topic Re: Why can't I have a JC Penney credit card? in Credit Card Applications

Why can't I have a JC Penney credit card?

tboy1977 — Mon, 24 Jun 2019 15:42:23 GMT

So, this credit journey has been a winding road at times, but I feel like I should qualify for a JCP Credit card now. I got a OneMain loan to consolate the CC acount balances and so my 4K Coke VISA, my Credit One card, my Avant card, Walmart and Target CC are all at a $0 balance. I plan on keeping the loan for about a year of so, and then paying it off with a loan from my 401k. Anyway, I want a JCP card, but I was declined. My FICO score is 655, and I have one late this year, and a charge-off in late 2016. What can I do?

Re: Why can't I have a JC Penney credit card?

Remedios — Mon, 24 Jun 2019 16:41:21 GMT

@tboy1977 wrote:
So, this credit journey has been a winding road at times, but I feel like I should qualify for a JCP Credit card now. I got a OneMain loan to consolate the CC acount balances and so my 4K Coke VISA, my Credit One card, my Avant card, Walmart and Target CC are all at a $0 balance. I plan on keeping the loan for about a year of so, and then paying it off with a loan from my 401k. Anyway, I want a JCP card, but I was declined. My FICO score is 655, and I have one late this year, and a charge-off in late 2016. What can I do?

You have a recent late, low(ish) score and older delinquencies present. It appears at this time your profile does not meet the minimum underwriting criteria.

With such a recent late and relatively recent CO (especially if unpaid), you're better off not applying for anything at this time.

You'd be better off working on your negatives

Re: Why can't I have a JC Penney credit card?

Anonymous — Mon, 24 Jun 2019 18:57:25 GMT

Plus moving the outstanding debt to a loan isn't removing the debt.

Doing that and then try to open more cards will probably increase the debt.

Depending on the utility of that loan, it could give you lots of points to pay that down aggressively.

Pulling another loan from your 401k also should really be thought over. (again it isnt removing the debt)

Try not to be late and always pay more then the minimum....even on the loan.

As your scores increase, you would also have better success at lowering your auto loan apr. (22% ouch)

my first new car loan was possibly 6.75% 10 years ago, and since then have not paid more than 1.9%---so scores do matter!

Hope this helps, not trying to be rude or anything like that.

Re: Why can't I have a JC Penney credit card?

Anonymous — Mon, 24 Jun 2019 19:14:16 GMT

I was denied for stupid reasons with a FICO around 730, and then when i closed on my mortgage and went on a shopping spree (utilization from 7% to 23%) i get a preapproval in the mail with a FICO around 689. I gave them the middle finger

Same thing in indigo: I prequal them for a year with a denial with FICO >700. My FICO drops to 689 and i get a preapproval. Never finished the app, didnt want a hard pull for a junk card. Guess they both want people with higher utilzation and lower scores.

Re: Why can't I have a JC Penney credit card?

pizza1 — Tue, 25 Jun 2019 02:14:02 GMT

@tboy1977 wrote:
So, this credit journey has been a winding road at times, but I feel like I should qualify for a JCP Credit card now. I got a OneMain loan to consolate the CC acount balances and so my 4K Coke VISA, my Credit One card, my Avant card, Walmart and Target CC are all at a $0 balance. I plan on keeping the loan for about a year of so, and then paying it off with a loan from my 401k. Anyway, I want a JCP card, but I was declined. My FICO score is 655, and I have one late this year, and a charge-off in late 2016. What can I do?

Not to be Debbie Downer here, but you have a BK from 2011, and recent lates plus a CO AFTER your BK! That is really bad...I mean bad. Normally, getting a JCP cc with a BK that old would be not a big deal, but your other issues are whats holding you back. I would agree with @Remedios , and concentrate on the negatives and getting some more positive history behind your recent negs. I also would NOT take a loan out at all from your 401K to pay off that small loan. I would get a second job or anything else to get it paid off quicker, but I wouldnt pull out retirement for that.

I wouldnt be concerned with a JCP CC right now, and I would concentrate on what you do have. Also, you dont want all your revolving cards at zero, as FICO has no way to score you, so leave one of the cards with a $10 balance to report each month, so fico can help score you.