Credit Cards

[brooklyngal]

It depends on why you were denied.  If it's because you're an "Egyptian", the 40+ won't help; trust me, I know.....

---

molly73 wrote:
PenFed denied me 2 weeks ago.....but EQ reported a 40 point increase today....bringing my score to 623....should i reapply again?

i don't know why i got the 40 points....and I am having things disputed right now....do they base it only on FICO score....do they pull EQ.....and would I qualify?

I know my report is still going to show some late payments and charge offs....scared of getting denied again
Thanks again!

---

[molly73]

myfico.com says the following about the 40 point increase

"Your FICO score may have gone up because the following factor is not hurting your FICO score as much as before:

* You have a public record or collection in addition to a serious delinquency on your credit report."


so, unless i am wrong....disputing items is not the cause of this point increase..right?
thanks guys!

[smallfry]

---

molly73 wrote:
myfico.com says the following about the 40 point increase

"Your FICO score may have gone up because the following factor is not hurting your FICO score as much as before:

* You have a public record or collection in addition to a serious delinquency on your credit report."


so, unless i am wrong....disputing items is not the cause of this point increase..right?
thanks guys!

---

Sounds like something bad aged. What was the reason for the decline?

[molly73]

i think the reason for the decline was because i was late for some accounts about 6 years ago...those have been closed. there are also those accounts i am disputing....that are making my account not look so good...so i don't blame them....i think i am better off just waiting to get those things cleared up before i apply anymore!

[haulingthescoreup]

---

molly73 wrote:
myfico.com says the following about the 40 point increase

"Your FICO score may have gone up because the following factor is not hurting your FICO score as much as before:

* You have a public record or collection in addition to a serious delinquency on your credit report."


so, unless i am wrong....disputing items is not the cause of this point increase..right?
thanks guys!

---

It sounds like a collection or judgment was removed or fell off. Congrats! When disputing a collection or judgment, they are NOT removed from scoring calculations.

I'd still let the PenFed CC go for now. Since you had to open that whopping $5 savings account to join (SOP with all credit unions), maybe you can set up some sort of automatic deposit of $20 per paycheck or something to feed the account. But as fused said above, if you still have serious derogs on your report, I wouldn't try for the card again until your EQ was around 680.

- - - -

For all those looking at Blue Cash, realize that the higher rate does not kick in until you've charged $6500 at the very low rates (1% for gas, grocs, and drugstores, 0.5% for everything else.) Once you hit $6500, it goes to 5% for gas, grocs, and drugstores, 1.5% for everything else. BUT this rate isn't retroactive! And at the end of 12 months, you start all over again.

So if you take six months to reach $6500 (about $1100/ month), and keep up that rate through the rest of the year, your real rewards rate will top out at 3% for G/G/D and 1.25% for everything else.

IMO, there are plenty of other rewards cards out there for those who don't run that much cash every month. If you do use one card that much, though, it will work, in that at least they don't cap the rewards.

[haulingthescoreup]

---

molly73 wrote:
i think the reason for the decline was because i was late for some accounts about 6 years ago...those have been closed. there are also those accounts i am disputing....that are making my account not look so good...so i don't blame them....i think i am better off just waiting to get those things cleared up before i apply anymore!

---

If you're disputing old accounts, and your score drops, that's an indication that they're helping more than hurting, due to their age. Disputed accounts, other than collections and judgments, are removed from scoring, and many people are surprised to find that their scores drop for this very reason. It varies with everyone; but it's a good idea to keep this in mind.

[smallfry]

---

molly73 wrote:
i think the reason for the decline was because i was late for some accounts about 6 years ago...those have been closed. there are also those accounts i am disputing....that are making my account not look so good...so i don't blame them....i think i am better off just waiting to get those things cleared up before i apply anymore!

---

I would definitely wait but didn't they give you a reason for denial?

[molly73]

hey smallfry -

if you mean did they send me a letter....i have not received one yet.

[brooklyngal]

They won't send a letter.  Login to your account and go to application status.  There should be a link that you can click on and it will give a reason for denial.  If it's "pyramiding debt" AKA being an Egyptian, odds aren't good for a recon.

---

molly73 wrote:
hey smallfry -

if you mean did they send me a letter....i have not received one yet.

---

[molly73]

hi brooklyngal.....i was wondering about that "Egyptian" part! what does that mean? thanks again!