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jft1324 · Joined: 04 Apr 2008 Posts: 3 10.89 Dollars($)

Hi,
Recently applied for a credit card at a department store and was turned down because of "too many mortgage trades or excessive mortgage trades". I don't own a home nor have I tried to purchase one. I have always had excellent credit. Can you explain what this means? Thanks

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi,

If you have good score is high and do not have any debt then why do not they allowing you. If they cannot issue a credit card then apply for other companies. Shop around a bit for credit card and that will help you to save money on interest rates and fees.

Feel free to ask if you have any further questions.

Best of luck,
Larry

jbarto65 · Joined: 04 Nov 2007 Posts: 622 -0.15 Dollars($)

I am not sure what mortgage trades are and if you don't own a home or never applied for a mortgage I am not real sure why they would deny you under this reason, sounds goofy to me. Try doing a seach on this forum for mortgage trades and see what you come up with. goodluck

jft1324 · Joined: 04 Apr 2008 Posts: 3 10.89 Dollars($)

Can someone tell me what a "mortgage trade" is in relationship to your credit report and why would too many "mortgage trades" be on a credit report? Thanks for your input.

gmakerley · Posted: Mon Apr 07, 2008 1:03 pm Post subject:

jft you will probably have to take this up with the creditor who pulled your report to find out what they are telling you. a "mortgage trade" is a "tradeline" - a record of your payment habits on a particular type of credit. in this case, there is apparently a clear error, inasmuch as you have no mortgages to have reported.

you may wish to go to "www.annualcreditreport.com" and view your own credit report(s) as well, to ensure that the information on file is current and accurate. unless you have a burning desire, i would avoid paying for the scores. it is not necessary to pay for credit scores in order to view your credit record on an annual basis.

[Email address deactivated as per forum rules. Thanks.]

jbarto65 · Joined: 04 Nov 2007 Posts: 622 -0.15 Dollars($)

good advice, just veiwing it should be enough to make sure that everything is okay, if it isn't then file a report with the credit reporting agency, they will investigate it and update your report, at least that is what they are supposed to do.

sara · Posted: Mon Apr 14, 2008 4:34 am Post subject: RE:

Hi Jft,

The fact remains that if you're a guy having a mix and match of tradelines or accounts on your credit report such as credit cards, mortgage, car loan etc off-course being paid by you on time, then it creates an impression that you are capable of qualifying and managing variety of credit. To put it simply, you are a creditworthy borrower and can be trusted with a loan.

Take Care

jbarto65 · Joined: 04 Nov 2007 Posts: 622 -0.15 Dollars($)

Thanks for the added information sara, this site has taught me so much about credit and what all the terminology means, actually more than the credit forum has.

fireyone_02 · Joined: 20 Mar 2008 Posts: 280 2.09 Dollars($)

I was wondering what it was too so I clicked on this post. Now I have a better understanding to what it means . thanks

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What are Mortgage trades