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No mortgage no credit card

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Anonymous
Not applicable

No mortgage no credit card

Nordstrom Transunion no 608 N/A N/A NJ N/A 2006-07-16 One of the reasons for decline was because I didn't have a mortgage - wtf?

 

Nordstrom Experian no N/A 725 N/A VA N/A 2007-07-03 too many new accounts, no mortgage history

Saw these posted on another board. Can you really be denied a cc because you don't have a mortgage? Is that legal? Sounds like discrimination to me.

Message 1 of 10
9 REPLIES 9
Anonymous
Not applicable

Re: No mortgage no credit card

A credit Grantor has the right to set whatever criteria they wish to extend credit. I believe the definitions of "discrimination" falls in the categories of age (as long as you are legally old enough to enter into a contract) , race, national origin and the fact you receive income from public assistance.

 

I also think when you are speaking of "unsecured credit" the rules are a little more flexible, as a "credit card" is not a right, but a privilege.

Message 2 of 10
Anonymous
Not applicable

Re: No mortgage no credit card

I understand the "technical" definition of discrimination,but it still seems as they are saying that homeowners are entitled to a cc but an apt dweller with the same credit score or better is not.

 

If my credit score,income,manual review of report,job history can pass a ccc scrutiny then it shouldn't matter if I'm a homeowner or not. IMO

Message 3 of 10
Anonymous
Not applicable

Re: No mortgage no credit card

I certainly agree with you 100%, that it should not be a factor. Sadly, we are all paying the price of to long a period of lax credit practices, so lenders are tightening up and I only see it getting worse for "unsecured credit".

 

Also, I think we will be seeing far more 'reviews" of credit, as oposed to just looking at a number, because while it may give a snapshot of a profile, it does not give a clear overall look. There are many variables to be considered, but when money is being thrown around, it does not matter, only when things tighten up.

Message 4 of 10
Imhotrodcrazy
Valued Contributor

Re: No mortgage no credit card


@Anonymous wrote:
Nordstrom Transunion no 608 N/A N/A NJ N/A 2006-07-16 One of the reasons for decline was because I didn't have a mortgage - wtf?

 

Nordstrom Experian no N/A 725 N/A VA N/A 2007-07-03 too many new accounts, no mortgage history

Saw these posted on another board. Can you really be denied a cc because you don't have a mortgage? Is that legal? Sounds like discrimination to me.


 

Don't feel bad, I have had a perfect payment history on my 17 yr old mortgage and I was refused a cc.  IMO, the ccc's make up what ever rules they want if they don't want to extend a person credit.  Go talk to your local credit union, and forget the "banks" and ccc's.  IMO, they are far better, and easier to deal with.  Good luck to  you.
FICO 08
TU 842 12/8/18
EX 840 12/29/18
EQ 842 12/8/18
(NASA 30K) ( Amex 44k ) ( Freedom 10.6K ) ( US Bank Cash+ 20k, LOC 15k ) Winners never quit, and quitters never win
last app 2/15
Message 5 of 10
Anonymous
Not applicable

Re: No mortgage no credit card

Thanks for your replies...I'm sorry if I'm giving the impression I was the one applying. I just happened to be over at another forum and this caught my eye.
Message 6 of 10
athensguy
Valued Contributor

Re: No mortgage no credit card

I'm thinking you would want to be 760+ and applying in store for the Nordstrom cards.
Message 7 of 10
tray
Valued Contributor

Re: No mortgage no credit card

Hi, Johnnybear I am very shocked to read this, as I have a nordstrom card and I do not have a mortgage.  I would call nordstrom's credit department just to see what was the major underlying factor of not granting a card, could it just be too many accounts opened recently sometimes the denial letters are generic and multiple things are added on so I think they can send the same letter out to people.  Ask for reconsideration good luck.


Starting Score: EQ 546 TU 566
Current Score: EQ 693TU 08 729 EX 08 738Need to Garden/New Accounts
Goal Score: 800
Message 8 of 10
Anonymous
Not applicable

Re: No mortgage no credit card

The funny thing is I read that people that has a mortgage was getting CLD's because of the housing market.
Message Edited by l9ikjam on 07-05-2009 12:37 PM
Message 9 of 10
haulingthescoreup
Moderator Emerita

Re: No mortgage no credit card

Many lenders look upon having a mortgage as one sign of stability. Maybe if someone has (for instance) a long, clean history instead, that would be looked upon as an equivalent sign. It's all up to the lender. The more risk-averse they are, the tougher their requirements are likely to be.

It's all about risk analysis, and any time that large groups of people are being lumped into different categories to figure how to deal with them, some folks are going to get misclassified. Ask anyone who has had a kid with special learning needs in the school systems. Smiley Tongue
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 10 of 10
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