topic Re: Bestbuy CLI DECLINED why? in Credit Card Applications

Bestbuy CLI DECLINED why?

Anonymous — Tue, 18 Aug 2015 23:49:59 GMT

I requested a CLI from bestbuy, my 2nd time this year and i've had this card for about 3 years. I have 2 baddies with them when I first opened it but its been perfect since.

I decided to request the CLI and I received the decline. Today they sent me the reason why. I'm confused, they pulled EQ and it says 582 but when I go to the EQ actual site that i'm using to monitor my score, it shows 620. Whats going on! How did they get that score

Re: Bestbuy CLI DECLINED why?

Knight302 — Wed, 19 Aug 2015 00:12:39 GMT

Not sure what is going on in your situation, but I can't get an increase with them either. I have had the card for 3 years, used it, paid it off , used it, paid it off, and so on. I have a $1,000 limit and a spotless record with BB. I always get the too many inquiries response. Nearly all of those were from my car shopping late last year, early this year. My scores are around 665 across the board but they won't budge for some reason.

Re: Bestbuy CLI DECLINED why?

ddemari — Wed, 19 Aug 2015 00:33:23 GMT

I dont have a best buy card but from what i read, im thinking they are giving you your fico bankcard score from EQ?

Re: Bestbuy CLI DECLINED why?

Anonymous — Wed, 19 Aug 2015 00:38:12 GMT

They pulled and got a Fico score, your score from EQ is NOT a Fico score, but an educational Fako score. They are NOT the same. Sorry. Pay and Pull your Fico scores from MyFico.com. You need to know what your real Fico scores are versus Fako scores,

Welcome to the world of scores.

Re: Bestbuy CLI DECLINED why?

Anonymous — Wed, 19 Aug 2015 04:47:42 GMT

So www.equifax.com is a fako score???

Re: Bestbuy CLI DECLINED why?

Anonymous — Wed, 19 Aug 2015 05:27:10 GMT

My cl with them was 1100 until a month ago and I have had the card since 2007. I requested an additional 4000 and got it but I had a 755 score. Believe they pulled eq. Yeah I know, doesn't help any.

Re: Bestbuy CLI DECLINED why?

Gigi85 — Wed, 19 Aug 2015 09:04:30 GMT

Hi, the scores on the direct bureaus websites are not FICO scores and not the one most lenders use. It can be very confusing sometimes. I have access to my FICO scores and all the bureaus as well and this is what I have discovered/learned.

Equifax uses the new Vantage scores model (VantageScore 3.0, scores go up to 850 like FICO scores) Experian uses FICO and Transunion uses the older VantageScore model (scores go up to 990 and they are letter graded (A, B, C & D). Most lenders use FICO, there is one main score (FICO Score 8) that is mostly used and there are about 50 other different FICO scores that lenders use(Auto, Bankcard, etc)

My EQ score is 725 on the bureau website(and it's "very" good) while my main EQ FICO score is 708(only good :-(), EX is 710 and it's the same on both bureau and FICO site, my TU is 761(C grade) on the bureau site and main FICO score is 718.

So in your case, I think that maybe they pulled your FICO. And I also notice that my FICO scores take longer to update than the credit bureaus.

VantageScores are good to keep track but they are not usually used by lenders. When you get the denial letter, it will tell you if they used FICO. Hope this helps. Sorry about the decline, it sucks, I know.

Re: Bestbuy CLI DECLINED why?

taxi818 — Wed, 19 Aug 2015 14:12:50 GMT

Exactly. Eq score is fako. Not fico. Either way 582-620. Something not good holding score down. I would address that. Length of time having card does not guarantee anything. Sorry you got denied op.

Re: Bestbuy CLI DECLINED why?

ojefferyo — Wed, 19 Aug 2015 16:51:29 GMT

Pull your reports on here and take a good look on EQ, there's something on there they don't like and it's also supressing your scores.

Re: Bestbuy CLI DECLINED why?

klarso11 — Sat, 10 Oct 2015 14:05:22 GMT

I started with a $500 Bestbuy M/C 2 years ago. Was shocked that I qualified. A year later I convinced them to raise limit to $1K. My scores have gone from mid 500s to low 700s. But I too am stuck there.

Re: Bestbuy CLI DECLINED why?

klarso11 — Fri, 27 Nov 2015 01:39:10 GMT

Update: asked for cli to $5K today and got it!