topic Re: Opened account at Credit Union - Denied Credit Card with 711 score in Credit Card Applications

Opened account at Credit Union - Denied Credit Card with 711 score

bmartinta — Thu, 19 Oct 2017 22:12:33 GMT

So I opened up an account with a local credit union here in Colorado. I knew going in that they were going to do a hard pull to open the account and they told me they could submit an application for a Credit Card under the same pull. I was denied and wasnt even offered a lower limit. My score came in at 711 through Experian. I havnt used any form of credit since I paid off my auto loan back in January 2016. The only blimish are 2 late payments from 2011 and 2014. I wanted to open up a card to get start some new credit history. I am not really upset I was denied, but I have a question about applying for another card. I was told that I was denied because 1) I was a brand new member, and 2) I lacked sufficient history. I am 32 and have had 2 auto loans, and one secured card that have all been paid in full and closed. I did have some nasty stuff on there, but that has all dropped off and no longer shows up. I also have about $13k in student loans that have all been paid on time since 2012. My question is; will the denial hurt me if I apply for a more reasonable card since it was done under the hard pull for the membership? They told me that it would not show up as 2 separate hard pulls. I am wondering if I am okay to fire off another application for a different card outside of the credit union. My salary is $60k and my only payments are my rent and student loans totalling about $1,000/month. Any advice?

Thanks so much.

Re: Opened account at Credit Union - Denied Credit Card with 711 score

Anonymous — Thu, 19 Oct 2017 22:20:23 GMT

Your FICO8 score would be massively improved if you had here open credit cards reporting and one open installment loan reporting.

We promote the Alliant SSL Technique here which is cheap and easy to get (no inquiry) and it reports for up to 5 years: http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Secure-technique/td-p/4506756

Then get two decent secured cards from Capital One and Discover or better yet check their prequalify pages for unsecured options. Get 3 credit cards reporting.

In 6-12 months you'll qualify for most things.

Re: Opened account at Credit Union - Denied Credit Card with 711 score

Anonymous — Thu, 19 Oct 2017 22:21:18 GMT

Just noticed your student loans are still open, so no need to do the Alliant technique as it won't help at all. Just focus on getting and aging three decent cards. Ask here before applying as some rebuilder cards are predatory in fees!

Re: Opened account at Credit Union - Denied Credit Card with 711 score

bmartinta — Thu, 19 Oct 2017 22:39:28 GMT

So basically since I dont have any credit card history on my report, it will be hard for be to get approved for other cards even though I have a decent score? I had two credit cards that were charged off in 2010 that finally fell off my report this year. So while the slate has been whiped clean, I dont have much other credit history to show for other than my auto loans which were both paid off long ago. Guess Ill go the secured route for a few months and see what happens. I dont really need a credit card, just thinking about keeping up with my credit in case I want to buy a house in the next few years.

Re: Opened account at Credit Union - Denied Credit Card with 711 score

Anonymous — Thu, 19 Oct 2017 22:41:04 GMT

@bmartinta wrote:
So I opened up an account with a local credit union here in Colorado. I knew going in that they were going to do a hard pull to open the account and they told me they could submit an application for a Credit Card under the same pull. I was denied and wasnt even offered a lower limit. My score came in at 711 through Experian. I havnt used any form of credit since I paid off my auto loan back in January 2016. The only blimish are 2 late payments from 2011 and 2014. I wanted to open up a card to get start some new credit history. I am not really upset I was denied, but I have a question about applying for another card. I was told that I was denied because 1) I was a brand new member How come they didnt tell you that? knowing you would get denied for for this reason!, and 2) I lacked sufficient history You said you havent used any type of credit since 2016, that's the reason why. I am 32 and have had 2 auto loans, and one secured card that have all been paid in full and closed. I did have some nasty stuff on there, but that has all dropped off and no longer shows up. I also have about $13k in student loans that have all been paid on time since 2012. My question is; will the denial hurt me if I apply for a more reasonable card since it was done under the hard pull for the membership? They told me that it would not show up as 2 separate hard pulls. I am wondering if I am okay to fire off another application for a different card outside of the credit union. My salary is $60k and my only payments are my rent and student loans totalling about $1,000/month. Any advice?

Thanks so much.

What are your scores for all CRAs?

I think you should be ok in the 700 range across the board. What card are you looking for? cash back? travel?

Re: Opened account at Credit Union - Denied Credit Card with 711 score

bmartinta — Thu, 19 Oct 2017 22:49:53 GMT

My scores are 719 EQ, 688 TU, and 703 Ex. Credit Union said they pulled from Experian and it came back at 711. I honestly dont really care what kind of card I have. I would like to put a portion of a medical debt I have on a card. I am currently paying them $129/mo, but I would like to switch that over to a credit card and just pay off the balance on the card. So maybe something with a $2500 limit or even lower for emergencies. I just dont want to waste my time or hurt my score even more by applying for another one after I was just denied under the Credit Union pull.

Re: Opened account at Credit Union - Denied Credit Card with 711 score

CreditCuriosity — Thu, 19 Oct 2017 22:53:23 GMT

Disocver and Amex love thin and clean profiles.. Check their pre-qual sites. Get two cards to start out then let those grow for 6-12 months then you pretty much can get whatever you want. You are just having issues due to no open CC accounts. Certains lenders want to see this others don't really give a crud.

discover most likely will pull EQ and amex will pull Exp if you decide to Apply. Of course Cap1 is always an option as well.

Re: Opened account at Credit Union - Denied Credit Card with 711 score

Anonymous — Thu, 19 Oct 2017 22:53:04 GMT

@bmartinta wrote:
My scores are 719 EQ, 688 TU, and 703 Ex. Credit Union said they pulled from Experian and it came back at 711. I honestly dont really care what kind of card I have. I would like to put a portion of a medical debt I have on a card. I am currently paying them $129/mo, but I would like to switch that over to a credit card and just pay off the balance on the card. So maybe something with a $2500 limit or even lower for emergencies. I just dont want to waste my time or hurt my score even more by applying for another one after I was just denied under the Credit Union pull.

If you put it on a card, you will be paying interest...unless you get a card wiht $0 interest for xx amount of months.

Re: Opened account at Credit Union - Denied Credit Card with 711 score

thummel — Thu, 19 Oct 2017 23:00:38 GMT

What credit union is it? I am a member of a lot of the credit unions currently in Colorado.

Re: Opened account at Credit Union - Denied Credit Card with 711 score

bmartinta — Fri, 20 Oct 2017 00:16:58 GMT

It is Bellco.

Re: Opened account at Credit Union - Denied Credit Card with 711 score

Anonymous — Fri, 20 Oct 2017 00:24:21 GMT

Paying your medical debts through payment arrangements is actually better for your credit score as long as those aren't collections being reported. Putting it on a credit card and using very high utilization can tank your scores until it's paid down.

Re: Opened account at Credit Union - Denied Credit Card with 711 score

bmartinta — Fri, 20 Oct 2017 00:56:08 GMT

I understand that. What I am saying is making the payments with the CC and paying the balance in full. I dont really care about utilization in the short term as the entire debt will be paid in full soon. I just want to get some history started. It is not being reported as long as I make the paymemts, which is not a problem.

That gets me back to my question. Since I was denied, but it was done under the pull from opening the account, will it hurt my chances of applying elsewhere? Will they see the denial?

Re: Opened account at Credit Union - Denied Credit Card with 711 score

Anonymous — Fri, 20 Oct 2017 01:02:05 GMT

They won't see the denial and one inquiry only counts for 5 points or so on the one bureau.

Definitely try a bunch if pre-qualification pages and report back what the results are and we can help you know which are confident and which aren't...

Amex, discover, capital one, usbank, bank of America, chase all have prequal pages. Some are solid, some aren't, depending on their offer details!

Re: Opened account at Credit Union - Denied Credit Card with 711 score

Ardecko — Fri, 20 Oct 2017 01:36:08 GMT

I don't think any potential lenders care whether you've used the cards you have or not. As long as it looks like you have credit and you've used less than 9% of it, it's doing it's job.

Just keep making the payments to the medical office.

Re: Opened account at Credit Union - Denied Credit Card with 711 score

SouthJamaica — Fri, 20 Oct 2017 02:29:39 GMT

@bmartinta wrote:
So I opened up an account with a local credit union here in Colorado. I knew going in that they were going to do a hard pull to open the account and they told me they could submit an application for a Credit Card under the same pull. I was denied and wasnt even offered a lower limit. My score came in at 711 through Experian. I havnt used any form of credit since I paid off my auto loan back in January 2016. The only blimish are 2 late payments from 2011 and 2014. I wanted to open up a card to get start some new credit history. I am not really upset I was denied, but I have a question about applying for another card. I was told that I was denied because 1) I was a brand new member, and 2) I lacked sufficient history. I am 32 and have had 2 auto loans, and one secured card that have all been paid in full and closed. I did have some nasty stuff on there, but that has all dropped off and no longer shows up. I also have about $13k in student loans that have all been paid on time since 2012. My question is; will the denial hurt me if I apply for a more reasonable card since it was done under the hard pull for the membership? They told me that it would not show up as 2 separate hard pulls. I am wondering if I am okay to fire off another application for a different card outside of the credit union. My salary is $60k and my only payments are my rent and student loans totalling about $1,000/month. Any advice?

Thanks so much.

The effect on your score of the inquiry is usually not very big. So yes I would go ahead and apply elsewhere.

Re: Opened account at Credit Union - Denied Credit Card with 711 score

Anonymous — Fri, 20 Oct 2017 17:42:44 GMT

@bmartinta wrote:
I understand that. What I am saying is making the payments with the CC and paying the balance in full. I dont really care about utilization in the short term as the entire debt will be paid in full soon. I just want to get some history started. It is not being reported as long as I make the paymemts, which is not a problem.

That gets me back to my question. Since I was denied, but it was done under the pull from opening the account, will it hurt my chances of applying elsewhere? Will they see the denial?

I understand now, i thought you meant putting the entire medical bill on a card.

The lenders do not see if you get denied or approved, they only see the inquiry.

Re: Opened account at Credit Union - Denied Credit Card with 711 score

Anonymous — Sat, 21 Oct 2017 18:54:06 GMT

Credit unions can be difficult. I was declined a while ago even after having the majority of the cards showing below for some time.

Re: Opened account at Credit Union - Denied Credit Card with 711 score

bmartinta — Sat, 21 Oct 2017 20:32:49 GMT

@Anonymous wrote:
Credit unions can be difficult. I was declined a while ago even after having the majority of the cards showing below for some time.

Apparently so. I just moved to Colorado recently and wanted to establish a credit union here. I was approved for the membership just denied the credit card application. Fortunately it is only showing as one hard pull on Experian. I was doing some research on the forums and decided to fill out the Discover Card pre-qualification. I was approved for the Discover It Card and the Discover Chrome card. 0% APR for 14 months then 23.99% firm. I think I'm going to complete the application as I do not really care about the APR because in 14 months the card will have a zero balance and I will have applied for a different card with a lower APR. Should I be considering any other card? I just recently had some bad remarks fall off my report which is great but now my report looks a little Slim other than my student loans and my closed auto loan accounts. I have one late from early 2011 and fall 2014. Those are the only derogatory remarks on my report. I am more less just trying to establish a new tradeline and good payment history. I don't have any other needs for credit in the near future. I have a car back in Virginia that I am selling and should net a good 19 20k cash for which I will pay all of my outstanding medical debt which is only about $7k.

Re: Opened account at Credit Union - Denied Credit Card with 711 score

Anonymous — Sat, 21 Oct 2017 20:39:54 GMT

Some small banks and cu can have crazy rules. There is one just a few door down from our office that reuires a score of 750 to use remote deposit. When they first started remote deposit I thought great I will use them alot. I was declined for remote deposit with a score below 750 around 710. I have an account there just with no remote deposit just for quick check cashing. Now I am above 750 and can't get over it. I wonder what they requre for a car loan 850? Disco as suggested would be a great place to try to pq for.

Re: Opened account at Credit Union - Denied Credit Card with 711 score

Anonymous — Sat, 21 Oct 2017 22:58:59 GMT

@bmartinta wrote:
@Anonymous wrote:
Credit unions can be difficult. I was declined a while ago even after having the majority of the cards showing below for some time.
Apparently so. I just moved to Colorado recently and wanted to establish a credit union here. I was approved for the membership just denied the credit card application. Fortunately it is only showing as one hard pull on Experian. I was doing some research on the forums and decided to fill out the Discover Card pre-qualification. I was approved for the Discover It Card and the Discover Chrome card. 0% APR for 14 months then 23.99% firm. I think I'm going to complete the application as I do not really care about the APR because in 14 months the card will have a zero balance and I will have applied for a different card with a lower APR. Should I be considering any other card? I just recently had some bad remarks fall off my report which is great but now my report looks a little Slim other than my student loans and my closed auto loan accounts. I have one late from early 2011 and fall 2014. Those are the only derogatory remarks on my report. I am more less just trying to establish a new tradeline and good payment history. I don't have any other needs for credit in the near future. I have a car back in Virginia that I am selling and should net a good 19 20k cash for which I will pay all of my outstanding medical debt which is only about $7k.

I love Discover It. Great choice. I've said that multiple times acrosss these boards. It was one of my first and I continue to use it heavily when it makes sense.. In your first year you can get up to 10% back on rotating categories. I travel a lot and have others I like, but in your case, Discover is perfect.

Do you travel or use hotels? SPG is my go to. If you're into travel, try and get in with Chase and Amex SPG.

Your history is similar to mine when I started a couple years ago. It seems like it's been difficult for people to be approved for stuff lately though.