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Valued Member
Posts: 47
Registered: ‎12-12-2011
0

pulled the trigger, no luck :(

I was rate shopping a couple days ago for an auto loan. I got approvals for every single one I applied for, the lowest being 3.99% used, 3.49% new, not prime but not terrible either.  Scores were 660 TU 652 EQ and 645 EX pulled from the lender. Myfico scores were around the same for TU and EQ, so I decided I should pull the trigger and see if I can finally grab a BoA 123 or a Freedom card. Denied for both, denied on recon mutiple times. Their reasons were low limits of revolving accounts, few tradelines opened, and past delinquints. The baddies are from 2007, 2 chargeoffs settled less than full. I have 3 credit cards reporting 39% balance, and 1 auto loan. No lates in 6 years, AAoA 2 years.

The strange thing is they never asked about inq's, and I have about 2-10 accross all 3 bureaus. Is my situation really that bad that they absolutely will not approve me?

TU: 675 EQ: 669 EX: 670 (All fico) Garden since 07/23/13

Goal: 700+


Super Contributor
Posts: 7,132
Registered: ‎02-27-2013
0

Re: pulled the trigger, no luck :(


bmis42988 wrote:

I was rate shopping a couple days ago for an auto loan. I got approvals for every single one I applied for, the lowest being 3.99% used, 3.49% new, not prime but not terrible either.  Scores were 660 TU 652 EQ and 645 EX pulled from the lender. Myfico scores were around the same for TU and EQ, so I decided I should pull the trigger and see if I can finally grab a BoA 123 or a Freedom card. Denied for both, denied on recon mutiple times. Their reasons were low limits of revolving accounts, few tradelines opened, and past delinquints. The baddies are from 2007, 2 chargeoffs settled less than full. I have 3 credit cards reporting 39% balance, and 1 auto loan. No lates in 6 years, AAoA 2 years.

The strange thing is they never asked about inq's, and I have about 2-10 accross all 3 bureaus. Is my situation really that bad that they absolutely will not approve me?


A charge off not paid in full is usually a big no for prime lenders.

Sorry to hear about what happened.

Your utilization ratio is somewhat high as well. If you can get your utilization down maybe you will have a better chance convincing them.


Best of luck!

 

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Valued Contributor
Posts: 1,587
Registered: ‎08-30-2012
0

Re: pulled the trigger, no luck :(

No lates in 6 years yet you have 2 charge-off's from 2 years ago? If I read that right,

 

Those have multiple 30day lates with the worst being 150day or 180day lates, then CO.

 

 

 

 

Scores: about 700 across the board
Total CL: $275k
Frequent Contributor
Posts: 390
Registered: ‎03-24-2013
0

Re: pulled the trigger, no luck :(


madmann26 wrote:

No lates in 6 years yet you have 2 charge-off's from 2 years ago? If I read that right,

 

Those have multiple 30day lates with the worst being 150day or 180day lates, then CO.

 

 

 

 


His COs are from 2007. His AAoA is 2 years.

 

OP, you should try for CLIs on your current cards if possible. Your limits are right at the minimum of many cards. And who were the charge-offs against?



|| Barclaycard Rewards Visa $5500 || AMEX BCE $2000 || Discover IT $3000 || Amazon Rewards Visa $1800 ||
|| Chase Freedom $2700 || CSP $5000 || Chase Marriott Premier $7500 || Sallie Mae MC $3800 ||

FICO Scores: EX 752 (3/13/13) || EQ 782 (10/4/13) || TU 724 (1/18/13)

In the garden as of 10/12/2013
Established Contributor
Posts: 803
Registered: ‎05-16-2012
0

Re: pulled the trigger, no luck :(


bmis42988 wrote:

I was rate shopping a couple days ago for an auto loan. I got approvals for every single one I applied for, the lowest being 3.99% used, 3.49% new, not prime but not terrible either.  Scores were 660 TU 652 EQ and 645 EX pulled from the lender. Myfico scores were around the same for TU and EQ, so I decided I should pull the trigger and see if I can finally grab a BoA 123 or a Freedom card. Denied for both, denied on recon mutiple times. Their reasons were low limits of revolving accounts, few tradelines opened, and past delinquints. The baddies are from 2007, 2 chargeoffs settled less than full. I have 3 credit cards reporting 39% balance, and 1 auto loan. No lates in 6 years, AAoA 2 years.

The strange thing is they never asked about inq's, and I have about 2-10 accross all 3 bureaus. Is my situation really that bad that they absolutely will not approve me?


How long have you had the cap one cards? I would reach out to the EO for an increase. Paypal is GE- call the backdoor for an increase. I really think if you fix the utility issues that you will have a better chance at recon. So you messed up, but that was 6 years ago. I just think Chase isn't too keen on dealing with what they consider multiple red flags/risks.

Soon those charge offs will drop off and you will have a fresh start Smiley Wink

100% Ficos: EX 780 , TU 783, EQ 776 inquiries last 2 years/1 year/6 months: EX-0/0/0, TU-0/0/0, EQ-1/0/0~ last credit card app 6/24/13- New car loan 3/8/2014- Discover IT $12,500~Kohls $1000~Amex BCE $4000~ Walmart Discover $7500~NFCU Signature CashRewards $23,300 Chase Freedom MC $6000~ Chase Amazon Visa $1900~ Cap 1/HSBC MC $3800~ Amazon Store $7000~ Fingerhut $1050
Valued Contributor
Posts: 1,738
Registered: ‎08-13-2012
0

Re: pulled the trigger, no luck :(

time to start goodwill letter with those baddie........

Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
Goal Score: 800


Walmart: 10k |Usaa: 8k|BCE: 13k| Amex: NSPL|Dis: 9.4k|Cap: 5.5k|CAP: 2k|CSP: 13.4k| Pen:4.5k

Valued Contributor
Posts: 1,621
Registered: ‎09-15-2012
0

Re: pulled the trigger, no luck :(

Reducing utilization is the one thing you have control over. Make sure you get that down before you apply for things in the future.

Here's a simple formula for why you may present a concern for many lenders:

Past financial difficulties + current need for credit (INQs, utilization, new accounts) = RED FLAGS

In My Wallet: Amex BCP (12/12) $50,000, Chase Freedom (12/12) $16,500, Cap1 Quicksilver (6/12) $14,000, Barclaycard Rewards (5/13) $10,500, Citi Prestige (4/16) $30,000

Last App: June 27, 2015
Valued Contributor
Posts: 1,084
Registered: ‎02-06-2013
0

Re: pulled the trigger, no luck :(

 I agree with what was said before. I think a good strategy for you would be to lay off credit cards completely for a bit. Pay them down to nothing and don't use them. Customers who have no balance make credit cards compete for them. Customers carrying balances over a long period of time seem to banks like they need the credit cards. If it appears that you don't need them then you will put yourself in the driver's seat. If you have a lot of excess money then I would apply for a secure card with a 2k limit. If you don't have money, then I would pay them down to nothing and possibly join a credit union and/or apply for a card that is know to have higher limits than capital one like maybe a discover or CU card. It is sometimes easier to get approved for a starting higher limit than get capital one to raise your limit. I would not worry at all about charge offs and past history. There is nothing you can do about it. What you can do is from this day forward develop good spending habits and payment habits. Consider extra sources of income. Maybe pick up a second job 2 days a week if you can so you can get your card balances to 0 and put yourself back in the driver's seat. 

     Credit card companies are hesitant to loan to people if they think that you possibly need credit. You are in a good situation because you already have 3 active tradelines. All you have to do is pay them on time and pay them down and wait and your scores will lift you to excellent credit and along the way you can get better cards and better limits. You are way better off than someone with bad credit and no cards.... Good luck.

259/21001600/16002400/25002000/2000,2013 Scores (Initially none cause I had no credit at all then TU:519 Recent scores:FICO EX 632,EQ 635,TU 659....Link to my Rebuild Log
Moderator Emerita
Posts: 27,204
Registered: ‎09-13-2012
0

Re: pulled the trigger, no luck :(

Moderator Emeritus
Posts: 14,866
Registered: ‎12-30-2011
0

Re: pulled the trigger, no luck :(

Um, 3 and change APR on a used auto is an *excellent* rate, especially for a mid 600's score.

 

Admittedly your auto enhanced FICO may be higher if you have a solid installment history; however, I wouldn't sneeze at that at all.

Starting Score: EQ 04 561, TU 98 567, EX 98 599 (12/30/11)
Current Score: EQ 04 693, EQ 8 716, TU 8 713, EX 8 740 (09/06/16)
Goal Score: 700 on EQ 04 (01/01/17)


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