topic Re: Credit scores don't always count! in Credit Cards

Credit scores don't always count!

odd_dog — Wed, 30 Apr 2014 21:56:10 GMT

Ok so 2 weeks ago I apped for the Sallie Mae card, I already have 3 barclay cards newest is US Air from this January.....Got my declined letter today.....According to TU my score is 822 (really happy about that!!) and was denied for too many inquiries last 12 months and time since most recent account opening is too short. I am actually shocked my score is so high. Lesson learned, it's not all about a high score with no baddies and paying on time! So I will be laying low for the next 6 months or so!!

Re: Credit scores don't always count!

trumpet-205 — Wed, 30 Apr 2014 21:58:17 GMT

Credit scores plays little role in credit approval. Most people seem to be under the impression that high score = high chance of approval. This is not true at all. What's on your CR matters the most.

Re: Credit scores don't always count!

PlasticOrPlastic — Wed, 30 Apr 2014 22:02:05 GMT

@odd_dog wrote:
Ok so 2 weeks ago I apped for the Sallie Mae card, I already have 3 barclay cards newest is US Air from this January.....Got my declined letter today.....According to TU my score is 822 (really happy about that!!) and was denied for too many inquiries last 12 months and time since most recent account opening is too short. I am actually shocked my score is so high. Lesson learned, it's not all about a high score with no baddies and paying on time! So I will be laying low for the next 6 months or so!!

I've noticed this since I started rebuilding. Thats an insanely awesome score, and surprises me you cant just call and get whatever card you want. Just goes to show though sometimes those "other" factors play in even more than the score. I'm sure 6 months and you'll have no problem with a Sallie card!

Edit: I actually mentioned this in the BK7 to 700 thread as well, it gives a lot of people hope, but that 700 score doesnt mean any card is within your reach.

Re: Credit scores don't always count!

gdale6 — Wed, 30 Apr 2014 22:00:59 GMT

Yup, a high score does not mean approval for everything you app for there are many other variables that go into an approval, if you quit apping as let the inquries age then that score will rise even higher as they become older.

Re: Credit scores don't always count!

Anonymous — Wed, 30 Apr 2014 22:17:40 GMT

Yes, but the score is somewhat of a proxy for the stuff that does matter. I would say, approx, a high score doesn't guarantee approval, but (very) low scores will generally cause rejection. Not so much *because* of the score, but because the score is low due to CO, late pays etc. So companies feel happy using score as a first level filter, declining those below threshold.

In the OPs case, some issuers are going to be more sensitive to new inqs than the algorithm for example, or it could be utilization, credit age etc. But yes, high score isn't (always) enough!

Re: Credit scores don't always count!

Involver — Wed, 30 Apr 2014 22:20:06 GMT

It's probably a denial because you have a new Barclay card open within the previous 6 months.

Re: Credit scores don't always count!

mongstradamus — Wed, 30 Apr 2014 22:22:19 GMT

This makes me an bit wary to apply for Sallie Mae I haven't apped anything since last October . I am just unsure what creditors deem too recent for newly opened accounts

Re: Credit scores don't always count!

bigblue7722 — Wed, 30 Apr 2014 22:26:21 GMT

I got my sallie mae card with a 681 TU 08 score. I got the barclaycard rewards back in December and have added 4 other accounts during that time.

Re: Credit scores don't always count!

-Wade- — Wed, 30 Apr 2014 22:28:22 GMT

@odd_dog wrote:
Ok so 2 weeks ago I apped for the Sallie Mae card, I already have 3 barclay cards newest is US Air from this January.....Got my declined letter today.....According to TU my score is 822 (really happy about that!!) and was denied for too many inquiries last 12 months and time since most recent account opening is too short. I am actually shocked my score is so high. Lesson learned, it's not all about a high score with no baddies and paying on time! So I will be laying low for the next 6 months or so!!

A high credit score if approved will get you (Most of the time ) the best APR and a nice starting CL. My 2 cents

Re: Credit scores don't always count!

odd_dog — Wed, 30 Apr 2014 22:33:03 GMT

@mongstradamus wrote:
This makes me an bit wary to apply for Sallie Mae I haven't apped anything since last October . I am just unsure what creditors deem too recent for newly opened accounts

Please don't go by my experience Mong...everyone's is different. It is true I have low utilization, and all the things you think would warrant approval, but like what was mentioned before maybe the US Air app is still too new and "scared" Barclay. I worry since I have so many cards and a large total CL that at some point I will become TOO "available credit" heavy and that might scare some CCC. Granted I have almost all the cards I could want but I would understand ( even though I use them responsibly) how CCC's could think I could go on a "spending spree" and they could get stuck.

Re: Credit scores don't always count!

mongstradamus — Wed, 30 Apr 2014 22:36:47 GMT

@odd_dog wrote:
@mongstradamus wrote:
This makes me an bit wary to apply for Sallie Mae I haven't apped anything since last October . I am just unsure what creditors deem too recent for newly opened accounts
Please don't go by my experience Mong...everyone's is different. It is true I have low utilization, and all the things you think would warrant approval, but like what was mentioned before maybe the US Air app is still too new and "scared" Barclay. I worry since I have so many cards and a large total CL that at some point I will become TOO "available credit" heavy and that might scare some CCC. Granted I have almost all the cards I could want but I would understand ( even though I use them responsibly) how CCC's could think I could go on a "spending spree" and they could get stuck.

I just want to make sure I make use of every HP I use. I opened freedom IT and bcp back in late september. My scores are decent right now. From my latest discover fico score one of the negative they mention having too many new open accounts. That is what I am afraid of using an tu HP and getting nothing out of it 😕

Re: Credit scores don't always count!

Anonymous — Wed, 30 Apr 2014 22:48:42 GMT

lol. from the looks of your sig i would say they should be scared. is there never a point where credit companies say enough is enough? How many cards do you want?

Re: Credit scores don't always count!

tcbofade — Wed, 30 Apr 2014 23:09:30 GMT

@Anonymous wrote:
lol. from the looks of your sig i would say they should be scared. is there never a point where credit companies say enough is enough? How many cards do you want?

One more.

Re: Credit scores don't always count!

Anonymous — Wed, 30 Apr 2014 23:12:50 GMT

its not really all that amusing but its not my problem. there are signs telling you "enough".

Re: Credit scores don't always count!

eagle2013 — Wed, 30 Apr 2014 23:26:19 GMT

AAOA and length of experience with prior credit limits is much more of a predictor of approval than FICO, or even income, in my experience. Obviously at some threshold you're probably going to assume that a 800 FICO also has a long established history, but in some cases, as in the OP, that's not enough. However, the OP does have 4 other Barclay cards so that maybe a factor.

Re: Credit scores don't always count!

NoAnchoviesPlease — Wed, 30 Apr 2014 23:42:35 GMT

I have two new accounts this year, so I'm hoping that they don't adversely affect my attempts at two or three more cards before the Summer of Gardening. My score is rising, my util is getting better, and my inquiries are nicely spread out across the three CRAs.

Re: Credit scores don't always count!

odd_dog — Wed, 30 Apr 2014 23:48:14 GMT

@Anonymous wrote:
lol. from the looks of your sig i would say they should be scared. is there never a point where credit companies say enough is enough? How many cards do you want?

LOL it's not what I WANT it's what I NEED...Seriously though I use cards for status (Hotel and Airlines) and rewards...I pay in full so don't care about APR (first card was AMEX so that got me used to PIF) that being said it is funny that there is such a wide selection of cards from CCC's. I mean Barclay, Citi and all have so many co-branded cards that it sometimes makes me think, they do not want you to have too many of their cards BUT they offer them. I wanted a US Air card, not necessarily a "barcaly card", BUT they operate it for US Air so now I have 3 "barcaly" cards. Also I do have so many because I do not churn or cancel them (for the most part), believe it or not I am a pretty good customer who pays bills on time and in full, so guessing they do not see me as SUCH a risk, been with most of these companies for over 20+ years, some over 30. I am beginning to get that more factors are involved in approval decisions......

Re: Credit scores don't always count!

odd_dog — Wed, 30 Apr 2014 23:51:02 GMT

@Anonymous wrote:
its not really all that amusing but its not my problem. there are signs telling you "enough".

I am not taking it tooo seriously, because of my situation navistar, I know I have enough....just suprised at the score vs. denial.

Re: Credit scores don't always count!

Anonymous — Thu, 01 May 2014 00:04:32 GMT

im not doubting your ability to pay these cards off, just looking from a lender's point of view. Just thinking you may need a new hobby.

Re: Credit scores don't always count!

emptypockets — Thu, 01 May 2014 00:09:24 GMT

I was recently (last week) denied an Arrival with no HP - letter said too many new accounts. TU on My Fico is 781, on Barclays website (I have a NFL card) it is 814. Talked to them in January, they said wait three months to let new accounts age (3 in Jan). Guess it was too soon. Current util is 1-2%, AAoA 5 yrs.