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Valued Member
hazzmat1021
Posts: 26
Registered: ‎09-12-2008
0

Electronic Credit Card Applications

Does anyone knows how the electronic credit approval works. I've been recently denied a credit card. My current scores are EQ:695 (official website), TU:663 (myfico) and EX:650 (myfico). Although they aren't stellar scores, I would figure them to be decent enough to obtain a credit card. Considering that I have 100% credit available, and a debt-to-credit ration of "0". My last negative was 2yrs ago. Since then, I've paid of a 17k automobile, a $4K motorcycle,  a $1992 retail card and was able to obtain $150 for a home.  I always pay my low limit ($420) orchard bank credit card in halves, or in full when able too. It's just a slap in the face to have accomplished so much in two years, and still be punished for negatives that has since been settled, and awaiting 7yr drop off. I was amazed to learn that most cc agencies don't operate like a lending/loan structure. They take in account: your present credit maturity as opposed to your past, your income, your employment length or history, and your past dealings with that institution; before making a decision. What's with this 60 second analyst that harps on past faults, ignoring what has been accomplished since then?
Epic Contributor
Creditaddict
Posts: 22,116
Registered: ‎10-23-2007
0

Re: Electronic Credit Card Applications

so your only credit card is orchard bank?

and what did you apply for? 

Fico Scores: EQ- 626 Overstck., TU 696 Walmart, EX 695 Chase (11-05-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
66 Cards and Counting :smileytongue:
Valued Member
hazzmat1021
Posts: 26
Registered: ‎09-12-2008
0

Re: Electronic Credit Card Applications

I have a retail card. It's neither Visa nor MC. My CL on this retail card started with $3k, and now I'm at $6300. I have no other credit card than OB. I've applied for a cc thru USAA, and I applied for a an upgraded version of my retail card, except if offers MC priviledges. I was denied both. It seems that my current scores, my available credit, and  debt-to-credit ratio wasn't a factor. USAA splt second denial stated...your application may have been denied for all, or one of the following...past delenquincies, past collections, past public record (as I stated earlier, all of these are settled, and waiting for their 7yr hiking papers). I applied for a motorycycle loan 8 months ago thru my CU, and was approved based on what I've done up to this point. I've paid that loan off in 8 months vs. 36 months as was intended. I've worked hard to keep a clean 2yr track record and just dont comprehend the reasoning behind denying someone who has obvisuiously shown signs of maturing in the use of credit. Yet, my mailbox can be cluttered with pre-approved crap at 20% APR, and up.
Epic Contributor
Creditaddict
Posts: 22,116
Registered: ‎10-23-2007
0

Re: Electronic Credit Card Applications

does that same CU offer a credit card, that would be your best bet.

Fico Scores: EQ- 626 Overstck., TU 696 Walmart, EX 695 Chase (11-05-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
66 Cards and Counting :smileytongue:
Regular Contributor
morganirish
Posts: 188
Registered: ‎10-15-2008
0

Re: Electronic Credit Card Applications

Definitely go through your cu.  My cu gives me credit based partially on my cr but mostly with my history with them. 

Once approved, don't ever be late, let it age and you should see an improvement in your scores.

Valued Member
hazzmat1021
Posts: 26
Registered: ‎09-12-2008
0

Re: Electronic Credit Card Applications

Thanks for all your responses. I never thought it was a big difference in getting a CC from your CU vs.. Chase, HSBU, Capital One...etc. I do know that OB is making a killing off of other peoples divorces, hardships and just plain ignorance in dealing with credit. I've paid my OB account in halves, or in full everytime. They thought they did me a favor by increasing my $300 CL to $350. One year later I requested another increase in which they greatfully agreed to at $420. My APR is 14.9, and I just paid a $79 annual fee 30min ago. The whole reason I was seeking a better card is because I thought I was being penalized in my scores for having a CC with such a weak CL. I later found that FAKO scores will tell you this, but not FICO. So...I may seek a CC from my credit union in about another 6 months. I already have 2 hard pulls with the previous CC denials and don't want to seem desperate when my CU pulls my CR. Does this makes sense?????
Regular Contributor
morganirish
Posts: 188
Registered: ‎10-15-2008
0

Re: Electronic Credit Card Applications

Is your CU local to you?  What I mean is can you walk in and do your banking?  If so, you may want to go in and talk to someone face to face.  I would think  if your history with them is good, they will treat you right.  The credit world can be frustrating, but don't be discouraged.  These forums are a wealth of knowledge and information. 

Valued Member
hazzmat1021
Posts: 26
Registered: ‎09-12-2008
0

Re: Electronic Credit Card Applications

Yes...it's local. in fact, every major loan I've ever gotten in my lifetime came from NFCU. 3 cars, 1 motorcycle and a house full of furniture- later. I've been with them since 1993, so I assume my relationship with them is great. Again, with the 2 inquiry hits from my most recent credit applications, I don't want to do another one until after the dust settles. It looks like I'm stuck with OB for a few more months. wish I's known about CU CCs prior to my applications.

Epic Contributor
Creditaddict
Posts: 22,116
Registered: ‎10-23-2007
0

Re: Electronic Credit Card Applications

just 2 inq you are probably fine, I would apply for a credit from them for sure!
Fico Scores: EQ- 626 Overstck., TU 696 Walmart, EX 695 Chase (11-05-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
66 Cards and Counting :smileytongue:
Valued Contributor
Jazzzy
Posts: 2,679
Registered: ‎07-29-2009
0

Re: Electronic Credit Card Applications

I don't like applying electronically. The last one I did was with Discover. Denied immediately...those electronic denials are fast.

 

I called Discover because I had good scores and thought they may be counting my HELOC loan as revolving credit. We also have rental property, and there is nothing that indicates that the mortgage on my credit report is for rental property. I had to explain to them that...no...we don't have two mortgages on our house. In fact, we don't have one at all. I was approved once I could talk to a real person.

 

Also, my husband is self-employed.

 

We do much better when we can talk our way through an application with a CSR.


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