Citi instantly denies for open or closed charge offs less than three years.
Different companies have different policies on approving new credit applications. Some, like Amex, have their own internal scoring model which I have no idea how it works. Others simply use information on your credit report such as: your credit score, payment status on your current accounts, any potentially derogatory information (such as late payments, charge offs, bankruptcy, etc.) number of recently opened accounts, new credit inquiries, % of credit utilization, etc. Some, like Penfed, also take into account your balance history. Some have been denied for "pyramiding debt" because their account balances gradually increased in the months prior to their application for credit.
Depending on the company, they may simply use your FICO score. Others will take the information that's on your credit report and use their own formula to determine if you're an acceptable risk.
Edit: In regards to instant denials, I believe some do have triggers. Amex, for example, is not very BK friendly at all. Other issuers may auto-deny for any recent derogatory information, and will ask you to wait a year or two before applying again.
Message Edited by andyaycw on 01-03-2008 03:13 PM
Message Edited by andyaycw on 01-03-2008 03:14 PM
It's on the top of the page for EVERY Chase card now. I'll never get in with them I guess. Wish they didn't own half the known world.
Scores are looking good Marty!! Wow!
marty56 wrote:This summer I will apply for a Chase Kiss card. I want to wait a bit till my 2nd TU inq drops off and I want to pay off my Bill Me Latter account.I can wait.