Discover More Approved but denied by Fingerhut

[Anonymous]

I'm an adult student going into my junior year for MIS (Business). I wanted to work on my credit because I know how this can affect me when I begin to search for employment two years from now. When I 1st started in June 2010 my (FAKO) score was 580 TU, 550 EX and 565 EQ and by the end of July 2010 720 TU nd 718 EQ (Fico). How did I do it?

(7/15/2010)

PRO's

History of Credit 12yrs

(Student Loan)

Revolving account history 1yr 11mo

(1) 1st premier $160/$250 (Never Late)

(2) 1st premier $208/$350 (Never Late)

(3) Wal-Mart $250/$700 (Never Late)

CON's (all accounts show never late except for the dates shown)

TU: Student loan, Late 90 01/2004

EX: Phone, Write-off Paid 05/2010 Child Support, CO 12/2008

EQ: Child Support, CO 12/2008

Inquiries (1 year)

TU (3)  EX (2) EQ (1)

Over 8 weeks I had 10 TU, 7 EX and 4 EQ baddies removed (half was paid CO and the rest were inaccuracies and false accounts). I'm still working on the last 4.  EX has deleted the child support already and I'm waiting for a EQ to respond. I contacted the phone company in June and they deleted the account with TU & EQ (EX is still holding on). Finally, I am disputing the Student Loan as "Never Late". We'll see if I'm blessed enough to have all baddies removed.

Anyways, I wanted to get rid of the 1st premier accounts because of the annual and monthly fees so this past week I've closed those accounts and went on an app spree. I was hesitant at first because I still have the 4 derogs left and a high util (52%) but I pulled the trigger anyway.

The results in order:

Chase Freedom DENIED (pulled TU) Shows recent delinquency ?!?!? 1/2004 is recent??? Not enough credit info on report

AMEX Blue DENIED (pulled EX) Delinquency is serious and too recent. Util's too high

Fingerhut DENIED (pulled EQ) I COULDN'T BELIEVE IT!!!

Citizen Bank DENIED (pulled EQ)

Discover More APPROVED (pulled TU & EQ)

Citi `Still Waiting` (pulled EX)

The plan is to establish history during the time I have left in school, land that amazing job and buy a house. I would like to have 3 cards with rewards, miles and a low interest rate. Hopefully Citi will come thru and I'm working on a credit union (PSECU). So I'm wondering, since I deleted accounts off my CR can I have the compnies who denied me reconsider? I'm sure these pulls have lowered my score a little but I think they should still be good. Is Chase that tight they would consider a 6.6 yr derog recent?

[Anonymous]

I used the Backdoor number that myfico has posted and checked my Citi app status.......... DENIED

Seems like having a decent score means nothing if you don't have picture perfect history.

What is more harmfull, too many inquiries or new accounts?

[Creditaddict]

when rebuilding and you still have bad history you might want to aim a little lower with your card choices, you went prime prime prime all the way.

How about Capital One or Best Buy?

but congrats on discover!

[Datx]

Just a heads up. Fingerhut denied me also. They pulled one CRA and denied me saying I didnt have any recent positive tradelines. This was about the same time I started to use my new Cap One secured card. They decided to pull a diff CRA a week or so later and approved me. I would suggest the HSBC best buy rewards zone card. Seems to be easy to be approved for. Even though I was approved for only $300, I was kinda shocked to be approved period. No annual fee either. Good luck!

[score_building]

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@Anonymous wrote:

I used the Backdoor number that myfico has posted and checked my Citi app status.......... DENIED

Seems like having a decent score means nothing if you don't have picture perfect history.

What is more harmfull, too many inquiries or new accounts?

---

Citi doesn't like either.  

Disputing student loans from the government, unless they are reporting inaccurately, can be risky and lead to unforseen circumstances.

as far as app results, that sounds about right, I would have guessed around 1 out of 6 chance at approval with 50+ uti.  Learn from this and going forward only app when you have a better shot at approval. doesn't make sense to waste inq when you're not app ready yet IME.  

In any case, the Discover approval is huge, congrats!!  

Recon all apps., luckily your inq were spread out somewhat.

[Anonymous]

@Creditaddict

I did shoot for the stars a little LOL. I'm happy I at least got the Discover, thanks. I was looking 6-8 yrs from now and the $7 monthly and $48 annual fees I was paying to 1st Premier would have been way to costly. I was looking for cards I could be happy with over that time frame while not paying the 'Stupid Tax'.

@MyCreditStinks

Thanks, I'm thinking about the BB rewards card. The only thing is my Wal-mart card allows me to purchase items on an as-needed basis, I'm afraid that BB would only have Luxury items available to me.

@score_building

I believe that TL is inaccurate. It was in 2004 and will go into positive standing in Jan but I was never in default and had my account deferred around that time. I didn't give my credit the attention it deserved back then so I can't say for sure. I guess I should have lowered my util before going on an app spree; it was only a few hundred. I seen my TU & EQ score and felt I was in a good position.

As far as Recon'ing all apps, do I have the CRA send an updated copy to them or do I contact them myself? If I do it myself will it be another hard inquiry? The late payment on the child support was removed on EX and EQ and from my understanding the CRA's have to inform any lender I applied to over the last 3-6 months when an error is found.

[Anonymous]

Okay, I applied for the Best Buy MC and was approved for the Gold w/ $1500 and no annual fee.

Called Chase twice to Recon with no success

Called Citizen and they reconsidered and approved me. Not sure the CL yet

Waiting on a TL disputed with EX to complete then I will ask AMEX and CITI to Recon

The goal is to get the cards I'm comfortable with. Establish history with these cards and buy a home in two to three years with a low interest rate.