topic Re: Discover denial in Credit Card Applications

Discover denial

Anonymous — Fri, 20 Oct 2017 20:28:23 GMT

I applied for discover and was declined when I received the 7-10 day letter they stated thier reason as “Proportion of loan balances to loan amounts is too high”. Not sure what this means as my utilization is currently under 9% and my car loan is 2 years from being paid off. They said my score was 701 from EQ.

Re: Discover denial

CreditMagic7 — Fri, 20 Oct 2017 22:16:31 GMT

You might call them (speak with a credit analyst directly) and just ask them exactly what it is that they would like to see which would improve your chances.

It's kind of another way of making a reconsideration just in case they decide to look again or push it through.

Sometimes they overturn denials into an approval but the start limits are much lower.

It depends also whether you want to chance another HP i think. I never tried so can't say with certainty on that.

Maybe some members who have had experience with the turndown will weigh in for you to give you a better idea on this.

Re: Discover denial

chaos51 — Fri, 20 Oct 2017 22:38:01 GMT

@Anonymous wrote:
I applied for discover and was declined when I received the 7-10 day letter they stated thier reason as “Proportion of loan balances to loan amounts is too high”. Not sure what this means as my utilization is currently under 9% and my car loan is 2 years from being paid off. They said my score was 701 from EQ.

@OP did you attempt to get a pre-approval before applying?

Re: Discover denial

Anonymous — Fri, 20 Oct 2017 23:23:52 GMT

Do you have any other installment loans other than your car? Maybe a student loan?

Re: Discover denial

Meanmchine — Sat, 21 Oct 2017 03:56:14 GMT

Reaching here alittle bit ..... Are you an AU on someone elses account?

Re: Discover denial

Anonymous — Sat, 21 Oct 2017 12:49:33 GMT

I'm sorry this was a pre-approval that was denied. I thought nothing of it until I received the letter. I checked my report, I have only my credit cards the uti is 8.6% on 1 card "care credit" and my car loan. No other loans. I had a personal loan for 3000 but it's showing paid/closed.

Re: Discover denial

Anonymous — Sat, 21 Oct 2017 19:26:48 GMT

So I called and according to the disco lady, that statement is because my car loan has only 28 months remaining but is only 34% of principle paid. Mystery solved.