Hello,
I have tried a few times, without success, of getting a CLI on my Discover card. I've had it for 1 year and the reason behind me not being approved are these three reasons;
* Serious delinquency or public record
* Age of accounts
* Lack of recent installment loan
First one, I don't see why they let me have a card and then refuse CLI based on bankruptcy, I mean, that's like saying you can come to the party but you can't sit with us or talk to my friends. (Really?)
Second one, I take it that I have a lot of new accounts.. I am letting them age and once they do I am sure that will help a lot.
Third, what kind of installment loan am I supposed to have? That's rediculous, I don't need to borrow money right now.. I don't drive, I'm renting and I definitely don't need one of those predatory payday loans. So what is Discover especting me to have? They expect everyone to carry a car loan, mortgage and a personal loan (which is pretty much unobtainable unless you own a house or have declared bankruptcy..)
It's crazy, I tell you.
Yeah it's crazy, but that's the credit game.
Credit mix is 10% of your score.... so not having an installment loan to go with your revolving accounts is a ding. Just the way it is.
The BR is a much bigger ding however. When I had my Ch 13 reporting I went through the same thing.... approved for cards... denied for CLIs. Synchrony was the worst when it comes to CLIs... I never got one other than a craptastic $100 increase on the $600 Walmart card I had at the time. I was repeatedly denied CLIs for the same "seriously delinquency and/or public record" on your file.
They've since switched to a different cookie cutter excuse...
"Age of revolving accounts"
I guess 1-3+ years with a 5.5 year AAoA isn't enough? LOL
@TRC_WA wrote:Yeah it's crazy, but that's the credit game.
Credit mix is 10% of your score.... so not having an installment loan to go with your revolving accounts is a ding. Just the way it is.
The BR is a much bigger ding however. When I had my Ch 13 reporting I went through the same thing.... approved for cards... denied for CLIs. Synchrony was the worst when it comes to CLIs... I never got one other than a craptastic $100 increase on the $600 Walmart card I had at the time. I was repeatedly denied CLIs for the same "seriously delinquency and/or public record" on your file.
They've since switched to a different cookie cutter excuse...
"Age of revolving accounts"
I guess 1-3+ years with a 5.5 year AAoA isn't enough? LOL
Exactly, thank you! I am not asking to be treated diffrently, but wouldn't you think that if someone has a bk on file and then a low AAoA, you put the two and two together.. the person is rebuilding? Just my thought.. maybe I'm wrong in feeling that, but it just seemed like people would understand that and also realize that you won't be filing bankruptcy again (at least hopefully not!)
I thought my AAoA wasn't THAT bad, (not good) but not cringeworthy.
Oldest Account 10 Years 11 Months
Average Age of Credit 4 Years 3 Months
Credit scores have so many dumb caveats. After my bk, when my student loans started reporting again, my scores shot up 30-50 points because I had an installment loan reporting again.
...nevermind that more student loans started reporting incorrectly as owing the original balance from 10 years ago, even though they're paid off now, a few days later and knocked me back down 20 points on EQ... grumble grumble.
Isn't rebuilding FUN!??!?! 
I'd second the secured loan suggestion.
@Anonymous wrote:Credit scores have so many dumb caveats. After my bk, when my student loans started reporting again, my scores shot up 30-50 points because I had an installment loan reporting again.
...nevermind that more student loans started reporting incorrectly as owing the original balance from 10 years ago, even though they're paid off now, a few days later and knocked me back down 20 points on EQ... grumble grumble.
Isn't rebuilding FUN!??!?!
I'd second the secured loan suggestion.
I remember asking BCU for a secured loan solution and they set me up with a secured credit card instead, lol. Does NFCU have a secured loan option by any chance?
@Taoron wrote:
@Anonymous wrote:Credit scores have so many dumb caveats. After my bk, when my student loans started reporting again, my scores shot up 30-50 points because I had an installment loan reporting again.
...nevermind that more student loans started reporting incorrectly as owing the original balance from 10 years ago, even though they're paid off now, a few days later and knocked me back down 20 points on EQ... grumble grumble.
Isn't rebuilding FUN!??!?!
I'd second the secured loan suggestion.I remember asking BCU for a secured loan solution and they set me up with a secured credit card instead, lol. Does NFCU have a secured loan option by any chance?
Yes NFCU has secured loans, but as I don't qualify for them, don't know the terms. FICO scoring lists as one of the qualifers for a good score some type of installment loan. I've been turned down before because of not having a mortgage when my house is paid for. Plan to try to get a mortgage next year, and then it will report the balance on the installment loan is too high, just like it does for my car. Just remember-we have to play with the cards (no pun intended) that we are dealt when it comes to credit.
@Anonymous wrote:
@Taoron wrote:
@Anonymous wrote:Credit scores have so many dumb caveats. After my bk, when my student loans started reporting again, my scores shot up 30-50 points because I had an installment loan reporting again.
...nevermind that more student loans started reporting incorrectly as owing the original balance from 10 years ago, even though they're paid off now, a few days later and knocked me back down 20 points on EQ... grumble grumble.
Isn't rebuilding FUN!??!?!
I'd second the secured loan suggestion.I remember asking BCU for a secured loan solution and they set me up with a secured credit card instead, lol. Does NFCU have a secured loan option by any chance?
Yes NFCU has secured loans, but as I don't qualify for them, don't know the terms. FICO scoring lists as one of the qualifers for a good score some type of installment loan. I've been turned down before because of not having a mortgage when my house is paid for. Plan to try to get a mortgage next year, and then it will report the balance on the installment loan is too high, just like it does for my car. Just remember-we have to play with the cards (no pun intended) that we are dealt when it comes to credit.
Is that why I read posts of people applying for a card or two before they get a mortgage? Are you unable to qualify for another credit card afterwards for a long time or something?
