I applied for Sears a week or two ago and Chase a week ago. These are their reasons for denial: Sears: 1.Utilization of available credit ie I owe too much on my car given how long I have been in the loan and Cap One does not report credit limits therefore the high credit of $39 and balance of $33 looks extreme... 2.They ignored my inquiries since 3 of 4 were from Cap One (per the rep I spoke to when I called for reconsideration). Chase: 1.Ratio of revolving accounts too high (basically the same as #1 of Sears) 2. Average length of time since accounts opened ie Cap One account is too new, I guess (opened in 8/2001, car loan opened 11/00). Any insight, advice and warm fuzzies are welcomed Since I am exposing ALL my wounds, applied with my credit union for a car refinance loan in September, they shot me down too. Their reasons: 1. delinquencies past/present (1 late pay for a cell phone account) 2. collection/judgment-2 paid judgments, 1 collection account that has now been deleted 3. length of employment (at the time, had been on my current job for only 3 weeks, ~I know~) And...Applied for Household Platinum Card (someone on the board contributed to my apply-happy mood at the timeP), wasted an inquiry). Their reasons: 1. pulic record 2. ratio of credit lines 3. length of times since accounts opened I suck right now but that will change very soon. Thanks for reading my post.
Don't be discouraged...I closed Sears INTENTIONALLY w/o regrets. My credit union would not refinance my motorcycle to get it away from Household Finance(which I loathe....& I pulled every dime out of that credit union after that issue). There is always a YES to every NO,& trust me, they will be kissing your foot(lack of better word) for your business. Sister Girl
Love Don't be too discouraged. Rebuilding takes time, like everything else, your credit will heal with time! Three to four years ago, I was in your shoes, but with a lot of hard work, a bit of luck and time, my situation is much better now. There is hope. Regards, JP
I agree, and so did I. The idiots at Sears wouldn't give me a credit limit increase after 6 months without any reason, so I said "Close it!". You would think the idiots would be more generous to you when the card can only be used at their store....duh. The only reason that I would ever shop at Sears is for the 0% APR deals. No more.
Agreed, in fact the only reason I ever have any cards other than MC, Visa, Discover or AMEX is for 0% APR deals. JP
Love send copies of your CapOne card to all 3 CRAs and they will post your cl. Now don't forget to black out anything you think they should not see like that Victoria Secrets purchase ;-) LOL that move alone will nudge your score up a bit. dispute all of those inquiries, if you did not get a card why suffered the damage? If you did the credit app online they can't prove it anyway! I was and in some regards in the same boat as you I just got to the point 6 months ago where those so called preapproved offers...actually got approved! just some thoughts from the trenches.......
We sold our car to get rid of Household Finance. Well, that was the major reason anyway..... They would call our house on the day the note was due to make sure that it was paid. And I would tell them that it was paid and then they would look in the computer. see it was paid and say sorry for the inconvenience. EACH MONTH!!! So, we ended up going to peoplefirst.com and within 2 days sent us a check to go and pruchase a car. They make sure that you get a good deal because they put limitations on how much profit the dealer can make by comparing what you paid to the blackbook (one of those books) and they allow for a certain percentage over that amount; you also can't buy a daewoo. When we saw that, we were laughing our butts off!!! We recommend the website and it surely beats going to a dealership and getting a loan there. We found a great car over the internet and we and purchased it, no problems. Of course, we were suckered into having the credit run 1 more time by mitsubishi to see if they could give a better interest rate and that added 1 hour to the time. They did only run it once because I told them that if they did, that I would sue them.... the credit report verified it. Sorry, I know this is off subject but I just had to talk about Household. And remember when comes to Household Automotive.... BE AFRAID, BE VERY AFRAID!!!
All that you have to do is to send your statements to the CRAs and they will add your credit limit? That is good news. Trevor
Yes if you have PROOF of what you say is your cl they are bound by law to report it. I just got Experian to report my cl line I will see about the other ones in a week of so.
Please post a reference of any law establishing a requirement for any CRA to report any specific item of information. Thank-you in advance for your timely attention to this matter. xtn
Unfortunately I am not a lawyer. The way I read it, anything that is factual must be reported. I sent in my statement and my CapOne limit is now on Experian. mine you I did not quote law of anything when i submitted my request. I just wrote a letter an asked them to add my cl to my report and they did it.
The law requires any information that is reported to be accurate. It does not require all accurate information to be reported. There is no law that says every single lender/creditor must report your account. xtn
You are absolutely correct that there is nothing requiring a lender/creditor to report an account. I actually use this when l/c tell me it is they are required to report. But, once a l/c has reported the account, as in the instance above, the l/c is required to give a complete and accurate disclosure which includes not only the major items such as delinquencies but such minutia as account numbers and credit limits.
