Credit Denials/Bad Credit Help

[deadmauslov]

Can someone tell me what a derogatory public record means?

I was applying for a credit card like I usually do, and they always deny me and I've made peace with that.

But when I received the denial letter through the mail it said, collection/defaults exist, and also too many bad public records exist.

What the heck is this about? I've never been arrested before. I've never trashed a house or anything like that so what does that mean?

[CHiLL]

It might mean that there have been too many denied requests for credit cards.

[Jessi]

It might mean that there have been too many denied requests for credit cards.

 

It definitely could. Your line about how you were "applying for a credit card like you usually do" makes it sound like you're regularly applying...and getting denied. Every request shows on your credit record so they can see that you're trying repeatedly to get a card...and being turned down.

[ridwan sameer]

Oh Maybe you have a record with the cops?

[Nathan]

No a public record is one of a few things:

1. You have a unpaid debt that has went to court, you didn't show, and they now have a judgement against you.

2. Possibly another unpaid debt that has now become a mechanics lien.

[koasd]

_{Public record refers to information made generally available by federal, state and county courts. Derogatory is the term used to describe a credit account with a history of late payments. Common types of public records that may become derogatory are state or federal tax liens, civil court judgements and bankruptcies}

[S.O. Price]

If you have damaged credit but want the convenience of using a card, why don't you try some of the pre-paid debit cards available? Will you have to load up the card with money before you can use it? Yes, but my understanding is that once you load it up with money, it basically works like any other credit card. Sometimes a person just needs a card, cash will not do. This would be a good way to have a card you can use if you need it.

[SpikeTheLobster]

If you have damaged credit but want the convenience of using a card, why don't you try some of the pre-paid debit cards available?

 

It's also worth looking into ones with minimum payments and a cost associated with the card. Why? Because some of them are considered loans - you charge them up with a bit of money, pay the tiny setup fee and when the card runs out, you're considered to have paid off a loan. And that's a positive mark on your credit record.

 

It can also be worth taking VERY short-term, VERY small cash loans from companies like Wonga (if - and ONLY if - you can afford to pay a bit of interest). The interest rates would slaughter you over a long period but every repaid loan counts as a positive. A good way to spend a bit of money and reconstruct things, especially if you can get special offers and vouchers to apply.

[deadmauslov]

No a public record is one of a few things:

1. You have a unpaid debt that has went to court, you didn't show, and they now have a judgement against you.

2. Possibly another unpaid debt that has now become a mechanics lien.

 

HOLY F ARE YOU SERIOUS?!

[Marc]

HOLY F ARE YOU SERIOUS?!

 

He is indeed, however please chill the language m8 LOL

 

Dunno how it works in the US but Im sure you much be able to get a copy of your credit report as you can over here. Would suggest doing so as it will help you to understand where you are going wrong what what you can improve on.

 

In general no matter where you go in the world however, bare the following in mind:

• No credit is bad credit - You do not have to prove that you do not have bad credit, you have to prove you have good credit. therefore having none at all can be harmfull to your rating
  
• Court judgements last x amount of time on your record and will be removed in most countries after that amount of time. If you have one do not try to apply for credit within this time as it will futher harm your rating through rejections.
  
• If you apply and you are rejected even once, DO NOT apply for anything else until you have rectified the reason you were rejected in the first place. Applying for too much credit can be harmfull in itself. Would you give money to someone that everyone else wont?