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Contributor
Posts: 139
Registered: ‎07-31-2012
0

Why am I getting denied?

Hi there here's my story; I have 1 CC with a 500$ limit since July 2009, a 300$ paypal smart connect since April 2011 and a 1k loan from Island Finance since May this year. At the time I took the loan my credit with transunion (what they pulled) was 657, the same as the vantage score on creditkarma.

Recently I applied for a Home Depot CC and got denied, reason should be arriving in the mail this week.

 

Useful info:

I have 10 hard inquiries from last 1 year and 4 months. Made a total of 4 inquiries this year. 2 from HD (one in March and one recently), 1 in walmart (they said couldn't verify information through phone and denied, didn't pursue in-store), 1 inquiry for the 1k$ loan which was approved with high interest (accepted to diversify credit)

Current credit karma overall score of 696, vantage of 667.

Credit utilization of 6%

One 30 days late payment in April 2011.

Average credit age is 2 years, 10 months.

Total credit card limit of 800$

The reason they used in previous failed applications were, short credit story, lack of different credit, high balances (were higher than 50%, but lowered), after lowering balance the previous 2 reasons remained.

Age: 22

 

What can I do to get approved for in-store credit cards? Wait for my loan to age?

 

And what can I do about inquiries, I have 10, but most I have done were 2 HD inquiries, 1 walmart, 1 Island Finance, 2 from other financial institutions, 1 for paypal and 1 for a truck loan, which was approved with a 3k$ down payment which I declined. I believe the dealer made applications to different banks which ultimately lead to 3 total inquiries and false information about my income and real job. Thanks for any help you can provide.

As of Feb: AAoA 1 year, 10 months
CK TU: 740; Wal-Mart TU FICO: 721
CS EX: 715
8 CCs, 15 total accounts.
Negs on report: 1 30 day late aged 3 years
5 inquiries
Valued Contributor
Posts: 1,988
Registered: ‎06-25-2012
0

Re: Why am I getting denied?

Inquiries dont count after 1 year and fall off your cr after 2 years. What bank gave you the 500cl cc?
Amex BCE (2500) / Amex SPG (4000) / Amex GoldPR / Merrill+ Visa siggy (5000) / BofA Amex (6000) / Bofa cash rewards (5000) / BofA Privileges Cash Rewards (5000) / Citi Forward (4400) / Citi DP (2000) / Chase Freedom (4000) / Chase CSP (5000) / Chase Hyatt (5000) / Discover IT (1700) / FNBO AMEX (3600) / NFCU cashRewards Visa signature (15000) / NFCU Flagship Visa signature (12500) / NFCU Navcheck (5000) / Nordstrom (500) / MetroCU Visa Elite (5000) / Walmart (4500) / Kays Jewerels (6600) / Kohls (300) / Macys Platinum (2500) / DCU platinum Visa (17500) / Citizens bank cash back (1100) / Bill Me Later (1631) / PayPal Smart connect (2200) / BestBuy store card (2000)
Contributor
Posts: 139
Registered: ‎07-31-2012
0

Re: Why am I getting denied?

The 500$ CC is a Visa from Banco Popular (a bank in Puerto Rico), basically a student CC, it is the maximum amount allowed for this type of card so can't request a CLI and a new card will most likely get denied because this bank has higher requirements than a store.

 

Good news(apparently), I called paypal just a few minutes ago and requested a CLI over their automated system and got approved for a 508$ increase to 808$ (odd number lol). WIll see how it goes as it still isn't reflected on paypal and times out whenever I try to see my card information.

 

Do inquiries really don't count after a year? I thought it was 2 (would of waited before applying for HD cards). And for late payments, how long do they last on CR?

 

As of Feb: AAoA 1 year, 10 months
CK TU: 740; Wal-Mart TU FICO: 721
CS EX: 715
8 CCs, 15 total accounts.
Negs on report: 1 30 day late aged 3 years
5 inquiries
Moderator Emeritus
Posts: 7,225
Registered: ‎09-16-2011
0

Re: Why am I getting denied?

[ Edited ]

My advice to you is to slow your roll.

 

You're going crazy with apps man, even taking bad terms.  If you were interested in building installment loan history, the easiest and cheapest way is to use a secured loan from a bank or credit union. No need to get ripped off by a storefront on the corner finance company.

 

The late is hurting you, have you tried to ask for a goodwill adjustment?

 

Otherwise, I advise you to Garden for 12 months.

 

 


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



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Contributor
Posts: 139
Registered: ‎07-31-2012
0

Re: Why am I getting denied?

Haven't tried a goodwill adjustment, how do I go about that? And you are probably right about me going app crazy. Most of the credit cards I applied for I didn't really need and just wanted them to diversify and increase score in hopes of a home purchase in the next 3-4 years.

 

I confirmed a paypal smart connect increase to 808$ with a soft pull and a CSR confirmed it to be permanent, reason for the odd number is because my balance is 7.99 and I requested a 500$ fearing that if I requested more I would be denied. WIll stop applications for a good while now. Do you recommend I request another increase in 3-4 months or wait it out the full year?

As of Feb: AAoA 1 year, 10 months
CK TU: 740; Wal-Mart TU FICO: 721
CS EX: 715
8 CCs, 15 total accounts.
Negs on report: 1 30 day late aged 3 years
5 inquiries
Senior Contributor
Posts: 3,528
Registered: ‎01-19-2009
0

Re: Why am I getting denied?

Since your already in with GE you may want to when your ready try for a Lowes instead of HD, Home Depot is Citi and Lowes is GE Bank

Valued Contributor
Posts: 1,413
Registered: ‎03-22-2012
0

Re: Why am I getting denied?

Slooooow down dude!

 

ALWAYS apply for credit with LONG term goals in mind.

 

DO NOT APPLY FOR ANY MORE STORE CARDS!

 

First off you need to try applying for credit at lenders that fit your current profile. I would suggest you try Capital One first. The have a pre-approval website that I will post a link to a bit later. Go to the website, fill out the pre-approval form and they will let you know if you are pre-approved for any of their cards. It is a SOFT PULL! Don't waste any more hard pulls unless you need to. I would suggest you take any card they offer you UNLESS they only offer you a secured card.

 

You really should have followed up with Walmart. That was a bad move on your part. How long ago did that happen?

 

Here's the link to the Cap1 website: https://findmycard.capitalone.com/PageVersions/LandingPages/LP_UNS_MS_V02.aspx

 

Go there fill out the form, apply for a card if they offer you one, then report back here with your results.

 

Good luck!


Starting Score: EQ 653 6/21/12
Current Score: EQ 738 8/5/16 - EX 828 8/5/16 - TU 739 8/5/16
Mega Contributor
Posts: 15,453
Registered: ‎04-09-2011
0

Re: Why am I getting denied?


Croselx wrote:

Hi there here's my story; I have 1 CC with a 500$ limit since July 2009, a 300$ paypal smart connect since April 2011 and a 1k loan from Island Finance since May this year. At the time I took the loan my credit with transunion (what they pulled) was 657, the same as the vantage score on creditkarma.

Recently I applied for a Home Depot CC and got denied, reason should be arriving in the mail this week.

 

Useful info:

I have 10 hard inquiries from last 1 year and 4 months. Made a total of 4 inquiries this year. 2 from HD (one in March and one recently), 1 in walmart (they said couldn't verify information through phone and denied, didn't pursue in-store), 1 inquiry for the 1k$ loan which was approved with high interest (accepted to diversify credit)

Current credit karma overall score of 696, vantage of 667.

Credit utilization of 6%

One 30 days late payment in April 2011.

Average credit age is 2 years, 10 months.

Total credit card limit of 800$

The reason they used in previous failed applications were, short credit story, lack of different credit, high balances (were higher than 50%, but lowered), after lowering balance the previous 2 reasons remained.

Age: 22

 

What can I do to get approved for in-store credit cards? Wait for my loan to age?

 

And what can I do about inquiries, I have 10, but most I have done were 2 HD inquiries, 1 walmart, 1 Island Finance, 2 from other financial institutions, 1 for paypal and 1 for a truck loan, which was approved with a 3k$ down payment which I declined. I believe the dealer made applications to different banks which ultimately lead to 3 total inquiries and false information about my income and real job. Thanks for any help you can provide.



That late is still recent. I would try for GE backed cards (Lowes, Old Navy, JCP). Easier approval guidelines and very good on CLI's. Stay away from prime banks for at least 6 months to a year.




EQ FICO 548 3/3/16
Moderator Emeritus
Posts: 7,225
Registered: ‎09-16-2011
0

Re: Why am I getting denied?


Croselx wrote:

The 500$ CC is a Visa from Banco Popular (a bank in Puerto Rico), basically a student CC, it is the maximum amount allowed for this type of card so can't request a CLI and a new card will most likely get denied because this bank has higher requirements than a store.

 

Good news(apparently), I called paypal just a few minutes ago and requested a CLI over their automated system and got approved for a 508$ increase to 808$ (odd number lol). WIll see how it goes as it still isn't reflected on paypal and times out whenever I try to see my card information.

 

Do inquiries really don't count after a year? I thought it was 2 (would of waited before applying for HD cards). And for late payments, how long do they last on CR?

 


Basically call and write your Customer Service company explaining why you were late and how it will never happen again. sometimes they will agree to remove the late reporting, especially if there were extenuating circumstances. 

 

They may not find it in goodness of their hearts (computer chips) to help you, however, its always worth a try, and you should try multiple times


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



Take the myFICO Fitness Challenge
Valued Contributor
Posts: 1,413
Registered: ‎03-22-2012
0

Re: Why am I getting denied?

A bit of follow up...

 

Store cards are really not that great. At the end of your credit accumulation journey you really only want to have 1 or 2 of them. You have good enough scores to probably receive some good general credit cards now and perhaps PRIME bank credit cards within the next year or two. Do you really want to mess that up just so you can carry around a bunch of LOW limit store cards?

 

You need to ALWAYS think LONG term when applying for credit. If you follow the advice on this forum you might be able to carry around 1 or 2 prime bank credit cards in a year or two that have credit limits between $5000 and $10000.


Starting Score: EQ 653 6/21/12
Current Score: EQ 738 8/5/16 - EX 828 8/5/16 - TU 739 8/5/16

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