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Hello fico forum friends,
As some of you may know, I applied on line for a USbank cc a week ago and was denied. I called underwriting the next day and asked them to reconsider. I have a mortgage on my home with USbank now, and behind that mortgage is a 17 yr perfect payment history, many times it was paid well before the due date each month. They pulled Experian and there is not one blemish on that credit report. They turned down my app today again stating that my DTI was a "little" more than they would "like" to see. My debt includes my mortgage and only one credit card with a zero balance. They also told me that my EX fico score was 790. So, my point is, scoring means nothing, it is worthless. No matter what score a person has, they will find something to fault you with so they don't have to extend you credit if they don't want to. Needless to say, I will start looking for someone else to carry my mortgage, and my local credit union that I deal with will be at the top of the list. Hope this info helps some of you looking for credit cards. Good luck to you.
@Imhotrodcrazy wrote:Hello fico forum friends,
Needless to say, I will start looking for someone else to carry my mortgage, and my local credit union that I deal with will be at the top of the list. Hope this info helps some of you looking for credit cards. Good luck to you.
Did you tell them this? Cause they may change their mind at that point.
Hi Suzy,
I told them, they said ok.
@Imhotrodcrazy wrote:Hi Suzy,
I told them, they said ok.
Oh my.
*makes note to go nowhere near USBank now or anytime in the future*
@Imhotrodcrazy wrote:Hello fico forum friends,
As So, my point is, scoring means nothing, it is worthless.
You got it. I won't say it is useless at all, but in the way it is done in the U.S. The system needs immediate revision.
Sorry to hear that.
The point is that many lenders don't use your score but their own risk models that they calculate from your credit report. I have the feeling that the more the consumers learn about their credit scores and how to game them, the less they will be used for financial decisions. If there ever comes the day that everyone has the right to know his FICO score for free, nobody will use it anymore.
@Imhotrodcrazy wrote:Hello fico forum friends,
As some of you may know, I applied on line for a USbank cc a week ago and was denied. I called underwriting the next day and asked them to reconsider. I have a mortgage on my home with USbank now, and behind that mortgage is a 17 yr perfect payment history, many times it was paid well before the due date each month. They pulled Experian and there is not one blemish on that credit report. They turned down my app today again stating that my DTI was a "little" more than they would "like" to see. My debt includes my mortgage and only one credit card with a zero balance. They also told me that my EX fico score was 790. So, my point is, scoring means nothing, it is worthless. No matter what score a person has, they will find something to fault you with so they don't have to extend you credit if they don't want to. Needless to say, I will start looking for someone else to carry my mortgage, and my local credit union that I deal with will be at the top of the list. Hope this info helps some of you looking for credit cards. Good luck to you.
Scoring does mean something: It's just banks when they do a manual review they may approve or deny based on facts they see. If none are there, then i would say it's that bank that has the problem and you need to be looking to refinance with someone else A.S.A.P. scoring is not an absolute. But i am sorry this happened to you. Good luck
King
Did they happen to mention anything about your mortgage? Is it a fairly new mortgage?The way your post reads it seems you have 0 cc debt and the only DTI you have is a mortgage.
The reason I ask is that I have a 8 month old mortgage and I want to app soon.Not for Us Bank but others..
Hi Carter,
My mortgage is 17 yrs old with a perfect payment record. My one and only cc is zero balance and the highest utl was 14%. The credit card is new however, since I didn't have any cc's, my score jumped 21 pts when I got it. I have never been a person to charge a lot, I usually pay cash. Its just the way I was raised and it is hard to teach an "old" dog new tricks as they say. I hope you have better luck in your search.
74King,
You are right, I will be looking for someone else to take my mortgage. IMO opinion, common sense is missing in this world. If a person has a 790 fico score, nothing bad at all on their report, you have to be an idiot not to approve them. Its not like it use to be. I feel sorry for the young people out their trying to get started. Well, thanks for the post. Good luck to you.