No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
@BonPecheur wrote:
I just applied for a CC with a mainstream company and was denied with a score of 749. Reason given, "collection account". I do have one still on my CR, but thought with a 749 I would be approved. Am I being naive ?
Apparently, in the mainstream company's eyes, yes. A FICO is one part of a credit decision but most reasonable lenders will take many things into account, including time since last negative, number of new accounts, income, debt, AAoA, inquiries, etc. A FICO score (assuming that's a real 749 FICO, not a FAKO) in the mid 700's is very good, (congratulations, by the way), but some banks rely on more than just that info.
A lot of 19 year old kids with very little history and very little income have high FICO's, but are not a "safe" credit risk in the eyes of many lenders.. And many people with high FICO's, but also recent delinquencies or collections pose a very high risk, even if it has not yet reflected in their FICO scores...
How old is the collection? Is it paid or unpaid? Does the original credit report a past due balance? How many accounts in good standing do you have? AAoA? Inquiries? We may be able to direct you to a lender who would look at your risk more favorably...
@jausanka wrote:
@BonPecheur wrote:
I just applied for a CC with a mainstream company and was denied with a score of 749. Reason given, "collection account". I do have one still on my CR, but thought with a 749 I would be approved. Am I being naive ?Apparently, in the mainstream company's eyes, yes. A FICO is one part of a credit decision but most reasonable lenders will take many things into account, including time since last negative, number of new accounts, income, debt, AAoA, inquiries, etc. A FICO score (assuming that's a real 749 FICO, not a FAKO) in the mid 700's is very good, (congratulations, by the way), but some banks rely on more than just that info.
A lot of 19 year old kids with very little history and very little income have high FICO's, but are not a "safe" credit risk in the eyes of many lenders.. And many people with high FICO's, but also recent delinquencies or collections pose a very high risk, even if it has not yet reflected in their FICO scores...
How old is the collection? Is it paid or unpaid? Does the original credit report a past due balance? How many accounts in good standing do you have? AAoA? Inquiries? We may be able to direct you to a lender who would look at your risk more favorably...
Thanks for the response !! The collection is almost 3 years old and unpaid. I have sent them a PFD and am waitingto hear back. I have 12 accts in good standing. Two inquires. According to the MyFICO dashboard, I have good payment history, good amount of debt, great length of credit history and good amount of new credit. I have grew my score from 603 to 749 over the past year and want to keep improving.
Any lender you can direct me to that you feel would give me a shot at a CC , I would appreciate it !
Haulinthe... I find your posts very informative and I read this thread but wasn't going to reply until I read your post.
If you notice my recent MyFico scores I pulled yesterday are wierd. One has an old judgement (over 7 years) on it that I just PIF because they kept reaging it (it wasn't even a very large amount it was under $1000) that hasn't been deleted off that report yet. The other report does not have it on there! I think you can figure out what is what! I swear to God those are actual MyFico scores from yesterday.
I just Western Unioned that old judgement like less than a week ago (PIF).
I'd just like to add that being denied with a prime score might have something to do with which report the credit card company actually pulls. If your score is 749 is that the same across the board?
AMEX gave you a CL of $2000? Sounds low for you. If you don't mind me asking what is your highest CL?
BTW I'm sick of AMEX I apped around summer 2009 and was declined. I apped in Jan 2010 and was declined. I won't ever app with them again.
Sidenote: I'm waiting in the mail for a Visa card from my CU. It has a CL of $2500 but with no introductory rate. So since I still have an intro 0% rate on my ChaseFreedom I was "preapproved" for in DEC 2009 I will, effectively, use my credit union Visa card like a charge card because I don't want to pay interest. It totally doesn't have the prestige of an AMEX but I could give a rat's butt.
@blacklotus wrote:AMEX gave you a CL of $2000? Sounds low for you. If you don't mind me asking what is your highest CL?
BTW I'm sick of AMEX I apped around summer 2009 and was declined. I apped in Jan 2010 and was declined. I won't ever app with them again.
Sidenote: I'm waiting in the mail for a Visa card from my CU. It has a CL of $2500 but with no introductory rate. So since I still have an intro 0% rate on my ChaseFreedom I was "preapproved" for in DEC 2009 I will, effectively, use my credit union Visa card like a charge card because I don't want to pay interest. It totally doesn't have the prestige of an AMEX but I could give a rat's butt.
Message Edited by blacklotus on 03-04-2010 05:13 PM
I got an increase to $2600 in October. I expect a big increase in April. My highest limit is my Kroger 123 which is $5300. I expect Discover to match that in April. So in April, I'm expecting several CLI's.
I apologize if I'm changing the thread too much.
My citi platinum select has a valid date of 06/09. They started me at $3000 CL. In Feb. I got an auto CLI (luv button soft pull) $1600. That's my highest limit at $4600 and best card. I'm still getting 0% APR on it.
I think the luv button was there before but I didn't know what it was there for until I surfed these forums.