainstream lenders are now required to take into consideration the would-be borrower's official ability to repay, which will probably scratch you off the list for MasterCard, Visa etc. Store credit cards aren't necessarily bound by the same regulatory oversight re creditworthiness that applies to mainstream lenders. Thus you can very probably get a store credit card ... albeit at an outrageous interest rate due to your recent bankruptcy and otherwise poor credit history.

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    God/dess Deogol's Avatar
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    Default Re: credit cards?

    Quote Originally Posted by Pan Dah View Post
    But it seems more and more "store" cards are being issued by banks these days; the days of a store carrying it's own borrowers are pretty much over. I just checked my VS card, and it's issued by World Financial Network National Bank. Granted the limit is a lot lower than a Visa or MC, but allowing for that wouldn't they be subject to the same lending standards as any other national bank?
    If the only place you can use it is at VS, then no matter who puts the capital behind it - it is still a store credit card.

    If you go BK, you can kiss good bye any unsecured main stream credit card in the near future.

  13. #13
    BrunetteGoddess
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    Default Re: credit cards?

    I already filed. Fucking hell.

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    Senior Member beautifulxxdisaster's Avatar
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    Default Re: credit cards?

    I think you will be able to because they just basically handed me mine when i asked about it! Then you just give them a little info(address,name,social) and your good to go. They don't ask where you work or how much you make...so give it a try

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    Banned Melonie's Avatar
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    Default Re: credit cards?

    ^^^ yup, even if the transactions are handled by an underwriting bank, STORE credit cards basically bypass general industry creditworthiness standards since it is the STORE and not the bank that risks taking losses if the cardholder becomes delinquent. The STORES limit their exposure to such losses by setting low limits on their cards, and further make up for losses by charging outrageous interest rates and late fees.

    However, from a credit rating standpoint, unused credit extended via STORE cards counts the same as unused credit extended by mainstream credit card companies ... other lenders treat whatever credit limit has been extended as 'money already owed', since the cardholder could go on a shopping spree and max out the STORE card at any time.

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