Credit Reports Galore

destructfashion asked:


I just turned 18 about 10 days ago, and I tried opening a checking account with bank of America, but received the following notification a few days later:

“We are unable to open your account(s) at this time. Our decision was based in whole or in part on information obtained in a report from a consumer-reporting agency.”

I’m assuming this means that it wasn’t opened because of information on my credit report. However, up until this point I haven’t been able to sign up for anything that involves credit, so shouldn’t I not really have a credit report? Considering that a checking account just involves me using money in my own account, I don’t know why it would be turned down based on a lack of credit.

Also, I tried checking my credit report online but every site requires a credit card number (even if the service is free), and I don’t have a credit card because I was a minor until about a week or so ago. So I don’t know how to check my credit report either.

Any tips on either of these things?

FELIX

scu frosh asked:


I recently got declined for the reasons below which is from an online letter. what can i do different?

“Your consumer credit bureau score from Trans Union is too low (See below)

Amount of annual income listed on the application is insufficient or missing.

High utilization of credit lines or insufficient utilization information (Trans Union)

Your consumer credit bureau score mentioned above was determined using a scoring system that evaluated the information in your file at the consumer reporting agency named above. The following are the primary factors in your credit report that affected your credit bureau score:

Length of time accounts have been established.

Proportion of loan balances to loan amounts is too high.

Lack of recent revolving account information.

Too few accounts currently paid as agreed. ”

Sources: www.americanexpress.com

KENDALL