topic Re: Declined for CAP1 and WAMU with EQ 643 and 658 TU score ! in Credit Cards

Declined for CAP1 and WAMU with EQ 643 and 658 TU score !

BHV151989X — Mon, 07 Apr 2008 18:48:10 GMT

I don't understand.

I thought my scores were "fair" but somehow it wasn't enough.

No late payments, no collections, no charge off.

However, I'm 19 so my credit is quite "young".

Any recomendation for cards or any thoughts?

I appreciate it!

Thanks!!

Re: Declined for CAP1 and WAMU with EQ 643 and 658 TU score !

llecs — Mon, 07 Apr 2008 18:58:43 GMT

hbarboza wrote:
I don't understand.

I thought my scores were "fair" but somehow it wasn't enough.

No late payments, no collections, no charge off.

However, I'm 19 so my credit is quite "young".

Any recomendation for cards or any thoughts?

I appreciate it!

Thanks!!

Don't feel bad, I was turned down by both with scores in the 660s recently.

You used the word "fair" to describe your scores. Did you get these from MyFICO?

Re: Declined for CAP1 and WAMU with EQ 643 and 658 TU score !

Anonymous — Mon, 07 Apr 2008 19:28:13 GMT

Remember, the scores used by bankcard issuers are more likely NOT the scores you will get here.

Re: Declined for CAP1 and WAMU with EQ 643 and 658 TU score !

BHV151989X — Mon, 07 Apr 2008 19:35:07 GMT

Yes, they're FICO scores. I enrolled in the score watch for EQ and TU

Message Edited by hbarboza on 04-07-2008 12:35 PM

Re: Declined for CAP1 and WAMU with EQ 643 and 658 TU score !

llecs — Mon, 07 Apr 2008 19:42:05 GMT

hbarboza wrote:
Yes, they're FICO scores. I enrolled in the score watch for EQ and TU

Just checking...FICO doesn't use the word "fair". IMO, CapOne is a piece of work. I'm happy with my denial. Try applying again. I know WAMU lets you reapply every 90 days.

Do you have any CC's now?

Re: Declined for CAP1 and WAMU with EQ 643 and 658 TU score !

Anonymous — Mon, 07 Apr 2008 19:47:07 GMT

hb - that is kinda surprising. Did they give you a reason for the devcline? My sister received a Cap One with a 2.5k cl, and her scores are not as good as yours.

Re: Declined for CAP1 and WAMU with EQ 643 and 658 TU score !

BHV151989X — Mon, 07 Apr 2008 19:51:50 GMT

Oh no- I said "fair" because I was under the impression that I had good credit! haha not FICO's wording but my own. I feel horrible now.

Yeah, I have a credit card but it's $150 with First Financial.

The only negatives is that my CRA is showing the balances close to the limit

MACYS- $200

BLOOMG - $300

1rst Financial - $150

CURRENT BALANCE ON ALL ACCOUNTS $340

My oldest account is 9 months.

Fico says this is hurting my score...

You have a short credit history.

You've made heavy use of your available revolving credit. (I went over the limit twice).

The balances on your non-mortgage credit accounts are too high.

You've recently been looking for credit. ( 2 inquiries!!!).

Fico says this is helping my score....

You have no missed payments on your credit accounts.

You've been responsibly limiting the number of your credit accounts that carry balances.

P.S. my sister just added me as an authorized user on her BOFA card and I'm planning to pay all my balances this week.

Message Edited by hbarboza on 04-07-2008 12:51 PM

Re: Declined for CAP1 and WAMU with EQ 643 and 658 TU score !

Anonymous — Mon, 07 Apr 2008 20:17:28 GMT

The point is that the scores you see here on this site and EQ are what are called the clasic FICO scores. Most banks use a bankcard score to issue credit cards which can vary greatly.

Re: Declined for CAP1 and WAMU with EQ 643 and 658 TU score !

BHV151989X — Mon, 07 Apr 2008 20:18:55 GMT

Yes, I've never used bank card scores.

I purchased the scored today from FICO. They're not FAKO scores.

Re: Declined for CAP1 and WAMU with EQ 643 and 658 TU score !

Anonymous — Mon, 07 Apr 2008 20:20:47 GMT

hbarboza wrote:

Yes, I've never used bank card scores.

I purchased the scored today from FICO. They're not FAKO scores.

The Bankcard FICO is also a FICO score not a FAKO. It is just a different version... There is a 50 point difference between my TU FICO classic and my Bankcard score... Let's not even go into the bankruptcy risk score.

Re: Declined for CAP1 and WAMU with EQ 643 and 658 TU score !

BHV151989X — Mon, 07 Apr 2008 20:24:12 GMT

Ok So the score from scorewatch and quaterly monitoring from myfico.com is not the same as if I were to purchase the FICO for each CRA for $15 ?

I'm so confused. I'm sorry.

Message Edited by hbarboza on 04-07-2008 01:24 PM

Re: Declined for CAP1 and WAMU with EQ 643 and 658 TU score !

Anonymous — Mon, 07 Apr 2008 20:25:50 GMT

No, any score you purchase on this site is going to be thh 'Classic FICO'. That however may not be the version of the score used by your lender. More than likely the score here will match for any mortgage applications. However, there are sores designed to predict repayment n different types of loans, ALL sold by FICO to lenders but none sold to the consumer but the classic. There is Bankcard (how well you may do paying off credit cards), Auto-enhanced(whether you're likely to go bad on car payments), Beacon 5.0 (WTH knows?), Bankruptcy risk (Will you or won't you file BK)

Re: Declined for CAP1 and WAMU with EQ 643 and 658 TU score !

BHV151989X — Mon, 07 Apr 2008 20:28:07 GMT

Oh lord! I wasn't even aware of this!

I think I ought to wait at least until my credit history is 1.5 yr old to even apply.

My dreams are crushed.

Re: Declined for CAP1 and WAMU with EQ 643 and 658 TU score !

Anonymous — Mon, 07 Apr 2008 20:29:44 GMT

Dont be crushed, just start with a builder card.

Re: Declined for CAP1 and WAMU with EQ 643 and 658 TU score !

BHV151989X — Mon, 07 Apr 2008 20:31:09 GMT

Is a builder the same as a secure?

Now, which lenders offer builder card?

I was turn down today by WAMU and CAP and BOFA didn't have any pre-approved offers for me.

Re: Declined for CAP1 and WAMU with EQ 643 and 658 TU score !

Anonymous — Mon, 07 Apr 2008 23:52:53 GMT

No - you just need to pay those balances down-

They are hurting your score and high UTL scares WAMU.

Re: Declined for CAP1 and WAMU with EQ 643 and 658 TU score !

Anonymous — Tue, 08 Apr 2008 12:13:22 GMT

You're to young to have crushed dreams over a 9 month wait to re-aply. Get the util down on your 3 little cards and app when all are over a year old and I think you'll be amazed at what you can do.

Being young, Keep that util DOWN!

I think your thinking is on the right track. Good luck.

hbarboza wrote:
Oh lord! I wasn't even aware of this!

I think I ought to wait at least until my credit history is 1.5 yr old to even apply.

My dreams are crushed.

Re: Declined for CAP1 and WAMU with EQ 643 and 658 TU score !

Anonymous — Tue, 08 Apr 2008 16:31:52 GMT

yea...they will not issue you a card with high util on the cards you already have....it makes you look desperate for credit....I would apply in like 2 months after you get them down to 10 percent util and you should have no problem getting approved...its a numbers game....you just have to find the sweet spot!!!

Re: Declined for CAP1 and WAMU with EQ 643 and 658 TU score !

Anonymous — Tue, 08 Apr 2008 20:11:42 GMT

you have two things working against you:

1. high balances: this is absolutely killing you. you look like you are maxed out on all of your cards.

2. young credit history: only time can fix this.

i'd recommend that the first thing you do is get all of your balances down to under 10% of your total credit line and keep them there. secondly, wait until your history is at least a year old then app for cards that are specifically for people who want to build credit history. Capitol One has these, or if you are in school your might want to try the student cards.

good luck

Re: Declined for CAP1 and WAMU with EQ 643 and 658 TU score !

BHV151989X — Wed, 16 Apr 2008 01:54:47 GMT

Just an update... CAP1 didn't deny me, they actually approved me for $300 CL and so did Orchard. Haven't received the denial letter from WAMU yet.