I tried doing the Credit One Bank Pre-Qualification for a credit card just now - and got a denial. They provided me with the following letter for reasons. I read through some previous forums on this and see that Credit One Bank deny people with better credit scores/reports - is this why?
They did a soft pull on my Experian report - which already shows on Experian when I checked just now - They are saying my score is 712 - is this a FICO 04 score? Because myFICO score via Experian is 723 currently - and that's a FICO 08 score. Any suggestions?
Thank you for your recent request for pre-qualification for a Credit One Bank credit card. Your request was carefully considered and we are unable to provide a credit card offer for you at this time.
Reasons for Denial of Credit
Your application was processed by a credit scoring system that assigns a numerical value to the various items of information we consider in evaluating an application. These numerical values are based upon the results of analyses of repayment histories of large numbers of customers.
The information you provided in your application did not score a sufficient number of points for approval of the application. The reasons you did not score well compared with other applicants were:
- Insufficient time since most recent account opened
- Number of Accounts Opened within the Last 12 Months
- Too many accounts with balances
- Too many recent inquiries
Your Right to Get Your Credit Report
In evaluating your application the consumer reporting agency listed below provided us with information that in whole or in part influenced our decision. The consumer reporting agency played no part in our decision and is unable to supply specific reasons why we have denied credit to you. You have a right under the Fair Credit Reporting Act to know the information contained in your credit file at the consumer reporting agency. It can be obtained by contacting: Experian, P.O. Box 9701 Allen, TX 75013, 1-888-397-3742, www.experian.com/reportaccess. You also have a right to a free copy of your report from the reporting agency, if you request it no later than 60 days after you receive this notice. In addition, if you find that any information contained in the report you receive is inaccurate or incomplete, you have the right to dispute the matter with the reporting agency.
Information about Your Credit Score
We also obtained your credit score from this consumer reporting agency Your credit score is a number that reflects the information in your credit report. Your credit score can change, depending on how the information in your credit report changes.
Your credit score: 712
Date: 12/15/2014
Scores range from a low of 350 to a high of 850
Key factors that adversely affected your credit score:
- Insufficient time since most recent account opened
- Number of Accounts Opened within the Last 12 Months
- Too many accounts with balances
- Too many recent inquiries
If you have any questions regarding this letter, you should contact us at:
Credit One Bank
P.O. Box 98878
Las Vegas, NV 89193-8878
1-877-825-3242
Sincerely,
Credit One Bank, N.A.
NOTICE: The federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (with certain limited exceptions); because all or part of the applicant's income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The federal agency that administers compliance with this law concerning this creditor is the Office of the Comptroller of the Currency, Customer Assistance Group, 1301 McKinney Street, Suite 3450, Houston, TX 77010-9050.
Discover IT $17k / US Bank Ace (VSig) $13.5K / US Bank Cash+ (VSig) $13.5k
but they do give the score for free every single time!
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