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So way back in the dark ages in March I managed to get denied by Capital One for a secured card, with the reason being that the information from each of the bureaus was 'Missing or Unavailable'. Despite alot of time spent on the phone it did me no good and they suggested I go sort everything out with the credit bureaus because clearly they must be at fault. When I went to the credit bureaus with the appropriate information after a month I found out something interesting - there was nothing wrong with my credit reports besides the usual minor inaccuracies in address etc. However, I did find an inquiry on each of TU and EX from Capital One (nothing on the EQ) despite what they denied me credit for (and this included me offering to take the largest hit and put down $200 for a credit card and speaking to two levels of supervisors, after they decided to be rude I let them have it about the stupidity of their business model). By the time I had found out what I wanted from the bureaus (by about a day in excess of the 60 days) - they weren't willing to approve me without another triple hard pull - which was ridiculous for what they were offering. I then held off applying until I got a pre-screened from Chase.
Now to my question. Given that Capital One clearly has used an incorrect reason to deny me credit (because they actually did pull my report from two sources and got it, thus contradicting their denial letter statement) is it worth me pursuing them to try and get rid of those inquiries or something out of them before my next round of apps (given I have a very thin file as a newcomer to the country, 3 on EX, 2 on TU - 1 on each is for utilities and the single Chase freedom)?
If it is worth pursuing them, what should I be looking to do and does anyone have suggestions about how to go about it?
Well, just my opinion but, Cap1 has always pulled 3 reports. So if in their business model or whatever, they can't access all 3 of your reports, then they can deny it based on what they said because its based off what their practices are.
I have never been able to successfully remove an inq off a report, no matter what. And in this instance, you did give them permission to pull the credit- even if they did deny it ultimately. So regardless of the results, they had your permission to pull the reports so even if you managed to get in touch with someone to discuss it and they had the power to delete them, why would they? You gave permission.
If you are planning to apply for other stuff, can't you just wait for them to age a year when they will have less impact on your score? You said your file was thin, so do you have excessive inquiries? I think the effort and time it would take to try and remove those 2 inqs (and likely fail at the attempt) probably wouldn't be worth it in the grand scheme of things.
I'd let it ride out. Too much of a hassle to remove them, as they're really not affecting you if they're from March. You're also running the risk of the CRA putting a FA on your report (non approved by you), which will cause you a little headache to get removed.
Actually its more that, they have to give me a legitimate reason for denial if understand FCRA correctly - and they pulled 2 reports successfully but then listed the reasoning as missing or unavailable for all three (it would be fine if that was the case for one report. But the score they tried to get was TU as well). Which one sent me on a wild goose chase with the credit bureaus, and two meant that I had no credit history for 6 months, which has set me back and continues to annoy me (I do alot of reimbursed travel - now imagine having to pay that out of your own pocket and wait up to two months for it back when your salary isn't that huge and you've relocated to a new country ). Now - if it isn't because of the reports then why was I denied (NB. I wanted to apply for newcomers but couldn't get it because I had tried my bank Chase first and thought that would be on my history - (it wasn't) and hence was offered the secured).
I know its petty, but I guess what irritates me is that I was denied for basically the equivalent of paying to establish a credit history - and that influences my future credit history (even if it is only in the short term) for Apps for long enough to potentially have an influence (Inqs are in my sig) - not to mention that they have lied and incorrectly denied me credit because of it. I'm just wondering if there is a way that I can use it to my advantage.
What is an FA if you don't mind me asking?
@tornadoguy wrote:Actually its more that, they have to give me a legitimate reason for denial if understand FCRA correctly - and they pulled 2 reports successfully but then listed the reasoning as missing or unavailable for all three (it would be fine if that was the case for one report. But the score they tried to get was TU as well). Which one sent me on a wild goose chase with the credit bureaus, and two meant that I had no credit history for 6 months, which has set me back and continues to annoy me (I do alot of reimbursed travel - now imagine having to pay that out of your own pocket and wait up to two months for it back when your salary isn't that huge and you've relocated to a new country ). Now - if it isn't because of the reports then why was I denied (NB. I wanted to apply for newcomers but couldn't get it because I had tried my bank Chase first and thought that would be on my history - (it wasn't) and hence was offered the secured).
I guess what irritates me is that I was denied for basically the equivalent of paying to establish a credit history - and that influences my future credit history (even if it is only in the short term) for Apps for long enough to potentially have an influence - not to mention that they have lied and incorrectly denied me credit because of it. I'm just wondering if there is a way that I can use it to my advantage.
What is an FA if you don't mind me asking?
Fraud alert: where your identity has possibly been compromised, and all creditors must verify your identity when receiving an app in your name/ssn.
@tornadoguy wrote:Actually its more that, they have to give me a legitimate reason for denial if understand FCRA correctly - and they pulled 2 reports successfully but then listed the reasoning as missing or unavailable for all three (it would be fine if that was the case for one report. But the score they tried to get was TU as well). Which one sent me on a wild goose chase with the credit bureaus, and two meant that I had no credit history for 6 months, which has set me back and continues to annoy me (I do alot of reimbursed travel - now imagine having to pay that out of your own pocket and wait up to two months for it back when your salary isn't that huge and you've relocated to a new country ). Now - if it isn't because of the reports then why was I denied (NB. I wanted to apply for newcomers but couldn't get it because I had tried my bank Chase first and thought that would be on my history - (it wasn't) and hence was offered the secured).
I know its petty, but I guess what irritates me is that I was denied for basically the equivalent of paying to establish a credit history - and that influences my future credit history (even if it is only in the short term) for Apps for long enough to potentially have an influence (Inqs are in my sig) - not to mention that they have lied and incorrectly denied me credit because of it. I'm just wondering if there is a way that I can use it to my advantage.
What is an FA if you don't mind me asking?
If their policy is to pull all three, and they were only able to get two, then they have a right to deny you right there. One was missing.
I don't know why they have to be so strict when it comes to a secured card though. You're putting your money up.
Aren't utilities soft pulls?
If you have the denial reason *in writing* that they were stating all three of the bureaus as unavailable, then you might have some slim chance of removing the inquiries they generated.
If not, don't think you have much hope.
And frankly, if you are sincere about staying in the garden until 2/2014, it's not really worth your time to bother. By then the inquiries will have minimal impact on your score, if any.
@TheConductor wrote:If you have the denial reason *in writing* that they were stating all three of the bureaus as unavailable, then you might have some slim chance of removing the inquiries they generated.
If not, don't think you have much hope.
And frankly, if you are sincere about staying in the garden until 2/2014, it's not really worth your time to bother. By then the inquiries will have minimal impact on your score, if any.
+1
Keep in mind, the interpretation of the FCRA states also clarifies the implied consent of the applicant. Since you had a legitimate reason (and permissible purpose) to apply, I would doubt they would remove those inquires.