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Established Contributor
Posts: 707
Registered: ‎04-20-2012
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Re: UPDATE


WallyxD wrote:

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:

 


I got the same letter with those same excuses a few months ago when i apped and I dont like the part of the letter i bolded above because it makes it seem like you and me are'nt good enough to have their card eventhough we may happen to bank with them. Oh well since i was denied for them I got approved for an AMEX Green Charge the same day, go figure! I guess i'll wait like 3 years and see if i can get a pnc visa then. LOL

Discover IT TU Score: 739 as of 4/20/14 | TU Score as of 1/5/14 - 710 | EQ Score as of 1/5/14 - 748 | Ex Score as of 1/5/14 - 728

Capital One QuickSilver MC $4.5K | Amazon $1.8K (CLOSED) | Walmart $5K | Paypal SC w/Debit card $5K (CLOSED) | BOA 123 Cash Rewards Sig $5K | BOA BBR $1K | Discover IT $10K | AMEX Sr Green Charge (NPSL) | PNC CashBuilder $1.5K | Paypal Extras MC $6k | PNC Auto Loan $20,038.75 | AMEX SimplyCash Biz CC $3k | BOA Cash Rewards Biz CC $3.5K | Chase Freedom $4.5K | CapOne Spark BIZ Cash Select Visa Sig $5k | AMEX SimplyCash Biz CC $10k (LLC) | AMEX Everyday $2k |
Frequent Contributor
Posts: 273
Registered: ‎10-02-2012
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Re: UPDATE


navigatethis12 wrote:

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%.


So student loans hurt when applying for credit.. maybe it's just me, but that's crazy. I still fail to see why that counts against someone, but guess I have to deal with it.

 

If 25% utilization is too high for PNC.. then I don't even know.. I legit just lost my train of thought.. 

 

Yes those were the four reasons why I "didn't score high enough" on their scoring system. The second list of reasons that you mentioned are on the back of the paper and those are the ones that 'adversely affected my credit score".

 

Do you know or have heard of anyone getting denied due to young accounts? I didn't think that was enough to deny someone credit, but again, guess I was wrong. And I will give them another call Monday and hopefully they'll grant me something lol. I'm sure I'll be able to convince them now. I know exactly what I'm gonna say. :smileytongue:

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)
Frequent Contributor
Posts: 273
Registered: ‎10-02-2012
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Re: UPDATE


linux007969 wrote:

WallyxD wrote:

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:

 


I got the same letter with those same excuses a few months ago when i apped and I dont like the part of the letter i bolded above because it makes it seem like you and me are'nt good enough to have their card eventhough we may happen to bank with them. Oh well since i was denied for them I got approved for an AMEX Green Charge the same day, go figure! I guess i'll wait like 3 years and see if i can get a pnc visa then. LOL


HAHA I appreciate the laugh. Their underwriting or whatever must be strict then. You should've called them and asked how it is that you got a prime card, but couldn't get a card with your own bank, and maybe they would've looked over your report again? 

 

I wish I could get AMEX.. but unless I'm wrong, I'll have to work on my credit for another year before even applying for the most basic AMEX card lol. I even tell my customers at work, when they pull out their AMEX's, that I can't wait until I'm able to get one haha.

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)
Established Contributor
Posts: 707
Registered: ‎04-20-2012
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Re: UPDATE


WallyxD wrote:

linux007969 wrote:

WallyxD wrote:

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:

 


I got the same letter with those same excuses a few months ago when i apped and I dont like the part of the letter i bolded above because it makes it seem like you and me are'nt good enough to have their card eventhough we may happen to bank with them. Oh well since i was denied for them I got approved for an AMEX Green Charge the same day, go figure! I guess i'll wait like 3 years and see if i can get a pnc visa then. LOL


HAHA I appreciate the laugh. Their underwriting or whatever must be strict then. You should've called them and asked how it is that you got a prime card, but couldn't get a card with your own bank, and maybe they would've looked over your report again? 

 

I wish I could get AMEX.. but unless I'm wrong, I'll have to work on my credit for another year before even applying for the most basic AMEX card lol. I even tell my customers at work, when they pull out their AMEX's, that I can't wait until I'm able to get one haha.


ya i guess i should have called underwriting for a recon but I really don't care now that i have some respectible cards now that maybe PNC may get jelious and send me some pre approvals in the mail sometime. ha ha ha.

Discover IT TU Score: 739 as of 4/20/14 | TU Score as of 1/5/14 - 710 | EQ Score as of 1/5/14 - 748 | Ex Score as of 1/5/14 - 728

Capital One QuickSilver MC $4.5K | Amazon $1.8K (CLOSED) | Walmart $5K | Paypal SC w/Debit card $5K (CLOSED) | BOA 123 Cash Rewards Sig $5K | BOA BBR $1K | Discover IT $10K | AMEX Sr Green Charge (NPSL) | PNC CashBuilder $1.5K | Paypal Extras MC $6k | PNC Auto Loan $20,038.75 | AMEX SimplyCash Biz CC $3k | BOA Cash Rewards Biz CC $3.5K | Chase Freedom $4.5K | CapOne Spark BIZ Cash Select Visa Sig $5k | AMEX SimplyCash Biz CC $10k (LLC) | AMEX Everyday $2k |
Regular Contributor
Posts: 249
Registered: ‎12-24-2012
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Re: UPDATE


WallyxD wrote:

navigatethis12 wrote:

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%.


So student loans hurt when applying for credit.. maybe it's just me, but that's crazy. I still fail to see why that counts against someone, but guess I have to deal with it.

 

If 25% utilization is too high for PNC.. then I don't even know.. I legit just lost my train of thought.. 

 

Yes those were the four reasons why I "didn't score high enough" on their scoring system. The second list of reasons that you mentioned are on the back of the paper and those are the ones that 'adversely affected my credit score".

 

Do you know or have heard of anyone getting denied due to young accounts? I didn't think that was enough to deny someone credit, but again, guess I was wrong. And I will give them another call Monday and hopefully they'll grant me something lol. I'm sure I'll be able to convince them now. I know exactly what I'm gonna say. :smileytongue:


Yes, having what they call a "thin file" is pretty much the kiss of death when dealing with the vast majority of prime lenders.  You need to look at utilization from a different angle.  Not only is it taken in the aggregate, but also separately per account.  Coupled with what they likely view as very low income, I'd say the chances are extremely slim.

 

Still, try yet another recon.  Maybe you can wear them down. :smileyhappy:

Valued Member
Posts: 35
Registered: ‎04-02-2012
0

Re: UPDATE

If you are still contemplating applying can I suggest a student credit card? I don't know if there are any wells fargo banks in your area, but you can apply online for a student rewards or cash back card.  They are flexible with student credit cards.  

 

Hope this helps.

MyFico on 03/30/12: EQ 500; MyFico as of 03/06/2013: EQ 653
Wal-Mart (TU08) on 12/09/2012: 637; Wal-Mart (TU08) 03/07/2013: 700

Established Member
Posts: 21
Registered: ‎06-20-2007
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Re: UPDATE

I recently opened up a new pnc account (in addition to my existing pnc account) and was at old that I was instantly approved for their Cashbuilder rewards card. I was told I had a 654 ex. from the paper they mailed meI was approved for 1,000 dollars. i have 0 inqs on ex. And 8% util . Have Amex, BofA, wells, cap1.   All with much higher limits. 1.75 % return is not all that either

EQ 689 TU 687 EX 654 Amex Business Platinum .... All I Need !!

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

Oh trust me, I've looked into BoA and Wells Fargo's student cards, but I owe them both money.. I closed the accounts because there were huge negative balances. (All made of overdraft fees.) That wasn't purposely done, but I still to this day don't know what exactly happened because I kept a really close eye on both accounts.

 

I'm debating on whether or not to try for one more student card, and whether or not I get approved, I'll be done with applications at least until the summer. I'm not too confident I'll be approved for Citi Forward for Students or any of Discover's student cards, so I'm looking at credit unions right now. If there are any other student cards out there, I'm all ears. And I understand this is in the wrong thread, but since the subject was somewhat brought up are there any credit unions out there (PA) that don't hard pull when joining them? And for those who do a hard pull for joining them, will I automatically get preapproved for specific products, if not, after joining and if I apply for a CC, will they count as two separate inquiries?

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 Member
Posts: 35
Registered: ‎04-02-2012
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Re: UPDATE

[ Edited ]

Well, if your checking account with WF was charged off then don't bother. You could consider apping  for the Wal-Mart card and can possibly receive a discover card.  that will also help with your mix credit. the two big pluses are the free Fico TU 08 score and regular/generous credit limit increases every 4 months without hard pulls.

MyFico on 03/30/12: EQ 500; MyFico as of 03/06/2013: EQ 653
Wal-Mart (TU08) on 12/09/2012: 637; Wal-Mart (TU08) 03/07/2013: 700

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

I called again after receiving my denial letter. Unfortunately, I got the same person that I spoke to before, and she said they weren't able to approve me for even the minimum limitmore income. I did question her about the proportion of loan balances to loan amounts and she explained that to me. I then questioned her about my proportion of balances to credit limits being 'too high' (only at 25%), but she said absolutely nothing in regards to that, so I changed the subject. I asked how I could qualify and she said more income and a higher average balance. I tried and I failed, time to move on lol.

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)
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