My relative is older and has a 720fico+....she only has one tradeline and got denied when applying for a c/card. This is what they said: 1)"Lack of resent bank revolving information" 2)"Lack of recent revolving account information" and 3)Length of time counts have been estalished". I know what the first one means, but can you tell me what the second and third mean and also tell me which companies and banks are more score driven? Are there any sites where I can find this out? Thank you very much in advance! kev
Re: ?..banks R score driven on if she only has one tradeline, that is the reason for 2 and 3, 2 she doesn't have enough accounts established and 3, she doesn't have enough history with only one tradeline!!
Re: ?..banks R score driven on (2) indicates a lack of non-bank (Visa/MC) revolving accounts (i.e., department stores, the local Goodyear dealer, a jewelery store, etc.) - typically something that involves an open line of credit with the ability to utilize (at your descretion, up to your "limit", and then pay down at a minimum (or more) payment on a monthly (regular) basis, but is NOT a major credit card like Visa/MC. (3) is self-explanatory. There needs to be a couple of years worth of activity on file, not just an account opened up last month with no record of payment history.
Re: ?..banks R score driven on It look like your friend need a couple of trade lines added with a history. John
