@FinStar wrote:
@FixMyCredit1992 wrote:This is from a denial letter from GE Capital bank for the WMT CC. BTW, this is before I joined the garden.
Your Credit Score: 356
Scores range from a low of 300 to a high of 620. (Um, that's not fico range). It may not be FICO, but it is their internal scoring, which still shows that you're on the low end of the spectrum
Key factors that adversely affected your credit score:
TOO MANY INQUIRIES IN THE LAST 6 MONTHS
(Ok, we knew that). A given.
TOO FEW REVOLVING ACCOUNTS
(Again, only one TL on there, but weird having only one TL is a bad thing). That's why a good mix of accounts helps besides only 1 revolving TL, which limits the scope of scoring.
NUMBER OF MONTHS SINCE CREDIT ACCOUNT IN COLLECTIONS IS TOO LOW
(I'm not sure what this means. Does it mean my derog is too new? Odd that it would factor, I would think any derog, regardless of how old it is (7 years or less) would count.) You would need to check what is on the specific report to determine how recently reported any collection accounts display on your file.
LACK OF BANK REVOLVING INFORMATION
(This makes NO SENSE. Banks don't usually report checking/savings unless its overdrafted). They are referring to major bank cards, such as Discover, AMEX, etc. (not checking accounts or savings accounts - which are not reported to the CRAs)
NUMBER OF INQUIRIES ON CREDIT REPORT
(So besides the ones counted in the past 6 months, this means the ones for the past two years? This seems redundant.) This could be in addition to the above reason, which means they can also take into consideration 12 months (aggregate total) - which some lenders do. Other lenders under manual review can also take 24 months into consideration.
+1 
