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Valued Contributor
injustifiiable
Posts: 1,862
Registered: ‎03-30-2012
0

Denial Letter from CapOne

So I applied for the SonyCard last week and was denied. I just got the denial letter earlier this week.

 

I get 3 or 4 canned denial reasons:

  • Income insufficent for credit amount requested. (**bleep**...I make $36K a year - entry level position)
  • Consumer report from Experian shows too many Capital One accounts - That's nice and all but if that's the case, why even pull my credit in the first place?
  • Consumer report from TransUnion shows too many past and present credit obligations - OK, thanks for telling me I have too many student loans (I have $30K worth, but some of them had been sold to other lenders therefore making more accounts than there really should be)
  • Ratio of balances to available credit too high - **bleep**??? I have two $30 balances on a $300 and $400 limit card...please!

The letter showed my Experian score as a 587...is this a FICO???

 

Thanks.

Scores 6/17/2014: TU FICO: 643 | EQ FICO: 675 | EX AMEX FICO: 666

In my new wallet: American Express Premier Rewards Gold EMV: NPSL | BankAmericard Cash Rewards Visa EMV: $2500 | BarclayCard Rewards Average: $2000 | Travelocity Rewards AMEX: $1050 | Discover IT: $1500 | Amazon Rewards Visa: $1500 | Sportsman's Guide Visa: $3000 | Capital One QuicksilverOne MasterCard: $1250 | Target: $400 | J.Crew $5950
Moderator
Revelate
Posts: 9,035
Registered: ‎12-30-2011
0

Re: Denial Letter from CapOne

Probably a FICO, what was the score range?

 

I don't know if C1 uses a credit-enhanced industry option or not which might explain the disparity, but the lsat two reasons on any denial letters are often meaningless, with the last one for almost everyone being seemingly picked by Oujia board.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Valued Contributor
injustifiiable
Posts: 1,862
Registered: ‎03-30-2012
0

Re: Denial Letter from CapOne


Revelate wrote:

Probably a FICO, what was the score range?

 

I don't know if C1 uses a credit-enhanced industry option or not which might explain the disparity, but the lsat two reasons on any denial letters are often meaningless, with the last one for almost everyone being seemingly picked by Oujia board.


I believe it was in the FICO range 300-850...don't have the letter with me now and will check again when I get home.

 

Scores 6/17/2014: TU FICO: 643 | EQ FICO: 675 | EX AMEX FICO: 666

In my new wallet: American Express Premier Rewards Gold EMV: NPSL | BankAmericard Cash Rewards Visa EMV: $2500 | BarclayCard Rewards Average: $2000 | Travelocity Rewards AMEX: $1050 | Discover IT: $1500 | Amazon Rewards Visa: $1500 | Sportsman's Guide Visa: $3000 | Capital One QuicksilverOne MasterCard: $1250 | Target: $400 | J.Crew $5950

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