Credit Cards

[haulingthescoreup]

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casinoannie97 wrote:

Are they charging you for 8 inquiries for mtg. shopping? I thought that should only count as 1. Anyone?????? What time frame did you shop?

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The 8 inquiries are going to display, even though they are counted as one for scoring purposes. (This is one of the differences between report issues vs scoring issues.)

Sometimes a CC will deny for too many recent inqs, when they were for a car loan or mortgage. When that happens, you should call up for a recon. Move to a supervisor if necessary. Someone there ought to understand that 8 inqs for one house are very different from 8 inqs for 8 different cards.

[cheddar]

Hooters recently changed their underwriting standards and will deny anyone who has gotten a new mortgage since 12/31/2004.  There are several threads about it.  I'll see if I can find a few.

Edit: Found a couple, anyway.

http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&message.id=70616

http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&message.id=58877

Message Edited by cheddar on 05-17-2008 05:45 PM

[beenthere]

Anyone? Under any circumstances?

[MsKiwi]

I got a denial when I applied online, when they sent the letter all it said is that I have to write them for the specific reasons I was denied if I want to know. Huh? I thought the purppose of them sending a denial letter is to tell you why they denied your application.

[haulingthescoreup]

Some other companies are doing this, too. I think that they're trying to cut down on the number of reconsiderations they get by simply wearing out the consumers.

[cheddar]

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beenthere wrote:

Anyone? Under any circumstances?

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Yes, that is my understanding.

[aer7372]

I was told the same thing to when I called for recon.  The lady told me it doesn't matter what my credit is there is nothing she could do.  I said so does that mean that I can never get a card with you.  She said things might change in a few years.  I think it's kinda crazy

[davidboca]

If that is the case, then perhaps they should put notice of not issuing credit to recent mortgage clients on their marketing materials, place a disclaimer, or use any other reasonable method of their choice to better make the unsuspecting prospective applicant aware of this unusual underwritting descision. Wasted inquiries hurt in more ways than just points off the myFico reports. Being made a fool of, hurts much more! Especially when Hooters has enjoyed a fine reputation for issuing cards to those with less than perfect credit.

[beenthere]

I can't buy it. Credit card companys are trying to make a buck. I can't see a company making blanket throw aways of say +720 fico scores 20 year historys for a mortgage that might cut into somebodys net by 30%. That makes them not only stupid but broadcast that they really are not interested in making money. There's got to be more to it, much more. 

[lookingfor700]

I just got my Mortgage a year ago. On 4/2007, so I saw that Hooters was denying people with recent mortgages. I applied with them on 5/8/2008; I was thinking no card for me. But I got home yesterday to see a nice Hooters card waiting for me. $500 CL and a $48 AF but hey I wont complain, hopefully they give good CLI. So in my case they are still giving people with new mortgages CCs.