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KAISMOM
Posts: 86
Registered: ‎12-01-2012
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Jumping the gun vrs. restraint in repairing ones credit Asked for increase (walmart) was denied :(

It wasn't long ago my fico score was in the 560 range. and there very well may be a negative mark somewhere in my credit report that will give me a better snapshot. Myfico dosen't give the full picture apparently. I'd like to ditch one of my two subprime CC from Orchard, but I'm waiting till things turn around a bit more. Eventhough I was approved for a billmelater 2k revolving line of credit, I attempted to increase my Wallmart, from $300 but was not approved. I realize too, that that may very well affect my fico score. I thought it would be an easy process, but after being transferred to an agent in India apparently, and being told "no", you'll get the letter in the mail, I've decided I'll sit for at least another 6 months. I don't want any more queries to knock down my score, and be told no is...well---discouraging.

 

Is it possible, eventhough there may be a jump in ones fico score, that there are things in ones credit report that would be the cause for denial? I assume so. I do realize that I'm anxious to move forward and sometimes...It's better to wait things out a bit. Anyone find that out to be the case on the way up?

Southwest 25.8k I United Explorer 15k I Discover It 7.5k I Wells Fargo 2.5k I Bill Me Later 4k I Amazon 3.5k I Pier 1/VS/ Walmart 5k
Current Scores: (TU) 772, (EQ) 784 (EX) 761
Goal Score: 800

Valued Contributor
Rhaeny
Posts: 1,507
Registered: ‎07-24-2011
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Re: Jumping the gun vrs. restraint in repairing ones credit Asked for increase (walmart) was denied

You need to get copies of your credit reports to see for yourself what is there.  You either have a baddie(s) and/or AAoA is too short.  And unless Orchard has an AF I would seriously consider keeping that because if it is one of your older accounts then it will affect your AAoA.  And honestly your scores are not that bad.  A good way to determine what your highest score could be with your current credit is to get your report down to only one CC reporting a balance of like less than 1%.  If your reports are showing hight utilization that will slap your score down tremendously.

 

As for being anxious, yep I completely understand that, but everyone's repair journey is not the same.  You are getting denied and hopefully not with hp's so that is a sign to STOP!  You've got to fix what's wrong and sometimes that fix involves patience (hard hard I know).  But patience now will result in overall better long term results.

 

 


Major CC's - Barclay's ($5.5K) | Barclay's Sallie Mae MC ($5K) | DCU ($7.5K) | Discover IT ($1.4K) | Genisys Visa ($1.4K) | NFCU Visa ($22K) | Navcheck ($15K) | Chase Freedom ($5K) | SDFCU Visa ($8K) | Amex BCP ($9.5K) | Amex Delta ($10K) |Store CC's| -Amazon ($4K) | Catherines ($850) | JCP ($4K) | Macy's ($1.7K) | Avenue ($850) | Victoria's Secret ($1.4K) | Walmart ($4.1K) | Paypal SC ($1.3K) | HSN ($2.5) | Sears ($2.6K) | Sams Club ($4.1K) |Goal|: Age with grace to 750 across the board |Last app|: 3/3/2014
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StartingOver10
Posts: 4,581
Registered: ‎03-06-2010
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Re: Jumping the gun vrs. restraint in repairing ones credit Asked for increase (walmart) was denied

Rhaeny, I see you recommend that the OP pay off their revolving cr cards except for one reporting less than 1%.

I assume that is what you do. Is there a big difference in your score between the less than one percent and the less than nine percent balance? I am curious to see how much of a difference that makes on the FICO score.

Contributor
KAISMOM
Posts: 86
Registered: ‎12-01-2012
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Re: Jumping the gun vrs. restraint in repairing ones credit Asked for increase (walmart) was denied

[ Edited ]

@ Rhaeny

 

Definitely need to get copies of my credit report to get a better snapshot, or to find out if I have a "baddie" still lurking somwhere!  Right now my AAOA is 5 years. I used to have an amex, but I messed that up and lost that card.

 

My two main CC'ds are wellsfargo financial Visa 2.4k(since 2001) and HSBC/Orchard MC(2010) both have yearly fees, but the former I will hold on to for obvious reasons. The latter has a YF with only a $300 limit and has high interest. My plan is to pay down my Visa to 1% by March of 2013, then I expect my fico should shoot up, and I'll apply for a more prime card with no annual free by April, then I'll ditch the MC, it's a dead weight...

 

Hmm....I was probably denied for high Utilization (40%) my DTI is great and AAOA is fine. Though there may be something on one of the three reports I need to fix.

 

And as you say patience!! Easier said then done but I'll hold tight till April!

 

Southwest 25.8k I United Explorer 15k I Discover It 7.5k I Wells Fargo 2.5k I Bill Me Later 4k I Amazon 3.5k I Pier 1/VS/ Walmart 5k
Current Scores: (TU) 772, (EQ) 784 (EX) 761
Goal Score: 800

Contributor
KAISMOM
Posts: 86
Registered: ‎12-01-2012
0

Re: Jumping the gun vrs. restraint in repairing ones credit Asked for increase (walmart) was denied

[ Edited ]

@Startingover10

 

I did one one of those find out if....simulations on myfico if I pay down my balance to  <1%----and it did show my score would bump up 30 points if I paid off the remainder in increments (3 payments $600 per month vrs. $1800 in one shot) I have the money to pay it off now but will pay it off in three stages, then hopefully I'll be in a much better position.

Southwest 25.8k I United Explorer 15k I Discover It 7.5k I Wells Fargo 2.5k I Bill Me Later 4k I Amazon 3.5k I Pier 1/VS/ Walmart 5k
Current Scores: (TU) 772, (EQ) 784 (EX) 761
Goal Score: 800

Valued Contributor
Rhaeny
Posts: 1,507
Registered: ‎07-24-2011
0

Re: Jumping the gun vrs. restraint in repairing ones credit Asked for increase (walmart) was denied


StartingOver10 wrote:

Rhaeny, I see you recommend that the OP pay off their revolving cr cards except for one reporting less than 1%.

I assume that is what you do. Is there a big difference in your score between the less than one percent and the less than nine percent balance? I am curious to see how much of a difference that makes on the FICO score.


I can tell you that one time I missed paying by the reporting date on one of my CU issued cards (they report on the 30th of the month).  To top that off I had a few other smailler balances less than $200 reporting on other cc's.  So I had super high utilization like over 50% and my score dropped 42 points.  I used to have SW and when I got that notification my heart dropped!

 

So the next month the CU card was paid off and it jumped back up almost 30 points.  I have played back and forth and the best score I have had is 730 with $15 reporting so that's why I said less than 1%.  I am 12% and my score is 707.  You know I never thought about tracking my score and recording the utilization.  Okay light bulb moment here.  I wll start doing that!

 


Major CC's - Barclay's ($5.5K) | Barclay's Sallie Mae MC ($5K) | DCU ($7.5K) | Discover IT ($1.4K) | Genisys Visa ($1.4K) | NFCU Visa ($22K) | Navcheck ($15K) | Chase Freedom ($5K) | SDFCU Visa ($8K) | Amex BCP ($9.5K) | Amex Delta ($10K) |Store CC's| -Amazon ($4K) | Catherines ($850) | JCP ($4K) | Macy's ($1.7K) | Avenue ($850) | Victoria's Secret ($1.4K) | Walmart ($4.1K) | Paypal SC ($1.3K) | HSN ($2.5) | Sears ($2.6K) | Sams Club ($4.1K) |Goal|: Age with grace to 750 across the board |Last app|: 3/3/2014

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