I applied in October for the Generations Bank Visa Card and was declined to "supposedly" *NO CREDIT FILE* Well I have been trying to re-build my credit and TRANS UNION of course keeps getting my information all "screwy" depending on which TU location the bank acquires the report it never coincides with one another, I have one TU report that says I have no credit file and only lists inquiries and another that has my last creditors only. I also applied and got the Fingerhut credit card(in June) just to start with re-building my credit . It was never reported that I acquired the fingerhut credit card. Well until October, I recevied the declination letter from Generations Bank the CRA listed was TU so I requested for my free Credit Report .I just received it and low and behold they finally listed fingerhut. So I dug into my files, made a copy of the letter of declination and a copy of the report from TU and submitted a request in writing to Generations Bank to resubmit or re-review my application for a credit card: I explained in the letter that I believe the reason why they were informed that I had no credit file may have been due to TU just updating my file and upon the time of their inquiry it was not posted. So- I lay this information upon those with experience / knowledge/wisdom / and those who are simply lucky.. What say you my chances maybe to be blessed with a chance of credit. Awaiting your kind words of wisdom.....
Fireclan, You may want to pull a Equifax report and score. Generations Bank is using Equifax as their CRA of first choice right now.And real fico numbers, with a minimum possible approval needed at 630 to a maximum 650, are eligible for their highest APR of 21.9%....tiered with a 750 fico and above receiving 9.9% APR. APR is automatically adjusted lower after 1 year of perfect payments. You might remind them there is not a lot of history in their files either. They have only been in business for 14 months. You know what I really appreciate about this bank? At their web site you are given the opportunity to request a copy of their disclosure rules.In it, it lists exactly what fico score gets what APRs.I recommend you call them and ask them to fax it to you(they will) and then ask which CRA they are likely to use, minimum ficos needed,minimum acct history, minimum age of acct history, etc..etc. The other really nice thing .....This bank is so new and small the credit analysis sit in the same room as the people answering questions,so its easy for them to yell across the room to get a answer to a credit question they don't know. Could you keep us posted on this...... Good bank, I think we're going to be hearing more about this company in the future.In all fairness, I'd like to remind you that with your very limited file,(revolving accts under 1 or 2 years) it may be a bit of a tough sell, but I still recommend you call them, with equifax report in hand, before deciding what to do next. Best of luck, VJ
No a 620 is not automatic. I have a 670 (EQ) and was decline. Not sure what but suspect the bk-13 from 1996 as the main reason. Will update as soon as I get the rejection letter. Best regards, Mirage
