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Established Contributor
ayles
Posts: 970
Registered: ‎01-01-2014
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2 recons denied & some helpful info maybe?

So yall may remember me applying for a few ccs on Jan 1st before I headed to the garden. I called Targets (letter in mail saying too many inquiries) and Chases (no news from them) backdoor numbers for recon but to no avail :smileysad:

 

The Target lady said they cannot override the system but that they typically look at the last 3 months in terms of inquiries so give it 3-6 months with no inq and I should get approved.  I may just go with their debit card. Has anyone ever started with it and then been offered the cc?

 

The lady at Chase was helpful in one way but then totally vague in another. She said they want to see more time since the bk of me managing credit well (it'll be 4 years this Dec) so I asked her if there was a specific time line and she said she couldn't tell me but that the myfico forums were a good resource for that kind of information ha! I told her that's where I got the recon number from lolll. She said that a lot of my cc were showing balances which I didn't get initially because I pif every month but as she (and others here) have explained, different lenders send information to crs at different times.

 

Anyway I feel a little discouraged and silly for applying since I had a good month and a half in the garden under my belt before that. But by God's grace,  tomorrow is another day :smileyhappy:

 

I am really confused about how to maneuver utilization in terms of reporting. If I pif before statement cuts is that remaining balance what I should expect to be reported? I was always pif'ing before or on due date but that doesn't seem to be to my benefit in terms of reporting. Does it even matter now that I'm in the garden since only the last statements balance shows on crs and not the history of balances. What do you all think?



Current scores: myFICO: 670/TU(Wal): 664/TU(Dis): 659 (Goal: 700)
Last app: 1/3/2014; (Prayerfully!) gardening until: 7/3/2014

~I'm living for an audience of One!
Community Leader
Valued Contributor
improvingmycredit
Posts: 1,402
Registered: ‎07-12-2011
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Re: 2 recons denied & some helpful info maybe?


ayles wrote:

So yall may remember me applying for a few ccs on Jan 1st before I headed to the garden. I called Targets (letter in mail saying too many inquiries) and Chases (no news from them) backdoor numbers for recon but to no avail :smileysad:

 

The Target lady said they cannot override the system but that they typically look at the last 3 months in terms of inquiries so give it 3-6 months with no inq and I should get approved.  I may just go with their debit card. Has anyone ever started with it and then been offered the cc?

 

The lady at Chase was helpful in one way but then totally vague in another. She said they want to see more time since the bk of me managing credit well (it'll be 4 years this Dec) so I asked her if there was a specific time line and she said she couldn't tell me but that the myfico forums were a good resource for that kind of information ha! I told her that's where I got the recon number from lolll. She said that a lot of my cc were showing balances which I didn't get initially because I pif every month but as she (and others here) have explained, different lenders send information to crs at different times.

 

Anyway I feel a little discouraged and silly for applying since I had a good month and a half in the garden under my belt before that. But by God's grace,  tomorrow is another day :smileyhappy:

 

I am really confused about how to maneuver utilization in terms of reporting. If I pif before statement cuts is that remaining balance what I should expect to be reported? I was always pif'ing before or on due date but that doesn't seem to be to my benefit in terms of reporting. Does it even matter now that I'm in the garden since only the last statements balance shows on crs and not the history of balances. What do you all think?


hey ayles!  Welcome to the forums!

i'm sorry to hear about your denials but it's nothing that time and good payment history can't fix.  :-)

typically- one shouldn't worry too much about utilization unless you intend to tweak your profile for an app.  It's general consensus to allow only one card report less than 10% utility.  To accomplish this, pay all but what you want to report before the due date and let the difference report.  After statement cut, pay what's left if you wish yo pay in full.  I hope this helps.  To be clear, if you pay the full amount due at payment due date, but still charge up the card before the statement cuts, what ever you owe at statement cut is what is reported to the credit bureau.  So make sure you don't charge anything else to the card until the new statement cuts.  This is a common misunderstanding. :-)

 


Starting Score: 642
Current Score: EQ 773, EX 780, TU 777 (All FICO)
Goal Score: 800+

Cards: NFCU Flagship 50K, DC 30K, BCP 28.6K, Arrival+ 25K, Citi DP 22.8K, CSP 20.5K, TotalRewards 20.5K, QuickSilver 20K

Valued Contributor
FinStar
Posts: 6,597
Registered: ‎10-21-2012
0

Re: 2 recons denied & some helpful info maybe?


improvingmycredit wrote:

ayles wrote:

So yall may remember me applying for a few ccs on Jan 1st before I headed to the garden. I called Targets (letter in mail saying too many inquiries) and Chases (no news from them) backdoor numbers for recon but to no avail :smileysad:

 

The Target lady said they cannot override the system but that they typically look at the last 3 months in terms of inquiries so give it 3-6 months with no inq and I should get approved.  I may just go with their debit card. Has anyone ever started with it and then been offered the cc?

 

The lady at Chase was helpful in one way but then totally vague in another. She said they want to see more time since the bk of me managing credit well (it'll be 4 years this Dec) so I asked her if there was a specific time line and she said she couldn't tell me but that the myfico forums were a good resource for that kind of information ha! I told her that's where I got the recon number from lolll. She said that a lot of my cc were showing balances which I didn't get initially because I pif every month but as she (and others here) have explained, different lenders send information to crs at different times.

 

Anyway I feel a little discouraged and silly for applying since I had a good month and a half in the garden under my belt before that. But by God's grace,  tomorrow is another day :smileyhappy:

 

I am really confused about how to maneuver utilization in terms of reporting. If I pif before statement cuts is that remaining balance what I should expect to be reported? I was always pif'ing before or on due date but that doesn't seem to be to my benefit in terms of reporting. Does it even matter now that I'm in the garden since only the last statements balance shows on crs and not the history of balances. What do you all think?


hey ayles!  Welcome to the forums!

i'm sorry to hear about your denials but it's nothing that time and good payment history can't fix.  :-)

typically- one shouldn't worry too much about utilization unless you intend to tweak your profile for an app.  It's general consensus to allow only one card report less than 10% utility.  To accomplish this, pay all but what you want to report before the due date and let the difference report.  After statement cut, pay what's left if you wish yo pay in full.  I hope this helps.  To be clear, if you pay the full amount due at payment due date, but still charge up the card before the statement cuts, what ever you owe at statement cut is what is reported to the credit bureau.  So make sure you don't charge anything else to the card until the new statement cuts.  This is a common misunderstanding. :-)

 


+1

 

Good advice.  Time is your good friend OP.

Established Contributor
ayles
Posts: 970
Registered: ‎01-01-2014
0

Re: 2 recons denied & some helpful info maybe?


improvingmycredit wrote:

ayles wrote:

So yall may remember me applying for a few ccs on Jan 1st before I headed to the garden. I called Targets (letter in mail saying too many inquiries) and Chases (no news from them) backdoor numbers for recon but to no avail :smileysad:

 

The Target lady said they cannot override the system but that they typically look at the last 3 months in terms of inquiries so give it 3-6 months with no inq and I should get approved.  I may just go with their debit card. Has anyone ever started with it and then been offered the cc?

 

The lady at Chase was helpful in one way but then totally vague in another. She said they want to see more time since the bk of me managing credit well (it'll be 4 years this Dec) so I asked her if there was a specific time line and she said she couldn't tell me but that the myfico forums were a good resource for that kind of information ha! I told her that's where I got the recon number from lolll. She said that a lot of my cc were showing balances which I didn't get initially because I pif every month but as she (and others here) have explained, different lenders send information to crs at different times.

 

Anyway I feel a little discouraged and silly for applying since I had a good month and a half in the garden under my belt before that. But by God's grace,  tomorrow is another day :smileyhappy:

 

I am really confused about how to maneuver utilization in terms of reporting. If I pif before statement cuts is that remaining balance what I should expect to be reported? I was always pif'ing before or on due date but that doesn't seem to be to my benefit in terms of reporting. Does it even matter now that I'm in the garden since only the last statements balance shows on crs and not the history of balances. What do you all think?


hey ayles!  Welcome to the forums!

i'm sorry to hear about your denials but it's nothing that time and good payment history can't fix.  :-)

typically- one shouldn't worry too much about utilization unless you intend to tweak your profile for an app.  It's general consensus to allow only one card report less than 10% utility.  To accomplish this, pay all but what you want to report before the due date and let the difference report.  After statement cut, pay what's left if you wish yo pay in full.  I hope this helps.  To be clear, if you pay the full amount due at payment due date, but still charge up the card before the statement cuts, what ever you owe at statement cut is what is reported to the credit bureau.  So make sure you don't charge anything else to the card until the new statement cuts.  This is a common misunderstanding. :-)

 


Thank you for the encouragement; I feel kind of ugh right now. 

 

I appreciate the explanation; I'm still a little confused though so I'll give you an example of one of my credit cards to see if I got what you're saying.

 

My Discover IT statement cuts on the 17th of every month.  Due date is the 12th of the month.  So it cut Dec 17th; was due on Jan 12th; I pif on Jan 2nd.  Right now the balance is zero.  If I don't charge anything on it until after the 17th, will it report a 0 balance to the crs? And then if I use it after the 17th, I'm assuming I'd need to pay it before February 17th?  Is that correct?  And do I do this with every card I have? Thanks for your patience; I'm totally illiterate concerning all of this!



Current scores: myFICO: 670/TU(Wal): 664/TU(Dis): 659 (Goal: 700)
Last app: 1/3/2014; (Prayerfully!) gardening until: 7/3/2014

~I'm living for an audience of One!
Community Leader
Valued Contributor
improvingmycredit
Posts: 1,402
Registered: ‎07-12-2011
0

Re: 2 recons denied & some helpful info maybe?


ayles wrote:

improvingmycredit wrote:


hey ayles!  Welcome to the forums!

i'm sorry to hear about your denials but it's nothing that time and good payment history can't fix.  :-)

typically- one shouldn't worry too much about utilization unless you intend to tweak your profile for an app.  It's general consensus to allow only one card report less than 10% utility.  To accomplish this, pay all but what you want to report before the due date and let the difference report.  After statement cut, pay what's left if you wish yo pay in full.  I hope this helps.  To be clear, if you pay the full amount due at payment due date, but still charge up the card before the statement cuts, what ever you owe at statement cut is what is reported to the credit bureau.  So make sure you don't charge anything else to the card until the new statement cuts.  This is a common misunderstanding. :-)

 


Thank you for the encouragement; I feel kind of ugh right now. 

 

I appreciate the explanation; I'm still a little confused though so I'll give you an example of one of my credit cards to see if I got what you're saying.

 

My Discover IT statement cuts on the 17th of every month.  Due date is the 12th of the month.  So it cut Dec 17th; was due on Jan 12th; I pif on Jan 2nd.  Right now the balance is zero.  If I don't charge anything on it until after the 17th, will it report a 0 balance to the crs? And then if I use it after the 17th, I'm assuming I'd need to pay it before February 17th?  Is that correct?  And do I do this with every card I have? Thanks for your patience; I'm totally illiterate concerning all of this!


Hey ayles!  

That's correct.  As long as you pay everything before the 17th but the balance that you want to report, you are great.  A lot of people will pay the balance in full by the due date then charge up the card again before the statement cuts.  It's whatever you have charged at statement cut that gets reported.  In your case with Discover- as long as you pay at least the minimum amount owed by the 12 so as not to be late with you payment then everything else that has been charged by the 17th, you will be reported as PIF.  :smileyhappy:


Starting Score: 642
Current Score: EQ 773, EX 780, TU 777 (All FICO)
Goal Score: 800+

Cards: NFCU Flagship 50K, DC 30K, BCP 28.6K, Arrival+ 25K, Citi DP 22.8K, CSP 20.5K, TotalRewards 20.5K, QuickSilver 20K

Community Leader
Valued Contributor
improvingmycredit
Posts: 1,402
Registered: ‎07-12-2011
0

Re: 2 recons denied & some helpful info maybe?

Also- just want you to know... Don't get so down.  calculated chances have to be taken when rebuilding to get the info you need to get where you want to be.  Plan your apps based on need- chance of approval- which CRA might be pulled and educated by these forums and you will be golden.  No worries... Time and proven track record really does heal all wounds.  :smileyhappy:


Starting Score: 642
Current Score: EQ 773, EX 780, TU 777 (All FICO)
Goal Score: 800+

Cards: NFCU Flagship 50K, DC 30K, BCP 28.6K, Arrival+ 25K, Citi DP 22.8K, CSP 20.5K, TotalRewards 20.5K, QuickSilver 20K

Established Contributor
ayles
Posts: 970
Registered: ‎01-01-2014
0

Re: 2 recons denied & some helpful info maybe?


improvingmycredit wrote:

ayles wrote:

improvingmycredit wrote:


hey ayles!  Welcome to the forums!

i'm sorry to hear about your denials but it's nothing that time and good payment history can't fix.  :-)

typically- one shouldn't worry too much about utilization unless you intend to tweak your profile for an app.  It's general consensus to allow only one card report less than 10% utility.  To accomplish this, pay all but what you want to report before the due date and let the difference report.  After statement cut, pay what's left if you wish yo pay in full.  I hope this helps.  To be clear, if you pay the full amount due at payment due date, but still charge up the card before the statement cuts, what ever you owe at statement cut is what is reported to the credit bureau.  So make sure you don't charge anything else to the card until the new statement cuts.  This is a common misunderstanding. :-)

 


Thank you for the encouragement; I feel kind of ugh right now. 

 

I appreciate the explanation; I'm still a little confused though so I'll give you an example of one of my credit cards to see if I got what you're saying.

 

My Discover IT statement cuts on the 17th of every month.  Due date is the 12th of the month.  So it cut Dec 17th; was due on Jan 12th; I pif on Jan 2nd.  Right now the balance is zero.  If I don't charge anything on it until after the 17th, will it report a 0 balance to the crs? And then if I use it after the 17th, I'm assuming I'd need to pay it before February 17th?  Is that correct?  And do I do this with every card I have? Thanks for your patience; I'm totally illiterate concerning all of this!


Hey ayles!  

That's correct.  As long as you pay everything before the 17th but the balance that you want to report, you are great.  A lot of people will pay the balance in full by the due date then charge up the card again before the statement cuts.  It's whatever you have charged at statement cut that gets reported.  In your case with Discover- as long as you pay at least the minimum amount owed by the 12 so as not to be late with you payment then everything else that has been charged by the 17th, you will be reported as PIF.  :smileyhappy:


Gotcha! Thank you so much for your help! It's a little overwhelming trying to keep up with the different dates for so many cards but I've put a few away in the SD for now so I'm only currently balancing about four/five at the most. 



Current scores: myFICO: 670/TU(Wal): 664/TU(Dis): 659 (Goal: 700)
Last app: 1/3/2014; (Prayerfully!) gardening until: 7/3/2014

~I'm living for an audience of One!

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