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So I finally got my rejection letter from Barclays and some of their denial reasons puzzle me. Maybe someone can shed some light so that when I'm ready to apply again I will have all my ducks in a row so to speak.
#1 delinquency (these I assume are my charge offs (all paid) and a couple 30 day lates I had over 2 years ago)---I assume these just need more time??
#2 # of inquiries (I think I had maybe 1 or 2 on TU when I apped)--are they that inquiry sensitive?
#3 insufficient # of accounts (at the time I apped I had 3 secured cc reporting as well as 2 closed NFCU cc reporting and several open/closed auto loans)--how many CC do they want?
#4 length of time accounts have been established (per TU my oldest TL is 11 years old and at the time of app my AAOA was 4+ years)--how long do they want? I have had credit for almost 25 years but my older accounts that are closed have now fallen off
I agree that some of those reasons don't make much sense, I would call the EO and tell them you don't recognize the motivations for denial when looking at your credit report.
@mt2va wrote:So I finally got my rejection letter from Barclays and some of their denial reasons puzzle me. Maybe someone can shed some light so that when I'm ready to apply again I will have all my ducks in a row so to speak.
#1 delinquency (these I assume are my charge offs (all paid) and a couple 30 day lates I had over 2 years ago)---I assume these just need more time??
#2 # of inquiries (I think I had maybe 1 or 2 on TU when I apped)--are they that inquiry sensitive?
#3 insufficient # of accounts (at the time I apped I had 3 secured cc reporting as well as 2 closed NFCU cc reporting and several open/closed auto loans)--how many CC do they want?
#4 length of time accounts have been established (per TU my oldest TL is 11 years old and at the time of app my AAOA was 4+ years)--how long do they want? I have had credit for almost 25 years but my older accounts that are closed have now fallen off
Are you kidding me? The first reason is the MAIN reason. Any credit company would frown whenever your late (a couple is BAD) or have charge offs (even if they are paid). You have to put yourself in the business mindset. Would you grant someone who's been late (a couple of times) with credit? They are looking out for themselves. I would work on the first reason before applying for other credit cards.
I am in agreement, you need to work on the CO(it may be too late since you paid them and may have no levarage at this point). Your scores are still low and you seem to lack cc history. I have a paid judment on my report and one paid CO and i have been approved by DISC, AMEX and CITI, but in my case I have a mortgage in good standing. You may need to let the secure cards age for a bit and continue to make timely payments.. time.. time... time -- I would try again in 6 -12 months, but first try calling the backdoor number and see what they can do for you....plead you case
@mt2va wrote:So I finally got my rejection letter from Barclays and some of their denial reasons puzzle me. Maybe someone can shed some light so that when I'm ready to apply again I will have all my ducks in a row so to speak.
#1 delinquency (these I assume are my charge offs (all paid) and a couple 30 day lates I had over 2 years ago)---I assume these just need more time??
#2 # of inquiries (I think I had maybe 1 or 2 on TU when I apped)--are they that inquiry sensitive?
#3 insufficient # of accounts (at the time I apped I had 3 secured cc reporting as well as 2 closed NFCU cc reporting and several open/closed auto loans)--how many CC do they want?
#4 length of time accounts have been established (per TU my oldest TL is 11 years old and at the time of app my AAOA was 4+ years)--how long do they want? I have had credit for almost 25 years but my older accounts that are closed have now fallen off
I 100% guarantee it's the charge offs that are spooking them (or something else like high utilization). The other reasons are just excuses they tack on along with everything under the sun to justify a denial. They're not stopping you from getting approved. If they like your profile and think they can safely make money off you (however they determine this) then it doesn't matter if you have 10 inquiries and a 1 year history.
Example - I was approved last week with more inquiries (3) and a much shorter history (4 years). I'm sure others have had fewer accounts and been approved.
Call them up and ask them to reconsider at least. You might have to wait until the charge offs get older but you never know who you get on the other line.
@jesseh wrote:I agree that some of those reasons don't make much sense, I would call the EO and tell them you don't recognize the motivations for denial when looking at your credit report.
Contacting the executive office for something as simple as a denial is too much. If anything, ring an analyst directly and speak to them about the letter.
First time I've ever reconned a denial and I'm going to share what the analyst told me in case it helps someone else out that is also in a similiar situation.
#1 We discussed my charge-offs and he was able to see that they were paid, but again it shows that I had a history of delinquency and that's something they have to consider.
#2 High # of inquiries on my report. Still not sure where he got this from because they were the 2nd card I apped for. (1st one was a Chase card & I'm pretty sure they pulled EQ) I have since applied for several cards so maybe for some reason before my denial letter went out they saw a different version of my TU report that showed other inq??
#3 Insufficient # of accounts. The better explanation for this is that they are saying I have an insufficient # since I started re-building after all of my charge-offs. At the time I apped I had USAA MC & AmEx (both secured) & Stellar One Visa (also secured---only one that shows secured on my reports). I still have 2 NFCU CC I'm paying on but they are closed. I have a current auto loan for almost 1 year. And I believe 4 closed auto loans on TU. All paid as agreed. And all the accounts were opened in 2012/2013.
In the past 2 weeks I've opened $500 True Value (thought I got the Discover but didn't), $100 Macy's, $150 Walmart, $300 Exxon, $500 Care Credit, $250 OneStop Plus, & $300 Cap 1 Quicksilver.
So at this point it looks like just more time is all that will help. I'm going to try another round of GW letters, but I'm not hopeful. Although shockingly on dispute was able to get 2 collections removed from my TU report (I'm assuming the OC never validated them). Just continue to use my cards and pay on time. Several I know should be good for CLI in the next few months. I still have my USAA MC that I continue to increase my limit on.
ETA My utilizaton was about 3% at time of app. Also forgot to mention I asked if having 2 savings accounts with Barclays meant anything and he said no so having a relationship with them doesn't matter for CC. Oh & he did mention there are companies that will extend credit when you are re-building and I should try one of them but he didn't name any names to try. :-D
@mt2va wrote:First time I've ever reconned a denial and I'm going to share what the analyst told me in case it helps someone else out that is also in a similiar situation.
#1 We discussed my charge-offs and he was able to see that they were paid, but again it shows that I had a history of delinquency and that's something they have to consider.
#2 High # of inquiries on my report. Still not sure where he got this from because they were the 2nd card I apped for. (1st one was a Chase card & I'm pretty sure they pulled EQ) I have since applied for several cards so maybe for some reason before my denial letter went out they saw a different version of my TU report that showed other inq??
#3 Insufficient # of accounts. The better explanation for this is that they are saying I have an insufficient # since I started re-building after all of my charge-offs. At the time I apped I had USAA MC & AmEx (both secured) & Stellar One Visa (also secured---only one that shows secured on my reports). I still have 2 NFCU CC I'm paying on but they are closed. I have a current auto loan for almost 1 year. And I believe 4 closed auto loans on TU. All paid as agreed. And all the accounts were opened in 2012/2013.
In the past 2 weeks I've opened $500 True Value (thought I got the Discover but didn't), $100 Macy's, $150 Walmart, $300 Exxon, $500 Care Credit, $250 OneStop Plus, & $300 Cap 1 Quicksilver.
So at this point it looks like just more time is all that will help. I'm going to try another round of GW letters, but I'm not hopeful. Although shockingly on dispute was able to get 2 collections removed from my TU report (I'm assuming the OC never validated them). Just continue to use my cards and pay on time. Several I know should be good for CLI in the next few months. I still have my USAA MC that I continue to increase my limit on.
ETA My utilizaton was about 3% at time of app. Also forgot to mention I asked if having 2 savings accounts with Barclays meant anything and he said no so having a relationship with them doesn't matter for CC. Oh & he did mention there are companies that will extend credit when you are re-building and I should try one of them but he didn't name any names to try. :-D
Well, they have a point. They want to see you mature more with others before they accept you. I'm sure you if you keep yourself in good standings you will get in with Barclaycard.
@mt2va wrote:So I finally got my rejection letter from Barclays and some of their denial reasons puzzle me. Maybe someone can shed some light so that when I'm ready to apply again I will have all my ducks in a row so to speak.
#1 delinquency (these I assume are my charge offs (all paid) and a couple 30 day lates I had over 2 years ago)---I assume these just need more time??
#2 # of inquiries (I think I had maybe 1 or 2 on TU when I apped)--are they that inquiry sensitive?
#3 insufficient # of accounts (at the time I apped I had 3 secured cc reporting as well as 2 closed NFCU cc reporting and several open/closed auto loans)--how many CC do they want?
#4 length of time accounts have been established (per TU my oldest TL is 11 years old and at the time of app my AAOA was 4+ years)--how long do they want? I have had credit for almost 25 years but my older accounts that are closed have now fallen off
^^^^
I've seen those reasons for me and I have 819 FICO credit. Sometimes I think they check mark off boxes out of convenience if they do not want you for some reason. I'd call and ask for an explanation if you fee strongly about it. But if you apply to another bank, you'd probably get approved...go figure.