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Frequent Contributor
750orbust
Posts: 256
Registered: ‎03-06-2013

Can this be done?

Is it possible to have a CC company take a second look at an app that's been denied? I recently talked to a loan officer about getting a home loan and she told me that my credit wasn't bad but that I needed more revolving accounts so she recommended that I get a couple of credit cards, pay them off in full each month and to come back and see her in six to eight months. My problem is, I was only able to get approved for a Capitol 1 card and the other two or three that I applied for were all denied. If memory serves, I believe the ones I got denied for were Chase and discover, maybe one more but I can't remember right now. Since I applied I have gotten rid of some negs on my CR but I'm not sure if they've updated yet. The only things left (or should be left) on my CR are a couple of medicals and I do have a current auto loan with three years history with perfect payment history. I don't understand why I was denied, it's not like I was expecting a gigantic CL, maybe $300 or so. Since Cap1 was the only one to accept me I decided to apply for Fingerhut credit even though they have nothing for their prices that I actually want to buy. The problem with fingerhut and you guys please feel free to correct me if I'm wrong, is that they sent me a letter stating that I've been approved for $130 worth of credit and that after I pay the initial $30 towards my first purchase and pay off the remaining balance within six months, only then would they approve me for a "real" line of credit and start reporting it. This is fine but I need something that's going to affect my credit positively a whole lot quicker than that. I need to have my CS's and an established (even though only six months or so) credit history a whole lot quicker than fingerhut is going to make that happen. So I was just wondering if it was possible to have the two denied apps reconsidered and what would the odds be of that actually happening? Thanks
Frequent Contributor
750orbust
Posts: 256
Registered: ‎03-06-2013

Re: Can this be done?

I just remembered the third denied app, it was for a Walmart CC if this info helps at all.
Established Contributor
Cdnewmanpac
Posts: 767
Registered: ‎01-16-2012

Re: Can this be done?

Your best bet is probably chase. They have a recon phone number listed in the stickies at the top of this forum. If your denial is >30 days old, it will involve another credit pull. If your cap1 isn't reporting yet, you might want to wait until that reports. if you have some proof that other negatives were removed, be willing/able to send them in. Then call the recon line and explain exactly what you did here: You applied for a home loan and were told to establish revolving credit. Have an explanation for your negatives and what has changed since then and just state that it isn't about the limit, but about showing chase that you are a good credit risk and helping re-establish yourself. Even if you get declined, they will usually offer insight into why and then you will know what you need to work on.

 

Alternatively, you could get a secured card, which will achieve the same thing (2 revolving accounts for 6 months in good standing), but underwriting will be much less stringent.

In wallet: Ink Plus 10k, AMEX TE 25k. In bag: CSP 16k, USAA WMC 15k, Hyatt 13k, United MPE 12k, AMEX HHonors 3k. In SD: Cap 1 QS 5k, Discover IT 7k. FICO 08 says my EQ is now 844, was 510 in 2010.
Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011

Re: Can this be done?


750orbust wrote:
I just remembered the third denied app, it was for a Walmart CC if this info helps at all.

What were the reasons for denial with the WM card?

 




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Senior Contributor
Wolf3
Posts: 3,198
Registered: ‎01-24-2010

Re: Can this be done?

Recommend a secured card with a major bank or CU.

Frequent Contributor
750orbust
Posts: 256
Registered: ‎03-06-2013

Re: Can this be done?

I don't remember what the denial letter said. At that time I didn't know anything about this forum but wish I had. If I had known about this forum I would have been on here immediately asking for advice.
Frequent Contributor
750orbust
Posts: 256
Registered: ‎03-06-2013

Re: Can this be done?

Just got off the phone with Walmart and Chase. Chase told me that (like the poster above mentioned) to wait until Cap1 reports and then call them back and they'd probably be able to help then. Walmart wasn't so helpful. They told me that they wouldn't even take a second look until I wait thirty days and re-apply. Thanks for nothing Walmart!

I've posted my next strategy in the thread "stop me before I make a mistake". If you would, please jump over there and chime in on whether my next attempt is worth it or not. Thanks all.

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