topic Re: Why does Comenity keep denying me? in Credit Card Applications

Why does Comenity keep denying me?

kevinlee28 — Mon, 22 Jul 2019 18:40:21 GMT

I'm in the process of buying my 1st home after years of credit damage- i finally got my scores up to T- 679 EQ 656 EX 640 - i go to settlement on 8/20. either way i'm looking to open a few cards after closing to get some furniture quick. i tried the preapproval page on wayfair and was denied. I'm super confused because i have no open bad debt. I have 4 inquiries (from mortgage rate shopping) 2 charge off accounts with lates but they are paid off in 2018. nothing else but current student loans and my current car note. but nothing else, i've read people with 600 credit scores being approved- why do they keep denying me?

Re: Why does Comenity keep denying me?

Anonymous — Mon, 22 Jul 2019 18:49:08 GMT

My guess....

2 charge off accounts with lates but they are paid off in 2018.

Comenity is pretty loose when it comes to approvals but, they're not 100% approvals no matter the score. They could be looking beyond the above as well. Mind you that you shouldn't be playing credit roulette while in process with a mortgage.

Re: Why does Comenity keep denying me?

FinStar — Mon, 22 Jul 2019 18:55:05 GMT

You should have received correspondence associated with the results from Wayfair.

What reason(s) are they citing for being declined OP?

Re: Why does Comenity keep denying me?

kevinlee28 — Mon, 22 Jul 2019 19:03:07 GMT

i didn't do the hard pull - just the pre-qualify

Re: Why does Comenity keep denying me?

FinStar — Mon, 22 Jul 2019 19:07:05 GMT

So, can you clarify the following statement? If you didn't go through with the application, how did you become aware that you were denied?

" i tried the preapproval page on wayfair and was denied"

Re: Why does Comenity keep denying me?

Brian_Earl_Spilner — Mon, 22 Jul 2019 19:09:51 GMT

Did you burn Commenity in the past?

Re: Why does Comenity keep denying me?

Anonymous — Mon, 22 Jul 2019 19:57:04 GMT

It sounds like they are just doing the prequalify and not actually applying. If you really want the card try the shopping card trick. If you get an offer it might be for a low limit though. Wait until you actually closed on your house (paperwork signed, keys in hand).

Search here or Google “shopping card trick”. Just note it will be a hard pull if you accept the offer.

Re: Why does Comenity keep denying me?

CreditInspired — Mon, 22 Jul 2019 21:10:28 GMT

@kevinlee28 wrote:
I'm in the process of buying my 1st home after years of credit damage- i finally got my scores up to T- 679 EQ 656 EX 640 - i go to settlement on 8/20. either way i'm looking to open a few cards after closing to get some furniture quick. i tried the preapproval page on wayfair and was denied. I'm super confused because i have no open bad debt. I have 4 inquiries (from mortgage rate shopping) 2 charge off accounts with lates but they are paid off in 2018. nothing else but current student loans and my current car note. but nothing else, i've read people with 600 credit scores being approved- why do they keep denying me?

If you're in the process of buying your 1st home, the last thing you should be doing is applying for new credit. Mortgage companies do not want to see any new accounts 12 months prior to applying for a mortgage.

Re: Why does Comenity keep denying me?

AverageJoesCredit — Mon, 22 Jul 2019 21:40:29 GMT

If your scores are mid 600's , there are issues , ie the COs, that are negatively affecting you. Plus, you cant say you sre being denied if you dont actually apply. Prequals are not 100% surefire and in most cases give you s general idea on your chances with a lender but sgain are not 100% bulletproof. Ymmv always.

Re: Why does Comenity keep denying me?

kdm31091 — Mon, 22 Jul 2019 23:17:24 GMT

@CreditInspired wrote:
@kevinlee28 wrote:
I'm in the process of buying my 1st home after years of credit damage- i finally got my scores up to T- 679 EQ 656 EX 640 - i go to settlement on 8/20. either way i'm looking to open a few cards after closing to get some furniture quick. i tried the preapproval page on wayfair and was denied. I'm super confused because i have no open bad debt. I have 4 inquiries (from mortgage rate shopping) 2 charge off accounts with lates but they are paid off in 2018. nothing else but current student loans and my current car note. but nothing else, i've read people with 600 credit scores being approved- why do they keep denying me?
If you're in the process of buying your 1st home, the last thing you should be doing is applying for new credit. Mortgage companies do not want to see any new accounts 12 months prior to applying for a mortgage.

This. The best possible rate on your mortgage over 30 years is far more important than any perks from opening a credit card.

Re: Why does Comenity keep denying me?

mikesonthemend — Mon, 22 Jul 2019 23:32:52 GMT

@kevinlee28 wrote:
I'm in the process of buying my 1st home after years of credit damage- i finally got my scores up to T- 679 EQ 656 EX 640 - i go to settlement on 8/20. either way i'm looking to open a few cards after closing to get some furniture quick. i tried the preapproval page on wayfair and was denied. I'm super confused because i have no open bad debt. I have 4 inquiries (from mortgage rate shopping) 2 charge off accounts with lates but they are paid off in 2018. nothing else but current student loans and my current car note. but nothing else, i've read people with 600 credit scores being approved- why do they keep denying me?

Wayfair, and I think Overstock, use an outfit out of Atlanta that almost guaruntees to finance potential customers. Genesis FS Card Services is their name. Inaddition to online retailers, they finance for in-store operations like Ashley Furniture and others.

I would not be worried about filling the home with furniture just yet. When you get your mortgage, plenty of people will be glad to finance your furniture.

Re: Why does Comenity keep denying me?

Anonymous — Tue, 23 Jul 2019 00:24:33 GMT

@kdm31091 wrote:
@CreditInspired wrote:
@kevinlee28 wrote:
I'm in the process of buying my 1st home after years of credit damage- i finally got my scores up to T- 679 EQ 656 EX 640 - i go to settlement on 8/20. either way i'm looking to open a few cards after closing to get some furniture quick. i tried the preapproval page on wayfair and was denied. I'm super confused because i have no open bad debt. I have 4 inquiries (from mortgage rate shopping) 2 charge off accounts with lates but they are paid off in 2018. nothing else but current student loans and my current car note. but nothing else, i've read people with 600 credit scores being approved- why do they keep denying me?
If you're in the process of buying your 1st home, the last thing you should be doing is applying for new credit. Mortgage companies do not want to see any new accounts 12 months prior to applying for a mortgage.

This. The best possible rate on your mortgage over 30 years is far more important than any perks from opening a credit card.

a few cards after closing:

Re: Why does Comenity keep denying me?

kevinlee28 — Wed, 04 Sep 2019 18:45:15 GMT

Hi all - went to settlement on the 20th ( all good) lol

but still scared to apply for cards - my mortage isn't showing yet

any more advice?

Re: Why does Comenity keep denying me?

Anonymous — Wed, 04 Sep 2019 21:15:23 GMT

@kevinlee28 wrote:
Hi all - went to settlement on the 20th ( all good) lol
but still scared to apply for cards - my mortage isn't showing yet
any more advice?

Congrats. Have you run the score simulator with adding a new mortgage? You can wait for your FICO to drop 30-40 points once reported then App for the cards you want. I Keed... I Keed.... Seriously tho, you may want to get while the gettin's good. Your DTI ratio is about to adjust. I'm still new here so take that for what its worth.

Re: Why does Comenity keep denying me?

Anonymous — Fri, 06 Sep 2019 03:07:19 GMT

Don't do anything credit related until after closing. The look for a Sync backed furniture store financing and go for that. I know Ashleys and value city use Sync, so maybe try those. Comenity is a really crappy bank, if you're not in bed with them, then don't.