Tried to get Kohl's store card, was declined???

[Anonymous]

My credit score is 668.  We just purchased a $270,000 home Oct.1,09.  We owned our previous home as well.  I have two credit cards, one with a balance of $113 other with balance of $236.  I applied for a Kohl's store card last night and was declined...what?  The mortgage world has gotten so strict and we got that no problem but I don't qualify for a Kohl's card???????

[Anonymous]

Mortgages are no harder to get, they just require proper documentation now, whereas before they allowed "liar loans" aka:  stated income or no doc loans.

You can still get a home mortgage at 620, with past baddies (though lender most likely will want paid/resolved).  Mortgages, if you have the income/DTI and history, are not hard to get and require very little down (FHA) or nothing down (VA & USDA), etc.  In addition, mortgages are "collateralized" loans so the lender has some protection.

CC's on the other hand have no security to the lender and are revolving....thus they are at times harder to get than home or auto loans.

Message Edited by txjohn on 10-22-2009 06:54 AM

[iwantbettercredit]

I am sorry you did not get the Kohl's card.  Unfortunately, if you just purchased your home this month, it has not even showed up on your report yet, and your credit balances are small and maybe not giving an accurate indication of how well you handle credit.  How much are your credit limits on those two cards, how long have you had them?  Give it time, once you do get it, kohl's is a loyal card if you are a loyal shopper there. Maybe app again in a few months, or wait until they offer it to you while you are shopping there. (Thast's what happened to me)  Good Luck

[creditwherecreditisdue]

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@Anonymous wrote:

My credit score is 668.  We just purchased a $270,000 home Oct.1,09.  We owned our previous home as well.  I have two credit cards, one with a balance of $113 other with balance of $236.  I applied for a Kohl's store card last night and was declined...what?  The mortgage world has gotten so strict and we got that no problem but I don't qualify for a Kohl's card???????

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Welcome to the forums!

Don't know whether that is a FICO score or not. However, Kohl's uses EX Vantage scoring (exlusively) for their decision making. It could be that your particular CBR doesn't score out well on the Vantage model. If you want to know for sure you can purchase your EX Vantage score here:

     http://www.vantagescore.experian.com/

[Anonymous]

great post, credit!

[ShowCredit]

I applied for Kohls on 10/18/09 and was denied too.   They pull EX, where I have 1 CO collection.  I just realized that Chase issues their card.

Oh Well.

TU - 687   10/6/09

EQ  691    10/6/09

EX - 661   8/26/09  (LO pulled)

[Anonymous]

The fact that Chase manages their card explains it.  Chase hates me - would not approves a card for me in August 2008. However in Sept, Oct and Nov 2008 I app'd & received $40K in cards plus AmEx (since re-aged).

Funny thing is I can't figure out Chase's reasoning....

[creditwherecreditisdue]

You sure you didn't burn them or one of their subsumed banking subsidiaries (there are many) at some point in the past? Chase can be a royal PITA during the app and afterwards. Don't feel too left out.

[Anonymous]

Well actually our new mortgage is through Chase.  And to my knowledge I've never had anything with Chase ever.  Only other cards I've ever had in my life was BonTon, Target and American Eagle ..but i closed those years ago. 

[creditwherecreditisdue]

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@Anonymous wrote:
Well actually our new mortgage is through Chase.  And to my knowledge I've never had anything with Chase ever.  Only other cards I've ever had in my life was BonTon, Target and American Eagle ..but i closed those years ago. 

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Before you try Kohl's again be sure to look at your Vantage score. Vantage score loves mortgages and existing TL's. Getting started with a Kohl's card could be very difficult.

Of course you could call Kohl's and have your app recon'ed...