topic Question please read in Credit Cards

Question please read

Anonymous — Fri, 20 Jul 2018 19:41:20 GMT

I have an experian credit works basic member which allows me to view my Experian FICO 8 score for free. I have a 740 score. I don’t know what my Transunion or equifax Fico Scores are. My trans and equifax vantage scores are 694 and 704 respectively. I tried the pre quals on discover and Amex sites and I get only secured cards that match. With my scores I would think I absolutely qualify for any card out there. I don’t want to waste an inquiry either just trying. Does anyone else have this problem or have an answer for me ? Any insight would help!

Re: Question please read

Anonymous — Fri, 20 Jul 2018 19:50:36 GMT

If your credit is too new or if you have too many recent account and inquiries, that would be cause for a denial. Also if you have high utilization on your existing cards. Credit approvals don't soley rely on scores; your entire credit report is taken into consideration.

Re: Question please read

Anonymous — Fri, 20 Jul 2018 19:54:47 GMT

Can’t be utilization im at 3%. I’ve gotten three credit cards in six months maybe that’s why? It still is just weird to me.

Re: Question please read

Physh1 — Fri, 20 Jul 2018 21:19:58 GMT

Your score is only 1 variable lenders consider. If you're new to credit you'd have what people call a 'thin profile'. Good credit age, or a 'mature profile', with lots of good history & credit mix tells lenders you're a responsible and well managed borrower. If you're new to credit I'd suggest you manage your current cards well & search out how to increase your credit lines with them for a while longer. If you can build good history than you'll see more than secured card options soon. 3 cards in 6 months could cause lenders to see you as 'hunting' for credit & may view this as an additional risk. Give it time, mature your cards, & soon you'll see better offers.

Re: Question please read

Anonymous — Fri, 20 Jul 2018 23:47:11 GMT

What 3 cards do you have? I'm guessing they are all retail cards.

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Anonymous — Sat, 21 Jul 2018 00:02:19 GMT

Cap one plat, Kohl’s,torrid

Re: Question please read

Anonymous — Sat, 21 Jul 2018 00:44:12 GMT

As the others have suggested, your FICO scores aren't the only things a creditor looks at. Your file appears very young and very thin...hence the secured card recommendations. What I believe is that you need time for your accounts to age.

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Anonymous — Sat, 21 Jul 2018 01:25:32 GMT

Thanks a lot for the input. I also remember I opted out of pre screening offers a while ago. While your prob right I did opt back in and gotta wait five days for it to take effect.

Re: Question please read

Anonymous — Sat, 21 Jul 2018 01:39:22 GMT

In addition to the factors already mentioned, lenders and CC issuers consider factors outside your scores, notably income and existing debt. We don't know the dollar value of any existing loan balances you might have nor do we know your income.

A person could have low CC utilization, accounts that are several years old, and scores in the 800s -- and be denied (or offered very limited products) due to low income, high existing debt, or a combination of the two.

Re: Question please read

Shadowfactor — Sat, 21 Jul 2018 05:15:57 GMT

Since you have Experian Basic already.

Why don’t you signup for the $4.99 trial of Experian Creditworks Premium. It will let you see all 3 bureaus FIcO 8 scores.

This will give you a better idea of where you stand.

Pre-approvals or should I say lack of doesn’t mean you won’t get approved. Lots of members here cold app and get approved.

Re: Question please read

HeavenOhio — Sat, 21 Jul 2018 05:38:23 GMT

@Anonymous wrote:
Thanks a lot for the input. I also remember I opted out of pre screening offers a while ago. While your prob right I did opt back in and gotta wait five days for it to take effect.

That would do it.

I agree with waiting a bit, at least until your second oldest card is six months old.

Re: Question please read

Anonymous — Sat, 21 Jul 2018 09:21:27 GMT

Yeah I am going to wait. My income is about 50k and I have a car loan that was never late and ended in 2010 and a Bank of America credit card that was actually paid in full and closed in 2010 also when I was having some problems in my life. That’s the extent of my credit history aside from the cards I have now. At one point my score was a 534 and now that it’s over 720 I’m extatic. Pretty much all I’m looking for is one good limit card that I can use everyday for the rewards and so my utilization doesn’t shoot up like crazy and then just pay in full.

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Anonymous — Sat, 21 Jul 2018 09:52:24 GMT

Thanks for everyone’s help