topic Re: Denial Question in Credit Cards

Denial Question

Eyisila — Sat, 12 Apr 2014 02:17:57 GMT

In the process of fixing things on my credit. Figured I would try for a loan to consolidate debt. Reading through the forums and some online reviews, thought I would try. Denied but only a SP from what I have seen. Now the question I have is about the denial reason -

After very carefully reviewing your application, we are sorry to advise you that we cannot approve your loan request for the following reasons

Your credit score: 631 - on a good note...a lot higher than I thought
Scores range from 300 to 850 - Real FICO?

Serious delinquency, and public record or collection filed This I understand
Length of time revolving accounts have been established - guess AAoA is to short?
Length of time since derogatory public record or collection is too short - assume this means that there is a to recent collection?
Lack of recent installment loan information - This mean all I have are CC's and they would like to see a loan or something? This is what I am questioning. Also, I just became a co-signer with my DH on an auto refi....would this count once it reports?

Thanks as always

Re: Denial Question

Skye12329 — Sat, 12 Apr 2014 04:20:04 GMT

Your credit score: 631 - on a good note...a lot higher than I thought
Scores range from 300 to 850 - Real FICO?

Serious delinquency, and public record or collection filed This I understand
Length of time revolving accounts have been established - guess AAoA is to short? Yes your AAOA is too short, generally over 2 years is good
Length of time since derogatory public record or collection is too short - assume this means that there is a to recent collection? Yeah you must have like a missed payment, or a collection and that has recently happened.
Lack of recent installment loan information - This mean all I have are CC's and they would like to see a loan or something? This is what I am questioning. Also, I just became a co-signer with my DH on an auto refi....would this count once it reports? I dont know for sure about co-singors reporting, i thought a co-signor is only affected when the person you signed for messes up. As for installments generally it means a loan, like payments on a loan. For a CC it would say revolving accounts.

Thanks as always

Re: Denial Question

Eyisila — Sat, 12 Apr 2014 04:28:10 GMT

Where/how can I find out my AAoA?

Is it a formula? Is it something that is expressly listed on a CR?

Thanks for the response

Re: Denial Question

myjourney — Sat, 12 Apr 2014 04:29:10 GMT

@Eyisila wrote:
Where/how can I find out my AAoA?

Is it a formula? Is it something that is expressly listed on a CR?

Thanks for the response

http://seemly.com/aaoa-calculator/

Re: Denial Question

Eyisila — Sat, 12 Apr 2014 04:35:08 GMT

I assume I need to put anything that is listed with a "Date Opened" information line.

Thanks for the link

HMMM, putting what I just asked, AAoA of 3 years

Re: Denial Question

Skye12329 — Sat, 12 Apr 2014 04:35:31 GMT

You can get your AAOA from creditkarma, dont trust that score. But the nice thing is it will tell you your AAOA, any new CC's and loans such as Student loans will affect your AAOA, but it can help it in the long run too.

Re: Denial Question

Eyisila — Sat, 12 Apr 2014 04:35:53 GMT

Thanks to you too Skye

Re: Denial Question

Eyisila — Sat, 12 Apr 2014 04:38:01 GMT

CK age 8 months LOL, that's a pretty big difference

Re: Denial Question

myjourney — Sat, 12 Apr 2014 04:41:37 GMT

@Skye12329 wrote:
You can get your AAOA from creditkarma, dont trust that score. But the nice thing is it will tell you your AAOA, any new CC's and loans such as Student loans will affect your AAOA, but it can help it in the long run too.

Don't trust AAoA from CK

It does not count closed accounts but it should so really that part is a FAKO too

Re: Denial Question

from500to700 — Sat, 12 Apr 2014 04:58:13 GMT

What does recent dragotery means like less than a year , 2 or ?
Also when they say recent open account a year old or 2 or ?
Thanks for the expected help

Re: Denial Question

Eyisila — Sat, 12 Apr 2014 05:05:12 GMT

The only one that I have that is less than 2 years old is one that popped up 2 months ago that I am getting removed as they never sent me a validation - one, they re-aged the account - two.

A card that I had back in 2006 if I remember correctly what the rep I spoke with said...and it shows up on my CR as a new collection with an expected removal date of 2/2020...I don't think so

Re: Denial Question

Eyisila — Sat, 12 Apr 2014 05:06:07 GMT

@from500to700 wrote:
What does recent dragotery means like less than a year , 2 or ?
Also when they say recent open account a year old or 2 or ?
Thanks for the expected help

Sorry, as for the recent open accounts...I do have 2...a NFCU CC that was opened in 1/2014 and a VS card around the same time.

Re: Denial Question

Revelate — Sat, 12 Apr 2014 05:46:41 GMT

@from500to700 wrote:
What does recent dragotery means like less than a year , 2 or ?
Also when they say recent open account a year old or 2 or ?
Thanks for the expected help

I'm not certain that we know of a fixed date on the recent derogatory one; that might be one of their catchall reasons as it can't be argued with if you have any derogatory: I had that list on some of my reason coads with a 2.5 year old issue and I absolutely have it now but maybe that'll change once the Fresh Start form is successfully processed and my older negatives are past the 3 year mark now.