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Registered: ‎01-21-2012
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lack of recent bank/national revolving information

Where do I start?

 

My credit score is 757.  I am 27 and have had a credit history since 2003 (9 years). In fact, my oldest card is a MACYS card. Throughout my teens and early 20's I got myself into a lot of credit card debt. I had multiple credit cards (probably 5-10)  and store cards but have never made a late payment or gone over my limit EVER. 

 

That said, I currently have 2 student loans, an auto loan, a VISA card through a credit union and my trusty MACYS card.  In the past 5-6 years, I have closed all those little credit cards mentioned above and have had my balance on my credit union VISA. My credit limit is $10k and I have a $6k balance, which I have been making payments on forever. I was looking to do a balance transfer to my husband's credit union b/c they have a 3.85% promo interest rate for 2 years with no transfer fees. I should also mention that I rarely use my credit cards as I am working on paying down my debt.  I do use my credit card occasionally (say once or twice a quarter). I use my macys card once or twice a month.

 

When I applied for a credit card through his credit union, I got declined! I have never been declined credit in my life.  It said my score (757) did not qualify... but everywhere I read it says a score above 700 is excellent.  I guess they are a small CU and have very high standards.... In the notice they sent me, they listed 4 reasons why the denied me credit.  Here they are:

 

1. Ratio of balances to limit (I am guessing this is my $6/10k credit card)  -- working on it!

2. Lack of recent bank/national revolving information -- this is the one i am most concerned with -- how do I remedy this?

3. Length of time accounts have been established - there is really nothing I can do about this one, as I got my first card at age 18.

4. Too many inquiries in the last 12 months - I am not sure what this is about

 

I pulled my most recent credit report (from mycreditreport.com) in May 2011 and reviewed that. I didn't see many inquiries on it.... I cannot get my next free report until May 2012.

 

Do you have any suggestions as to how to improve my score besides to keep paying off my VISA card? How would I go about securing more revolving credit?

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Posts: 15,442
Registered: ‎04-09-2011
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Re: lack of recent bank/national revolving information


seattleite wrote:

Where do I start?

 

My credit score is 757.  I am 27 and have had a credit history since 2003 (9 years). In fact, my oldest card is a MACYS card. Throughout my teens and early 20's I got myself into a lot of credit card debt. I had multiple credit cards (probably 5-10)  and store cards but have never made a late payment or gone over my limit EVER. 

 

That said, I currently have 2 student loans, an auto loan, a VISA card through a credit union and my trusty MACYS card.  In the past 5-6 years, I have closed all those little credit cards mentioned above and have had my balance on my credit union VISA. My credit limit is $10k and I have a $6k balance, which I have been making payments on forever. I was looking to do a balance transfer to my husband's credit union b/c they have a 3.85% promo interest rate for 2 years with no transfer fees. I should also mention that I rarely use my credit cards as I am working on paying down my debt.  I do use my credit card occasionally (say once or twice a quarter). I use my macys card once or twice a month.

 

When I applied for a credit card through his credit union, I got declined! I have never been declined credit in my life.  It said my score (757) did not qualify... but everywhere I read it says a score above 700 is excellent.  I guess they are a small CU and have very high standards.... In the notice they sent me, they listed 4 reasons why the denied me credit.  Here they are:

 

1. Ratio of balances to limit (I am guessing this is my $6/10k credit card)  -- working on it!

2. Lack of recent bank/national revolving information -- this is the one i am most concerned with -- how do I remedy this?

3. Length of time accounts have been established - there is really nothing I can do about this one, as I got my first card at age 18.

4. Too many inquiries in the last 12 months - I am not sure what this is about

 

I pulled my most recent credit report (from mycreditreport.com) in May 2011 and reviewed that. I didn't see many inquiries on it.... I cannot get my next free report until May 2012.

 

Do you have any suggestions as to how to improve my score besides to keep paying off my VISA card? How would I go about securing more revolving credit?


Call and recon.




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
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Posts: 10,907
Registered: ‎12-30-2011
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Re: lack of recent bank/national revolving information

[ Edited ]

Apply for a card from one of the larger prime lenders, though paying down the balance somewhat as you posted would help your case.

 

While people hail Credit Unions as being the 8th wonder of the world on these forums at times, the fact is they're all over the map with regards to their individual lending practices.  Nor are all local CU's good ones (which I know all too well being randomly employed out in Los Angeles county).

 

Your score is excellent, and they were just reaching for any random reason to deny you on that letter of explanation.  Don't sweat it and go on with life.  Look at the Chase Slate in particular if you really want a card specifically to BT to, and there's a number of others from prime/national lenders which can match or even beat that 3.6% or whatever the CU introductory rate was.

 

Store cards don't carry quite the same pedigree (viewed somewhat as lenders of last resort in underwriting) as national bank cards do, just go find one or two more to run your life through from a credit perspective.  There's lot of research on this forum to be found for that: you'll be fine.

 

Edit: don't close those other two cards from a scoring perspective, just go get another one or two easily recognized ones.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 693, EQ 8 685, TU 705, EX 709 (02/27/15)
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Posts: 15,442
Registered: ‎04-09-2011
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Re: lack of recent bank/national revolving information


Revelate wrote:

Apply for a card from one of the larger prime lenders, though paying down the balance somewhat as you posted would help your case.

 

While people hail Credit Unions as being the 8th wonder of the world on these forums at times, the fact is they're all over the map with regards to their individual lending practices.  Nor are all local CU's good ones (which I know all too well being randomly employed out in Los Angeles county).

 

Your score is excellent, and they were just reaching for any random reason to deny you on that letter of explanation.  Don't sweat it and go on with life.  Look at the Chase Slate in particular if you really want a card specifically to BT to, and there's a number of others from prime/national lenders which can match or even beat that 3.6% or whatever the CU introductory rate was.

 

Store cards don't carry quite the same pedigree (viewed somewhat as lenders of last resort in underwriting) as national bank cards do, just go find one or two more to run your life through from a credit perspective.  There's lot of research on this forum to be found for that: you'll be fine.

 

Edit: don't close those other two cards from a scoring perspective, just go get another one or two easily recognized ones.


Good advice but I would still try a recon and get further explanation on the denial.




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
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