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Frequent Contributor
WallyxD
Posts: 273
Registered: ‎10-02-2012
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Re: Denied PNC Cashbuilder.

Come to think of it, I actually don't understand. Maybe I should've asked them if two was too many. She also mentioned that they weren't long ago so I don't know if that was also a reason. I opened my cards on 9/29 and 12/11.
I don't think that's bad, and I only have 5 inqs on EX, which they pulled, I think, because I got an alert from CS. And three of those inqs were from last year..
AE Store CC: $850 | AEO Visa: $2,300 | CapOne Quicksilver: $1,700 | Citi Forward for Students $1,500 | Walmart CC $1,350 | Chase Amazon: $500 | PayPal Smart Connect: $500 | Discover iT for Students: $500 | Chase Freedom: $500

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WallyxD
Posts: 273
Registered: ‎10-02-2012
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Re: Denied PNC Cashbuilder.

I called again. The person I spoke to definitely sounded in a much better mood, at first I thought it was the same person I called and talked to this morning. Anyway, they still couldn't approve me. This time, I was told I was denied because of my limited history. She suggested that I try to keep a higher balance in my checking (I make like 150ishh a week, I don't know how high of a balance they expect me to keep lol) and she said since I've only had my account for 3 months, for me apply again in 3 months.

 

I'm willing to apply for one more card and regardless of whether or not I'm approved, I will be done with apps for a while. And I guess I'll press my luck again in 5-6 months.

I was told to try Citi, but some also advised against applying for Citi Forward, so as of now, I'm clueless.

 

Should I join a CU and apply with them? Or should I just leave the apps alone alltogether?

AE Store CC: $850 | AEO Visa: $2,300 | CapOne Quicksilver: $1,700 | Citi Forward for Students $1,500 | Walmart CC $1,350 | Chase Amazon: $500 | PayPal Smart Connect: $500 | Discover iT for Students: $500 | Chase Freedom: $500

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TU Fico: 652 (3/11/14)
Valued Contributor
p-
Posts: 2,655
Registered: ‎06-05-2008
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Re: Denied PNC Cashbuilder.


WallyxD wrote:

...She suggested that I try to keep a higher balance in my checking (I make like 150ishh a week, I don't know how high of a balance they expect me to keep lol)...


Based on your sig, you have enough available credit to rack up a month's pay in credit card debt in one night at the bar.  I'm not saying you'll do that, but why have the higher limit at all?  It only brings more risk.

 

As a student, it might be smart for you to see if a parent or relative can add you as an authorized user on a good, high limit account.  That will take you a long way.

12-15-14: FICO EXP: 813 - EQU:802 - TRAN: 756 - AVG: 790 +240 points from JUN 2008 - MY CREDIT JOURNAL

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WallyxD
Posts: 273
Registered: ‎10-02-2012
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d


p- wrote:

WallyxD wrote:

...She suggested that I try to keep a higher balance in my checking (I make like 150ishh a week, I don't know how high of a balance they expect me to keep lol)...


Based on your sig, you have enough available credit to rack up a month's pay in credit card debt in one night at the bar.  I'm not saying you'll do that, but why have the higher limit at all?  It only brings more risk.

 

As a student, it might be smart for you to see if a parent or relative can add you as an authorized user on a good, high limit account.  That will take you a long way.


 I do see what you're saying by it bringing more risk, but it just gives me relief that I have something to fall back on in case I ever really need it. I don't handle rejection well and may just stick to the two cards I have for a few more months, I don't want to, but I pretty much have no choice at this point.

AE Store CC: $850 | AEO Visa: $2,300 | CapOne Quicksilver: $1,700 | Citi Forward for Students $1,500 | Walmart CC $1,350 | Chase Amazon: $500 | PayPal Smart Connect: $500 | Discover iT for Students: $500 | Chase Freedom: $500

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TU Fico: 652 (3/11/14)
Valued Contributor
navigatethis12
Posts: 1,954
Registered: ‎01-24-2012
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Re: d

It is unfortunate you were unable to be approved. Just three years ago I was facing the same problem about not able to get cards and Macys finally approved me. You have two cards, while I only got one, so you are doing good. Some lenders want to see two years of history but you may be able to get in at eighteen months or a year. I would wait at least until September so the one card is at least a year old to apply for PNC again. I know waiting is hard, but it really is the best way to get what you want in the credit world.

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WallyxD
Posts: 273
Registered: ‎10-02-2012
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Re: d

 


navigatethis12 wrote:

It is unfortunate you were unable to be approved. Just three years ago I was facing the same problem about not able to get cards and Macys finally approved me. You have two cards, while I only got one, so you are doing good. Some lenders want to see two years of history but you may be able to get in at eighteen months or a year. I would wait at least until September so the one card is at least a year old to apply for PNC again. I know waiting is hard, but it really is the best way to get what you want in the credit world.


Well it's not really that I'm not able to get cards, as I've applied for only 3 and were approved for two. But being as though my history is simply too short, I guess I will wait 6 months and see where I am at that point in time. I really do wanna apply for just one more card just to see what happens. If denied, I can easily force myself not to apply for another CC, but if approved, I'll at least have the satisfaction of knowing my credit's not as bad as I now think it is after talking with PNC. Btw, are the scores provided by Freescore.com FAKOs.? 

AE Store CC: $850 | AEO Visa: $2,300 | CapOne Quicksilver: $1,700 | Citi Forward for Students $1,500 | Walmart CC $1,350 | Chase Amazon: $500 | PayPal Smart Connect: $500 | Discover iT for Students: $500 | Chase Freedom: $500

Gardening until util 30%
TU Fico: 652 (3/11/14)
Regular Contributor
McArthur
Posts: 249
Registered: ‎12-24-2012
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Re: Denied PNC Cashbuilder.


WallyxD wrote:
Come to think of it, I actually don't understand. Maybe I should've asked them if two was too many. She also mentioned that they weren't long ago so I don't know if that was also a reason. I opened my cards on 9/29 and 12/11.
I don't think that's bad, and I only have 5 inqs on EX, which they pulled, I think, because I got an alert from CS. And three of those inqs were from last year..

For some card issuers 5 is about 3 too many.

 

Couple that with a very thin file and it seems unlikely you will get anywhere with a decent bank.  Let what you have grow and be patient. You could try, if you can't control the urge, for a secured card that will graduate after a year or so.  Once that graduates - hopefully with a decent limit - try PNC again.

Valued Contributor
p-
Posts: 2,655
Registered: ‎06-05-2008
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Re: d


WallyxD wrote:
 I do see what you're saying by it bringing more risk, but it just gives me relief that I have something to fall back on in case I ever really need it. I don't handle rejection well and may just stick to the two cards I have for a few more months, I don't want to, but I pretty much have no choice at this point.

I see your point - I have about three months pay in CC limits, but not for if I need it.  I actually never use more than 15% of my available credit, but the high limits help keep my utilization low.  

 

If you use the cards and pay in full every month, they will grow.  As you show a history of using credit responsibly, your card limits will improve.

 

I caution you because many of us started out in your shoes, over extended, fell behind, and were unable to dig out.  Do your best never to charge anything you can't pay off in a month, and you'll likely be fine.  

12-15-14: FICO EXP: 813 - EQU:802 - TRAN: 756 - AVG: 790 +240 points from JUN 2008 - MY CREDIT JOURNAL

Frequent Contributor
WallyxD
Posts: 273
Registered: ‎10-02-2012
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UPDATE

Just received the letter of denial from PNC.

 

Your application was processed by a credit scoring system that assigns a numerical value to the various items of information we consider in evaluating an application.

The information you provided us in your application did not score a sufficient number of points for approval of the application. The reasons you did not score well compared with other applicants were:

 

          1.) Length of time accounts have been established.

          2.) Proportion of loan balances to loan amounts is too high.

          3.) Length of time revolving accounts have been established.

          4.) Proportion of balances to credit limits is too high on bank revolving or other revolving accounts.

 

They did pull EX, and though it's not the official myFICO score, it states that my score as of 1/19/13 is 710.

 

Now for my questions/concerns..

 

Reason numbers 1 and 3, I understand, as my AAoA is 7 months and my longest account (student loan) is 1 year, 4 months.

 

 

Can someone help me understand reason 2? The loans are deferred so I really don't know why they counted that against me.. -_-

 

And for reason 4, do they go by what the reported balance is or what the current balance is at the time of application. Because for reported balances, I had 34.95 on my $175 limit AEO and I had 84.59 on my 300$ limit CapOne Journey which comes out to be 25% utilization..  BUT if they went by the current balance, then my utilization was about 51%. 

 

So as far as I'm concerned, the only thing truly wrong with my file is that my accounts are 'young'. And I'm almost positive that's not enough to reject an application. Should I call them back, again?

 

Any input is appreciated. :smileyhappy:

 

AE Store CC: $850 | AEO Visa: $2,300 | CapOne Quicksilver: $1,700 | Citi Forward for Students $1,500 | Walmart CC $1,350 | Chase Amazon: $500 | PayPal Smart Connect: $500 | Discover iT for Students: $500 | Chase Freedom: $500

Gardening until util 30%
TU Fico: 652 (3/11/14)
Valued Contributor
navigatethis12
Posts: 1,954
Registered: ‎01-24-2012
0

Re: UPDATE

Even if the loans are deferred, they can still be counted against you. They have to be paid off some time so to some lenders, they count.

 

They can not see what the current balances are on cards, only reported balances. 25% utilisation is not that high, but perhaps they do not like seeing that much? Did it specifically say these were the reasons you were denies? Often times it says the reason and then lists these reasons as just another section.

 

Young accounts are definitely enough to decline an application, since older accounts give lenders a better understanding of how an individual handles credit. You could try ringing back and telling them you would be happy with a 300 or 500 limit just to be with them since you really like their card. Although, unless you have their higher teir chequing accounts, the card will only earn 1.25%.


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