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Contributor
angie204
Posts: 79
Registered: ‎08-28-2009

When applying online for credit, how often do you get the "7 - 10" days message?

Do you usually get a "7-10 days" message, or do you get a lot of instant approvals or instant denials?


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My Scores:
10/09: EQ 653, TU 656; 8/09 FICO Lender: EQ 652, TU 646, EX 659 10/11: EQ 672, TU 679 EXP Lender 680


Chapter 7 BK Discharged Aug 29, 2007.
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Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007

Re: When applying online for credit, how often do you get the "7 - 10" days message?

A lot of it depends on the bank. All my approvals were instant, except for Chase, which gave me the 7-10 days thing. I started calling around day 4, and everyone I spoke to denied all knowledge of any application whatsoever. This kept going on for well over a week, until one day the card arrived. Once I had the account number, I saw that I had been approved on day 3, I think it was.

This was spring 2008. I'd like to think that they're better now...
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009

Re: When applying online for credit, how often do you get the "7 - 10" days message?

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!

 

 

Valued Contributor
daisyduke
Posts: 1,320
Registered: ‎04-18-2009

Re: When applying online for credit, how often do you get the "7 - 10" days message?

Hi, in the two most recent cases, I got the 7-10 day message and was approved for both cards. I have FA on my CR so I really can't get instant credit approval unil the creditor contacts me on my mobile phone to verify my identity....

Starting Score: 682 EQ, 663 TU
Current Score: 687 EQ - 705 TU on 7/18/10
Goal Score: 700 + both EQ and TU


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Contributor
angie204
Posts: 79
Registered: ‎08-28-2009

Re: When applying online for credit, how often do you get the "7 - 10" days message?

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!!!!

 

 

My Scores:
10/09: EQ 653, TU 656; 8/09 FICO Lender: EQ 652, TU 646, EX 659 10/11: EQ 672, TU 679 EXP Lender 680


Chapter 7 BK Discharged Aug 29, 2007.
Super Contributor
DI
Posts: 5,767
Registered: ‎01-28-2008

Re: When applying online for credit, how often do you get the "7 - 10" days message?


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.  

Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009

Re: When applying online for credit, how often do you get the "7 - 10" days message?

[ Edited ]
Your BK is to recent for them too consider. If you included Macy's/Bloomingdales in your BK you are done. That one's a show stopper.
Message Edited by creditwherecreditisdue on 10-19-2009 11:32 AM
Contributor
angie204
Posts: 79
Registered: ‎08-28-2009

Re: When applying online for credit, how often do you get the "7 - 10" days message?

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.

My Scores:
10/09: EQ 653, TU 656; 8/09 FICO Lender: EQ 652, TU 646, EX 659 10/11: EQ 672, TU 679 EXP Lender 680


Chapter 7 BK Discharged Aug 29, 2007.
Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009

Re: When applying online for credit, how often do you get the "7 - 10" days message?

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...

 

:smileywink:

Contributor
angie204
Posts: 79
Registered: ‎08-28-2009

Re: When applying online for credit, how often do you get the "7 - 10" days message?

I called Macy's regarding the denial.  The representative said that my account was denied due to "outside credit activity."  When I asked what that means, he said they don't get to see details, they only get to see the overview and that he had no idea, his hands were tied, etc.  He said reapply in six months.
My Scores:
10/09: EQ 653, TU 656; 8/09 FICO Lender: EQ 652, TU 646, EX 659 10/11: EQ 672, TU 679 EXP Lender 680


Chapter 7 BK Discharged Aug 29, 2007.

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