Should my GF recon? Interesting situation

[jbh]

Basically, her scores were close to 800 and then she received a Boa card in November

Due to her registering her car the balance is high. When she applied for TD a month ago

her total # of new accounts in 12 months was 2 (one boa and one car loan with TD)

She never applies for credit either. She has 1 bank inquiry on EQ and 2 at most for Tu/EX

Her issue was car loan inquiries when she applied one day during last July

So, her denial letter states:

Too Many Inquiries (Experian, I think only TD car loan was the non car loan inquiry)

Too many new accounts in 12 months

Balance

No baddies and she never applies. Her only bank applications in the last 2 years

were Chase in September (denied, file too young)

Boa (approved)

TD

Does she have a chance or should she not bother? 

Thanks

[Anonymous]

Hi jbh,

I realize with my post count, it is hard to look closely on advice from me, but I have been long time lurker in the forums.  My FICO is 780 range with the 3 bureaus. 

On to your question:

 I think your girlfriend has a chance. Altogether, getting credit in today's economy is going to be quite a significant challenge with some individuals depending on the particular companies.  Everyone is in a crunch and really scrutinizing applications, which was not really done before this all occurred in the economy.

It could potentially be due to her having limited credit history, but you did not mention that as an exact reason. given for the decline.  Inquiries only account for 10% of your score, and that reason seems to be thrown out way more than it should when it is used for a decline.  It seems somewhat like it is a "catch" all. 

I would try the BOFA reconsideration number. I think it is listed in the sticky thread.

Anyhow, good luck and keep us updated. 

[haulingthescoreup]

jbh, I'm sorry, but I'm awfully confused about the sequence of events in your post.

It sounds like she does have a BOA card and a car loan, but then you're talking about a denial letter from last July.

What did she apply for this time? Who is TD? What's with a July denial?

I'm on cold meds, and it appears to have affected my brain.

[jbh]

Sorry

July she received the car. 0 credit inquiries in the last 2 years

Thing is, a lot of inquiries hit in the process of this approval

September, she tried for a chase disney but they said no

Ok, that was her first credit inquiry in eons. That was on her TU file

November was her 2nd credit inquiry - approved by Boa (hit her tu file I believe)

She just received a denial for her 3rd credit app, which hit EX, and was denied

In the last 2 years there were 3 credit apps (within the last 6 months) 

and 2 new accounts (july 08 - car and 11/08 - boa)

I hope this helps.  She NEVER looks for credit but the darn auto inqs on EX/Tu

make it seem like she does. I never thought 2 new accounts in 2 years (or within the year even)

would cause a problem. I wonder if CITI or Chase or a friendly CU would be more helpful to her.

[Anonymous]

If you are talking abt the Sep app I think its too late to recon that.  If you are talking abt a more recent app I cant see who she apped with.                                                                                                      

Are her scores still close to 800?                                                                                                              

What is  TD?

You always have a chance with a recon, she could explain the excess inquiries from the car loan app.

With the credit crunch all things have changed.  Is her income suffiecent for another CC.  Vicki

[jbh]

The app she was denied with was just recently denied a few days ago. TD = TD Waterhouse

I just thought she might have a shot since her 'too many accounts' and 'too many inquiries' seemed odd

since she hasn't even applied for more than 3 cards in the last 2 years.

Sorry for the confusion. It's hard for me to articulate this correctly.