Reply
New Member
Einjag
Posts: 4
Registered: ‎02-16-2013
0

Denied Two Different Cards

[ Edited ]

I am confused at the moment. Recently my FICO reached 656, clear background, no late payments. Bankruptcy in 2003 due to unemployment but it cleared from my report in January this year. I rent, have not vehicle loan (paid cash) and no other loans. I have a annual salary of 45k.

 

I have the following Cards:

 

  • Walmart Credit Card - 700.00 Limit/ 105.00 Balance (Opened Nov '12)
  • Capital One Platinum Secured- 400.00Limit/ 0.00 Balance (Opened Aug '12)

So recently I wanted to add at least one more card, so I applied for :

 

  • Capital One Cash Rewards : Denied- Insufficient Credit History
  • Paypal Smart Connect-  Denied Instantly, Reason being mailed. (suspect ICH as well)

I only have one hard hit according to my reports from myFICO and freecreditreport.com (auto loan Ford Motors) .  When I applied for the Walmart Card that I have, I was instantly approved. I did use it at Christmas to about 60% of my limit used, but paid it off January 25th.  Could maxing the Walmart Card been a determining factor although it was paid off almost immediately? Or way the denials due to me not having a longer credit history considering I was given a clean slate. (Oldest card 8 months).?

 

I am just trying to find a way to add a credit card closer to 2000.00 Limit , or should I just remain with my Secured Card and Walmart Card and allow my history to age and quit being so hasty?  Should I add more cards at this time? And If so, what cards could I be approved for considering my history.


Starting Score: EQ 676(myFICO) TU 686(Lender Pull) EX 692
Current Score: EQ 676(myFICO) TU 686(Lender Pull) EX 692
Goal Score: ALL 750+

Take the myFICO Fitness Challenge

Frequent Contributor
bbb3601
Posts: 327
Registered: ‎01-26-2012
0

Re: Denied Two Different Cards

you might get a look from another GE card, but probably a toy limit. I would wait if possible to hit a 12 month mark on your secured card. You will be in position for some nice cards if you slow your roll.

NFCU Cash Rewards 16,500,NFCU Plat 17,000, NavCheck 10,000, USAA Cash 4,000, USSA Rate Adv 2,000, USAA AMEX 3,500, Freedom 2,000, Capital One 2,000, Barclay's Apple 1,500, Barclay's Ring 1500, Various Store Cards.




Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011
0

Re: Denied Two Different Cards

I agree with bbb. Give your file some time to get some positive history. Youll get the real deal cards then.



Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Regular Contributor
Johnny_Favorite
Posts: 266
Registered: ‎09-05-2012
0

Re: Denied Two Different Cards

You should try the shopping card trick at one of the Comenity websites: Express, Victoria's Secret, Jcrew, Buckle, etc. You might get a 500 limit with no hard pull.

 

Also, maybe try another GECRB card but with easier approval chances like JCPENNEY.

 

 




Moderator
Revelate
Posts: 8,871
Registered: ‎12-30-2011
0

Re: Denied Two Different Cards


Johnny_Favorite wrote:

You should try the shopping card trick at one of the Comenity websites: Express, Victoria's Secret, Jcrew, Buckle, etc. You might get a 500 limit with no hard pull.

 

Also, maybe try another GECRB card but with easier approval chances like JCPENNEY.

 

 


I'm not certain there's much point adding store cards in this situation of trying to build limits in the future.

 

OP: your file is on the thin side as the others have suggested.  You'll look better when the secured card hits even six months or more likely a year.  If you have some cash laying around, consider boosting up the secured card deposit with Cap One.

 

You don't need an additional card right now, and building a credit file does take some patience.  While I can understand the desire to rush to higher limits (I suffer from that myself) it still is going to take some time.  

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 679, EQ 8 708, TU 711, EX 702* (07/14/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


Take the myFICO Fitness Challenge
Frequent Contributor
mnavas
Posts: 407
Registered: ‎02-04-2013
0

Re: Denied Two Different Cards

All your accounts are pretty new... Is there a way for you to be added as a Authorized User in someone's else card? that might help you a little bit to strength your credit profile and boost your score but i think You should wait 6 months and then apply for new credit...
Senior Contributor
Wolf3
Posts: 3,198
Registered: ‎01-24-2010
0

Re: Denied Two Different Cards

If you have the funds, add to your secured card limit to get  your $2000 CL that you want.   It can help you get bigger limits in the future, espcially wiht Capital One.   Also suggest you wait until you have a year of CC history before next application.

Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011
0

Re: Denied Two Different Cards

Good advice from wolf. Will save you INQs/new accounts for now and set you up for good cards later.



Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
0

Re: Denied Two Different Cards

Did you apply for the Capital One Cash Rewards card designated for average credit? Or did you apply for the one for excellent credit?
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Valued Contributor
dddewdrop
Posts: 1,060
Registered: ‎02-06-2013
0

Re: Denied Two Different Cards

Ur Walmart Utilisation as you suspected may have hurt your score when they pulled it. What did your Walmart bill say when you received it for january? The CRAs usually have a snapshot of your credit card from your statement date not your due date so if you racked up some christmas charges then waited til you got your bill to pay them then the CRAs saw high ulitisation. The good news is that that is a credit problem easily remedied. In fact you already fixed that by paying your bill. in the future pay our bill down to below 9% uiltisation on one card and have a zero balance on the rest prior to applying for cards. That is the scenario for the highest FICO score. As for your general situation, you may want to just garden for a while and let your cards age while keeping paying on time. You credit score will improve that way. If you want one more card I might suggest different choices. If you can chill for 6 months or a year and make your next card a "prime"  card like maybe a Chase Freedom for example then you will really be goin places. 

0/10001100/13001346/16001699/2000Prepaid ,,Recent scores:FICO EX 632,EQ 635,TU 632...Link to my Rebuild Log

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+