Barclay Itunes Denied

[met365784]

Applied and Reconed an itunes card and was denied twice, first by the computer, then by a real person. bummer.

Reasons were

Too many inquires, too short history, amount of credit to low or something like that.

So after that I decided to get a walmart card instead, Instant approval for 600.

History

AAoA = 7yrs (mostly closed accounts or IIB)

Active accounts - all perfect history, no lates

Auto - 19 months

Orchard bank - 1yr 320 limit balance 9) Hate this card, no cli high annual fee (wanted to replace with barclaycard)

Capital One - 5 months 500 limit balance 0 PIF, no annual fee

Walmart card - 0 months 600 limit balance 0, just approved, waiting to receive card

Denials

Best buy rewards card - Sept 2010 Denied because of performance on a previous HSBC Account (GM card that was IIB but it shows as a CO)

Lowes - Tried last May Denied because of BK

Barclaycard Itunes - Denied

I'm sure there are a few more that I'm forgetting about

It hasn't been easy rebuilding, even with alleged BK friendly creditors, Just taking it one step at a time.

[scientifics]

Barclays is VERY sensitive to recent inquiries.

[Anonymous]

Congrats on the Walmart card!  I like 'em fine.  And they're offering FICO TU scores monthly - a plus.

Remember creditors look at your entire credit report.  Do you have any baddies on the report besides the BK?  They look at the whole picture.

Sounds like you're working hard to rebuild - congrats to you again on the Walmart card!  Remember GEMB tends to do CLI's after every fourth statement hits if you request one, so they can be a great card for building CL's. 

Have you considered closing Orchard?  The Cap One fits the FICO code for a bank card, and your Wally card will do you good.  No need to keep Orchard open at this time unless you want to.  IMO and IME, there's no magic in having three cards rather than two at this point -- I'm thinking this way because of DH and my experiences in rebuilding.  That third card didn't bring FICO points to either one of us - of course YMMV.  Just sayin' you have options there.    (I closed my Orchard as soon as I opened a second bank card - you don't need two.)   And if you truly feel the need to have three revolvers (I don't) consider a second GEMB merchant card.  They'll have no AF's and they do tend to grow CL's nicely.  Maybe rest the app button since you've gotten the message that you have a lot of inquiries, and consider what will work best for you in 6-12 months.

[met365784]

Unfourtanetly I still need to keep the Orchard Bank card as underwriters like to see a couple 1yr+ tradelines for a mortgage.

The only baddies I have are from 2008 and prior, I have 2 accounts that are not showing as IIB, that is the GM card that was discharged but they report as a charge off and an old account from verizon wireless that showed as IIB but about 3 months ago changed to Collection DOFD 2008.

The lady at Barclays made it sound that if I tried again in a few months that I should be able to get in, they wanted to see more time on my current cards. I'm not looking to add a bunch of cards to my collection, just looking at bringing in more quality / useful cards. I also need to add a few accounts to help my AAOA, as in a short while 2013-2014 a lot of my tradelines will be dropping off my reports.

[Anonymous]

Well, do listen to your mortgage underwriter!  Never want to shoot yourself in the foot when a house is on the line.

In our case, we didn't have any open cards that hit a year old, and several that were only a few months old.  Our oldest open card was 8 or 9 months IIRC.  Not an issue for our mortgage refi even on the manual review - but everyone's different.  We did have older closed accounts on our CR's.

Best wishes on your rebuilding.  I hope Barclay's takes you on in a few months.  I like 'em.

[Anonymous]

It wouldn't hurt much to try more. You might get in Amex door with their zync card. Barclay used to be more BK friendly, I guess it really depends on who you recon with.

[Anonymous]

It seems Barclay's is still BK friendly.  They're still auto CLI'ing me every six months with a BK on my reports.

Barclay's, like other creditors, are also going to look at what else is on the report.  If you have a late or other baddie after a BK like OP has, that can be a deal breaker even for creditors that are BK friendly.  It won't be a deal breaker for everyone, but it may be for some.

FICO has one reason code for a BK (code #40 - derogatory public record or collection filed) and a different reason code if you have a BK plus a post BK baddie (code #38 - serious delinquency and derogatory public record or collection filed).  Code 38 aka 'the black hole" appears when there's a serious delinquency after the BK (or judgment or tax lien or collection).  Again, it's not a deal breaker for everyone, but its a different situation than a BK with no post-BK baddies.  In either case, you can find folks who will work with you, but you can't assume that if someone is BK friendly that they will take on post-BK late payment issues.  It's a different issue.

[met365784]

Just to be clear the charge off and collection account are both from before the BK discharge of Aug 2008. The charge off was May 08 and the verizon was July 08.

I wish I could get an Amex card, but I still have quite a few more years before I can get in with them, or any other prime lender.

I'll have high Inquires 5-7+ for quite some time, so barclays may not like me next summer either. I'm not applying for another card until next summer, I wonder what a good card would be to try for once I reach the 4yr post bk mark?

[Anonymous]

Hi met,

Sorry, let me clarify.  I'm referring to the late payments on your car in 09, which you've posted about earlier.  Did my brain cell get muddled?  misunderstand?  If so, my apologies.  

[met365784]

You're right, I wasn't even thinking about that in my reply, I was too busy thinking about the info in this post, sorry.