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Experian 626 but Equifax/Transunion 720? Could not get a business card.

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Anonymous
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Experian 626 but Equifax/Transunion 720? Could not get a business card.

I kindly need some help on this one and I appreciate the help ahead.

I made this post a few months back and got some good insight.
http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/How-did-my-score-go-down-to-650/td-p/4836...

Since then my bankruptcy fell off all of the big 3 and my score on transunion/equifax jumped to about 720. Great! My wifes personal CC that I am an AU on has a minimal $100-$200 balance that has been getting paid off every month for a few months. Limit now $5000.

The only neg on my personal is with Cap one and a discharge of about $4700 that they wrote off in 2010. They will not let me pay this debt, which is a shame because I can take care of it now. Got a mortgage, few car loans, all paid on time with no issues ever.

So I needed a business credit card for my growing about to hit 7 figure business. Credit Karma suggested an AMEX Simply Cash Plus Business card based on my scores. Applied and denied. They used Experian which gave me a score of 626, not shown on Credit Karma. Looking at my score within them they are saying my revolving credit is 96% used. They are taking my discharged $4700 from Cap One and saying that is still revolving debt out of a $5000 limit. Since my other items on my report are a car and home loan, they do not use that in any debt/income ratio. They are ignoring my wifes credit card that I am the AU on for this ratio as well.

What am I doing wrong? It was suggested that I apply for a card or two after my bankruptcy fell off, but I was denied and I do not want to just apply for cards randomly.
Is there a bank out there that offers business credit cards and looks at my good payment history for 7+ years and business records?

Thanks!

Message 1 of 5
4 REPLIES 4
Anonymous
Not applicable

Re: Experian 626 but Equifax/Transunion 720? Could not get a business card.

Ok, so maybe Credit Karma is not accurate? Just got all 3 scores from FreeCreditReport.com and it shows Equifax at 660 and TransUnion at 640. Karma is off or am I not understanding something?

Regardless, what can I do to improve things there personally and with my business.

I managed to get a business card for $1000 about 7 months ago that get used and paid in full, but the bank never reported it to my personal credit. I would charge it and pay for it several times a month with no problems. Not sure if that is good or not?

Jason

Message 2 of 5
sjt
Senior Contributor

Re: Experian 626 but Equifax/Transunion 720? Could not get a business card.

The score you got from Amex was your Experian FICO08 score. The other Equifax/Trans Union score is Vantage 3.0. Scores can very between the two depending on ones' credit profile.

 

It sounds like you need to open a few credit cards.

 

 

American Express: Platinum Charge, Optima, Business Gold, Delta Business Reserve, Business Cash, Business Plus
Barclays: Arrival+ WEMC
Capital One: Savor WEMC, Venture X Visa Infinite
Chase: Freedom U Visa Signature, CSR Visa Infinite
Citibank: AAdvantage Platinum WEMC
Elan/US Bank: Fidelity Visa Signature
Credit Union: Cash Back Visa Signature
FICO 08: Score decrease between 26-41 points after auto payoff (11.01.21) FICO as of 5.23, EX: 812 / EQ: 825 / TU: 815
Message 3 of 5
sjt
Senior Contributor

Re: Experian 626 but Equifax/Transunion 720? Could not get a business card.


@Anonymous wrote:

Ok, so maybe Credit Karma is not accurate? Just got all 3 scores from FreeCreditReport.com and it shows Equifax at 660 and TransUnion at 640. Karma is off or am I not understanding something?

Regardless, what can I do to improve things there personally and with my business.

I managed to get a business card for $1000 about 7 months ago that get used and paid in full, but the bank never reported it to my personal credit. I would charge it and pay for it several times a month with no problems. Not sure if that is good or not?

Jason


Credit Karma uses Vantage 3.0

 

Business credit cards dont usually report unless you have a derog.

 

American Express: Platinum Charge, Optima, Business Gold, Delta Business Reserve, Business Cash, Business Plus
Barclays: Arrival+ WEMC
Capital One: Savor WEMC, Venture X Visa Infinite
Chase: Freedom U Visa Signature, CSR Visa Infinite
Citibank: AAdvantage Platinum WEMC
Elan/US Bank: Fidelity Visa Signature
Credit Union: Cash Back Visa Signature
FICO 08: Score decrease between 26-41 points after auto payoff (11.01.21) FICO as of 5.23, EX: 812 / EQ: 825 / TU: 815
Message 4 of 5
Anonymous
Not applicable

Re: Experian 626 but Equifax/Transunion 720? Could not get a business card.

If the Charge was in 2010 it should drop off soon.  This will raise your scores.  What month was the charge off?   i believe there is a section here for life after bankruptacy and rebuilding.  I don't know much about this.  But two options secured such as C1 or Discover.  Or "bad" card like 1st Premier or Credit One.  Perhaps some one else who  knows more can help

Message 5 of 5
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