New to "myFico" and curious about quicksilver denial

[takeshi74]

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@whodey14 wrote:

I don't understand how Cap1 denies me and other companies give me decent cl and instant acceptence.

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Underwriting criteria differs from creditor to creditor and even from product to product with a given creditor in some cases.  Don't just assume that criteria are the same across the board.

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@whodey14 wrote:

I called Cap1 this morning. Guy barely spoke english and said just look for the reason in the mail within 10 business days and that he could do nothing. Just figured I now have a hp and nothing to show for it. 

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Make use of the reason for denial.  Work on whatever is cited and pull your report using the denial and the HP won't be wasted.

[whodey14]

Thanks for all of the insight everyone. I will wait to see what there reasoning is and at that time decide whether to call them again to reconsider. Are there any no annual fee ccs I should try for?

[manwoot]

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@whodey14 wrote:

Thanks for all of the insight everyone. I will wait to see what there reasoning is and at that time decide whether to call them again to reconsider. Are there any no annual fee ccs I should try for?

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I would wait until you see what the reasoning is before you start wasting HPs and applying for more cards.  That way you can tell if there's something you should work on before applying.

[coldnmn]

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@whodey14 wrote:

Thanks for all of the insight everyone. I will wait to see what there reasoning is and at that time decide whether to call them again to reconsider. Are there any no annual fee ccs I should try for?

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When I tried the prequalify site on Cap1 3 1/2 years ago all that came up was the annual fee Mastercard but I didn't apply. About a month later they sent me a preapproved mastercard letter with no annual fee. It was only $300 so they do have no annual fee cards for average credit. I just can't understand why they can't list them as choices. Good Luck if you try the recon. I just thought I would give you the heads up they do have other no annual fee cards if they are willing to give them.

[hopsimlp]

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@coldnmn wrote:

Welcome to the forum. That card is for excellent credit and you must have had a card with a $5000 limit for three years. If you look up the requirements for that card it could be one reason for denial.

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I don't believe this is correct.  I applied for the QS card after a year and a half of having a $4,500 limit on one card and after 3 months of having a $6,200 limit on my other card.  I was approved immediately when I applied and have a visa signature with $10,000 limit on my QS card.

i didn't realize there were any requirements when I applied or I wouldn't have applied since I didn't meet the criteria.

[injustifiiable]

Sucks that you wasted three inquires but to be honest this might be a blessing in disguise...

[SunriseEarth]

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@whodey14 wrote:

Thanks for all of the insight everyone. I will wait to see what there reasoning is and at that time decide whether to call them again to reconsider. Are there any no annual fee ccs I should try for?

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I had two COs with Cap One (1 settled, 1 unpaid but fell off CRs).  When I went for the Sony Card, I was system denied for BK (my BK was filed in 2005).   I reconned through the EO and was approved for $1500 CL and the best APR of 13.9% (once the 0% intro period expires).  Score was 683 on my initial denial.

So even if you burned Cap One before but have shown improvement since, a recon could be successful.  

[whodey14]

Only really wasted 1 HP however I am glad I received the other 2. I think I will wait for Cap1 to send me a letter before applying. However whether it be now or in a few months what would be another good card to add to my history? No annual fee and I am a fan of the cash bonuses.

[gh17]

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@coldnmn wrote:

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@gh17 wrote:

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@coldnmn wrote:

Welcome to the forum. That card is for excellent credit and you must have had a card with a $5000 limit for three years. If you look up the requirements for that card it could be one reason for denial.

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I remember it saying that on the prequal site or somewhere as the definition of "excellent credit" to them.  But I'd had a card with a $1000 limit for four years and a card with a $4000 limit for two years at the time I'd applied.

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That's why they post there defination of excellent credit for best chance of approval and to avoid denial and wasted inquiries.

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But what I'm saying is I was approved even though I had not had a card with a $5000 limit for three years.  Think they're just guidelines.

[coldnmn]

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@gh17 wrote:

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@coldnmn wrote:

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@gh17 wrote:

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@coldnmn wrote:

Welcome to the forum. That card is for excellent credit and you must have had a card with a $5000 limit for three years. If you look up the requirements for that card it could be one reason for denial.

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I remember it saying that on the prequal site or somewhere as the definition of "excellent credit" to them.  But I'd had a card with a $1000 limit for four years and a card with a $4000 limit for two years at the time I'd applied.

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That's why they post there defination of excellent credit for best chance of approval and to avoid denial and wasted inquiries.

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But what I'm saying is I was approved even though I had not had a card with a $5000 limit for three years.  Think they're just guidelines.

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It says credit card or loan with a $5000 limit. It's obviously a guideline and If you don't meet the guidelines of the card. The person denied shouldn't be mad because they were denied. The guidelines are there for a purpose. No one to blame but themselves. For everyone approved that don't meet the guidelines. I wonder how many more were denied.