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Established Contributor
jaybird201
Posts: 672
Registered: ‎07-05-2008
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Denied for a card that's well within my reach...What gives!!!

Let me start out by fully disclosing my situation. I am new to credit cards, but was fortunate enough to have a parent put my name on their account at a very young age. The parent used the card responsibly for 5 years before I first applied for a card, so my credit rating was great! I began to apply for cards, and each time I applied for a card and was approved, I found one with even better rewards!
 
Now I'm at the point where I've sowed my wild oats, so to speak, and am ready to settle down with a nice gir--...er...credit card. At this point I've got a Costco True Earnings American Express, which I love, and a Citibank Dividend Platinum Select Mastercard. I just recently transferred all of my accounts to Fidelity, including checking and savings.
 
*As a side note, Fidelity is the best in terms of rates, service, and overall quantity and quality of products and services offered
 
Anyways, I wanted to get the Fidelity credit card so as to have a monogamous banking relationship with Fidelity...with an American Express on the side! Anyways, the Fidelity credit card is offered by FIA Card Services, which is a subsidiary of Fidelity. On various credit card websites that the card is listed on, it is noted that "Good" credit is required (660-749). One such website is the following: http://www.creditcardflyers.com/fia-card-services.php
 
My credit scores average 710, yet I was still denied! What gives? I know I've had several inquiries recently, but I figured that those would be reflected in my decreased credit scores (they were 30-40 points higher about a year ago before all of my inquiries). Do they look at your credit score and then on top of that heavily weight the fact that you've, for example, had 8 hard inquiries in the past year?
 
Thanks for any advice.
Moderator Emeritus
cheddar
Posts: 6,794
Registered: ‎09-29-2007
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Re: Denied for a card that's well within my reach...What gives!!!

[ Edited ]
Sorry to hear about your denial.
 
The Fidelity card is more of an "excellent credit" type of card.  It's not that easy, actually.  Your score of 710, while good, is not quite in that category (no offense).
 
To answer your other question, though, yes, CCCs absolutely look at your reports in full (not just your score) and definitely take factors such as the number of inquiries into consideration.  Eight hard inquiries in the last year is a fair number of them.
 
It will be interesting when you get your denial letter to see what reasons they give for turning you down.


Message Edited by cheddar on 07-07-2008 12:18 PM
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App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. :smileysurprised: )
Super Contributor
MidnightVoice
Posts: 8,161
Registered: ‎03-25-2007
0

Re: Denied for a card that's well within my reach...What gives!!!

number of inqs and amount of new credit are factors.  So is a vastly reduced average age if you have recently opened muliple new accounts.
 
You could call and ask for a recon
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Senior Contributor
FretlessMayhem
Posts: 3,279
Registered: ‎08-03-2007
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Re: Denied for a card that's well within my reach...What gives!!!

I agree with cheddar. I know the card you speak of, and I was also under the impression that it was uber-prime. At least Discover-esque, at a minimum.
Here we go again...
Established Contributor
jaybird201
Posts: 672
Registered: ‎07-05-2008
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Re: Denied for a card that's well within my reach...What gives!!!

Oops, yeah I meant to say BofA. I was just reading about MBNA's, now FIA, history before their merger with BofA.
 
Yeah, basically I just want the sweet deal where points can be redeemed for cash deposited into a brokerage account.
 
I recently called them and I think they stated the reason was my credit score was too low. Thanks for the advice Midnight, I'll give them a call and ask for a recon. If not it's no big deal, it's just interesting that even though the suggested score range for applicants is 650-750 and a 710 doesn't get approved. If it doesn't work out I guess I'll just wait to reapply.
Moderator Emeritus
cheddar
Posts: 6,794
Registered: ‎09-29-2007
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Re: Denied for a card that's well within my reach...What gives!!!



jaybird201 wrote:
it's just interesting that even though the suggested score range for applicants is 650-750 and a 710 doesn't get approved.


Score is not everything.  Often, it's not even half the battle.
 
Be wary of sites that give recommended score ranges for specific cards.  They are rarely accurate.

 
----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. :smileysurprised: )
Established Member
scenario84
Posts: 15
Registered: ‎01-13-2008
0

Re: Denied for a card that's well within my reach...What gives!!!

Odd. I was approved for this card with a FICO of 723 on EX, EQ and TU. I applied over the phone and was given the standard "7-10 day response." I called the next day and spoke to an analyst. She approved me instantly for the Visa Signature version.

My util at the time was at 0% and I only have 2 other open credit cards and a student loan reporting.

723 compared to 710 shouldn't cause a denial. At the very least, you should have been approved for the Platinum Plus even if not the Visa Signature. I would definitely call back and dig deeper into their reasoning.
Moderator Emeritus
cheddar
Posts: 6,794
Registered: ‎09-29-2007
0

Re: Denied for a card that's well within my reach...What gives!!!



jpreloaded wrote:

723 compared to 710 shouldn't cause a denial.


cheddar wrote:
 
Score is not everything.  Often, it's not even half the battle.



----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. :smileysurprised: )
Senior Contributor
smallfry
Posts: 4,831
Registered: ‎04-20-2007
0

Re: Denied for a card that's well within my reach...What gives!!!

OP you say you were an AU on a card but how long have you had a credit card in your own name? History might be too short. AU can help your scoring but if you are new to credit these types of cards are beyond your grasp presently. Recon it might work. Good luck.
Valued Contributor
debtisgood
Posts: 1,126
Registered: ‎03-25-2008
0

Re: Denied for a card that's well within my reach...What gives!!!

Sometimes people with lower scores may get cards because their brokers request an account for them (that is how I got my FIA Merrill + card). A cold approach from someone online may require a better credit profile.

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