Grex Finance Conference

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Grex Finance Item 8: Why do credit problems continue after money problems are gone?
Entered by kaplan on Wed Feb 16 20:31:07 UTC 1994:

My friend's first two credit cards, Sears and JC Penny's, were both
revoked in the bad old days when she was not earning quite as fast
as she was spending.  Now she has paid off those cards and she has a full
time job with benefits and pretty good pay.

She filled out a Discover card application and was declined.  So, what
more does she need to do besides catch up on her bills and have a decent
job before she can get credit?  Should the next step be apply for Visa and
Master Card and hope?  Apply for other store and gas station cards and
hope?  Contact TRW?

Who around here has recovered from bad credit?

11 responses total.

#1 of 11 by omni on Thu Feb 17 04:09:40 1994:

 Depends on how long that event happened. I would think the logical step
would be for her to get a secured card and work from there. If too many
checks are on the record, I know that can be a negative factor in
trying to get approved.

#2 of 11 by chelsea on Thu Feb 17 15:07:00 1994:

First thing I'd do is ask for a copy of my credit report to make 
sure it's accurate.  She may have been rejected because of an error.

#3 of 11 by scarr on Mon Feb 21 04:07:29 1994:

Try your luck with the "pre-approved" credit cards.  The best way I have found
to get these is to get your name known to major credit card companies via
mailing lists.  For example, I "subscribe" to GQ, Esquire, Wall Street Journal,
and various engineering trade journals.  Every month or so I get a "pre-appr
d" credit card app in the mail.  I was late a few years ago on a JCPenneys and
Lord and Taylor card, and still to this day I couldn't get a Discover card or
any other card through normal channels to save my life.  But by responding to 
pre-approved CC apps I have 2 Visas and 3 MCs, one of them a Gold MC.  Go figur
e!!!

#4 of 11 by omni on Mon Feb 21 04:57:00 1994:

 Today's Freep gives TRW's toll-free line so you can get your credit report.
I also believe that the report is free, if you have applied for credit, 
and have been turned down.

#5 of 11 by chelsea on Tue Feb 22 15:19:18 1994:

I missed Sunday's Detroit Free Press, Jim.  Would you have that
number available to post here?

#6 of 11 by omni on Tue Feb 22 20:08:34 1994:

 I can dig it up, and I'll post it later on tonight.

#7 of 11 by omni on Thu Feb 24 05:12:18 1994:

 TRW- 1-800 682-7654
 Eqifax- 1-800 685 1111
Trans Union 1-216-779-7200

   Credit reports are free if you have been denied credit.
The 216 area code is for the Clevelanarea.

#8 of 11 by chelsea on Sat Feb 26 00:42:32 1994:

Thanks, mucho.

#9 of 11 by omni on Sat Feb 26 05:05:33 1994:

 you're welcome

#10 of 11 by mjs on Sat Feb 26 07:34:42 1994:

Anybody got the sports section?   (;

#11 of 11 by omni on Sat Feb 26 21:04:37 1994:

 As a matter of fact, yes.

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