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New Member
Denvert
Posts: 7
Registered: ‎06-01-2011
0

Declined Gap Store Credit Card

[ Edited ]

Hi,

 

Posted this question in a different forum yesterday, but think this is probably the better place.  sorry for the repost.

 

Yesterday I applied for a Gap Card in store and was declined (the bnkrptcy is the only baddie that I know of on my report).  I just did it on the spur of the moment based on the sales rep's pep talk.   I have a Chpt 7 Bnkrptcy from 2005 and am assuming that this is why I was declined.  I am not so concerned about not having the Gap card, but instead my concern is HOW MUCH the declination will affect my credit score.  

 

In Feb of this year I financed a car and at the time I had a combined score of 702.  I have 3 credit cards, HSB, Cap1 and Target Red.  I use them each month and pay them off each month.   I also have a mortgage, student loan and now the car loan.  All payments are timely. 

 

What is the damage that a declination has on a credit report.  Would it be worth it to try and contact GEMB for reconsideration?   Or is it best just to remain status quo and repair the damage with the payments I make now.

 

Thanks! 

 

Frequent Contributor
gangof4
Posts: 310
Registered: ‎07-19-2010
0

Re: Declined Gap Store Credit Card

You might ask for a recon since they already hit your credit file.  There will likely be a small dip in your scores but no permanent damage from the inquiry.

Established Contributor
MrCredit
Posts: 573
Registered: ‎11-13-2008
0

Re: Declined Gap Store Credit Card

You could try GEMB for a recon. In my experience, you will get a certain kind of rep that is frustrating.

I had to call them for my Lowes Project Card to recon for a low CL they gave me on approval. They would

not budge.

Frequent Contributor
jausanka
Posts: 483
Registered: ‎05-06-2009
0

Re: Declined Gap Store Credit Card


Denvert wrote:

Hi,

 

Posted this question in a different forum yesterday, but think this is probably the better place.  sorry for the repost.

 

Yesterday I applied for a Gap Card in store and was declined (the bnkrptcy is the only baddie that I know of on my report).  I just did it on the spur of the moment based on the sales rep's pep talk.   I have a Chpt 7 Bnkrptcy from 2005 and am assuming that this is why I was declined.  I am not so concerned about not having the Gap card, but instead my concern is HOW MUCH the declination will affect my credit score.  

 

In Feb of this year I financed a car and at the time I had a combined score of 702.  I have 3 credit cards, HSB, Cap1 and Target Red.  I use them each month and pay them off each month.   I also have a mortgage, student loan and now the car loan.  All payments are timely. 

 

What is the damage that a declination has on a credit report.  Would it be worth it to try and contact GEMB for reconsideration?   Or is it best just to remain status quo and repair the damage with the payments I make now.

 

Thanks! 

 


Hi.. hopefully you can get the answers here that you are looking for.  For starters, though, could you explain what you mean by "combined score" in reference to the 702 from the car finance?  Also, how many inquiries do you have on each bureau?  Do you know which bureau Gap pulled?

The actual "declination" has no impact on your score whatsoever.  The only impact would be a very small temporary loss of points for having the inquiry report, but I wouldn't be overly concerned about it... it also depends what bucket of scoring you are in, how many other inquiries you have, how recent, etc.  Sorry for being so complicated.... bottom line: You didn't hurt your score by being declined.  You may have taken a small hit for applyijng at all, and it's the same whether approved or declined.

 

As far as recon... You already took the inquiry, why not call and find out what's up and see if youc an sweet talk them if you really want the card?  If you don't want it, don't recon...

New Member
Denvert
Posts: 7
Registered: ‎06-01-2011
0

Re: Declined Gap Store Credit Card

Thanks for the great advice.  

 

I don't know which report(s) Gap pulled. 

 

In regards to the combined score, I may have misspoke.   I financed the car and I remember at the time that I signed the papers, there was a line stating my credit score as 702.   I just assumed that the score was an average of my individual scores from TU/EXP/Equi, but it could have been the score from only one of them.  

 

I don't know how many inquiries are reported on each, but in the past 12 months the only activity I have initiated include a mtg refi last october (which was approved), the car loan in Feb (which was approved) and the Gap card.   I am not entirely sure of exact dates, but my credit cards have been open for at least 15 months or longer.  

 

I don't know what "bucket of scoring" means...

Frequent Contributor
stanggt03
Posts: 437
Registered: ‎05-21-2011
0

Re: Declined Gap Store Credit Card

[ Edited ]

Combined score with an auto loan is usually what they refer to when you have a cosigner. They average your scores and give you a combined score. DW's TU AE Fico was 620. Mine was 593. Our combined score was 607.


Starting Score: 596 EQ 5-22-11 / 554 TU 5-23-11
Current Score: 615 EQ 08-15-11 / 631 TU 09-27-11
Goal Score: 700+


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New Visitor
TMaG82
Posts: 3
Registered: ‎06-02-2011
0

Re: Declined Gap Store Credit Card

Did you include any GEMB cards in your BK? I've heard that if you did, it will auto decline you for any of their cards.
New Member
Denvert
Posts: 7
Registered: ‎06-01-2011
0

Re: Declined Gap Store Credit Card

I think that 2 GEMB cards were included in discharge, but neither had a balance due at the time of the BKRTCY.

Senior Contributor
bichonmom
Posts: 3,318
Registered: ‎05-05-2011
0

Re: Declined Gap Store Credit Card

I believe the Gap is a GEMB card, like Old Navy, which pulls TU.

 

Like others have said, there may be a minor dip in your score from the inquiry.

~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*
EQ FICO 750 | TU FICO 761 (Walmart) | EX FAKO 767 | Goal: 800+

Edits, funky spacing and spelling due to my iPad not getting along with the forum editor!

Established Member
ASHER78
Posts: 41
Registered: ‎01-26-2011
0

Re: Declined Gap Store Credit Card

I just got declined for a Gap card as well and yes, they do pull through TU.

 

The funny thing is, their other companies did approve me, Banana Republic and Old Navy (which I can use to shop @ Gap so I guess it doesn't really matter). Such an odd company!


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