What does a credit approval today say about my formerly-bad credit?
July 26, 2007 7:32 AM Subscribe
What does it indicate about my formerly-bad credit that I could be accepted today for a regular contract by a cell phone company? How can I tell when it's the right time to apply for a credit card again?
posted by anonymous to Work & Money (14 answers total) 2 users marked this as a favorite
I've been repairing my credit for a while now, so this is the first time I've applied for a credit-check-based account in a couple of years. I was approved and I'm excited about that, but I'm wondering what it indicates about how my credit is now. Could cell phone companies be called less picky, more picky or about as picky as other places that check credit, like a credit card company or a landlord? Or is that so much of a generalization that I really can't predict anything?
If it matters, my new phone is with T-Mobile and they said my credit indicates I could have up to three phone lines with them (don't know if that's average, low, or high number for them).
I have a few months before I can request any of my free annual credit reports again, so other than those, what other ways could I check up on my credit?
I know it would be useful to hold a credit card, charging only things I can repay immediately, to further establish good credit. (Last credit card I had was 9 years ago, in college, and I flunked on that one; its balance turned into a chargeoff.) If I should apply now for a credit card, can I pick any kind? I was thinking about one with a points system that rewards something I naturally do (one example is the Amazon card which rewards Amazon buying most).