I guess this is more of a venting post than a plea for help however any advice would be greatly appreciated. I recently applied online for a Wachovia Credit Card. Please keep in mind I have banked with them for almost 10 years and also have my student loans thru them as well. (Current)
My credit score is 679 Equifax which my letter stated they pulled... I have one unsecured cc with cl of $1500 $0 balance one secured $300 cl with $0 balance. One retail card $300 cl $0 balance. A car loan never late in 1yr 15K balance via Credit union. I have 2 collections both paid $15 & 50. over aged 1yr or more... 2 paid charge offs. Premier and Orchard... (they got me with the fees)!!! All other accounts were never late all closed and paid in full...
The denial letter reads: Although the agency listed below provided us iwht your credit info. the agency played no part in our decison to decline your credit request... blah blah... reasons for denial
current delinquency on credit file... ?? nothing is late
serious delin,derog, pr, collection
length of time accts established
time since derog pr or collection
Should I call back and see if I could get someone to review or does must past represent a no chance...
Well the letter is correct, you have all of those problems with your credit file
serious delinq = charge-off/collection
current delinq = charge/off/collection
you have a short credit history and apparently, the charge-offs were within the pat 2 years
sorry to be blunt, but its gonna be tough getting credit with those issues on your credit file. If you have banked with them and have a good amount of money with them, go in and talk to your bank manager, they may have some pull to better the situation, however, most likely they will be able to do nothing as they are seperate business entities.
It definitely doesn't hurt to call an analyst for a recon. In fact, I've always considered it a must. Potential upside, no downside ("No" is pretty much the worst it can get).
I've had a Wachovia credit card for several years. I had a derog at time of app, was declined, and given a small CL after speaking with an analyst.. Once the derog fell off the CRB, they bumped my CL by 600% at 6 months.
One problem I can forsee is that Wachovia's been acquired by Wells Fargo. Their underwriting may be influenced or hindered during the transition. But, as previously stated, give a call. Good luck.
All denied app's must be recon'ed. Never waste an INQ.
That said I have been banking at Wachovia for many years and was never interested in their CC's. Before the First Union buyout their CC's were handled by MBNA and I suppose that was OK. Post combination I heard they are tough on approvals and other issues and could not be bothered. Her Ladyship is a better banking customer there than I am and has better FICO's (800-ish) and a nice size HELOC there and they have never offered her a CC. Go figure.
I'd definitely not initiate a new app with a bank recently purchased by another bank. Wells Fargo/Wachovia might become the new Chase/WAMU. Could it be deja vu all over again!!!!!!
Unlikely. The Wachovia CC portfolio is pretty clean. The WaMu portfolio contained two generations of sub-prime accounts. Too bad the market for CC paper is so awful. In better times Chase could have bundled up most of the accounts they closed and sold them for some money. Of course if time were better they never would have gotten their hands on that portfolio for free anyway.
well you just told me the reason why they declined you. Your maj. derog repo. Score alone wont get you a CC through them.
Its like what AMEX does. They look at your past history with other cards before they approve you for one their own.