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Do you usually get a "7-10 days" message, or do you get a lot of instant approvals or instant denials?
Happy Friday!!
I only got a 7 - 10 day message once and that was on a CLI request with BofA and it was a decline. Everything else in the scope of this credit incarnation has either been an instant approval or a 24 hour deal. Other than that one CLI I have been approved for everything else I asked for. My credit is fairly decent at this point.
If you received a 7 - 10 day message remain optimistic! You could be approved already!
I don't think Chase is any better now!
I got the 7 - 10 days message for Macy's, which I heard is a good place to start for store credit. I had very good credit, then a sudden bankruptcy, then good credit again. I was declined after applying in-store. The decline letter said:
I don't understand the first one, as I have no revolving credit.
As far as the second one, they didn't even ask my income when I applied. Our DTI ratio is very good. I would think they would need my income to determine whether or not I have too much debt?
And the third...I have perfect payments and several paid as agreed accounts for the last 2.5 years, I thought bankruptcy didn't matter to them.
Sigh....oh well. I guess that says something when I can't get a $300 Macy's card like everyone else, LOL!!!!
@angie204 wrote:I got the 7 - 10 days message for Macy's, which I heard is a good place to start for store credit. I had very good credit, then a sudden bankruptcy, then good credit again. I was declined after applying in-store. The decline letter said:
- Too high utilization of revolving credit (Huh? I have NO revolving credit, that is why I applied for their store card).
- Too high balance on existing installment accounts (My husband and I owe $22k on two cars and a signature note, and I owe $50k in student loans).
- Recent derogatory public record (Bankruptcy filed March of 2007)
I don't understand the first one, as I have no revolving credit.
As far as the second one, they didn't even ask my income when I applied. Our DTI ratio is very good. I would think they would need my income to determine whether or not I have too much debt?
And the third...I have perfect payments and several paid as agreed accounts for the last 2.5 years, I thought bankruptcy didn't matter to them.
Sigh....oh well. I guess that says something when I can't get a $300 Macy's card like everyone else, LOL!!!!
The accurate reporting of the BK that will report until 2017 makes the other reasons for being denied irrelevant. You may want to try for a secured card to rebuild your credit.
Ok, thanks!
I did not include them in the bankruptcy. The only credit agencies I included in my bankruptcy are Lowes, HSBC, and GEMB/JCPenney.
I will wait a couple more years before reapplying with them.
You can always call and ask them how long you have to wait to apply and be approved for credit. While you were talking to them you could also ask for reconsideration...