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The Old Credit Question :D

The Old Credit Question :D

Old Feb 21st 2005, 8:16 pm
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Default The Old Credit Question :D

Ok, so I have had my social security number now for about 3 months, when I try to do a credit check it still comes up as an invalid number. Is there a way I can get it validated? I have applied for numerous store cards etc (even at my work) and all have been denied, I presume now it is based on the fact that my SSN is not showing as being valid.

I know getting a secured credit card would work to get up my credit BUT I would like to see can I can the SSN validated before I do this.

Anyone got any ideas?

Patrick
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Old Feb 21st 2005, 8:31 pm
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Default Re: The Old Credit Question :D

Originally Posted by inquisitive40
Ok, so I have had my social security number now for about 3 months, when I try to do a credit check it still comes up as an invalid number. Is there a way I can get it validated? I have applied for numerous store cards etc (even at my work) and all have been denied, I presume now it is based on the fact that my SSN is not showing as being valid.

I know getting a secured credit card would work to get up my credit BUT I would like to see can I can the SSN validated before I do this.

Anyone got any ideas?

Patrick

The same thing happened to my DH when he first applied for a card on his own. After getting denied 3 times and being told the same thing, he called someone about it (can't remember where, either the local office or some 1-800 number) and was told it was a valid number (duh, we knew that!), they didn't know why it was coming up as being invalid and to just keep trying. I don't know whether it takes several months for the number to be recognized as valid or what. Maybe opening a joint account at a department store and then after making some purchases and paying them off, apply for an individual card. It worked for us.

Dawn
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Old Feb 21st 2005, 8:39 pm
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Default Re: The Old Credit Question :D

Originally Posted by psychobabbler1
The same thing happened to my DH when he first applied for a card on his own. After getting denied 3 times and being told the same thing, he called someone about it (can't remember where, either the local office or some 1-800 number) and was told it was a valid number (duh, we knew that!), they didn't know why it was coming up as being invalid and to just keep trying. I don't know whether it takes several months for the number to be recognized as valid or what. Maybe opening a joint account at a department store and then after making some purchases and paying them off, apply for an individual card. It worked for us.

Dawn
My wife has only Fair credit at present and has some bad credit history from her previous marriage and so mixing my credit with hers is not an option. I did check with my own bank (Washington Mutual) and they said they no longer do secured credit cards, so will have to look elsewhere for that.

Patrick
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Old Feb 21st 2005, 8:46 pm
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Default Re: The Old Credit Question :D

Originally Posted by inquisitive40
My wife has only Fair credit at present and has some bad credit history from her previous marriage and so mixing my credit with hers is not an option. I did check with my own bank (Washington Mutual) and they said they no longer do secured credit cards, so will have to look elsewhere for that.

Patrick
search this reputable site: http://www.cardweb.com/perl/cardlocator/survey/secured
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Old Feb 21st 2005, 9:01 pm
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Default Re: The Old Credit Question :D

I have a credit question as well
If your spouse files bankruptcy, does this affect your significant's credit?, The reason why I asked is because my hubby's friend recently filed for bankruptcy and he says that when you are married if you file for bankruptcy both credits will be affected,Is this true?
Thanks!

Last edited by Hypertweeky; Feb 21st 2005 at 9:03 pm.
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Old Feb 21st 2005, 10:03 pm
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Default Re: The Old Credit Question :D

Originally Posted by Hypertweeky
I have a credit question as well
If your spouse files bankruptcy, does this affect your significant's credit?, The reason why I asked is because my hubby's friend recently filed for bankruptcy and he says that when you are married if you file for bankruptcy both credits will be affected,Is this true?
Thanks!
ooou ooou ooou I know the answer to this one..
If you are married and only one spouse files for bankruptcy and the debts are not jointly owned then the bankruptcy only affects the person who files.

If you are married and only one spouse files for bankruptcy and there are a mix of un secured debts, car notes, mortgages, etc between the husband and wife, each debt secured by the other.. then the bankruptcy shows on the person that filed for bankruptcy but the co-signer will be liable for the accounts that they jointly hold.

The married individual that did not file for bankruptcy and who maintains good credit standing is not affected by the bankruptcy.
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Old Feb 21st 2005, 10:48 pm
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Default Re: The Old Credit Question :D

Originally Posted by 1Duckie
ooou ooou ooou I know the answer to this one..
If you are married and only one spouse files for bankruptcy and the debts are not jointly owned then the bankruptcy only affects the person who files.

If you are married and only one spouse files for bankruptcy and there are a mix of un secured debts, car notes, mortgages, etc between the husband and wife, each debt secured by the other.. then the bankruptcy shows on the person that filed for bankruptcy but the co-signer will be liable for the accounts that they jointly hold.

The married individual that did not file for bankruptcy and who maintains good credit standing is not affected by the bankruptcy.

Thanks duckie!!
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Old Feb 22nd 2005, 12:06 am
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Default Re: The Old Credit Question :D

Originally Posted by inquisitive40
Ok, so I have had my social security number now for about 3 months, when I try to do a credit check it still comes up as an invalid number. Is there a way I can get it validated? I have applied for numerous store cards etc (even at my work) and all have been denied, I presume now it is based on the fact that my SSN is not showing as being valid.

I know getting a secured credit card would work to get up my credit BUT I would like to see can I can the SSN validated before I do this.

Anyone got any ideas?

Patrick
Stop procrastinating and go and get a secured card for $500 from a big bank. If you're in CA, I'd suggest BoA or Wells Fargo -- pick your poison! The reason you're finding the number isn't 'validated' is that it isn't in the credit bureaus' systems. In the US, this means you basically don't exist, or if you do you aren't worth talking to. Stupid, I know, but this is the reality.

Pay the card off fully every month, don't use more than 20% of whatever you put down for the deposit. After six months, you're 'validated'.

Also, applying and getting denied is not doing you any favours -- don't do it, even after you've got a credit history.
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Old Feb 22nd 2005, 12:42 am
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Default Re: The Old Credit Question :D

Originally Posted by fatbrit
Stop procrastinating and go and get a secured card for $500 from a big bank. If you're in CA, I'd suggest BoA or Wells Fargo -- pick your poison! The reason you're finding the number isn't 'validated' is that it isn't in the credit bureaus' systems. In the US, this means you basically don't exist, or if you do you aren't worth talking to. Stupid, I know, but this is the reality.

Pay the card off fully every month, don't use more than 20% of whatever you put down for the deposit. After six months, you're 'validated'.

Also, applying and getting denied is not doing you any favours -- don't do it, even after you've got a credit history.
My husband had gotten a secured credit card for $500 from Wells Fargo when he first got to the states. He's had that secured card for 6 complete months now. We've made timely payments all 6 months. Today, we called Wells Fargo to see if we can unsecure it and they said no, not for *another* 6 to 12 months!!! Yikes! Our local branch of Wells Fargo told us to unsecure it after 6 months. Wells Fargo on the phone suggested trying to open a brand new card with them, but I'm afraid since his credit is only 6 months old, he'll get denied (which he's gotten denied twice before from other cards and I know that's NOT a good thing). He's also got a Chevron gas card and a Mervyn's store card. Just afraid to try getting another brand new major credit card....but we really need to unsecure the one he's got.

It's always something, isn't it?

Rene
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Old Feb 22nd 2005, 12:44 am
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Default Re: The Old Credit Question :D

Originally Posted by fatbrit
Pay the card off fully every month, don't use more than 20% of whatever you put down for the deposit. After six months, you're 'validated'.
What do you mean by this part? Pay the card in full every month (which is what we do), but don't use more than 20% of the $500 we put up for the secured card? So you mean each month, only charge $100 and pay that $100 off every month? Why not charge $450 and pay it off every month? I don't understand the difference...?

Thanks,
Rene
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Old Feb 22nd 2005, 12:44 am
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Default Re: The Old Credit Question :D

Originally Posted by psychobabbler1
The same thing happened to my DH when he first applied for a card on his own. After getting denied 3 times and being told the same thing, he called someone about it (can't remember where, either the local office or some 1-800 number) and was told it was a valid number (duh, we knew that!), they didn't know why it was coming up as being invalid and to just keep trying. I don't know whether it takes several months for the number to be recognized as valid or what. Maybe opening a joint account at a department store and then after making some purchases and paying them off, apply for an individual card. It worked for us.

Dawn
We had the same problem last year with my husband's SSN. We were advised to write to the the three big reporting agencies (Trans, Equifax and Experian) and tell them to take get off their duffs and look at the Social Security's website....the new numbers are clearly published. The stupid morons. Anyway, after that they finally listed his number. DON'T KEEP APPLYING FOR THINGS. Just write the credit agencies. Credit agencies = Morons. They just need to see things in black and white and like a big dumb child they'll figure it out in the end.

Sorry for the rant, but I clearly remember the situation we went through last year and the absolute moronic people we dealt with. Best of luck to you.
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Old Feb 22nd 2005, 12:57 am
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Default Re: The Old Credit Question :D

I started on my credit by getting a BOSE credit card. I needed a new stereo so it was pretty handy. I got a $1k credit and now 5 months on I have 700 credit point thingies and a "proper" mastercard.
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Old Feb 22nd 2005, 1:01 am
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Default Re: The Old Credit Question :D

Originally Posted by Noorah101
What do you mean by this part? Pay the card in full every month (which is what we do), but don't use more than 20% of the $500 we put up for the secured card? So you mean each month, only charge $100 and pay that $100 off every month? Why not charge $450 and pay it off every month? I don't understand the difference...?

Thanks,
Rene

The FICO algorithm is very sensitive to the balance to limit ratio on revolving credit lines, e.g. credit cards. If the balance is run close to the limit, it will penalize you by reducing your credit score. Twenty per cent is a nice figure: enough to show you’re using credit, not enough to show you are desperate for it.

Run the FICO score estimator through various scenarios to see the effect of increasing the balance to limit ratio on your credit cards for your particular situation.
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Old Feb 22nd 2005, 1:04 am
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Default Re: The Old Credit Question :D

Originally Posted by Noorah101
My husband had gotten a secured credit card for $500 from Wells Fargo when he first got to the states...
He was probably running balance too high. See my other reply to you.

Would suggest you go real slow. After the 1 year mark (and pulling the balances down on his current ones wrt limit), I'd try for a Discover card. No more than one credit app every 6-9 months though, please.
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Old Feb 22nd 2005, 1:15 am
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Default Re: The Old Credit Question :D

Originally Posted by fatbrit
The FICO algorithm is very sensitive to the balance to limit ratio on revolving credit lines, e.g. credit cards. If the balance is run close to the limit, it will penalize you by reducing your credit score. Twenty per cent is a nice figure: enough to show you’re using credit, not enough to show you are desperate for it.

Run the FICO score estimator through various scenarios to see the effect of increasing the balance to limit ratio on your credit cards for your particular situation.
Hey, thanks for that link! I just tried it out, and my husband has a mid-range score right now....not bad.

I just had one more question. One of the questions there was...what percentage is the balance on your cards, of your total credit limit? But, our balance is always changing, since we pay it off each month. Like right now, after a payment, our balance is 0. In about a month, the balance will be like $450. But we pay off the entire thing each month so there's no *outstanding* balance.

Which balance are they talking about? The regular monthly charges we accure and then pay off in full, or any outstanding balances, of which we have none?

Thanks!
Rene
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