topic Re: scores great no approvals in Credit Cards

scores great no approvals

MzKitty — Tue, 07 Jan 2020 00:22:55 GMT

My scores are ex 680 tu 680 eq 715.I have no collections and 2years of no late on 1000 loan. I get denied for verything. just got appoved for spark but nothing else any advice?

Re: scores great no approvals

thornback — Tue, 07 Jan 2020 00:25:56 GMT

Spark is business credit, correct? So.... do you have not personal credit cards? Is the loan the only thing reporting?

Re: scores great no approvals

MzKitty — Tue, 07 Jan 2020 00:30:33 GMT

ye spark is business. no personal cards not for the lack of trying. the spark is new and not reporting yet. So the one loan is all i have.

Re: scores great no approvals

thornback — Tue, 07 Jan 2020 00:36:28 GMT

@MzKitty wrote:
ye spark is business. no personal cards not for the lack of trying. the spark is new and not reporting yet. So the one loan is all i have.

It's possible you're being denied due to a lack of history. What type of denial reasons are you receiving on the letters you are sent?

Will Spark report to your personal credit report, or business credit report?

If it reports to business, then you'll still need a card for your personal report. I'd suggest starting with a secured card - preferably, one (or more) that will eventually graduate to unsecured (look into Discover, Citi, Bank of America, TD Bank). You can start off with as little as a $200 limit; keep/use it for at least 6 months, then app for an unsecured card.

If the Spark will report to your personal credit report, then use that as your starter for 6 months and then try for another unsecured card.

Re: scores great no approvals

MzKitty — Tue, 07 Jan 2020 00:48:17 GMT

the denial never have a reason. The limited credit thing was on my mind as well. But ive extended the credit union loan for 2plus years. Thank you so much.

Re: scores great no approvals

thornback — Tue, 07 Jan 2020 00:53:06 GMT

@MzKitty wrote:
the denial never have a reason. The limited credit thing was on my mind as well. But ive extended the credit union loan for 2plus years. Thank you so much.

You're welcome -- but are you sure the denials don't have a reason? You should receive a letter by mail each time you are denied credit (no matter the creditor) that lists reasons for the denial.

In any event -- the loan does help as it fulfills a portion of the credit mix needed to build your credit profile - so it's good that you were able to extend it; but revolving credit is a must. Once you add a revolving card (secured or unsecured) you'll also get a boost in your FICO scores for fulfilling that portion of your credit mix. A secured card will help you build the history you need. Good luck!!

Re: scores great no approvals

MzKitty — Tue, 07 Jan 2020 01:04:47 GMT

ok got it your advice seem accurate and very sound. I looked and my reasons state low level authentication indicitive of fraud . more than 3 inquires this month... car shopping.

Re: scores great no approvals

thornback — Tue, 07 Jan 2020 01:20:35 GMT

@MzKitty wrote:
ok got it your advice seem accurate and very sound. I looked and my reasons state low level authentication indicitive of fraud . more than 3 inquires this month... car shopping.

Eh... inquiries from car shopping are often unavoidable, wouldn't worry about that much. Do try to keep new credit seeking inquiries to a minimum though. After you get your secured card(s) -- no more than 3 to start -- don't incur any more inquiries till everything ages past 6 months, at least (a year is better). Inquiries affect your scores for exactly 365 days from the date it occured and then they become unscoreable - at which point, any points lost from acquiring the inquiry will be regained. Each inquiry will remain on your reports for a full 2 years though, as a record. Some creditors are sensitive and will deny you for too many inquiries/credit seeking behavior in a short period of time, but if all inquiries are older than 6 months, you have a better shot at them being overlooked. If all inquiries are over a year old, they're not likely to affect approval much at all (except for maybe Chase).

The 'low-level authentication indicative of fraud' reason is a bit strange though. I can't say i've heard of that one before. Maybe give that creditor a call and find out what that reason means -- make sure it's not something you need to address; wouldn't want it preventing future approvals if there's something on your file that is indicative of fraud that can be fixed.

Re: scores great no approvals

JNA1 — Tue, 07 Jan 2020 02:02:55 GMT

Have you tried the pre-qualification pages for Discover, Citi, Capital One, Apple card, BB&T, Deserve, etc? Most of the prequals for those sites are solid.

Re: scores great no approvals

MzKitty — Tue, 07 Jan 2020 02:09:12 GMT

Okay I'm going to try it out I'm probably go for the discover secured and maybe the citi

Re: scores great no approvals

coldfusion — Tue, 07 Jan 2020 02:13:01 GMT

@JNA1 wrote:
Have you tried the pre-qualification pages for Discover, Citi, Capital One, Apple card, BB&T, Deserve, etc? Most of the prequals for those sites are solid.

Denials beget denials. OP needs to cool their heels for a while, at least 6 months. If the Spark is used appropriately and paid promptly it can act as a small crowbar when it's time to take the next step.

Even though the Spark is a business card it reports to ones personal profile.

Re: scores great no approvals

JNA1 — Tue, 07 Jan 2020 02:17:31 GMT

The Discover secured card is one of the best because it yields the 2% cashback on gas station purchases (gas and in store) and restaurants and 1% on everything else, and Discover matches all cashback for the first year, so it's effectively a 4%/2% card for the first year.

Re: scores great no approvals

thornback — Tue, 07 Jan 2020 02:17:54 GMT

@coldfusion wrote:
@JNA1 wrote:
Have you tried the pre-qualification pages for Discover, Citi, Capital One, Apple card, BB&T, Deserve, etc? Most of the prequals for those sites are solid.
Denials beget denials. OP needs to cool their heels for a while, at least 6 months. If the Spark is used appropriately and paid promptly it can act as a small crowbar when it's time to take the next step.

Even though the Spark is a business card it reports to ones personal profile.

Agreed. This was what I wanted to know. Since Spark reports to the personal file, then use that for 6 months -- then apply for something else. No need to go the secured card route if sufficient history may be gained through the Spark card.

Re: scores great no approvals

Anonymous — Tue, 07 Jan 2020 02:28:27 GMT

Low level of authentication indicative of fraud tends to be a strain of "wow thats a ton of applications in a short period of time."

I think cooling off a bit should be in order. Let the Spark grow and get at it in 6 months or so.

Re: scores great no approvals

MzKitty — Tue, 07 Jan 2020 02:31:46 GMT

I was thinking the very same thing cuz I've been going in trying to get the three cards to kind of sit and build maybe I should just build with the one.

Re: scores great no approvals

thornback — Tue, 07 Jan 2020 02:32:41 GMT

@Anonymous wrote:
Low level of authentication indicative of fraud tends to be a strain of "wow thats a ton of applications in a short period of time."

I think cooling off a bit should be in order. Let the Spark grow and get at it in 6 months or so.

Thanks for clearing that up. Had no idea, based on the wording, that it was connected to credit seeking.

Re: scores great no approvals

coldfusion — Tue, 07 Jan 2020 02:50:00 GMT

@MzKitty wrote:
I was thinking the very same thing cuz I've been going in trying to get the three cards to kind of sit and build maybe I should just build with the one.

When you start seeing denials it's a clear and direct message that you need to slow down and take your time. You can't break out of the cycle by picking up the pace and continuing to apply.

Use that 1 card regularly and pay in full every month, or at least as much as you can every month, to generate some good history. If you can do so you should be able to pick up another card like a Discover IT in 6 months.

One word of caution - use care with how you use the card. Different issuers have different levels of tolerance for the amount and type of personal spend placed on a business card, if you regularly just use it for what can only be considered as personal spend you may attract attention and get warned.

Re: scores great no approvals

AllZero — Tue, 07 Jan 2020 02:51:59 GMT

@thornback wrote:
@Anonymous wrote:
Low level of authentication indicative of fraud tends to be a strain of "wow thats a ton of applications in a short period of time."

I think cooling off a bit should be in order. Let the Spark grow and get at it in 6 months or so.
Thanks for clearing that up. Had no idea, based on the wording, that it was connected to credit seeking.

I didn't know either. I googled it and it brought me back to myFICO forums.

Re: scores great no approvals

NRB525 — Tue, 07 Jan 2020 03:31:37 GMT

OP does the credit union have a credit card you can apply for? With membership and this loan history, perhaps?

Re: scores great no approvals

recoveringfrombk7 — Tue, 07 Jan 2020 03:32:04 GMT

@JNA1 wrote:
The Discover secured card is one of the best because it yields the 2% cashback on gas station purchases (gas and in store) and restaurants and 1% on everything else, and Discover matches all cashback for the first year, so it's effectively a 4%/2% card for the first year.

Just FYI, Discover Secured can be PC'd to the 5% Cash Back card after the first statement.