Declined for Discover IT and have ?s

[tmeach]

Here are my hesitations with CAP1:

1) we have a negative mark on DH's credit report because we missed 1 payment and they refused to take it off. (the late payment was an oversight)  on the positive side: They did wave the annual fee this year for us after we called to ask for a lower interest rate.  

2)And it drives me nuts speaking with an outsourced CSR that you can barely understand.  The CAP 1 card was once a secured card but no longer, DH apped for it when he was rebuilding.

3) My DH and I have a timeline to buy a house within a year to 2 years,  the concern is having too many lines of credit.  All the credit cards are under his name and I am the AU. We have a CAP 1, Discover, Barclays, BOA with a total CL of $27,700, a single income household earning $135k annually.  Of the cards we have only 2 are used, one card has a balance of $1800 on a $7k limit and the other has $5k on a 

$12,600 limit. We have a discover personal installment loan that will be paid off by Oct 2014 and DH has a $17k  Sallie Mae loan he cosigned for an ex GF who is just paying the minimum with no steady job (stupid mistake he regrets). We keep a safety net in case she can't make the payments and feel the Sallie Mae will negatively affect us since she was 30-60 days late back in 2009.

On the positve side: I apped for a Cap 1 VentureOne Rewards Cards, so  AF.  So does that mean I am getting approved if they are asking for verification? I do have fraud alerts for the CRA..

[Imua]

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@Juss11 wrote:

Why not get the cap one? Nothing wrong with them. You already got the HP anyways. The cap one will help you noy hurt you. So what if you have an AF, you got to start some where. BTW congrats on the Freedom thats a great card.

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the cap1 venture1 does not have an annual fee (which is why i applied for it instead of the venture)

i agree with the posters who say to the OP to go ahead and accept it

[tmeach]

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@Imua wrote:

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@Juss11 wrote:

Why not get the cap one? Nothing wrong with them. You already got the HP anyways. The cap one will help you noy hurt you. So what if you have an AF, you got to start some where. BTW congrats on the Freedom thats a great card.

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the cap1 venture1 does not have an annual fee (which is why i applied for it instead of the venture)

i agree with the posters who say to the OP to go ahead and accept it

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yesterday I faxed over the Cap1 Venture1 verification docs.  Today I called to check the fax was recieved-  the rep said I will receive a letter whether I was approved or not.  Should I call in a few days? 

I forgot to mention that I have a fraud alert with CRA because I had fradulent addresses on my report recently. I am assuming that is what Cap1 & Chase are asking for additional docs.

I received Discover's denial letter stating my credit history was insufficient. It shows they pulled FICOs for EQ 737 and EX 610 listing too many inquiries (prob from the Chase and Cap1 app), too young account and too high revovling debt utilization.   I will wait.

[B335is]

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@tmeach wrote:

I applied today online, denied and then called the backdoor number..  After calling the backdoor number, I was told that my AAoA  weren't sufficent, even though I have some credit history, but not own my own.  I was suggested  to apply for a joint app, which I will not do.

I am an AU for: a different Discover card with a TL $12,600, BoA: $7K, Cap 1- $500 & Barclays $7K.  A few days ago, I applied for a Chase Freedom and was approved; I will not find out for another week or so what the APR and CLI will be.  Also applied for a Cap 1 Ventureone Rewards, they asked me for extra document verification but I am not going to go through with it based on reading Cap 1's reviews.  I got 2 HP for all 3 CRAs after applying to Chase and Cap 1. I wish I applied for Discover IT instead of Cap 1 Venture Rewards since I only 1 INQ prior to then.

Can someone please shed some light?  I read around that others have been approved with BK or lower FICO scores.  I just don't get it. Also, I am a little confused wth why my EQ is much higher than the others. Which credit bureau gets reviewed more for CCs and car loans?

My FICO: EX-610  TU-676  EQ- 737. with 2 items in collections, a CO and 1 late payment from 3 years ago (darn you Cap 1!!)  My goal is to have all 3 at 750.  I don't intend on applying for anymore loans, or credit until we buy a house or a car.

Thanks, I am a noob.  Please forgive the inaccurate use of accronyms and credit-speak.

OP,

I started a new thread, changed your title but left your post as is.  You will get more visibility by having your own thread.

Lexie, myFICO Moderator 

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I think the negatives are what you were really denied for.  Discover is strange, some get approved with mid-600 Fico, others (like me) can't get approved until the reports are totally clean.

[B335is]

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@tmeach wrote:

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@Imua wrote:

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@Juss11 wrote:

Why not get the cap one? Nothing wrong with them. You already got the HP anyways. The cap one will help you noy hurt you. So what if you have an AF, you got to start some where. BTW congrats on the Freedom thats a great card.

---

the cap1 venture1 does not have an annual fee (which is why i applied for it instead of the venture)

i agree with the posters who say to the OP to go ahead and accept it

---

yesterday I faxed over the Cap1 Venture1 verification docs.  Today I called to check the fax was recieved-  the rep said I will receive a letter whether I was approved or not.  Should I call in a few days? 

I forgot to mention that I have a fraud alert with CRA because I had fradulent addresses on my report recently. I am assuming that is what Cap1 & Chase are asking for additional docs.

I received Discover's denial letter stating my credit history was insufficient. It shows they pulled FICOs for EQ 737 and EX 610 listing too many inquiries (prob from the Chase and Cap1 app), too young account and too high revovling debt utilization.   I will wait.

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If you have a fraid fraud alert, they won't be able to pull your reports until you lift it or provide them with the PIN, I believe. 

[takeshi74]

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@tmeach wrote:

Can someone please shed some light?  I read around that others have been approved with BK or lower FICO scores.  I just don't get it.

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It's never just about scores.  Creditors do look at the individual factors that go into credit scoring as well.

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@tmeach wrote:

Also, I am a little confused wth why my EQ is much higher than the others. Which credit bureau gets reviewed more for CCs and car loans?

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No idea who gets pulled the most.  It's probably Experian but all of the CRA's matter and you should really look into who a specific creditor pulls versus relying on a generalization like which CRA gets pulled the most.

As for your score, this is a very common topic.  Scores are based on what's in your reports.  The data in your reports with each CRA can vary.  The scoring model used also affects the score.  When a score was generated can also have an effect as the data within a report can vary over time.

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@tmeach wrote:

with 2 items in collections, a CO and 1 late payment from 3 years ago

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Get those dergos addressed.  Dergos will always be the biggest thing holding one back.  Visit the rebuilding subforum.

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@tmeach wrote:

My DH and I have a timeline to buy a house within a year to 2 years,  the concern is having too many lines of credit.

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Has the mortgage lender told you that specifically or are you just assuming it to be an issue?

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@tmeach wrote:
I received Discover's denial letter stating my credit history was insufficient. It shows they pulled FICOs for EQ 737 and EX 610 listing too many inquiries (prob from the Chase and Cap1 app), too young account and too high revovling debt utilization.   I will wait.

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Number of inquiries is typically cited for thinner profiles.  Generally speaking, thicker profiles can handle inquiries better.  I've been approved with far more inquiries, for example.

[tmeach]

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@takeshi74 wrote:

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@tmeach wrote:

Can someone please shed some light?  I read around that others have been approved with BK or lower FICO scores.  I just don't get it.

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It's never just about scores.  Creditors do look at the individual factors that go into credit scoring as well.

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@tmeach wrote:

Also, I am a little confused wth why my EQ is much higher than the others. Which credit bureau gets reviewed more for CCs and car loans?

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No idea who gets pulled the most.  It's probably Experian but all of the CRA's matter and you should really look into who a specific creditor pulls versus relying on a generalization like which CRA gets pulled the most.

As for your score, this is a very common topic.  Scores are based on what's in your reports.  The data in your reports with each CRA can vary.  The scoring model used also affects the score.  When a score was generated can also have an effect as the data within a report can vary over time.

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@tmeach wrote:

with 2 items in collections, a CO and 1 late payment from 3 years ago

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Get those dergos addressed.  Dergos will always be the biggest thing holding one back.  Visit the rebuilding subforum.

 I plan to PFD/pay and write GWs.  

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@tmeach wrote:

My DH and I have a timeline to buy a house within a year to 2 years,  the concern is having too many lines of credit.

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Has the mortgage lender told you that specifically or are you just assuming it to be an issue?

I am concerned beacuse DH is concerned with too many CLs.  However, working in real estate during the bubble, reading through the Mortgage section, Credit Rebuilding and other sites has led me to believe otherwise.  We plan to PIF on CCs the end of the month and will no carry no more than 0-10% monthly utilization .  We have a Discover installment loan that will be paid off by October,  I have a 8k in student loans and he cosigned  on a Sallie Mae (15K) with his ex gf many years before we married (her credit stinks to refi under her name).  Since we are a single income household and will forever have the Sallie Mae under his name, our DTI will always appear higher... until she actually makes an effort to pay on the principal. (it's a variable rate.  shoot me)  So that's why I assume it will be an issue, the Sallie Mae will be a thorn in his side.  We will continue to have $15K in debt more than we actually have until the Ex pays the loans off.  No other debt other than what I listed.  

Our plan is to finance a condo for a conservative price- $150K with a 15-20 year fix until we both complete our undergrad degrees or our daughter goes to middle school.  Since lending guidelines for condos are much stricter, I get very apprehensive...  Based on previous experiences in my earlier career, lenders want you to have strong credit, higher scores for a condo, esp if the the owner occupancy ratio is less than 70%,

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@tmeach wrote:
I received Discover's denial letter stating my credit history was insufficient. It shows they pulled FICOs for EQ 737 and EX 610 listing too many inquiries (prob from the Chase and Cap1 app), too young account and too high revovling debt utilization.   I will wait.

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Number of inquiries is typically cited for thinner profiles.  Generally speaking, thicker profiles can handle inquiries better.  I've been approved with far more inquiries, for example.

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[tmeach]

sorry. my response is in bold italics, I'm such a noob to this.  

[parakleet]

Utilization doesn't have a memory - there's no need to keep it artificially at <9% for an extended period of time. You can do that right before you apply for something for the best possible utilization. It's your derogs that's probably having the most negative impact on your credit anyways. 

[canusa11]

Have you thought about DCU? They only pulled EQ with me & I hear from others the same. With yur EQ report you should get a good limit card, depending on your income. I guess you do have to open a checking account, but i think one EQ pull for account and credit card.