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Credit Card Questions and Rant

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Anonymous
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Re: Credit Card Questions and Rant

You can't compare yourself to what you see other people getting on this forum. That other person may have 40 inquiries, but 20 years of payment history on 8 different accounts, etc.  Or the person with the lower scores, might have perfect payment history but high utilization. Right now you have 2 collections and only 1 new CC, correct?  That is all they care about...what they can see....and what they see right now doesn't look good in the eyes of a lender.
Message 11 of 21
Anonymous
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Re: Credit Card Questions and Rant

Hi tidbit... I already sent GW letters... Asset Acceptance said in no uncertain terms I should go enjoy myself, with myself. Smiley Wink  The other CA sent me a letter to send to the CRA's letting them know I paid my balance in full. Which was nice, but the CRA's already know that info.  
 
I have the HSBC/Orchard secured card... can I have more than one card with them?   
Message 12 of 21
Anonymous
Not applicable

Re: Credit Card Questions and Rant

Credit scoring just doesn't seem fair. Two tiny and I mean tiny utility bills that are paid in full, can count so much, yet my cell company and all my current utliity companies who all pulled my credit and gave me a chance don't count as positives.
 
 I was allowed to add a statement to my Experian report that these bills were misplaced during my move. Nice gesture on their part... probably won't help.
 
Why should these count against me and prevent me from obtaining a credit card when obviously I took responsibility for my actions and paid them in full? Also, these were not the reason I was rejected... "too many inquiries" was the reason stated on the denial letter.
 
Or are you saying "Too Many Inquiries" is the polite way of saying you are not worthy of our card?
 
   
Message 13 of 21
Scamp
Valued Contributor

Re: Credit Card Questions and Rant



Pappy214 wrote:
Credit scoring just doesn't seem fair. Two tiny and I mean tiny utility bills that are paid in full, can count so much, yet my cell company and all my current utliity companies who all pulled my credit and gave me a chance don't count as positives.
 
 I was allowed to add a statement to my Experian report that these bills were misplaced during my move. Nice gesture on their part... probably won't help.
 
Why should these count against me and prevent me from obtaining a credit card when obviously I took responsibility for my actions and paid them in full? Also, these were not the reason I was rejected... "too many inquiries" was the reason stated on the denial letter.
 
Or are you saying "Too Many Inquiries" is the polite way of saying you are not worthy of our card?

Creditors in general tend to view multiple inquiries as somebody apping all over for credit out of desperation (or at least poor judgment), but this also, in your case, is probably quite recon-able.
 
Check the Backdoor Numbers thread for a CapOne number, call and tell them you were hoping to talk to someone about your declined app.  Since the letter only cited your inqs as the decline reason, and it sound like you can explain these away pretty well, I think you'd stand a halfway decent chance of success.  Be prepared to hang up and call back and try again if the first CSR can't/won't help you.
_____________________________________________________________________________
It's never too late to become the person you might have been. ~George Eliot

02/12/09 EX: 701 / 02/08/10 EQ: 719 / 02/08/10 TU: 723

Backdoor Numbers, Credit Scoring 101, Understanding Your FICO Score PDF
Message 14 of 21
Anonymous
Not applicable

Re: Credit Card Questions and Rant

Don't they keep a log of how many times you have called and asked? Or does one just call back til he gets lucky operator number 12? LOL
Message 15 of 21
Scamp
Valued Contributor

Re: Credit Card Questions and Rant


Pappy214 wrote:
Don't they keep a log of how many times you have called and asked? Or does one just call back til he gets lucky operator number 12? LOL


I assume they do, but it doesn't seem to matter all that much.
 
The inqs issue I truly think, in your case, is explainable.  I AM a bit concerned that your 580 score might kill you, though.  Sorry, but an under-600 score IS tough to get approved with.  Smiley Indifferent
 
Nevertheless, a call to recon your decline can't hurt and might help - persistence can do wonders.
 
Good luck.  Post back and let us know how it goes.
_____________________________________________________________________________
It's never too late to become the person you might have been. ~George Eliot

02/12/09 EX: 701 / 02/08/10 EQ: 719 / 02/08/10 TU: 723

Backdoor Numbers, Credit Scoring 101, Understanding Your FICO Score PDF
Message 16 of 21
Anonymous
Not applicable

Re: Credit Card Questions and Rant

I don't think your problem is the inq so much. 3 collections on your cr. Smiley Sad Work on trying to request that the CAs remove paid collections. Paid or not they are still there. So when a computer pulls your CR it says 3 collections, not 2 paid one open. Smiley Sad

I would apply for "3" more secured cards so you have a total of 4 cards active (not for scoring reasons) from big banks like BOA, CITI, CHASE, ect. Ones with low annual fees and no monthly fee. Fully secure the cards, use them each month for 12 months and then after 12 months make sure all accounts on cr is $0 bal (even though you loose sweet spot utl points, yes still $0 bal) and then try to see if each bank will then upgrade your cards to unsecured after everything reports $0 bal. I think your luck will be very different regardless of collections that pre-existing now! At that point you should be getting credit like many others here. But you have a year to get there. Smiley Happy

As for your score. Later these baddies will not hurt as much as a BK when it comes to rates.

Message Edited by ilovepizza on 08-19-2008 06:26 PM
Message 17 of 21
Anonymous
Not applicable

Re: Credit Card Questions and Rant

I checked Chase's website and can't seem to find a secured card with them. Now, when getting a secured card at say Citibank, I have read that some people on this forum have actually been turned down for their secured card, how is this possible? Also, I assume (and as Benny Hill said never assume things...) the more money to open the account the better? Since it will look better on the CR.  
Message 18 of 21
Anonymous
Not applicable

Re: Credit Card Questions and Rant

I don't believe that Chase offers a secured product, but don't quote me on that.
Message 19 of 21
Watchmann
Valued Contributor

Re: Credit Card Questions and Rant



Pappy214 wrote:
Credit scoring just doesn't seem fair. Two tiny and I mean tiny utility bills that are paid in full, can count so much, yet my cell company and all my current utliity companies who all pulled my credit and gave me a chance don't count as positives. 


35% of your score depends on paying your bills on time.  It is a very important trait and one that is looked at carefully.  If you don't pay your small bills on time, what does the CC company think is the chance you won't pay that big unsecured CL if they give it to you?  Being late, for whatever reason, counts against you.  The FICO system looks at numbers only, in many ways it is unfair as it can't differentiate shades of gray.  That is the price we pay for fast credit guaranteeing in our society.  In the old days you could talk to someone at the bank or loan company and 'splain your circumstances.  Now it is automated.  All the more reason to stay squeaky clean. 
Message 20 of 21
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