topic Re: Declined Gap Store Credit Card in Credit Cards

Declined Gap Store Credit Card

Anonymous — Thu, 02 Jun 2011 19:36:02 GMT

Hi,

Posted this question in a different forum yesterday, but think this is probably the better place. sorry for the repost.

Yesterday I applied for a Gap Card in store and was declined (the bnkrptcy is the only baddie that I know of on my report). I just did it on the spur of the moment based on the sales rep's pep talk. I have a Chpt 7 Bnkrptcy from 2005 and am assuming that this is why I was declined. I am not so concerned about not having the Gap card, but instead my concern is HOW MUCH the declination will affect my credit score.

In Feb of this year I financed a car and at the time I had a combined score of 702. I have 3 credit cards, HSB, Cap1 and Target Red. I use them each month and pay them off each month. I also have a mortgage, student loan and now the car loan. All payments are timely.

What is the damage that a declination has on a credit report. Would it be worth it to try and contact GEMB for reconsideration? Or is it best just to remain status quo and repair the damage with the payments I make now.

Thanks!

Re: Declined Gap Store Credit Card

Anonymous — Thu, 02 Jun 2011 20:06:11 GMT

You might ask for a recon since they already hit your credit file. There will likely be a small dip in your scores but no permanent damage from the inquiry.

Re: Declined Gap Store Credit Card

MrCredit — Thu, 02 Jun 2011 20:15:33 GMT

You could try GEMB for a recon. In my experience, you will get a certain kind of rep that is frustrating.

I had to call them for my Lowes Project Card to recon for a low CL they gave me on approval. They would

not budge.

Re: Declined Gap Store Credit Card

Anonymous — Thu, 02 Jun 2011 20:33:53 GMT

@Anonymous wrote:
Hi,

Posted this question in a different forum yesterday, but think this is probably the better place. sorry for the repost.

Yesterday I applied for a Gap Card in store and was declined (the bnkrptcy is the only baddie that I know of on my report). I just did it on the spur of the moment based on the sales rep's pep talk. I have a Chpt 7 Bnkrptcy from 2005 and am assuming that this is why I was declined. I am not so concerned about not having the Gap card, but instead my concern is HOW MUCH the declination will affect my credit score.

In Feb of this year I financed a car and at the time I had a combined score of 702. I have 3 credit cards, HSB, Cap1 and Target Red. I use them each month and pay them off each month.   I also have a mortgage, student loan and now the car loan. All payments are timely.

What is the damage that a declination has on a credit report. Would it be worth it to try and contact GEMB for reconsideration?   Or is it best just to remain status quo and repair the damage with the payments I make now.

Thanks!

Hi.. hopefully you can get the answers here that you are looking for. For starters, though, could you explain what you mean by "combined score" in reference to the 702 from the car finance? Also, how many inquiries do you have on each bureau? Do you know which bureau Gap pulled?

The actual "declination" has no impact on your score whatsoever. The only impact would be a very small temporary loss of points for having the inquiry report, but I wouldn't be overly concerned about it... it also depends what bucket of scoring you are in, how many other inquiries you have, how recent, etc. Sorry for being so complicated.... bottom line: You didn't hurt your score by being declined. You may have taken a small hit for applyijng at all, and it's the same whether approved or declined.

As far as recon... You already took the inquiry, why not call and find out what's up and see if youc an sweet talk them if you really want the card? If you don't want it, don't recon...

Re: Declined Gap Store Credit Card

Anonymous — Thu, 02 Jun 2011 21:35:47 GMT

Thanks for the great advice.

I don't know which report(s) Gap pulled.

In regards to the combined score, I may have misspoke. I financed the car and I remember at the time that I signed the papers, there was a line stating my credit score as 702. I just assumed that the score was an average of my individual scores from TU/EXP/Equi, but it could have been the score from only one of them.

I don't know how many inquiries are reported on each, but in the past 12 months the only activity I have initiated include a mtg refi last october (which was approved), the car loan in Feb (which was approved) and the Gap card. I am not entirely sure of exact dates, but my credit cards have been open for at least 15 months or longer.

I don't know what "bucket of scoring" means...

Re: Declined Gap Store Credit Card

Anonymous — Thu, 02 Jun 2011 21:39:38 GMT

Combined score with an auto loan is usually what they refer to when you have a cosigner. They average your scores and give you a combined score. DW's TU AE Fico was 620. Mine was 593. Our combined score was 607.

Re: Declined Gap Store Credit Card

Anonymous — Thu, 02 Jun 2011 23:05:45 GMT

Did you include any GEMB cards in your BK? I've heard that if you did, it will auto decline you for any of their cards.

Re: Declined Gap Store Credit Card

Anonymous — Fri, 03 Jun 2011 20:08:48 GMT

I think that 2 GEMB cards were included in discharge, but neither had a balance due at the time of the BKRTCY.

Re: Declined Gap Store Credit Card

bichonmom — Sat, 04 Jun 2011 04:14:42 GMT

I believe the Gap is a GEMB card, like Old Navy, which pulls TU.

Like others have said, there may be a minor dip in your score from the inquiry.

Re: Declined Gap Store Credit Card

Anonymous — Wed, 15 Jun 2011 19:31:42 GMT

I just got declined for a Gap card as well and yes, they do pull through TU.

The funny thing is, their other companies did approve me, Banana Republic and Old Navy (which I can use to shop @ Gap so I guess it doesn't really matter). Such an odd company!

Re: Declined Gap Store Credit Card

Anonymous — Wed, 15 Jun 2011 23:56:03 GMT

They are, indeed, odd. This was over a year ago but I applied for the Old Navy Store or VISA card in the store. You know, the deal where you apply and they'll approve you for the VISA, or if not, the store card (or not at all.)

They approved me for the store card so I was happy - I was expecting a total turndown. I got the store card in the mail soon enough but less than a week after that I got the VISA in the mail. And I thought I was not eligible for the VISA.

Later when I called and asked if they could combine my credit limits onto just the VISA (I have a $400 limit on the store and $1000 on the VISA) they said no, and also told me that they were not supposed to give me both. I guess someone made a mistake. They didn't cancel either account, though, so I still have both.

I can't get CLIs at all with them, though, despite heavy usage of the VISA and paying it completely off several times and carrying a large balance other times.

Re: Declined Gap Store Credit Card

halos24 — Thu, 16 Jun 2011 05:37:33 GMT

Depends where you are is what report they pulled. I actually have a few GEMB store cards, and for GAP they pulled EQ. I was approved last November in the store for $300, with several inquiries, and a EQ fico of about 660. If you did include GEMB cards in your bk that might be the reason for the denial. Try the back door number, it is worth a shot.

Re: Declined Gap Store Credit Card

JonStur — Thu, 16 Jun 2011 13:25:43 GMT

Absolutely try for a recon...you should do this for any denial..all they can say is no. As the old saying goes "'a closed mouth doesn't get fed"... You've already used an inq at least make it count..they may tell you the reasons you were denied and give you an idea of what you may want to improve in your profile.