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@Hortilux wrote:
Like the title said both my fico score from this set are 671. Not great but not horrible, or so I thought. Ive been applying for credit cards online but get denied. I'm applying for crappy ones, not secured but nothing high end. This site made it seem like I would qualify for sure. Any thoughts?
Most would need more information to give you insight from their experiences.
Example...
Who did you apply with?
What negatives are on your credit reports (collections, lates, charge-offs, etc etc)?
How old are your negatives?
How old is your credit history?
How many inquires on credit report?
Those are just a few examples....
Another thing to keep in mind is just because it is under review does not mean you will be denied.....
We would need a bit more information to help you out.
Do you have other cards or loans now?
How long have you had them and how much do you owe, if you do?
Do you have any baddies on your file? (collections, charge-offs, late payments?)
Do you have reportable income?
Tell us more, and we will try and help.
Something sounds strange,
I would def. call them and get some more information. Its not your score I can tell you that, but maybe something on your credit report that you are unaware of that is flagging them.
You have to keep in mind that having a particular score does not guarantee you getting any specific card. Yes the higher your credit score the more likely you may be approved but what is more important IMO is what is on your CRs. There are no credit cards that require a specific score or above that will guarantee automatic approval regardless of what is on your CRs as far as I am aware.
Something definalte doesn't sound right, CapOne should have been an easy approval. Call them all and recon, you have nothing to lose at this point You've already ate the INQ's.
@Hortilux wrote:
How do they verify income? Or what other factors do they consider other than a fico score?
They look at current debt from credit reports, your income, negatives.....
Verification methods are handled in different ways from different lenders, they can call for verification, they can pull your SS income reported, they can look at your previous credit report history as examples.
IMO you are over applying for cards with major banks. While you say you only have a few inquiries those applications as soon as you hit submit button generate into a real time inquiry.
Inquiries throw up a red flag with the major banks.
You have negatives on your credit report that will throw up a red flag.
Your credit history seems very limited as far as revolving credit is concerned and this also throws up a red flag.
No mention of your income and if you are self employed or work for someone, and since you question how they verify it I will make an assumption that it concerns you if your income is satisfactory or not.
Imo since you have limited revolving history this is probably what is impacting their decision the most. I would slow down with applying wait a while and apply for a secured card. Build a little history for about 6 months to a year and then slowly try and apply for the major banks unsecured cards.