Baffled

Discussion in 'Credit Talk' started by Bunter, Aug 5, 2002.

  1. Bunter

    Bunter Well-Known Member

    My FICO varies between 675 and 740, I have zero derogs on my credit report, I make a solid income, and yet I get turned down everywhere for credit cards. Amex, Citi, Chase, I even got turned down for a gas card. I'm waiting on Target's reply, but I'm not optimistic at this point. The only people to give me a card so far were Discover, and that came with a ridiculous credit limit of $1,500. After all this, I have a bunch of hard inquiries on my report, so I imagine it will be a while before I can get anything again.

    Two questions: Why, with decent scores, am I turned down all the time? And how long should I wait to re-apply?
     
  2. flush

    flush Well-Known Member

    When you get rejected, you should receive a letter stating the reasons for denial.
     
  3. jrjr35

    jrjr35 Well-Known Member

    You're not related to GEORGE are you? LOL seriously that sounds pretty messed up. Are there any other things that might be affecting your credit?
     
  4. Manequinne

    Manequinne Well-Known Member

    Hi,

    Length of credit history. Have you had credit long?

    I was gonna edit my post to add something, but I see Nave added one thing I was gonna add and more!!!!!
     
  5. Nave

    Nave Well-Known Member

    What are the reasons for the denial (if rejected, all the CC's give you a few reasons along with the credit report that was pulled). Find one of your rejection letters, and post the denial reasons here for us to take a gander at, and ponder over.

    As for how long to wait, that depends on why you were rejected...for instance if it is "excessive inquiries" you might have to wait a while for them to drop off...if it says "unverified income" a simple call to your employer might clear the whole thing up.

    Some thoughts:

    You say you have zero derogs...Have you checked all your reports (TU/EQ/& EX)?

    Maybe from applying for all that credit, do you have excessive amounts of hard inquiries in the last year?

    Are these credit cards that you have defaulted on in the past (long enough ago to NOT affect your score, but NOT too long ago for the crediors to forget - some creditors are like elephants, they never forget)...some creditors have black lists that you do NOT get off of even with improved credit and good scores.

    Is your income verification being rejected...wrong work# or maybe a malicious employee saying "no he does not work here"???

    -Peace, Dave
     
  6. Bunter

    Bunter Well-Known Member

    "When you get rejected, you should receive a letter stating the reasons for denial."

    The letters all say they will not disclose the reason for the rejection unless I write them to ask. So far, I've been too lazy to write them, figuring the next application would be approved, but that turns out to have been false confidence. A few years ago, when my credit was awful, the letters would state a reason for the rejections, but now that my credit is decent, I get this stuff, which is really odd. I suppose I will have to write, after all. I was just wondering if anyone here had any ideas.

    "Length of credit history. Have you had credit long?"

    I rehabbed my student loans a couple of months ago. On EFX, it shows I've been paying them since 1990, on EXP, it shows I've made one payment (which is correct); and TU bizarrely shows them all as being payed off, but me still making payments. I've had credit since 1984, until things blew up in 1990, but my oldest file that now shows is the student loan.

    "Is your income verification being rejected...wrong work# or maybe a malicious employee saying "no he does not work here"???"

    I use my own phone at work -- the only person who would answer it is me. I've received no phone calls or voice mails on it as a result of the applications.


    BTW, I've been lurking here for a few months now. This is an awesome group of people. I sure wish I'd had something like this around when I was in credit trouble several years ago.
     
  7. Nave

    Nave Well-Known Member

    Amex gave me a denial sheet saying:

    You are a reject due to the following reasons...1,2,3...to get this information, a report was pulled from a major credit bureau: Equifax.

    (darn it if Equifax wasn't the grand poobah and keeper of the last Nave Derog...wouldn't you know that would be the case)

    If you did not get such a letter (as you say) I would call and ask one of the CSReps why and see what they pull up on their little computer.

    If they require a written letter, I would DEFINITELY recommend you send such a letter to find out why BEFORE applying for any more credit.

    -Peace, Dave
     
  8. Melvina

    Melvina Well-Known Member

     
  9. Melvina

    Melvina Well-Known Member

    Sorry - guess I got baffled at the submit reply . . .

    All letters of decline that I have ever received ALWAYS came with specific details . . . much like negative causes for scores on a credit report.
     

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