How long until I can sucessfully apply for a credit card?

[PolyOlefin]

I received my first credit card in May 2008 from Chase and have been paying in full on time.

I tried to purchase my FICO score but was told I could not since my credit history is less than six months old.

I was recently rejected for ING Direct's Electric Orange checking account because "of my low or non-existant credit rating, I am not eligible for their Overdraft Line of Protection".

In light of that, what is the minimum time of credit history I need to establish in order to be approved for a second credit card? For Electric Orange?

Thanks for your replies.

[Seeker]

I received my first credit card in May 2008 from Chase and have been paying in full on time.

I tried to purchase my FICO score but was told I could not since my credit history is less than six months old.

I was recently rejected for ING Direct's Electric Orange checking account because "of my low or non-existant credit rating, I am not eligible for their Overdraft Line of Protection".

In light of that, what is the minimum time of credit history I need to establish in order to be approved for a second credit card? For Electric Orange?

Thanks for your replies.

Their overdraft line of credit has changed... it no longer exists as once it did. People took advantage of it... so the rules were changed:

The Simple Dollar » Investigating The Electric Orange Credit Check Situation


This is the link to them:

ING DIRECT USA - Frequently Asked Questions

About 1/2 way through the page, there's a link for "Electric Orange Account Terms & Conditions" (that link takes you to a sub-page that is not directly connectable so you'll need to link to the first page posted above).

Your question is not specifically answered there. It may not be written anywhere. In fact they are not "obgliated" to approve anyone; it's at their sole discretion.

Best option is to talk with them and ask them what their requirements are specifically or why you were specifically denied. If they said because you only have 6 months credit history, then give it another six months and call them.

I assume you've read all their terms & conditions and meet them otherwise? 18 years of ago or older? Agree to all their internet terms: e-mail, job updates, hard-pull of credit (-5 ding on your FICO), etc.?

[boosami]

You should be able to get an Electric Orange without the credit line attached to it... is there a reason you want it?

[PolyOlefin]

Thanks for the input. I think I'll try again in six months.

Overdraft Line of Credit is mandatory; instead of charging you NSF fees, you effectively "borrow" that overdrafted money with interest.

[kork13]

How very strange.... that you can't get a checking (deposit) account without acceptable credit.....

That said, banks that don't offer free overdraft make a killing with OD fees.... I've seen a few articles recently about people's issues with overdraft fees. Beware of that, it's why I refuse to have any less than $500 in my account at any time.

[tmvijai]

There are lot of answers for your initial question. Few of them are already answered. You original qustion about what is the minimum credit history needed to apply for credit card. It differs.

1. As you got your first one, it should already started gettting recorded but it is not fast as you thing. There are 3 companies which handles your credit history and each one of the acts differently and load differently. So bank might follow any of 1 or all of this companies.

2. They might also use your credit score to initial check whether you have established good score. Your credit score won't show well enought score until you have good credit/expens ratio. It is going to take time to build it.

You can check your quick credit report for free at annualcreditreports dot com.

But you shouldn't have problem opening the bank account. ING Direct is picky these days actually lot of banks for real picky because of this economic situation. As others said, beware of the overdraft account which is fee sucker with high interest rates and you don't want to get it.

You can increasee you score by adding you as joint card holder with other relative cards. Try it..