topic Amazon/GEMB not using FICO and should I recon? in Credit Cards

Amazon/GEMB not using FICO and should I recon?

dude11 — Sat, 10 Sep 2011 14:01:25 GMT

Hello,

I recently applied for the Amazon store card and I was denied. Here are what the reasons were for denial.

Your Credit Score: 408

Date: 09/05/2011

Scores range from a low of 300 to a high of 620.

Key factors that adversely affected your credit score:

TOO MANY ACCOUNTS 30 OR MORE DAYS PAST DUE IN LAST 12 MONTHS
ACCOUNTS IN COLLECTION OR 60 DAYS PAST DUE OR ADVERSE PUBLIC RECORDS
HIGHEST RATIO OF REVOLVING BALANCE TO CREDIT LIMIT IS TOO HIGH
NUMBER OF MONTHS SINCE 30 DAYS PAST DUE ON A CREDIT ACCOUNT IS TOO LOW

Obviously they are not using a FICO score or unless they gave me this crap just to say that they are complying with the new Card ACT by providing a score. Now what about if I recon?

I only have one account that shows a past due amount which is a BOA CO that I am currently making payments on. As of the end of this month I plan on making a huge payment on it that will bring the balance down to about 87% of what the original balance was. This account is only being reported by BOA and not a third party CA. Also this is the only account with a current balance or past due amount.

As far as the comment "HIGHEST RATIO OF REVOLVING BALANCE TO CREDIT LIMIT IS TOO HIGH" I believe what is hurting me is once again this account since the balance being reported is currently almost maxing out the credit limit. All of my other current cards are under 50% or more of UTL.

Should I even try to recon, and if so, does anyone have a number? There is no number listed on the denial letter.

Thanks for your assistance!

Re: Amazon/GEMB not using FICO and should I recon?

Anonymous — Sat, 10 Sep 2011 14:11:30 GMT

Maybe check your inq on your CR? They should have a 1800 number to call. From their report, I would try to speak to them first before trying again...

Re: Amazon/GEMB not using FICO and should I recon?

ptkdude — Sat, 10 Sep 2011 15:19:35 GMT

@dude11 wrote:
Hello,

I recently applied for the Amazon store card and I was denied. Here are what the reasons were for denial.

Your Credit Score: 408
Date: 09/05/2011
Scores range from a low of 300 to a high of 620.
Key factors that adversely affected your credit score:

TOO MANY ACCOUNTS 30 OR MORE DAYS PAST DUE IN LAST 12 MONTHS
ACCOUNTS IN COLLECTION OR 60 DAYS PAST DUE OR ADVERSE PUBLIC RECORDS
HIGHEST RATIO OF REVOLVING BALANCE TO CREDIT LIMIT IS TOO HIGH
NUMBER OF MONTHS SINCE 30 DAYS PAST DUE ON A CREDIT ACCOUNT IS TOO LOW

Obviously they are not using a FICO score or unless they gave me this crap just to say that they are complying with the new Card ACT by providing a score. Now what about if I recon?

I only have one account that shows a past due amount which is a BOA CO that I am currently making payments on. As of the end of this month I plan on making a huge payment on it that will bring the balance down to about 87% of what the original balance was. This account is only being reported by BOA and not a third party CA. Also this is the only account with a current balance or past due amount.

As far as the comment "HIGHEST RATIO OF REVOLVING BALANCE TO CREDIT LIMIT IS TOO HIGH" I believe what is hurting me is once again this account since the balance being reported is currently almost maxing out the credit limit. All of my other current cards are under 50% or more of UTL.

Should I even try to recon, and if so, does anyone have a number? There is no number listed on the denial letter.

Thanks for your assistance!

I'm confused about your current balances. You say "Also this is the only account with a current balance...", but then you say "All of my other current cards are under 50% or more of UTL.

Additionally, if they aren't using FICO there's really no way to know what they consider a "too high" utilization, as each scoring model could set this at a different rate. FICO would consider 49% utilization to be high, as I believe it likes less than 30%, and prefers less than 10%.

Re: Amazon/GEMB not using FICO and should I recon?

dude11 — Sat, 10 Sep 2011 19:14:28 GMT

Sorry I meant this account is currently my only CO account with a balance. All of the other CO's have been paid and no balances are reporting for those. This account however I am still paying for which is my last CO that I still owe.

Re: Amazon/GEMB not using FICO and should I recon?

creditguy-378 — Sat, 10 Sep 2011 19:19:26 GMT

under the new law they have to provide you with a credit score and it doesn't have to be the score they used to deny you with but as far as the one they used to evaluate you it was either the fico or the vantage score

Re: Amazon/GEMB not using FICO and should I recon?

Anonymous — Sun, 11 Sep 2011 17:38:51 GMT

@creditguy-378 wrote:
under the new law they have to provide you with a credit score and it doesn't have to be the score they used to deny you with but as far as the one they used to evaluate you it was either the fico or the vantage score

As for the bolded...are you sure about that?

And the score they used was neither FICO nor Vantage. FICO (AFAIK all 13 or so models) range from 300-850, Vantage is from 501-990.

Re: Amazon/GEMB not using FICO and should I recon?

Anonymous — Sun, 11 Sep 2011 18:43:44 GMT

@creditguy-378 wrote:
under the new law they have to provide you with a credit score and it doesn't have to be the score they used to deny you with but as far as the one they used to evaluate you it was either the fico or the vantage score

Not true. Just the opposite. They HAVE TO provide you with a score they used as a factor to deny you. There is no requirement, however, for them to use a FICO scoring model.

Re: Amazon/GEMB not using FICO and should I recon?

score_building — Mon, 12 Sep 2011 03:39:42 GMT

Sounds like some more rebuilding/ tweaking may be in order and perhaps a scured card with a CU fora jump start? GEMB doesn't do recon, if not mistaken.

Re: Amazon/GEMB not using FICO and should I recon?

dude11 — Mon, 12 Sep 2011 04:12:48 GMT

@score_building wrote:
Sounds like some more rebuilding/ tweaking may be in order and perhaps a scured card with a CU fora jump start? GEMB doesn't do recon, if not mistaken.

As far as rebuilding I'm working on it. I currently have 2 Cap One cards (which one of them is secured), US Bank Secured, Amex Zync ($500 w/Autopay), and Orchard Bank Platinum I think it is.

Re: Amazon/GEMB not using FICO and should I recon?

pazuzu — Mon, 12 Sep 2011 04:59:08 GMT

@score_building wrote:
Sounds like some more rebuilding/ tweaking may be in order and perhaps a scured card with a CU fora jump start? GEMB doesn't do recon, if not mistaken.

Not mistaken. Mere mortals can't override decisions made by the giant GEMB computer.