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New Member
moriphd
Posts: 6
Registered: ‎05-01-2013
0

Can't get approved (660 Credit Score) on anything!!

Hi All!

 

I am new here, so please be patient with me!

 

So I have just recently been able to get a hold of my credit scores - even with having the yearly free credit score checks I was having issues getting access to my account, so I basically went 5-6 years without even looking at my credit report. The last time I had checked (5-6 years ago), my credit score was in the 500's, so you can imagine to my surprise that when I finally was able to get access to my account this month my 3 scores were 661 Experian, 647 Equifax, 645 Transunion. I thought this was actually not a very bad score. However, I did also notice that I have 3 accounts totalling about $1200 that are in collections that I must have created during a financially irresponsible period of my life (4-5 years ago). I just paid off one today and they mentioned it would be reported to the credit bureaus this weekend. Also, I don't own any credit cards or have any student loans, and any and all debt I have is coming from those 3 accounts. If I were to pay off this $1200 would it be safe to assume that credit agencies would have more confidence in giving me loans/financing? Right now I can't even get a secured credit card (Capital One, BofA)! Any suggestions or insight into the best way for me to move forward besides obviously paying off the collection amounts. I really want to establish some solid credit, especially since I do want to buy a home, get a car in the next 4-5 years.

 

Thanks!!

 

Regular Contributor
igids1
Posts: 191
Registered: ‎07-05-2012
0

Re: Can't get approved (660 Credit Score) on anything!!

Something is not making sense. There must be more to  your story for you to not be able to get a secured card.

New Member
moriphd
Posts: 6
Registered: ‎05-01-2013
0

Re: Can't get approved (660 Credit Score) on anything!!

On my credit report it says I have 3 accounts in collections: one is around $300, another around $500, and the last is around $350. I just paid off the one that $300 today. Other than that, I have 2 credit cards that were opened in 2002 and closed in 2009 on good standing. One credit card that says its been open from 2004 but got bought by another lender so I don't even have this card anymore - it does say the account is also in good standing.

That's it...no student loans, mortgage, car loans, bankruptcy, tax issues....ziltch. I have my checking and savings account with BofA.

I am as perplexed as anyone would be why I would get denied a secured card.
Frequent Contributor
new_earth
Posts: 415
Registered: ‎03-23-2013
0

Re: Can't get approved (660 Credit Score) on anything!!

[ Edited ]

I had (and still have, currently working on) a total of collections around the same as you and I could not get approved for secured either a month ago. I also had a judgement at the time which is now gone, though. The first and only CC I could get approved for was stinky First Premier, but so far they have been ok. You can try them. There is an upfront fee to pay but it is unsecured. Also try the shopping cart trick, you will find lots of into here on it if you do a search. Here is the order I just did:

 

First Premier CC first.

in the mean time, I was approved for Comenity/shopping cart trick cards that have not reported yet since i need to verify identity.

once First Premier reported, I was approved for Macys and Bloomingdales.

I needed new clothes anyway, so made purchases at both those stores, then they reported.

Once Macys & Bloomingdales reported, then I finally was approved for Credit One (another stinky one but it works) who would not even prequalify me since last month. I guess they wanted to see me have other accounts.

 

There are tons of other better ways I'm sure but it worked for me and I have a good number of revolving accounts, FINALLY, all in a month and a half. (not worried account age thing, didn't have much of a file anyway)

 

 

The Duck Card $7500 - DCU Visa Platinum $7100 - Amex Everyday $5000 - Amex Delta Skymiles $7700 - Amex BCE $2000 - Discover it $2500 - Chase Marriott $5000 - Chase Freedom $3500 - Chase Slate $2000 - Barclay Rewards MC $3300 - Ebates Visa $1800 - Macy's Amex $3000 - Bloomingdale's Amex $3000 - Walmart Discover $6000 - Chevron-Texaco Visa $3300 - PayPal SC $3200 - Home Depot $5000 - and too many other store cards
Regular Contributor
igids1
Posts: 191
Registered: ‎07-05-2012
0

Re: Can't get approved (660 Credit Score) on anything!!

What was the reason that you were denied for the capital one secured card? Did you call them and ask for a reason?

Frequent Contributor
new_earth
Posts: 415
Registered: ‎03-23-2013
0

Re: Can't get approved (660 Credit Score) on anything!!

not sure how much info you've read here so far but for the collection you paid, you might want to send them goodwill letters to delete the account from your report. Read about PFD's too before you pay the other ones.

The Duck Card $7500 - DCU Visa Platinum $7100 - Amex Everyday $5000 - Amex Delta Skymiles $7700 - Amex BCE $2000 - Discover it $2500 - Chase Marriott $5000 - Chase Freedom $3500 - Chase Slate $2000 - Barclay Rewards MC $3300 - Ebates Visa $1800 - Macy's Amex $3000 - Bloomingdale's Amex $3000 - Walmart Discover $6000 - Chevron-Texaco Visa $3300 - PayPal SC $3200 - Home Depot $5000 - and too many other store cards
New Member
moriphd
Posts: 6
Registered: ‎05-01-2013
0

Re: Can't get approved (660 Credit Score) on anything!!

No I haven't called, but I will do that tomorrow first thing. Also for BofA. Do you think it Is bc I have no revolving credit, and what I do have are just negatives on my account?
Regular Contributor
igids1
Posts: 191
Registered: ‎07-05-2012
0

Re: Can't get approved (660 Credit Score) on anything!!

BofA is actually difficult to get a secured card from. They have fairly high credit standards even for their secured cards. It is possible you were denied by capital 1 for things such as, you entered a promotion code after it expired, you had applied for something else (an unsecured card) in the previous 30 days. Etc. It's best to call them and find out why, as they are very lenient.

 

I would also start to research the difference between FICO scores, and FAKO scores, which I believe you are seeing FAKO scores.

Established Contributor
CashOnDelivery
Posts: 502
Registered: ‎04-17-2013
0

Re: Can't get approved (660 Credit Score) on anything!!


moriphd wrote:

Hi All!

 

I am new here, so please be patient with me!

 

So I have just recently been able to get a hold of my credit scores - even with having the yearly free credit score checks I was having issues getting access to my account, so I basically went 5-6 years without even looking at my credit report. The last time I had checked (5-6 years ago), my credit score was in the 500's, so you can imagine to my surprise that when I finally was able to get access to my account this month my 3 scores were 661 Experian, 647 Equifax, 645 Transunion. I thought this was actually not a very bad score. However, I did also notice that I have 3 accounts totalling about $1200 that are in collections that I must have created during a financially irresponsible period of my life (4-5 years ago). I just paid off one today and they mentioned it would be reported to the credit bureaus this weekend. Also, I don't own any credit cards or have any student loans, and any and all debt I have is coming from those 3 accounts. If I were to pay off this $1200 would it be safe to assume that credit agencies would have more confidence in giving me loans/financing? Right now I can't even get a secured credit card (Capital One, BofA)! Any suggestions or insight into the best way for me to move forward besides obviously paying off the collection amounts. I really want to establish some solid credit, especially since I do want to buy a home, get a car in the next 4-5 years.

 

Thanks!!

 


Where did you get these scores? Were they FICO scores? Also, when you paid one of the collections did you ask if they would remove it from you CR? There is a big difference between removing it (PFD) vs. "updating" your CR. The more info provided, the better posters can help you out.


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Current Score: 706 EQ-8/29/13 703 EX-7/12/13 705 TU-8/9/13
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New Member
moriphd
Posts: 6
Registered: ‎05-01-2013
0

Re: Can't get approved (660 Credit Score) on anything!!

I just read about goodwill letters! I will try that with the agency I just paid off, and see if I can do the Pfds as well with the other two. I will try first premier and see what happens. Thanks :smileyhappy:

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