topic Re: Help! I don't know what just happened... in Rebuilding Your Credit

Help! I don't know what just happened...

Section700 — Tue, 04 Dec 2012 01:26:02 GMT

I had received pre-approval offers in the mail for Cap One Plat and Barclays Rewards MC. I spoke with my broker today and decided I would app for the Barclays Rewards MC.

It said insufficient information and they will have to get back to me in up to 10 business days. Does that mean I got denied? I've never been denied before... Should I wait and see what happens or try calling the backdoor number?

Also, should I app for the Cap One before the inq hit my CR? Like literally right now?

BTW - I just tried the Credit One "pre-qualify" "soft-puller" and this is what I got:

Inquiry Code: PQ01DDVHQF7Q

Thank you for your recent request for pre-qualification for a Credit One Bank credit card. Your request was carefully considered and we are unable to provide a credit card offer for you at this time.

Reasons for Denial of Credit
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. These numerical values are based upon the results of analyses of repayment histories of large numbers of customers.

The information you provided 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:

Serious delinquency and public record or collection (Duh BK discharged 6/11)
Delinquency reported on accounts (Not since 08-09 when accts were charged off???)
Insufficient time since most recent account opened (17 mos since last CC and 13 mos since auto loan!)
Ratio of loan balances to loan amounts too high ($20 balance on 700CL??)

Information about Your Credit Score
We also obtained your credit score from this consumer reporting agency (WHAT AGENCY?? ) Your credit score is a number that reflects the information in your credit report. Your credit score can change, depending on how the information in your credit report changes.

Your credit score: 705
Date: 12/03/2012
Scores range from a low of 350 to a high of 850

Key factors that adversely affected your credit score:

Serious delinquency and public record or collection
Delinquency reported on accounts
Insufficient time since most recent account opened
Ratio of loan balances to loan amounts too high

How did I get a unsecured card no prob 1 month out of BK and now 18 months out without any baddies and 3 TL's reporting, I get denied from even **bleep** Credit One???

Re: Help! I don't know what just happened...

Shogun — Tue, 04 Dec 2012 00:45:50 GMT

Uhm,, I have no answer for this one! Seriously?

Re: Help! I don't know what just happened...

Section700 — Tue, 04 Dec 2012 01:00:46 GMT

I'm sitting here in shock. I don't know what to say/do...

Anyone have any thoughts??

Re: Help! I don't know what just happened...

Section700 — Tue, 04 Dec 2012 01:01:39 GMT

I guess I'll call the credit analyst tmw and see if I can get more info...

Re: Help! I don't know what just happened...

sphinx313 — Tue, 04 Dec 2012 01:27:34 GMT

This doesn't seem to make much sense. Have you pulled your CR from this website or annualcreditreport.com to see if anything has changed since the last time you worked on it? They have a laundry list of reasons for denial, but it'd be best if we can pinpoint which one to make sense of this.

Re: Help! I don't know what just happened...

HiLine — Tue, 04 Dec 2012 01:27:53 GMT

Have you taken a look at the credit reports from all 3 consumer reporting agencies? It's not uncommon for credit reports to contain false information. If this be the case, you can open a dispute.

Re: Help! I don't know what just happened...

Section700 — Tue, 04 Dec 2012 01:31:36 GMT

Yea I have my CR as of 11/30. I've cleaned up so much stuff on there over the last 18 months. All of my discharged accounts now say IIB w/ 0 balance. I've had 0 late payments since 2009 (most of them started in 2008 and the accts were charged off in 09 while I was in litigation and had not yet filed BK). I haven't had an inquiry since the auto loan I was approved for 13 months ago...

There is a remaining judgment on 2 of the 3 bureaus but I had multiple judgments/collections when I was approved for the cc and auto loan right 1 month and 4 months out of BK.

Re: Help! I don't know what just happened...

Anonymous — Tue, 04 Dec 2012 02:01:35 GMT

@Section700 wrote:
I had received pre-approval offers in the mail for Cap One Plat and Barclays Rewards MC. I spoke with my broker today and decided I would app for the Barclays Rewards MC.

It said insufficient information and they will have to get back to me in up to 10 business days. Does that mean I got denied? I've never been denied before... Should I wait and see what happens or try calling the backdoor number?

Also, should I app for the Cap One before the inq hit my CR? Like literally right now?
inquiries hit your CR instantly

BTW - I just tried the Credit One "pre-qualify" "soft-puller" and this is what I got:

Inquiry Code: PQ01DDVHQF7Q

Thank you for your recent request for pre-qualification for a Credit One Bank credit card. Your request was carefully considered and we are unable to provide a credit card offer for you at this time.

Reasons for Denial of Credit
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. These numerical values are based upon the results of analyses of repayment histories of large numbers of customers.

The information you provided 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:
Serious delinquency and public record or collection (Duh BK discharged 6/11) Nothing wrong with this
Delinquency reported on accounts (Not since 08-09 when accts were charged off??? Nothing wrong with this
Insufficient time since most recent account opened (17 mos since last CC and 13 mos since auto loan!) According to them its not enough time
Ratio of loan balances to loan amounts too high ($20 balance on 700CL??) Check the CR they used and make sure all the accounts you included in BK are reporting accurately

Information about Your Credit Score
We also obtained your credit score from this consumer reporting agency (WHAT AGENCY?? ) Your credit score is a number that reflects the information in your credit report. Your credit score can change, depending on how the information in your credit report changes.
Your denial letter will say which CR they used
Your credit score: 705
Date: 12/03/2012
Scores range from a low of 350 to a high of 850

Key factors that adversely affected your credit score:
Serious delinquency and public record or collection
Delinquency reported on accounts
Insufficient time since most recent account opened
Ratio of loan balances to loan amounts too high

How did I get a unsecured card no prob 1 month out of BK and now 18 months out without any baddies and 3 TL's reporting, I get denied from even **bleep** Credit One???

Its simple. You have first premier. They will approve anyone.

Did you apply with credit one or Capital one?

Re: Help! I don't know what just happened...

Section700 — Tue, 04 Dec 2012 02:04:49 GMT

I did the "pre-approval" from Credit One that someone suggested ^ the info above is what I received from that.

So what are my options if after 18 months I can't get another unsecured card? I'm basically starting at square one with a secured card and just wasted 18 months of my life?

Re: Help! I don't know what just happened...

Anonymous — Tue, 04 Dec 2012 02:13:48 GMT

Right now you cant get any prime cards. Did you burn GE in the BK? If not I would app for a few store cards with them? Do you have any family in the military? Any relatives members of NFCU? Are you a member of a local CU? That first premier card isnt going to do much for you. You have options, just depends on your income and who you burned in the past.

Also did you recon the barclays app?

Re: Help! I don't know what just happened...

Section700 — Tue, 04 Dec 2012 02:20:29 GMT

I have another post on here where many people suggested the Cap One or Barclays Card because it worked for them. I understand "YMMV" but I thought being this far out of BK with all positive info and 50k+ income I would be able to get another card.

Anyway, if you mean GEMB then no I did not. Only Citi, Chase, BofA and HSBC. Most of the accts were unsecured business loans. My personal cc's, auto loans, mtg, student loans were all good.

And no to all the other questions. Do you think CU would be the way to go at this point? I thought they were frowned upon in CR but I guess FP is too so what does it matter...

I will recon Barclays tmw when they open. Hopefully they can at least give me some useful info on why and then I can go about taking care of those things.

Re: Help! I don't know what just happened...

Anonymous — Tue, 04 Dec 2012 02:53:34 GMT

Yes GE money bank. They do walmart store card and amazon and a whole slew of other cards. They are great for rebuilding. No a CU isnt bad for rebuilding I would actually recommend you go with a local CU rather than try and build with a local bank

Re: Help! I don't know what just happened...

Section700 — Tue, 04 Dec 2012 03:04:21 GMT

Appreciate all of the input. Will update after I talk to Barclays

Re: Help! I don't know what just happened...

jandj80 — Tue, 04 Dec 2012 04:09:06 GMT

I had this happen last month. I applied online for a Walmart card. I got the letter in 7-10 days response. Then, the letter said that they had pulled the file for fraud detection and that I had to call in with a code and that they would process the app. So, we called in, and they just needed to verify identity before handing out a card. However, it was approved. I see no reason for a non approval with your score, and having 2 years of positive history. On another note, you said loan to balance was 20 on a 700CL- that is a card, revolving credit, not a loan. And I am guessing that the high loan to balance comes in to play with your 13 month old auto, as the first two years is mainly interest payments. That is likely where you get those notes from. I have seen reports in the mid 700's that give those same reasons for the score. Basically they have to have a reason for you not having a perfect score, so you will always get one of those messages.

Re: Help! I don't know what just happened...

Section700 — Tue, 04 Dec 2012 04:59:01 GMT

"On another note, you said loan to balance was 20 on a 700CL- that is a card, revolving credit, not a loan."

Great point jandj80 I was overthinking it. You're absolutely correct. And now that you mention it, I rec'd something in the mail awhile back from Experian and I'm just looking at it again now.

"We have added an Initial Security Alert to your credit profile."

It alerts credit grantors to verify your identity!! DUH!! It also says it has removed my name and address from prescreened offer mailing lists for 6 months dated 7/13/12! This explains everything. This is why I am indebted to these boards - someone else can think clearly for me. Normally I would be that guy but when it comes to my credit, it just brings up so many feelings and I've worked so hard to get to where I am now...

Anyway many thanks and I will be sure to update when I find out for sure!!

Re: Help! I don't know what just happened...

jandj80 — Tue, 04 Dec 2012 16:52:28 GMT

Lol, glad I could help. Hopefully you get that approval after all. I would be shocked if you didn't.

Re: Help! I don't know what just happened...

Section700 — Tue, 04 Dec 2012 23:57:21 GMT

UPDATE: So I called the backdoor number today for the Barclays card and they were very friendly and helpful. He had me verify a few things (addresses on my CR screwed up) and then he was like OK you're approved. I had some questions and he xfer me to a credit analyst who told me they were giving me $1500CL and she thought this was fair based on doing well (no baddies) since BK and that they also took into consideration my other open card. So all in all informative and worth it. I just hope hope the card will grow with me as many others have suggested!

Re: Help! I don't know what just happened...

madmann26 — Wed, 05 Dec 2012 00:46:29 GMT

Be careful with Barclays. I wouldn't app a lot. They are known to close accounts based on if you open to many new accounts.