topic Re: Approved for Discover but nothing else...Help!!! in Credit Card Applications

Approved for Discover but nothing else...Help!!!

Anonymous — Thu, 26 Jul 2018 19:13:14 GMT

I just joined today but I have been following and relying on information from these forums for the past couple of months. I especially like the post about CCs that check only Experian since my highest Fico score of 649 is with them. 5 months ago I was at a measly 515. I got a Capital one secured card with a $600 cl back in February after paying an additional $400 out of pocket to increase the limit. I just applied for and got approved for a Discover It, unsecured, $800 cl on 7/14/2018. How excited I was!!! Now that I have closed out the Capital Once account which is now showing as positve but closed, I cant get approved for another card, not even a store card and I have only been applying at crediors that use Experian. I only have 6 inquiries on my cr so I dont want to keep applying. Is it because of the recent closure of Captial One that I cant get approved elsewhere? I thought I was on my way up. I have 4 items on my credit report. 3 positive (student loan, Capital One, and a personal loan) and 1 negative from 2011. Should I wait until the Discover card show on my report in a few months??? So confused.

Re: Approved for Discover but nothing else...Help!!!

cf2701 — Thu, 26 Jul 2018 19:25:48 GMT

You have to keep in mind, this is a LIFE LONG marathon, NOT a sprint race. This is something most of us struggle with at time. Just take a few breaths and realize you are making progress!

Are you saying you closed your new Capital One secured card? In my opinion that was a mistake. You want to keep that positive history on your credit report at least until much better unsecured cards come along.

I'll let others more knowedgable give advise on what to do next, but I'm willing to bet most of it will be to just let what you have report as positive history for at LEAST 6 months before you do anyting else.

Re: Approved for Discover but nothing else...Help!!!

Anonymous — Thu, 26 Jul 2018 19:27:54 GMT

Yes, take a break from apping. Denials mean stop. Your file is new and thin, let it age a bit.

Curious, why did you close your Capital One? I would have left it open for at least a year.

Re: Approved for Discover but nothing else...Help!!!

Anonymous — Thu, 26 Jul 2018 19:37:31 GMT

@Anonymous wrote:
Yes, take a break from apping. Denials mean stop. Your file is new and thin, let it age a bit.
Curious, why did you close your Capital One? I would have left it open for at least a year.

Because it was secured. I thought that having the open unsecured Discover card would look better on my report and help more than a secured card would. That and because I listened to the advice of someone whos credit had tanked. She told me to get one good credit card and one only. What does she know right? All of hers have been charged off.

Re: Approved for Discover but nothing else...Help!!!

Anonymous — Thu, 26 Jul 2018 19:36:44 GMT

@cf2701 wrote:
You have to keep in mind, this is a LIFE LONG marathon, NOT a sprint race. This is something most of us struggle with at time. Just take a few breaths and realize you are making progress!

Are you saying you closed your new Capital One secured card? In my opinion that was a mistake. You want to keep that positive history on your credit report at least until much better unsecured cards come along.

I'll let others more knowedgable give advise on what to do next, but I'm willing to bet most of it will be to just let what you have report as positive history for at LEAST 6 months before you do anyting else.

That I can agree with. There was an almost 6 month gap between my Capital One and my Discover. Thanks for the input. I am still confused as to why my credit was good enough for Discover but not the Target and Palais Royal cards I applied for. I think it threw me for a loop.

Re: Approved for Discover but nothing else...Help!!!

Anonymous — Thu, 26 Jul 2018 19:38:13 GMT

@Anonymous wrote:
Yes, take a break from apping. Denials mean stop. Your file is new and thin, let it age a bit.
Curious, why did you close your Capital One? I would have left it open for at least a year.

+1. The secured Cap 1 Platinum was the first card I got when I started rebuilding my credit at the end of 2015. I didn't close it until this spring when I had a handful of good unsecured cards, didn't need the small ($951) limit on the secured card anymore, and could close it and get my deposit back without hurting my utilization or AAoA excessively.

Re: Approved for Discover but nothing else...Help!!!

Anonymous — Thu, 26 Jul 2018 19:38:53 GMT

@Anonymous wrote:
@Anonymous wrote:
Yes, take a break from apping. Denials mean stop. Your file is new and thin, let it age a bit.
Curious, why did you close your Capital One? I would have left it open for at least a year.

Because it was secured. I thought that having the open unsecured Discover card would look better on my report and help more than a secured card would. That and because I listened to the advice of someone whos credit had tanked. She told me to get one good credit card and one only. What does she know right? All of hers have been charged off.

Yeah......don’t listen to her 😂

Re: Approved for Discover but nothing else...Help!!!

CGeorge — Thu, 26 Jul 2018 19:45:28 GMT

No more apping for now.

But your friend was incorrect. One and only one credit card?? NOT. You need a variety of cards for higher credit scores. Creditors like to see a good mix of V/M/D/AE, with limited store cards and perhaps gas cards.

You will need more than 1 card. And you don't want to put yourself in that position anyway - in case the creditor decides to lower your CL, or worse yet, cancel your card. Then you are left with nothing.

Just my two cents worth - good luck!

Re: Approved for Discover but nothing else...Help!!!

Shooting-For-800 — Thu, 26 Jul 2018 20:10:15 GMT

I would quit applying for anything until I got a prequal from Cap One site for a QS or QS1.

You will get there. GL!

Re: Approved for Discover but nothing else...Help!!!

Anonymous — Thu, 26 Jul 2018 20:35:51 GMT

@Anonymous wrote:
I just joined today but I have been following and relying on information from these forums for the past couple of months. I especially like the post about CCs that check only Experian since my highest Fico score of 649 is with them. 5 months ago I was at a measly 515. I got a Capital one secured card with a $600 cl back in February after paying an additional $400 out of pocket to increase the limit. I just applied for and got approved for a Discover It, unsecured, $800 cl on 7/14/2018. How excited I was!!! Now that I have closed out the Capital Once account which is now showing as positve but closed, I cant get approved for another card, not even a store card and I have only been applying at crediors that use Experian. I only have 6 inquiries on my cr so I dont want to keep applying. Is it because of the recent closure of Captial One that I cant get approved elsewhere? I thought I was on my way up. I have 4 items on my credit report. 3 positive (student loan, Capital One, and a personal loan) and 1 negative from 2011. Should I wait until the Discover card show on my report in a few months??? So confused.

If you are denied credit, the lender(s) who denied you are required by law to give you the reason(s) for the denial. What were the reasons given in the letters you received from those lenders?

I find it hard to believe that a student loan and a personal loan in good standing would cause your credit score to fall to 515. Are you certain there are no other baddies on your report? What was the negative from 2011? Unless it was a Chapter 7 BK it should have fallen off your credit report by now or will be falling off soon.

Also, what is the source of the scores you are citing?

Re: Approved for Discover but nothing else...Help!!!

Anonymous — Thu, 26 Jul 2018 21:12:54 GMT

Obviously, you need some new friends.

Re: Approved for Discover but nothing else...Help!!!

Anonymous — Thu, 26 Jul 2018 21:21:00 GMT

@Anonymous wrote:
@Anonymous wrote:
I just joined today but I have been following and relying on information from these forums for the past couple of months. I especially like the post about CCs that check only Experian since my highest Fico score of 649 is with them. 5 months ago I was at a measly 515. I got a Capital one secured card with a $600 cl back in February after paying an additional $400 out of pocket to increase the limit. I just applied for and got approved for a Discover It, unsecured, $800 cl on 7/14/2018. How excited I was!!! Now that I have closed out the Capital Once account which is now showing as positve but closed, I cant get approved for another card, not even a store card and I have only been applying at crediors that use Experian. I only have 6 inquiries on my cr so I dont want to keep applying. Is it because of the recent closure of Captial One that I cant get approved elsewhere? I thought I was on my way up. I have 4 items on my credit report. 3 positive (student loan, Capital One, and a personal loan) and 1 negative from 2011. Should I wait until the Discover card show on my report in a few months??? So confused.

If you are denied credit, the lender(s) who denied you are required by law to give you the reason(s) for the denial. What were the reasons given in the letters you received from those lenders?

I find it hard to believe that a student loan and a personal loan in good standing would cause your credit score to fall to 515. Are you certain there are no other baddies on your report? What was the negative from 2011? Unless it was a Chapter 7 BK it should have fallen off your credit report by now or will be falling off soon.

Also, what is the source of the scores you are citing?

I started working on and disputing my credit back in February. There were other things on my credit that were removed including a car repossession. I originally had about 4 negative accounts, 3 were collections and the repo. The collections accounts were removed because they were over 7 years old and the car repossession was only removed from Experian which is why my score is higher with them. Credit Acceptance financed my vehicle but reports my late payments from over a year ago as if they are new late payments each month. They are also reporting a car affected by Harvey which I still have as a repossession. The literally told me they "passed " on the vehicle. Meaning I can basically have it because it is not worth the cost to repair stemming from major issues at the time of purchase that I wasn't told about plus Hurricane Harvey damage. They won't even come get it. Long story short, researched them, found thousands of complaints about their credit reporting practices and filed complaints with BBB and Consumers to no avail. Some people on the Consumer complaint site went as far as filing for bankruptcy to get their incorrect reporting to stop. My score would drop 69 points every time they reported a late payment and pass due balance increase. I would dispute, they would correct the balance, and I would get my points back only to have them do it again next month and BAM....69 points gone off my score again. Experian began watching their credit reporting practices as I was calling in weekly. I even sent all 3 CRAs a copy of the letter stating they pass on the vehicle and what they were willing to accept from me as a payoff which was $12,000 less than what they reported as being due every month. Sometimes Credit Acceptance would change my balance twice in one month. After reviewing it was removed from EX but can't get the other 2 CRAs to budge on it. I signed up with Lexington Law because I refuse to file bankruptcy and this is how I got here. 515 to 649 in 5 months. I am seriously considering a class action suit but I have said a mouthful!!! Sorry. And to answer your other question the one negative account is a utility that I got for a friend so she could have gas in her home and she never paid. $897.

Re: Approved for Discover but nothing else...Help!!!

Anonymous — Thu, 26 Jul 2018 21:41:49 GMT

wrote:
I started working on and disputing my credit back in February. There were other things on my credit that were removed including a car repossession. I originally had about 4 negative accounts, 3 were collections and the repo. The collections accounts were removed because they were over 7 years old and the car repossession was only removed from Experian which is why my score is higher with them. Credit Acceptance financed my vehicle but reports my late payments from over a year ago as if they are new late payments each month. They are also reporting a car affected by Harvey which I still have as a repossession. The literally told me they "passed " on the vehicle. Meaning I can basically have it because it is not worth the cost to repair stemming from major issues at the time of purchase that I wasn't told about plus Hurricane Harvey damage. They won't even come get it. Long story short, researched them, found thousands of complaints about their credit reporting practices and filed complaints with BBB and Consumers to no avail. Some people on the Consumer complaint site went as far as filing for bankruptcy to get their incorrect reporting to stop. My score would drop 69 points every time they reported a late payment and pass due balance increase. I would dispute, they would correct the balance, and I would get my points back only to have them do it again next month and BAM....69 points gone off my score again. Experian began watching their credit reporting practices as I was calling in weekly. I even sent all 3 CRAs a copy of the letter stating they pass on the vehicle and what they were willing to accept from me as a payoff which was $12,000 less than what they reported as being due every month. Sometimes Credit Acceptance would change my balance twice in one month. After reviewing it was removed from EX but can't get the other 2 CRAs to budge on it. I signed up with Lexington Law because I refuse to file bankruptcy and this is how I got here. 515 to 649 in 5 months. I am seriously considering a class action suit but I have said a mouthful!!! Sorry. And to answer your other question the one negative account is a utility that I got for a friend so she could have gas in her home and she never paid. $897.

Sorry to hear about all you're experiencing. What I gather from your comment is that at minimum you still have an auto repo reporting on TransUnion and Equifax. I would be cautious about apping for any more credit until that is cleared up. Except for American Express, I don't know of any lender who relies only on Experian although its possible they exist. Most lenders will pull at least two credit bureaus, exactly for the scenario you described where a derogatory is not reported on one credit report but appears on others.

Have you thought about filing a CFPB complaint against the Credit Acceptance? I think that would be much more effective that trying to dispute with the credit bureaus. And you can do it yourself without going to the expense of engaging a third party to act on your behalf.

Re: Approved for Discover but nothing else...Help!!!

Anonymous — Thu, 26 Jul 2018 21:50:47 GMT

@Anonymous wrote:
wrote:
I started working on and disputing my credit back in February. There were other things on my credit that were removed including a car repossession. I originally had about 4 negative accounts, 3 were collections and the repo. The collections accounts were removed because they were over 7 years old and the car repossession was only removed from Experian which is why my score is higher with them. Credit Acceptance financed my vehicle but reports my late payments from over a year ago as if they are new late payments each month. They are also reporting a car affected by Harvey which I still have as a repossession. The literally told me they "passed " on the vehicle. Meaning I can basically have it because it is not worth the cost to repair stemming from major issues at the time of purchase that I wasn't told about plus Hurricane Harvey damage. They won't even come get it. Long story short, researched them, found thousands of complaints about their credit reporting practices and filed complaints with BBB and Consumers to no avail. Some people on the Consumer complaint site went as far as filing for bankruptcy to get their incorrect reporting to stop. My score would drop 69 points every time they reported a late payment and pass due balance increase. I would dispute, they would correct the balance, and I would get my points back only to have them do it again next month and BAM....69 points gone off my score again. Experian began watching their credit reporting practices as I was calling in weekly. I even sent all 3 CRAs a copy of the letter stating they pass on the vehicle and what they were willing to accept from me as a payoff which was $12,000 less than what they reported as being due every month. Sometimes Credit Acceptance would change my balance twice in one month. After reviewing it was removed from EX but can't get the other 2 CRAs to budge on it. I signed up with Lexington Law because I refuse to file bankruptcy and this is how I got here. 515 to 649 in 5 months. I am seriously considering a class action suit but I have said a mouthful!!! Sorry. And to answer your other question the one negative account is a utility that I got for a friend so she could have gas in her home and she never paid. $897.

Sorry to hear about all you're experiencing. What I gather from your comment is that at minimum you still have an auto repo reporting on TransUnion and Equifax. I would be cautious about apping for any more credit until that is cleared up. Except for American Express, I don't know of any lender who relies only on Experian although its possible they exist. Most lenders will pull at least two credit bureaus, exactly for the scenario you described where a derogatory is not reported on one credit report but appears on others.

Have you thought about filing a CFPB complaint against the Credit Acceptance? I think that would be much more effective that trying to dispute with the credit bureaus. And you can do it yourself without going to the expense of engaging a third party to act on your behalf.

Yes I have filed a complaint with the CFPB. That is who I was referring to when I mentioned filing with the BBB and Consumer. I couldnt remember the exact name that I why I said Consumers. It was actually with them that I discovered hundreds of thousands of complaints for the same situation as mine. Incorrect reporting. Unbelieveable!!! Sometimes the past due balance that they report for me is more or less than what the actually monthly payment was. I cant even figure out what they are doing when calculating my balance.