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This was about a year ago, my scores were:
EX 651/EQ 620/TU 655
I had a Fingerhut 750.00 CL (don't judge, they report well!)
BofA secured (99/500)
I was denied online, called the number given and the rep told me I was declined for not having a mortgage or car payment
I was 36, car under my bfs name, and renting
Has anyone else heard this denial reason before?
@QAMngrGirl wrote:This was about a year ago, my scores were:
EX 651/EQ 620/TU 655
I had a Fingerhut 750.00 CL (don't judge, they report well!)
BofA secured (99/500)
I was denied online, called the number given and the rep told me I was declined for not having a mortgage or car payment
I was 36, car under my bfs name, and renting
Has anyone else heard this denial reason before?
bull id call back and recon.
the only thing i had on my report when i apped was a best buy store card.
and i just added a car installment loan in aug of this year (about a year and a half after i got the card)
Current: Fico ScoresEQ~706 TU~719 EX 709 4/28/23 Inquiries (24 Months): EQ 0 TU 0 EX 0| Most Recent: A LONG WHILE | Buy A Home Earn Cash Back | Amex Zync(Unicorn) Chase Freedom$1500 Discover IT$7,400 Citi DC $10,000 Citizens Mastercard$7,000 |
I have never heard of someone being denied a card solely due to lack of an installment loan or mortgage. That's crazy.
I had never heard of it either, only that types of credit lines should be mixed = albeit not crucial it's helpful... but should not warrant a flat out denial
They lied to you! my sister who is 18 got her macys card on 04-01-12 with a $300 CL and with nothing reporting except a joint acct she has had since 02-09-12. Something is not right you should contact them and make them tell you the real reason why they denied your first application.
when i got my macy's card in 2008, the only TLs i had were 1 cc (BofA, opened only a few months prior, PIF monthly) and a CU overdraft LOC ($0 balance, established in 1990), i applied in-store while making a purchase.
no mortgage, no installment loans, and no auto loan/s (open or closed) on any of my CRs at the time.
@QAMngrGirl wrote:I was denied online, called the number given and the rep told me I was declined for not having a mortgage or car payment
I was 36, car under my bfs name, and renting
Has anyone else heard this denial reason before?
Yes, lack of mortgage or auto loan can be a reason for denial. This reason alone is not enough to get you denied. But when combined with other reasons, it became a compelling argument to have you denied.
Your letter will cite multiple reasons for denial.
I've never had a mortgage or car payment. However, I do have student loans and that probably got me my approval when I first app'd for Macy's over four years ago.
lol i'm buying a house in cash, and bought my car with cash looks like I can't get a Macy's credit card =(