Deighton wrote:I pay my cards on time. I'm in the military. I fall under the Soldiers and Sailors Civil Relief Act, which credit companies can't report anything negative to the credit bureau's. Basically if i don't make a payment, its not at my fault because I'm on military orders. But they won't update my balance also. Even if its paid off, unless I request it. So I'm looking into the AMEX world, where can I start at. My score is about 620. Please help me. I need to bee in a tier 1 category. Thanks
The SCRA (Servicemembers Civil Relief Act) specifically 50 USC Â§ 524; do protect you from having wages garnished or liens placed during the duration of your contract, only if you are unable to respond to the court due to mobilization, duty or training. I see service members frequently hit with garnishments due to unpaid loans, or their car seized because they made a stupid title loan. But that is not why you are being denied, nor does it grant you qualified immunity from being sued, it just stays proceedings until you are able to appear, respond and have the court empower jurisdiction over you.
You are being denied because you have a 620 credit score, and probably quite a few hard pulls recently. My personal suggestion to you, is to wait 12 months. Take some financial literacy and readiness courses offered to you by your finance office/S-1 shop.
Also read DOD Instruction 1342.77 and feel free to ask your JAG office to give you some pointers.
I also recommend you look heavily into Navy FCU, as a member myself I have been very pleased during both active and reserve service; as well as upon ETSing out completely. They are a great credit union with good cards, and financial advisors which will help you get your credit on the right track.
I also suggest the USAA secured mastercard/amex, take $250 now, and put it on there and make smart financial decisions. As you can afford to, per pay period add more to it because it will increase your credit limit and help to build good, solid functional credit history for you with a larger credit limit.
Stray away from your use of applications as they generate hard inquiries, after 2 years they will go away, but during the mean time they weaken your credit score.
Good luck and Semper Fi.