BCP denial because of CFAs

[Anonymous]

I finally felt I was in the position to apply for the BCP based on the datapoints I've collected from this forum over the past 4 years and pulled the trigger. I've been waiting  years to get in with them. Reasons given were too many inquiries (2 in the past year) and a consumer finance account (Affirm). Their final decision was a big fat NO. Income is fine, score is fine, but no for those two reasons.

Do not use Affirm for anything.... ever. Contrary to their advertising, they do not build your credit but rather destroy it. How defeating.

Funny thing is that NASA FCU gave me a $15k pre-approval right after for a 1.5% cash rewards card at 14 and change interest rate. Pulled that trigger and got a one day notice. Probably because it's outside of working hours for them.

[GatorGuy]

My wife and me both have Affirm on our CRs and haven't had any issue with Amex or any other FI due to it. 

[Anonymous]

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@GatorGuy wrote:

My wife and me both have Affirm on our CRs and haven't had any issue with Amex or any other FI due to it. 

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 Affirm is the only CFA reported on my EX and it was a reason for denial so I guess its YMMV.

[Anonymous]

Creditors are required to give you A reason, not THE reason. It's very unlikely that would be the actual reason. 

[Nikita2008]

So bizarre. I didn't get BCP- although it came up in my offers. I took BCE because it also had 2% on Dept. Stores which I shop at often. My profile is/was dirty, and I had a number of lates scattered across many accounts, and a CO from 2 years ago, I was approved anyway. Not sure what gives with these banks sometimes.

[dragontears]

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@Anonymous wrote:

I finally felt I was in the position to apply for the BCP based on the datapoints I've collected from this forum over the past 4 years and pulled the trigger. I've been waiting  years to get in with them. Reasons given were too many inquiries (2 in the past year) and a consumer finance account (Affirm). Their final decision was a big fat NO. Income is fine, score is fine, but no for those two reasons.

Do not use Affirm for anything.... ever. Contrary to their advertising, they do not build your credit but rather destroy it. How defeating.

Funny thing is that NASA FCU gave me a $15k pre-approval right after for a 1.5% cash rewards card at 14 and change interest rate. Pulled that trigger and got a one day notice. Probably because it's outside of working hours for them.

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The first reason was too many inquiries yet you blame the CFA? Excessive credit seeking behavior is always a bigger risk factor 

[Mischa]

I'm sorry to hear this. Denials can be frustrating and disappointing for sure. 

Were you prequalified for the BCP on the website before you pulled the trigger and applied? I'm planning to app for that card in the next few weeks and now I feel hesitant as I actually do have quite a few inquires on EX. No CFA accounts though....

[Anonymous]

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@Anonymous wrote:

I finally felt I was in the position to apply for the BCP based on the datapoints I've collected from this forum over the past 4 years and pulled the trigger. I've been waiting  years to get in with them. Reasons given were too many inquiries (2 in the past year) and a consumer finance account (Affirm). Their final decision was a big fat NO. Income is fine, score is fine, but no for those two reasons.

Do not use Affirm for anything.... ever. Contrary to their advertising, they do not build your credit but rather destroy it. How defeating.

Funny thing is that NASA FCU gave me a $15k pre-approval right after for a 1.5% cash rewards card at 14 and change interest rate. Pulled that trigger and got a one day notice. Probably because it's outside of working hours for them.

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It is common for creditors to soft pull other bureaus even if you only receive a hard pull on 1 bureau.  Your collection that was deleted on EX is still showing on the other bureaus as unpaid.  You have lates.  While as already mentioned that you were given "a reason", it may in fact not be "the reason".

If they did deny you for the reasons that they stated, that would be lame.  I don't feel 2 inquiries would be considered excessive.  The CFA label sucks(I have one myself) but it is considered a negative when it comes to FICO.

[Yasselife]

Hello; how recent were those 2 inquiries?