12-17-2012 03:58 PM
A few weeks ago I had received a pre selected mailer from Barclays Bank for their rewards card. With 4 cards currently in the wallet, but none that offered rewards, I was interested and proceeded to call to submit an app. Got the 10 day message upon the app. When I called back a week later, spoke with a credit analyst who said I was denied due to util that was reporting(about 75 percent at time of app) and age of accounts (all less than a year).
Now 3 weeks later, I have received two additional mailers with the same offer.
I had explained on the recon that the util was high due to Hurricane Sandy, and I think she was gonna look past that, however she said she could not look past both util and AAOA.
Should I try again now util is reporting less than 10 percent, or wait about 6 months?
12-17-2012 04:03 PM
The "pre approval" offers aren't based on your likelihood of getting approved. They're based on marketing criteria they get from the CRAs. If you were declined for high util and AAoA, you need to at least rectify your util. If you pay it down to under 10% you may get approved. It will also help to tweak your FICO by having all but one cc report a zero balance.
12-17-2012 04:22 PM
Pre-screened offers are based on pre-established criteria that must be met for the offer to be extended but may not be met once additional information is collected (such as income). The criteria must be kept for three years after making the offers.
12-17-2012 04:27 PM
Thanks for the insight
Copyright ©2001-2013 Fair Isaac Corporation.
All rights reserved.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.