In the long run they cc company don't care about how many inquiries or open acount but high score. A few people with 20 inquiries but 700 & up have gotten Cards.So is having a high score the key?
Let me put it to you this way. Hubby and I applied for Juniper. I was approved with eight inquiries (mortgage) and a score of 746. Hubby was denied with seven inquiries (mortgage) and a score of 772. Reason...too many credit applications. I have yet to figure out how the credit card companies work or what they look for. Dani
I think they have a wheel of fortune that they spin! Some want only current account holders to open new lines of credit. Some want your 1st born. Some see score, only score. It is all just a game. The creditors and the cra's are in bed with eachother, and there is nothing we can do about it. Period. Anyone who cannot get credit with a 750 or higher scores is proof that there is something wrong with the system! Another tell tell sign.. all the people who rob Peter to Pay Paul, get new cc's to pay off old one are a sneez away from bk, but can get $20000 limit guaranteed offers!! WTH???
I'm all for the wheel of fortune theory because nothing else seems absolute. I have been studying and researching the parallels and patterns and it is simply frustrating. I enjoy a 732 Experian but it isn't worth a hill of beans because my Equifax Fico is only 631. Equifax seems to be the only bureau that counts among the overwhelming majority of non mortgage credit grantors.
Risk is defined on more factors than just your fico for most companies. Those questions they ask you weigh in heavily to compute how Profitable Vs. Risk you are. Some companies aren't interested in non-profitable customers. Those that can't statistically fall into their trap are not worth their time. Makes sense eh? If you have one person who might profile as a Balance transfer jumper or Pay in Full each month kind of person, then why sign them up? borrowing at or below the prime rate is still a cost.
I have a 753 FICO and a totally clean EQ report except for one 30day late which is over 6 yrs old. Other than that I have TWO mortgages-perfect payment history the oldest of which is almost 15yrs old and has a real low balance since it will be paid off this coming July. Despite that, one of my creditors just sent me a letter stating that they will not be renewing my card after it's expiration at the end of this month based on a report from EQ. Interestingly, I cannot find an A/R inquiry so I'm not sure they even pulled it - it doesn't show up. They may be violating the law here because I had a dispute 6months ago with them and I see this as a punitive action given my profile. I have a zero balance but I have kept the card active over the last 6 months specifically to prevent them from doing this. It didn't work.
Yes. The very same. That's the dispute I had with them back in the summer along with THEIR OWN erroneous reporting on my credit reports.
Sorry there but we can't refuse to "use" the CRA's services, oh wait minute just live credit card free. mortgage loan free, car loan free, okay got it.
