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Member
bigbankhank
Posts: 5
Registered: ‎07-11-2008
0

What do I do?

This is what it said when I applied for a credit card with USAA. I just wanted to see what you would suggest that I do. I want to make sure I understand what this is telling me.
 

Thank you for your credit card application. We regret that we're unable to open an account for the following reasons:1

  • Serious delinquency
  • Proportion of balances to credit limits is too high on bank revolving or other revolving accounts
  • Number of accounts with delinquency
  • Time since delinquency is too recent or unknown

My  score is a 592 with equifax which is who they use to pull in TX. My truck was showing late but now I have it current but I guess the report does not reflect that.  I know i need to pay down my ONE credit card cause my balance is close to the limit.  All the collections I have are old and paid except for 2 but they are still on report. I did send GW Letters. 

Any advise would be great.

Thanks in advance. I need a few more tradelines b/c my installment loan will be paid off soon and then I will only have one good trade line with no lates and my truck with past lates but good now.

 

Established Member
TheR1ch
Posts: 63
Registered: ‎07-12-2008
0

Re: What do I do?

[ Edited ]

bigbankhank wrote:
This is what it said when I applied for a credit card with USAA. I just wanted to see what you would suggest that I do. I want to make sure I understand what this is telling me.
 

Thank you for your credit card application. We regret that we're unable to open an account for the following reasons:1

  • Serious delinquency
  • Proportion of balances to credit limits is too high on bank revolving or other revolving accounts
  • Number of accounts with delinquency
  • Time since delinquency is too recent or unknown

My  score is a 592 with equifax which is who they use to pull in TX. My truck was showing late but now I have it current but I guess the report does not reflect that.  I know i need to pay down my ONE credit card cause my balance is close to the limit.  All the collections I have are old and paid except for 2 but they are still on report. I did send GW Letters. 

Any advise would be great.

Thanks in advance. I need a few more tradelines b/c my installment loan will be paid off soon and then I will only have one good trade line with no lates and my truck with past lates but good now.

 


It wouldnt really matter if your truck is showing current now because you still were delinquent on it last month. Therefore that late is still a huge hit on your score.
Looks as though the only thing you can really do is Pay off your CC balance so that your proportion isnt too high. Second, you need to distance yourself from any of your recent delinquencies with positive history...meaning you cant be late on any payments again.

Message Edited by TheR1ch on 07-13-2008 08:06 PM
I am TheR1ch
Member
bigbankhank
Posts: 5
Registered: ‎07-11-2008
0

Re: What do I do?

ok, I understand staying current. Anything else? After 6 months should I try again or wait longer? Also, can I contact them for a reconsideration?
Established Member
TheR1ch
Posts: 63
Registered: ‎07-12-2008
0

Re: What do I do?



bigbankhank wrote:
ok, I understand staying current. Anything else? After 6 months should I try again or wait longer? Also, can I contact them for a reconsideration?





Take a look at your factors. Serious delinquency will always be your top factor due to you still having collection accounts on your report. The second one Proportion of Balance to Credit Limit is the one thing you have full control over. If you had the means to lower your balance significantly on your one credit card not only will it improve your score, but it may also make you look good to the CC company.

As far as calling them for re-consideration? I dont know I have never tried, but from my understanding your approval is based on an automated system therefore I dont think any CSR can reverse the decision.
I am TheR1ch
Moderator Emeritus
Posts: 11,562
Registered: ‎08-29-2007
0

Re: What do I do?



TheR1ch wrote:
It wouldnt really matter if your truck is showing current now because you still were delinquent on it last month. Therefore that late is still a huge hit on your score.

Message Edited by TheR1ch on 07-13-2008 08:06 PM

Just to clarify, even if the truck is showing current, a recent late is still a huge hit on your score. The hurt from the late remains even after catching up. As time passes the hurt from the late will diminish.
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Moderator Emeritus
Posts: 11,562
Registered: ‎08-29-2007
0

Re: What do I do?



bigbankhank wrote:
This is what it said when I applied for a credit card with USAA. I just wanted to see what you would suggest that I do. I want to make sure I understand what this is telling me.
 

Thank you for your credit card application. We regret that we're unable to open an account for the following reasons:1

  • Serious delinquency
  • Proportion of balances to credit limits is too high on bank revolving or other revolving accounts
  • Number of accounts with delinquency
  • Time since delinquency is too recent or unknown

My  score is a 592 with equifax which is who they use to pull in TX. My truck was showing late but now I have it current but I guess the report does not reflect that.  I know i need to pay down my ONE credit card cause my balance is close to the limit.  All the collections I have are old and paid except for 2 but they are still on report. I did send GW Letters. 

Any advise would be great.

Thanks in advance. I need a few more tradelines b/c my installment loan will be paid off soon and then I will only have one good trade line with no lates and my truck with past lates but good now.

 



On paid collections, keeping sending GW letters to the CA reporting. If the OC is reporting, be cautious sending GW laters because they could remove the whole account and if it is an old account it could hurt your score.
 
The two unpaid collections, what is DOFD, DOLA and SOL? You can find SOL here -
 
As for the recon-- many people have had a lot of luck. As another poster mentioned, most decisions are computer generated and can not over ride anything. If you get an actual person to read your letter and look at your application and credit, they may approve.
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Moderator Emeritus
cheddar
Posts: 6,794
Registered: ‎09-29-2007
0

Re: What do I do?



TheR1ch wrote:

As far as calling them for re-consideration? I dont know I have never tried, but from my understanding your approval is based on an automated system therefore I dont think any CSR can reverse the decision.

These forums are bursting at the seams with stories of reconsideration success.  Even when an approval is based on an automated system, it is often quite possible to speak directly with an underwriter and get an approval.
 
A little persistence goes a long way in that area.
 
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Established Member
TheR1ch
Posts: 63
Registered: ‎07-12-2008
0

Re: What do I do?

^^ Thats good to know, maybe next time ill try :smileyhappy:
 
 
I am TheR1ch

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