topic Re: Credit One Denied and gave me a credit score? in Credit Card Applications

Credit One Prequel and stated credit score?

Anonymous — Tue, 05 Feb 2019 21:34:15 GMT

So I was a bit bored at work and decided to check if I could preqauilify for Credit One Credit Card. Yes I only have one credit card which is 4 years old, which the current balance is $87 on $4500 limit. I have had perfect payment history for the past 4 years, no lates no issues. I let my charges off go in 2008, which was 11 years ago on several cards. I have checked my Fico 800 and above and Vantage which is at 760, I was suprised that I was denied for the following factors:

Reasons for Denial of Credit

Your application was processed by a credit scoring system that assigns a numerical value to the various items of information we consider in evaluating an application. These numerical values are based upon the results of analyses of repayment histories of large numbers of customers.

The information you provided in your application did not score a sufficient number of points for approval of the application. The reasons you did not score well compared with other applicants were:

You have too few credit accounts

Balances relative to credit limits reported on revolving accounts

Number of accounts

Delinquency reported on accounts

Information about Your Credit Score

We also calculated a custom risk score from information contained in your credit report obtained from the above listed consumer reporting agency and used it in making our credit decision. Your credit score is a number that reflects the information in your credit report. Your credit score can change, depending on how the information in your credit report changes.

Your credit score: 422

Date: 2/5/2019

Scores range from a low of 300 to a high of 900

Key factors that adversely affected your credit score:

You have too few credit accounts

Balances relative to credit limits reported on revolving accounts

Number of accounts

Delinquency reported on accounts

Number of inquiries

So I just checked my Experian credit report, which is where this denial came from and its clean, No Delinquency reported on accounts?

Balance is low, Yes I only have 1 account showing on Experian. I have zero inquires for the 2 past years What gives?

Credit One Denied and gave me a credit score?

Anonymous — Tue, 05 Feb 2019 22:04:50 GMT

Reasons for Denial of Credit

The information you provided in your application did not score a sufficient number of points for approval of the application. The reasons you did not score well compared with other applicants were:

You have too few credit accounts

Balances relative to credit limits reported on revolving accounts

Number of accounts

Delinquency reported on accounts

Information about Your Credit Score

Your credit score: 422

Date: 2/5/2019

Scores range from a low of 300 to a high of 900

Key factors that adversely affected your credit score:

You have too few credit accounts

Balances relative to credit limits reported on revolving accounts

Number of accounts

Delinquency reported on accounts

Number of inquiries

This was based off Experian which I immedility pulled for free based off this soft pull PREQUAL. There is no Delinquencies reported on accounts? Current balance has been $150, $87, and $57 of $4500 credit limit past 3 months, zero inquires in the last 2 years. My Discover Fico show 800 and above and my Tansunion Vantage shows 761. Yes I only have one credit card, which is 4 years old but where is that 422 credit score coming from?

Re: Credit One Prequel and stated credit score?

Anonymous — Tue, 05 Feb 2019 23:27:23 GMT

No idea what score they use. My current Fico 08 scores are in my sig. Credit1 shows me a score of 586...

They smokin something over there!

Re: Credit One Prequel and stated credit score?

CreditInspired — Tue, 05 Feb 2019 23:44:34 GMT

OP
I think you need your free annual report to ensure there is nothing lurking on them—something you may have overlooked or something that doesn’t belong to you. Here’s the link:

https://www.annualcreditreport.com/requestReport/landingPage.action

Re: Credit One Denied and gave me a credit score?

pizza1 — Wed, 06 Feb 2019 00:07:31 GMT

Why are you applying to Credit One with FICO score of 800?! I would be checking the prequels on Amex, BOFA, Cap one, and Discover! If your current card is with Discover and is over 1 year old, you can get another card with them.

Re: Credit One Prequel and stated credit score?

Anonymous — Wed, 06 Feb 2019 00:16:53 GMT

Trust me nothing is lurking Ive been very focused on checking my 3 credit stores at least every 6 months and current shows no inquires, deliquent accounts, my credit profile has been clean since 2015 when charge off where dropped and I made sure everyone one of those wiped off and its been clean since than

Re: Credit One Denied and gave me a credit score?

joltdude — Wed, 06 Feb 2019 01:38:36 GMT

Credit One used to deny people if their Fico score was too high . Used to abuse this for free reports. Their score is some funky enhanced mutant variant and I would not sweat it . Go for something like discover or Amex or try for a preapprival from a real bank not something aimed for rebuilders. Your not profitable enough for credit none. Oddly enough I’d go for a Amex revolver next, but the sky and your income is the limit right now. Family member had a similar situation with great scores but only one card. You actually might gain points or have a temporary dip esp if you go for two cards.... but you will get it back regardless. Does one of the Amex subs work for you.. also if you don’t go for a second discover I’d try for a cli before I do anything and wait for it to post or decline. There is a magic number of 3 cards. What do you think @pizza1

Re: Credit One Denied and gave me a credit score?

Anonymous — Wed, 06 Feb 2019 01:50:03 GMT

CreditOne logic:

500’s Fico = 800’s Credit1
650’s Fico = 600’s Credit1
800’s Fico = 400’s Credit1

Of course this is a joke...or is it? 🤔

Re: Credit One Denied and gave me a credit score?

FinStar — Wed, 06 Feb 2019 02:04:15 GMT

@Anonymous

I merged the two threads discussing this matter into this.

Re: Credit One Denied and gave me a credit score?

Anonymous — Wed, 06 Feb 2019 14:57:15 GMT

I mean I get what your saying to not sweet this Credit None but that stuff annoys when they pull out false info, Im going open a case with the CFPB (which will do nothing) but have Credit None have someone do work on thier end to answer the complaint ...Enough complaints at some point will open eyes with them....Yes Id like to add 2 more cards within the next 3 months spaced apart pulls too

Re: Credit One Denied and gave me a credit score?

Anonymous — Wed, 06 Feb 2019 14:55:52 GMT

Thanks @Finstar

Re: Credit One Denied and gave me a credit score?

Remedios — Wed, 06 Feb 2019 15:57:36 GMT

@Anonymous wrote:
I mean I get what your saying to not sweet this Credit None but that stuff annoys when they pull out false info, Im going open a case with the CFPB (which will do nothing) but have Credit None have someone do work on thier end to answer the complaint ...Enough complaints at some point will open eyes with them....Yes Id like to add 2 more cards within the next 3 months spaced apart pulls too

OP, I am sorry you're having to deal with this, Credit One is a terrible lender, but their letter clearly states they use your CR to create internal score. All of the lenders do that for approvals/denials.

HP only provides them with raw data. Lender *interprets* this based on their own criteria.

I suggest you move on to the bigger and better things.

Re: Credit One Denied and gave me a credit score?

Anonymous — Wed, 06 Feb 2019 16:16:45 GMT

@remedios I am aware they use my CR , was even on the phone with them yesterday. They problem I have is they are using false information to deny on basis ofdelinquencies, inquires, balances? The one card I have is the only right they can ding me for, the other items No because those items are not on my reports. While everyone knows them as a terrible lender, if more people made complaints against them, maybe things would change. I am just that type of guy to stand up for my rights

Re: Credit One Denied and gave me a credit score?

Anonymous — Wed, 06 Feb 2019 16:27:48 GMT

I’m curious....you seemed aware of Credit One’s reputation are a predatory lender for rebuilding, before you applied.

You knew your score was very high. Why did you even apply at someplace like that when you could get cards from major banks?

Re: Credit One Denied and gave me a credit score?

Anonymous — Wed, 06 Feb 2019 16:51:47 GMT

Actually was un-aware of Credit One’s reputation are a predatory lender until you told me. They were a credit card company that came up in pre-qual when I did a google search, I was just testing the soft pulls only. This forum is great and full of information, the problem with applying for larger banks is wondering if the blacklist has fallen off. I remember I tried to apply for a WellsFragos bank account in 2015 when my charge offs fell, I was denied, They did a soft pull again in 2018, I was approved and asked if they could see if I still had accounts with them, they pulled up my charge offs from 2008 still in the system, that was well over 10 years ago. So I dont want to waste a hard inquiry when I do go apply for credit

Re: Credit One Denied and gave me a credit score?

Anonymous — Wed, 06 Feb 2019 17:25:59 GMT

I applied for and was approved for a Credit One card, via pre-qual. It was a junk approval that they gave me, something like $75 yearly fee, high APR%, and no grace period with which to pay the balance without incurring interest. I forgot to save a copy of the terms when I applied, so I had to wait til I recieved it to look into it further, which is when I saw the no grace period part. I get that my credit stinks (many medical bills on my report), but I was willing to face a yearly fee for it, just for long enough to bump me up enough to get a better card, but no grace period is just slimey. Ultimately, I called them and told them I was declining the card due to the lack of grace period, and they were surprisingly cheerful about deactivating the account. I'm guessing it must occur often enough that it doesn't phase them any more. They didn't even try to talk me out of it, either.

I agree, they do come across as preditory, and they have dozens of different cards with all kinds of different terms, a whole lot of them with no grace period. It sucked a little to get rid of the one card I was finally approved for, but it would have been a terrible decision to keep it.

Re: Credit One Denied and gave me a credit score?

Anonymous — Wed, 06 Feb 2019 17:30:21 GMT

Forums like this are here to bring out the experiences consumers have had with different companies. Companies like Credit One dont deserve to have consumers at all, and forums like this can change the experience for others, I will file a complaint with the CFPB and leave it at that. All I can say I least I did my part, the forum has the power to help also. Thanks for the advice everyone and educating me on Credit One.

Re: Credit One Denied and gave me a credit score?

Anonymous — Wed, 06 Feb 2019 18:42:32 GMT

Credit1 got me started with my rebuild last year. I am appreciative to them for that. I had no idea, at the time, that they are what they are. And at the time, didn’t think I had any other options (thanks Credit Karma). In the next week that card will be PIF and closed.

Re: Credit One Denied and gave me a credit score?

Anonymous — Wed, 06 Feb 2019 20:39:07 GMT

Btw I was in the same situation. Burned some major banks with long memories.

Take a look at CAPITAL One. Similar name (and logo). Their prequalification site is rock solid. No hard pull and they will get usually offer you a few cards to pick from. Even if you burned them they will let you back in.

Discover is also very forgiving.

Btw many people suspect Credit One is happy people think they are Capital One

Re: Credit One Denied and gave me a credit score?

Anonymous — Wed, 06 Feb 2019 20:45:56 GMT

While I would never suggest closing an account even with the stuff Credit One is doing, Id still use that as a payment history card and charge a small amount and pay it off every month, even if it had no grace period. I mean I could deal with $1 interest, payment history is better than no history.

@Morpho Cap 1 is my only card for the past 4 years small line of $500 from Quicksilver 1 to Platiumn to Venture 1 with a $4500 limit, which has been the slowest CI card Ive ever had. But now just using it to pay my cellphone bill every month and getting that payment history