topic Re: Denied credit card due to 'insufficient credit file' in Credit Card Applications

Denied credit card due to 'insufficient credit file'

Anonymous — Fri, 05 May 2017 23:21:52 GMT

This is just strange. I applied for a First Bank credit card a few weeks ago and finally received the result. I was denied and this was the only reason they offered:

INSUFFICIENT CREDIT FILE

They later elaborate in the letter saying that my credit score was not available from Experian....

Strange because I'm looking at my score and credit report from them right now! I'm going to call them on Monday, but I wanted to ask if anyone here has had this happen to them before?

Re: Denied credit card due to 'insufficient credit file'

RobertEG — Fri, 05 May 2017 23:43:00 GMT

Credit score not available is not the same as credit file not available.

Do you meet all the requirements for a current FICO score, such as having at least one open account that is at least six months of age?

If you are now seeing a score, perhaps it was provided at a later date, while the creditor's inquiry was on a prior date when you did not yet qualify?

Re: Denied credit card due to 'insufficient credit file'

Anonymous — Fri, 05 May 2017 23:46:24 GMT

@RobertEG wrote:
Credit score not available is not the same as credit file not available.
Do you meet all the requirements for a current FICO score, such as having at least one open account that is at least six months of age?

If you are now seeing a score, perhaps it was provided at a later date, while the creditor's inquiry was on a prior date when you did not yet qualify?

Yes. My oldest account is 12 years old. Those were the reasons I was given in the letter. I wonder if they mean that my history isn't long enough for the bank's requirements? But that still doesn't explain why they say I didn't have a credit score pulled from Experian when it's clearly there.

Re: Denied credit card due to 'insufficient credit file'

RobertEG — Sat, 06 May 2017 00:57:38 GMT

In their denail letter (which the FCRA refers to as an adverse action), they were requried to inform you that you can mail a copy of the denial letter to the identified CRA within 90 days of the date of the letter, and the CRA is then required to send you a copy of your current credit report.

It wont entitle you to a score, but their adverse action will at least entitle you to a free copy of the report they used in your denial.

Re: Denied credit card due to 'insufficient credit file'

DollyLama — Sat, 06 May 2017 01:48:59 GMT

@Anonymous wrote:

@RobertEG wrote:
Credit score not available is not the same as credit file not available.
Do you meet all the requirements for a current FICO score, such as having at least one open account that is at least six months of age?

If you are now seeing a score, perhaps it was provided at a later date, while the creditor's inquiry was on a prior date when you did not yet qualify?
Yes. My oldest account is 12 years old. Those were the reasons I was given in the letter. I wonder if they mean that my history isn't long enough for the bank's requirements? But that still doesn't explain why they say I didn't have a credit score pulled from Experian when it's clearly there.

My husband had no FICO, but had 10 yr old credit history. But he had not 1) had any open and active accounts in the last six months of any kind, revolving or installment. I think if you might be an authorized user on an account that Experian does not factor in AU accounts?

Someone might be able to clarify the last statement if that might apply to you.

Re: Denied credit card due to 'insufficient credit file'

Anonymous — Sat, 06 May 2017 11:13:42 GMT

@DollyLama wrote:

My husband had no FICO, but had 10 yr old credit history. But he had not 1) had any open and active accounts in the last six months of any kind, revolving or installment. I think if you might be an authorized user on an account that Experian does not factor in AU accounts?

Someone might be able to clarify the last statement if that might apply to you.

My friend is thinking the same thing, but I've had a new credit card since Jan and an installment loan since last October and they were reported at the time of this credit application. The letter made it seem like they couldn't find my information at all, so I wonder if I wrote incorrect information on the application.

I'll just call them for an explanation and post what they say here just in case the same denial happens to someone else.

Re: Denied credit card due to 'insufficient credit file'

DollyLama — Sat, 06 May 2017 13:45:39 GMT

@Anonymous wrote:
@DollyLama wrote:
My husband had no FICO, but had 10 yr old credit history. But he had not 1) had any open and active accounts in the last six months of any kind, revolving or installment. I think if you might be an authorized user on an account that Experian does not factor in AU accounts?

Someone might be able to clarify the last statement if that might apply to you.
My friend is thinking the same thing, but I've had a new credit card since Jan and an installment loan since last October and they were reported at the time of this credit application. The letter made it seem like they couldn't find my information at all, so I wonder if I wrote incorrect information on the application.

I'll just call them for an explanation and post what they say here just in case the same denial happens to someone else.

They might be on credit reports, but no FICO score till that installment loan hits 6 mos of history, seems depending when in Oct it reported and if they update monthly, should be scorable in April by May's reports.

Re: Denied credit card due to 'insufficient credit file'

Aduke1122 — Sat, 06 May 2017 17:48:30 GMT

Well are you able to see a credit score when you check it out ?

Re: Denied credit card due to 'insufficient credit file'

Anonymous — Sat, 06 May 2017 18:28:20 GMT

@Aduke1122 wrote:
Well are you able to see a credit score when you check it out ?

yeah it's 637 for experian

Re: Denied credit card due to 'insufficient credit file'

CreditCuriosity — Sat, 06 May 2017 18:52:59 GMT

Have any security freezes on any of your CRAs? I recently got this same message on a Us Bank card trying for a CLI... All my CRA's were froozen. So I am thinking in my case they were unable to access m credit file and gave me that message as I have a pretty massive file.. Just another thought.

Re: Denied credit card due to 'insufficient credit file'

Anonymous — Mon, 08 May 2017 17:43:14 GMT

So I called them earlier today and it turns out that my phone number was entered instead of the SS number. So when they typed it in, they weren't able to pull my fico score. I have NO idea how that happened, but at least there isn't anything fishy going on with my reports.

Thanks for the brainstorming, though. I now have other info to think about to beef up my score in the future.

Re: Denied credit card due to 'insufficient credit file'

Aduke1122 — Mon, 08 May 2017 18:41:34 GMT

Good deal atleast there is no big issues you have to deal with

Re: Denied credit card due to 'insufficient credit file'

IncrsCreditScore1 — Mon, 08 May 2017 18:48:46 GMT

@lavinder11, glad to hear tht puzzle has been put together.