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Established Contributor
Badcreditguy
Posts: 623
Registered: ‎08-14-2007

Credit card approval question

I would say just 3 or 4 months ago I applied for say the target credit card and was denied due to too many recent delinquencies. Now i applied a couple days ago I applied again and got approved. The only difference now is i added a couple credit cards and it raised my score some. Does the recent delinquencies not matter as much if you have a higher credit score? If thats the case they should just too low credit score instead of recent delinquencies. Also ive been denied for having too many installment loans. I only have one which is my student loan.
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Brammy
Posts: 5,436
Registered: ‎03-10-2007

Re: Credit card approval question



Badcreditguy wrote:
I would say just 3 or 4 months ago I applied for say the target credit card and was denied due to too many recent delinquencies. Now i applied a couple days ago I applied again and got approved. The only difference now is i added a couple credit cards and it raised my score some. Does the recent delinquencies not matter as much if you have a higher credit score? If thats the case they should just too low credit score instead of recent delinquencies. Also ive been denied for having too many installment loans. I only have one which is my student loan.


 
Three or four months can make a difference where recency is concerned.  For store cards it can be 6 mos to a year before they will approve you.  As far as too many installments.  Was this the reason or was 'Balance too high on existing installments' the reason?  I have seen both.  Yes with higher scores they may instant you where you may have gone through secondary decisioning with theprior approval.  Open revolving accounts make a big difference.

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Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007

Re: Credit card approval question

For those of us with late payments and other sad tales, it's useful to keep their birthdays in mind. In my case, I have a 30-day from March 07, and a 30-60-90 day from February 06. So in March 09, the 30 will go over one year, and the serious lates will have gone over two years, and I hope that I will be less of a credit pariah at that point.

note: I disputed all three CRA's for not showing that my J.Crew card was in current use. It had a 30-60-90-120 chain of shame. When the CRA's finally pulled themselves together and updated to show a current history in good standing, the chain also changed to 30-30-60-90! Still unlovely, but better than having a 120, plus the whole thing moved up one month. Woo-hoo, every now and again I get lucky!
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Valued Contributor
netpanther
Posts: 1,694
Registered: ‎08-07-2007

Re: Credit card approval question

Try to keep in mind that each loan/ CC holder has their own determinations and so you can have a good, great or excellent Fico scores and they still might turn you down.
 
Some are-
collections less than one, two or three years old, no matter what the amount, paid or unpaid
bankruptcy in less than seven years
maxed out on all your cards or nearly maxed out
too many other loans that you have only begun to pay on...
 
can anyone think of more? add to the list if you want...
 
I.E- Amex and Discover took me and Citi Upromise wouldn't touch me w/ a ten foot pole. Go figure. Reason- current open collection- less than 150 and almost three years old. Wouldn't pay it cuz of the principle- (dumb me, there is no such thing as having "principles" when it comes to not letting things go into collections)..
Moderator Emeritus
Brammy
Posts: 5,436
Registered: ‎03-10-2007

Re: Credit card approval question



netpanther wrote:
I.E- Amex and Discover took me and Citi Upromise wouldn't touch me w/ a ten foot pole. Go figure. Reason- current open collection- less than 150 and almost three years old. Wouldn't pay it cuz of the principle- (dumb me, there is no such thing as having "principles" when it comes to not letting things go into collections)..


 
Ok I'm not laughing at you but this is the reason I now have a PAID 62.00 collection on my file.  I still say I shouldn't have paid it:smileymad:

Valued Contributor
netpanther
Posts: 1,694
Registered: ‎08-07-2007

Re: Credit card approval question



Brammy wrote:


netpanther wrote:
I.E- Amex and Discover took me and Citi Upromise wouldn't touch me w/ a ten foot pole. Go figure. Reason- current open collection- less than 150 and almost three years old. Wouldn't pay it cuz of the principle- (dumb me, there is no such thing as having "principles" when it comes to not letting things go into collections)..


 
Ok I'm not laughing at you but this is the reason I now have a PAID 62.00 collection on my file.  I still say I shouldn't have paid it:smileymad:



One paid, two upaid total. That's the extent of my collections. Two upaid less than 225 together. All three medical. Again- wouldn't pay cuz of the principle- yet, look where my "prinicples" got me...hahah!- coll. on my credit report and a CA that has no scruples and turns their nose up at PFD's!!
 
Oh well, going to start my new years plan of bombarding them until they sick of me and allow me to PFD them...
Moderator Emeritus
Brammy
Posts: 5,436
Registered: ‎03-10-2007

Re: Credit card approval question

[ Edited ]
That is the only collection on my file. For an insurance policy that was cancelled and converted to another company.  They collector removed it when I initially disputed it and didn't know it had cropped back up til I pulled my reports last year:smileymad:


Message Edited by Brammy on 12-16-2007 07:48 PM
Valued Contributor
netpanther
Posts: 1,694
Registered: ‎08-07-2007

Re: Credit card approval question



Brammy wrote:
That is the only collection on my file. For an insurance policy that was cancelled and converted to another company.  They collector removed it when I initially disputed it and didn't know it had cropped back up til I pulled my reports last year:smileymad:


Message Edited by Brammy on 12-16-2007 07:48 PM

Good for you. Will NEVER let anything go to collections again, as they follow you around like the worst case of athelete's foot you have ever seen! hahaha
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Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007

Re: Credit card approval question


netpanther wrote:

Try to keep in mind that each loan/ CC holder has their own determinations and so you can have a good, great or excellent Fico scores and they still might turn you down.

Some are-
collections less than one, two or three years old, no matter what the amount, paid or unpaid
bankruptcy in less than seven years
maxed out on all your cards or nearly maxed out
too many other loans that you have only begun to pay on...

can anyone think of more? add to the list if you want...


30-day late within last 12 months
60-day or greater late within the last 24 months
prior bad history on another card from the same issuing company
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007

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