topic Re: Millionaire has 662 FICO score and gets denied credit. Anyone getting credit with a 662 FICO sc in Credit Cards

Millionaire has 662 FICO score and gets denied credit. Anyone getting credit with a 662 FICO score?

Anonymous — Sat, 23 Jul 2011 01:57:49 GMT

I'm having trouble getting ANY credit. I am expanding my business and will need to have some credit cards in my name (even though I have no use for the credit) to establish credit for office rental space and equipment rental. I currently have a Capitol One Platinum Card. I have little use for credit as I make $786,000 per year therefore I pay cash for cars and houses. I have even applied for Discover Card and own over 20,000 shares of their stock (worth over a million dollars) and could not get approved for their card which I think is hilarious. I currently have a 662 FICO score. I was advised that I should have several different credit cards and am trying to open anything but am having no luck. Is anyone else with a 662 or lower FICO having luck opening credit cards, and if so, what card should I have any luck with? I have not a single negative mark on my record (EVER) and my one account says PAYS AS AGREED (any balance is paid off every month). Your help is appreciated.

Re: Millionaire has 662 FICO score and gets denied credit. Anyone getting credit with a 662 FICO sc

Booner72 — Sat, 23 Jul 2011 01:59:22 GMT

This goes to show that FICO doesn't use income to factor your score. Just because you make that money doesn't have anything to do with your credit score. Credit scoring is a science and you need to learn about it here at this forum. Apply for Orchard Bank. They'll give you credit.

Re: Millionaire has 662 FICO score and gets denied credit. Anyone getting credit with a 662 FICO sc

Open123 — Sat, 23 Jul 2011 02:01:48 GMT

Warren Buffet's Fico is 683.

Re: Millionaire has 662 FICO score and gets denied credit. Anyone getting credit with a 662 FICO sc

Anonymous — Sat, 23 Jul 2011 02:03:39 GMT

@Anonymous wrote:
I'm having trouble getting ANY credit. I am expanding my business and will need to have some credit cards in my name (even though I have no use for the credit) to establish credit for office rental space and equipment rental. I currently have a Capitol One Platinum Card. I have little use for credit as I make $786,000 per year therefore I pay cash for cars and houses. I have even applied for Discover Card and own over 20,000 shares of their stock (worth over a million dollars) and could not get approved for their card which I think is hilarious. I currently have a 662 FICO score. I was advised that I should have several different credit cards and am trying to open anything but am having no luck. Is anyone else with a 662 or lower FICO having luck opening credit cards, and if so, what card should I have any luck with? Your help is appreciated.

Lol, i'm not sure what price you bought your DFS stock at but if at current market value you're unrealized loss is half a million. You must be a new business owner? Considering your current disdain for credit. I tend to find those that know little about leverage know even less about finance. But to your point, you will want to look at your full credit picture to find out why you have such a low score. Any deliquents on installments? Or the capital one card that you do have?

Capital one is a easier to get so you may want to try them again.

Re: Millionaire has 662 FICO score and gets denied credit. Anyone getting credit with a 662 FICO sc

Anonymous — Sat, 23 Jul 2011 02:05:23 GMT

@Open123 wrote:
Warren Buffet's Fico is 683.

and a stock valued at 100,00+/share

Re: Millionaire has 662 FICO score and gets denied credit. Anyone getting credit with a 662 FICO sc

Open123 — Sat, 23 Jul 2011 02:06:39 GMT

@Anonymous wrote:
@Open123 wrote:
Warren Buffet's Fico is 683.

and a stock valued at 100,00+/share

Gotta love the democratization of credit!

Re: Millionaire has 662 FICO score and gets denied credit. Anyone getting credit with a 662 FICO sc

fot1 — Sat, 23 Jul 2011 02:06:41 GMT

Credit one.

Orchard

Fingerhut

Kays

All pretty easy to get..

BofA and Wells secured cards

or drop 10k into savings at a local credit union then get there CC

Re: Millionaire has 662 FICO score and gets denied credit. Anyone getting credit with a 662 FICO sc

Anonymous — Sat, 23 Jul 2011 02:07:31 GMT

As my post stated, I have already Capitol One. I bought $100,000 worth of DFS low in 2006. I can assure you it is now worth over a million.

Re: Millionaire has 662 FICO score and gets denied credit. Anyone getting credit with a 662 FICO sc

Open123 — Sat, 23 Jul 2011 02:09:36 GMT

@Anonymous wrote:
As my post stated, I have already Capitol One. I bought $100,000 worth of DFS low in 2006. I can assure you it is now worth over a million.

Have you tried to recon with Discover? Perhaps they're not privy to how much of their stock you personally hold.

Re: Millionaire has 662 FICO score and gets denied credit. Anyone getting credit with a 662 FICO sc

Anonymous — Sat, 23 Jul 2011 02:14:18 GMT

@Anonymous wrote:
As my post stated, I have already Capitol One. I bought $100,000 worth of DFS low in 2006. I can assure you it is now worth over a million.

I was suggesting you get another card with them. Maybe venture one. Its honestly hard to tell you how to improve without know exactly the issue, if its lack of revolving credit then you need another card thats easy to get into (capone). and FYI - discover IPO'd in 2007.....at 25$... so... if you'd held out til this point you've broke even. You may want to double check with your Financial Advisor

Re: Millionaire has 662 FICO score and gets denied credit. Anyone getting credit with a 662 FICO sc

Anonymous — Sat, 23 Jul 2011 02:14:41 GMT

I just spoke with Discover to reconsider today. And, they are aware (according to their new accounts) about my stock. The stock made no difference to them.

Re: Millionaire has 662 FICO score and gets denied credit. Anyone getting credit with a 662 FICO sc

Anonymous — Sat, 23 Jul 2011 02:17:19 GMT

@Anonymous wrote:
I just spoke with Discover to reconsider today. And, they are aware (according to their new accounts) about my stock. The stock made no difference to them.

trust me, it never will. I have stocks in a few financials, and thats not buying me a better interest rate on my savings accounts. Lol. its the ethics of the business. Try orchard or cap one. granted, they're low tier but obviously thats not your concern.

Re: Millionaire has 662 FICO score and gets denied credit. Anyone getting credit with a 662 FICO sc

Anonymous — Sat, 23 Jul 2011 02:16:55 GMT

Orchard denied.

Re: Millionaire has 662 FICO score and gets denied credit. Anyone getting credit with a 662 FICO sc

Open123 — Sat, 23 Jul 2011 02:17:32 GMT

@Anonymous wrote:
I just spoke with Discover to reconsider today. And, they are aware (according to their new accounts) about my stock. The stock made no difference to them.

Wow!

If it were me, I'd be outraged. I'd sell them and buy Amex.

Re: Millionaire has 662 FICO score and gets denied credit. Anyone getting credit with a 662 FICO sc

Anonymous — Sat, 23 Jul 2011 02:19:17 GMT

I won't buy AMEX -- they denied me, too.

Re: Millionaire has 662 FICO score and gets denied credit. Anyone getting credit with a 662 FICO sc

Anonymous — Sat, 23 Jul 2011 02:19:20 GMT

@Anonymous wrote:
Orchard denied

Okay is this 662 "FICO" a lender pull and with what bureau (EQ, EX, TU). Since you've been denied recently you can pull your report for free from the bureau they pulled and figure out why.

Re: Millionaire has 662 FICO score and gets denied credit. Anyone getting credit with a 662 FICO sc

llecs — Sat, 23 Jul 2011 02:19:23 GMT

Sounds like with a 662 FICO you have some baddies or late payments holding you back. If they aren't open to the recon, then focus on repair and take a shot again in 2-3 months. If not wanting to wait, then open a secured CC somewhere. That'll help with your mix of credit and limit the exposure to unwanted inquiries. You can also control your credit limit and save at the same time.

Re: Millionaire has 662 FICO score and gets denied credit. Anyone getting credit with a 662 FICO sc

Anonymous — Sat, 23 Jul 2011 02:24:09 GMT

I have pulled all three (TU, EX, Equifax) and there are no negatives (not one) on any of the three.

Re: Millionaire has 662 FICO score and gets denied credit. Anyone getting credit with a 662 FICO sc

Anonymous — Sat, 23 Jul 2011 02:26:46 GMT

Not sure how Orchard bank turned you down. Even my couch has an orchard bank card.

My credit is worse than yours and I have a USAA, Wells Fargo, two Capital One, and one Household bank credit card.

Re: Millionaire has 662 FICO score and gets denied credit. Anyone getting credit with a 662 FICO sc

llecs — Sat, 23 Jul 2011 02:28:03 GMT

I know you mentioned that, but I don't see how your score can be that low with no negatives. Even if your CapOne was maxed out or over the limit, and brand new, I believe your score would be higher.

In any case, a secured CC is a great start. Besides, Discover would probably start you at approx. $2000 (fairly common starting limit, give or take) and that won't go that far with business purchases.