topic Re: UPDATE in Credit Cards

Denied PNC Cashbuilder.

WallyxD — Sat, 19 Jan 2013 19:19:57 GMT

Blah. I actually wasn't expecting to be approved, but then I had hope since I was already a member of their bank, but still got declined. Pathetic lol. What's PNC's rep with recons? And does anyone have a backdoor number?

Re: Denied PNC Cashbuilder.

jsucool76 — Sat, 19 Jan 2013 19:21:50 GMT

Im pretty sure i just read a post this week where someone successfully reconned for the same exact card. Give it a try, worst they can do is say "no"

I dont think we have a BD# for them, so if you cant find one call up and ask to be transferred to an underwriter.

Re: Denied PNC Cashbuilder.

WallyxD — Sat, 19 Jan 2013 19:31:43 GMT

I just called the CC Department of PNC, I told them I was denied and wanted to know who I'd have to speak to for recon, and they said that department was gone for today but to give them a call on Monday. He then gave me the direct number to Underwriting. I'll give them a call on Monday and let you know what happens.

Re: Denied PNC Cashbuilder.

jsucool76 — Sat, 19 Jan 2013 19:39:54 GMT

Good luck!

Re: Denied PNC Cashbuilder.

navigatethis12 — Sat, 19 Jan 2013 21:23:47 GMT

Did you make sure to sign in when applying? PNC takes a current relationship into consideration when apply for a card. They really want the card to compliment a deposit account, so if you have one, they are really good about giving you a card.

Re: Denied PNC Cashbuilder.

WallyxD — Mon, 21 Jan 2013 15:40:05 GMT

I called and 1) the lady didn't exactly seem like a people person. 2) all she kept saying was I opened too many accounts recently/ I wasn't qualified.

I asked if there was any way they could still reconsider my app and asked if there was any way around the 'too many recent accounts' and all she said was no. Again, not exactly a people person so yous can imagine how the conversation went lol.

Should I give them another call later with hopes of someone else picking up.?

Re: Denied PNC Cashbuilder.

injustifiiable — Mon, 21 Jan 2013 16:37:09 GMT

@WallyxD wrote:
I called and 1) the lady didn't exactly seem like a people person. 2) all she kept saying was I opened too many accounts recently/ I wasn't qualified.

I asked if there was any way they could still reconsider my app and asked if there was any way around the 'too many recent accounts' and all she said was no. Again, not exactly a people person so yous can imagine how the conversation went lol.

Should I give them another call later with hopes of someone else picking up.?

I'd try again...you got a bad apple. lol

Re: Denied PNC Cashbuilder.

jsucool76 — Mon, 21 Jan 2013 16:37:18 GMT

I would definitely call back and talk to someone else.

Re: Denied PNC Cashbuilder.

navigatethis12 — Mon, 21 Jan 2013 16:50:51 GMT

@WallyxD wrote:
I called and 1) the lady didn't exactly seem like a people person. 2) all she kept saying was I opened too many accounts recently/ I wasn't qualified.

I asked if there was any way they could still reconsider my app and asked if there was any way around the 'too many recent accounts' and all she said was no. Again, not exactly a people person so yous can imagine how the conversation went lol.

Should I give them another call later with hopes of someone else picking up.?

I reckon their credit underwriters and dispute people do not get many conversations with customers. I have spoken with both and while they are professional, you can tell that they do not speak to people on the telephone a lot. You only have two cards, so they deem that too many?

Re: Denied PNC Cashbuilder.

WallyxD — Mon, 21 Jan 2013 20:04:26 GMT

I will give them a call back after work. Is there anything in particular that will help sway them to manually review my app.?

Re: Denied PNC Cashbuilder.

WallyxD — Mon, 21 Jan 2013 20:07:03 GMT

Come to think of it, I actually don't understand. Maybe I should've asked them if two was too many. She also mentioned that they weren't long ago so I don't know if that was also a reason. I opened my cards on 9/29 and 12/11.
I don't think that's bad, and I only have 5 inqs on EX, which they pulled, I think, because I got an alert from CS. And three of those inqs were from last year..

Re: Denied PNC Cashbuilder.

WallyxD — Mon, 21 Jan 2013 21:56:21 GMT

I called again. The person I spoke to definitely sounded in a much better mood, at first I thought it was the same person I called and talked to this morning. Anyway, they still couldn't approve me. This time, I was told I was denied because of my limited history. She suggested that I try to keep a higher balance in my checking (I make like 150ishh a week, I don't know how high of a balance they expect me to keep lol) and she said since I've only had my account for 3 months, for me apply again in 3 months.

I'm willing to apply for one more card and regardless of whether or not I'm approved, I will be done with apps for a while. And I guess I'll press my luck again in 5-6 months.

I was told to try Citi, but some also advised against applying for Citi Forward, so as of now, I'm clueless.

Should I join a CU and apply with them? Or should I just leave the apps alone alltogether?

Re: Denied PNC Cashbuilder.

p- — Mon, 21 Jan 2013 22:04:01 GMT

@WallyxD wrote:
...She suggested that I try to keep a higher balance in my checking (I make like 150ishh a week, I don't know how high of a balance they expect me to keep lol)...

Based on your sig, you have enough available credit to rack up a month's pay in credit card debt in one night at the bar. I'm not saying you'll do that, but why have the higher limit at all? It only brings more risk.

As a student, it might be smart for you to see if a parent or relative can add you as an authorized user on a good, high limit account. That will take you a long way.

d

WallyxD — Mon, 21 Jan 2013 22:07:47 GMT

@p- wrote:
@WallyxD wrote:
...She suggested that I try to keep a higher balance in my checking (I make like 150ishh a week, I don't know how high of a balance they expect me to keep lol)...
Based on your sig, you have enough available credit to rack up a month's pay in credit card debt in one night at the bar. I'm not saying you'll do that, but why have the higher limit at all? It only brings more risk.

As a student, it might be smart for you to see if a parent or relative can add you as an authorized user on a good, high limit account. That will take you a long way.

I do see what you're saying by it bringing more risk, but it just gives me relief that I have something to fall back on in case I ever really need it. I don't handle rejection well and may just stick to the two cards I have for a few more months, I don't want to, but I pretty much have no choice at this point.

Re: d

navigatethis12 — Tue, 22 Jan 2013 00:52:07 GMT

It is unfortunate you were unable to be approved. Just three years ago I was facing the same problem about not able to get cards and Macys finally approved me. You have two cards, while I only got one, so you are doing good. Some lenders want to see two years of history but you may be able to get in at eighteen months or a year. I would wait at least until September so the one card is at least a year old to apply for PNC again. I know waiting is hard, but it really is the best way to get what you want in the credit world.

Re: d

WallyxD — Tue, 22 Jan 2013 07:09:56 GMT

@navigatethis12 wrote:
It is unfortunate you were unable to be approved. Just three years ago I was facing the same problem about not able to get cards and Macys finally approved me. You have two cards, while I only got one, so you are doing good. Some lenders want to see two years of history but you may be able to get in at eighteen months or a year. I would wait at least until September so the one card is at least a year old to apply for PNC again. I know waiting is hard, but it really is the best way to get what you want in the credit world.

Well it's not really that I'm not able to get cards, as I've applied for only 3 and were approved for two. But being as though my history is simply too short, I guess I will wait 6 months and see where I am at that point in time. I really do wanna apply for just one more card just to see what happens. If denied, I can easily force myself not to apply for another CC, but if approved, I'll at least have the satisfaction of knowing my credit's not as bad as I now think it is after talking with PNC. Btw, are the scores provided by Freescore.com FAKOs.?

Re: Denied PNC Cashbuilder.

Anonymous — Tue, 22 Jan 2013 09:58:29 GMT

@WallyxD wrote:
Come to think of it, I actually don't understand. Maybe I should've asked them if two was too many. She also mentioned that they weren't long ago so I don't know if that was also a reason. I opened my cards on 9/29 and 12/11.
I don't think that's bad, and I only have 5 inqs on EX, which they pulled, I think, because I got an alert from CS. And three of those inqs were from last year..

For some card issuers 5 is about 3 too many.

Couple that with a very thin file and it seems unlikely you will get anywhere with a decent bank. Let what you have grow and be patient. You could try, if you can't control the urge, for a secured card that will graduate after a year or so. Once that graduates - hopefully with a decent limit - try PNC again.

Re: d

p- — Tue, 22 Jan 2013 15:49:33 GMT

@WallyxD wrote:
I do see what you're saying by it bringing more risk, but it just gives me relief that I have something to fall back on in case I ever really need it. I don't handle rejection well and may just stick to the two cards I have for a few more months, I don't want to, but I pretty much have no choice at this point.

I see your point - I have about three months pay in CC limits, but not for if I need it. I actually never use more than 15% of my available credit, but the high limits help keep my utilization low.

If you use the cards and pay in full every month, they will grow. As you show a history of using credit responsibly, your card limits will improve.

I caution you because many of us started out in your shoes, over extended, fell behind, and were unable to dig out. Do your best never to charge anything you can't pay off in a month, and you'll likely be fine.

UPDATE

WallyxD — Sat, 26 Jan 2013 20:25:34 GMT

Just received the letter of denial from PNC.

Your application was processed by a credit scoring system that assigns a numerical value to the various items of information we consider in evaluating an application.

The information you provided us in your application did not score a sufficient number of points for approval of the application. The reasons you did not score well compared with other applicants were:

1.) Length of time accounts have been established.

2.) Proportion of loan balances to loan amounts is too high.

3.) Length of time revolving accounts have been established.

4.) Proportion of balances to credit limits is too high on bank revolving or other revolving accounts.

They did pull EX, and though it's not the official myFICO score, it states that my score as of 1/19/13 is 710.

Now for my questions/concerns..

Reason numbers 1 and 3, I understand, as my AAoA is 7 months and my longest account (student loan) is 1 year, 4 months.

Can someone help me understand reason 2? The loans are deferred so I really don't know why they counted that against me.. -_-

And for reason 4, do they go by what the reported balance is or what the current balance is at the time of application. Because for reported balances, I had 34.95 on my $175 limit AEO and I had 84.59 on my 300$ limit CapOne Journey which comes out to be 25% utilization.. BUT if they went by the current balance, then my utilization was about 51%.

So as far as I'm concerned, the only thing truly wrong with my file is that my accounts are 'young'. And I'm almost positive that's not enough to reject an application. Should I call them back, again?

Any input is appreciated.

Re: UPDATE

navigatethis12 — Sat, 26 Jan 2013 20:34:10 GMT

Even if the loans are deferred, they can still be counted against you. They have to be paid off some time so to some lenders, they count.

They can not see what the current balances are on cards, only reported balances. 25% utilisation is not that high, but perhaps they do not like seeing that much? Did it specifically say these were the reasons you were denies? Often times it says the reason and then lists these reasons as just another section.

Young accounts are definitely enough to decline an application, since older accounts give lenders a better understanding of how an individual handles credit. You could try ringing back and telling them you would be happy with a 300 or 500 limit just to be with them since you really like their card. Although, unless you have their higher teir chequing accounts, the card will only earn 1.25%.