5 Star Bank...

Discussion in 'Credit Talk' started by whyspers, Jun 3, 2002.

  1. whyspers

    whyspers Well-Known Member

    Got a decline letter in the mail from them today. It says:

    "We have completed our review and, regretfully, are unable to approve your request at this time.

    The factors contributing to this decision are:

    Information derived from the credit bureau(s) does not meet our criteria."

    It goes on to say that TU provided the information that influenced their decision and I have a right to get the free copy within 60 days, but nothing about the right to request the specific reasons for the decline.

    Soooo, I call them up and ask them the specific reason for the decline...got transferred and asked again. The guy couldn't tell me. He said that TU gave them reason codes 10,12,14 and 5 (which is the standard ones I get when I pull a TU CR). He went on to say that that isn't the only thing influencing their decision though and they have their own criteria outside of TU's reason codes.

    I told him that federal law required them to provide a specific reason and he said he wasn't a lawyer so he really couldn't address that, but their legal department told the bank that the above statement complied with federal law.

    I then asked if there was someone I could speak with who could tell me the specific reason or an address I could write to and he told me no. I then asked if I wanted to write to their legal department, could I just use the address on the decline letter. At that point he said he would research it further and call me back either later this afternoon or tomorrow.

    Now my question is this...am I just being petty? I am not trying to force them to give me a card...I'll just wait until I qualify for it if I want it...I don't need it, but it just irks me that they can't give me a specific reason. It irks me that everything seems to be so difficult for the consumer despite the fact that there are laws to prevent this. How can I ever qualify for their card if I don't know what the problem is in the first place? Should I pursue this or just let it go. Eventually someone will go after them for this.

    Opinions solicited...lol.

    Reference: ECOA - 15 USC §1691(d)(1) and Code of Federal Regulations -
    Regulation B, 12 C.F.R §202.9(a)(1)(i)

    Thanks,

    L
     
  2. matty61184

    matty61184 Well-Known Member

    I don't think you're being petty at all. That is a half-ass answer and I'm not completely sure, but it's against the law. They are supposed to give you the specific reasons for denial, not just a vague reason. I would pursue the issue further. You never know, you could either get yourself a card or some cash out of the deal.
     
  3. MartysGirl

    MartysGirl Well-Known Member

    I say pursue it!

    Do you know who they pulled? What does your CR look like.

    I know how you feel.... b/c.....I've been trying to get a prime card FOREVER! I keep getting denied. I recently tried for a B of A and got denied. I wrote to them pfb after getting my denial in the mail. I got a response by e-mail saying if I fax them my Pay stub providing proof of employment they would approve me. She also asked what type of limit I would like. Maybe you should try B of A.
     
  4. whyspers

    whyspers Well-Known Member

    Thanks, Martysgirl...I've been declined by BofA already...lol. I think they offered me a secured card, along with Chase.

    They pulled TU. TU's reason codes had to do with credit utilization (I'm around 56% right now but that's because Cap One doesn't report CL's and I have four individual Cap One accounts and one AU Cap One account.) One of the codes was balance on retail accounts too high ($37.00). All of them were hooey and not an accurate picture. I don't have any negs, but for some reason, TU doesn't want to give me a decent score :::sigh:::

    That's okay...with the two new cards I got today, I'm done. I'll pay off the subprime I've got and by that time, I'm sure my scores will have stabilized and then I'll start switching them out for prime cards.


    L
     
  5. MartysGirl

    MartysGirl Well-Known Member

    Hi

    I'm sorry to here about the Cap one situation. That's why I will NOT have a Cap One! I think there whole plan is to keep everyone at sub prime! Maybe... you can send in proof of your credit limits and demand that the CRA's report them.

    Also... does 5 Star have a website?
     
  6. sam

    sam Well-Known Member

    665 - denied

    used the equifax dispute trick to boost my score to 705 - approved $7500.

    I think they just go by score and stuff.
     
  7. MartysGirl

    MartysGirl Well-Known Member

     
  8. whyspers

    whyspers Well-Known Member

    Okay...now they've done it! My decline letter was dated 5/28, can you explain to me why they pulled my credit report again (this time Equifax) on June 3???? LOL...I might have let this go, but now I can't. Now they've done gone and pulled my credit report without a permissable purpose.



    L
     

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