Credit Advice

Decent credit- Why can't I get approved?!

Good question?

Okay, I had ONE negative bill on my report that has since been removed, my main cc 'universally defaulted' me and hacked my limit down 75% and hiked my apr from 9.99% to 17-19% (whatever the maximum highest they could charge me)- despite the fact that I have a stellar payment history on not just that card but ALL my cards-
I recently asked for them to review and give me back some dignity and they denied me.
I immediately decided I would move my bizz to a competing bank, opened a new account and was asked if I wanted to open a card there too.
I said sure. I got a call approving this card, for about the same limit, but better apr.
I was even planning on transferring 30% of my existing card over to them.
Today I got a call and she un-approved me. Based off the fact I had mentioned I was going to nursing school (??!!! Umm, so what? I'm 38 and a MOM, who will happen to start making EXCELLENT money in less than 2 years) and that my credit history is only 5 years old.
My first card happened to be with this bank btw and they had noooooo problem approving me then and giving me a 5 grand limit off the bat. (Nothing has really changed financially for me since first gaining credit)
I did close some cards, I was under the impression that was the thing to do if you didn't use them or they wanted me to do an annual fee all of a sudden. (realize now I need to keep the oldest one open and active which sucks because of the apr and dec. limit!)
I also pay off way more than the minimum payment, sometimes more than once a month.
Could this also be hurting me? I can't buy that I am a "risk" when they were all giving me great limits and aprs before. I had one fight with t-mobile, it got removed and all credit hell reigned down on me. So the excuses they are using now I don't believe are the truth. (big surprise there, huh?)
I think they call me a "deadbeat"? Because I pay often, a lot and on time..
Why am I getting penalized for trying to be responsible and play by the rules in order to get my credit up. My score is only 655 right now.
I never wanted credit cards in the first place, I have always hated them! I would however like to buy a house in the near future so I HAVE to do something.
Any advice? Is this a normal thing now since they are going thru their little crisis thing?
I have friends that they have dramatically decreased lines on too for no real good reason- How does this affect my credit score? Did it go down dramatically when they slashed it down by so much? (over 75%!!!, I am stupified).
What can I do to get a card that has a better limit and apr if I just got turned down? Will applying for more hurt my score even worse?
So frustrated and well- sad! Please help. Thanks!

Asked by burninhelen 1 year ago Flag this Question