Cant get approved

[Anonymous]

This was the exact type of thing that happened to me during my CR. I couldn't get approved for anything. Catching up on this thread you mentioned "I have one collection that I paid from LJ Ross that Im currently working with a lawfirm to remove.  I have a charge off that has been paid as well from Fingerhut that I had  15 years ago, but they put sold it to another company 4 years ago." My gut tells me this is one of main reasons. As soon as I got my collection showing 'Paid in Full' along with being on time on everything. It all changed for me!

Get that collection and that CO off of your credit report if you've already paid them both in full. Do you have any proof in writing that you have paid both off in full? This is very important as you can send copies of your proof of payment directly to the CRB's and they will remove this from your CR no need for a law firm unless I'm really missing something there...

[Meanmchine]

Easy question .....What are the top 3 reasons given in the denial letters you have been getting .

Once we know that, we can help you better

[Anonymous]

PlasticDad, I’m curious about this statement of yours:

“Get that collection and that CO off of your credit report if you've already paid them both in full. Do you have any proof in writing that you have paid both off in full? This is very important as you can send copies of your proof of payment directly to the CRB's and they will remove this from your CR no need for a law firm unless I'm really missing something there...”

Why would the CRBs do that? The fact of payment of a legit debt doesn’t change the fact that the debt is a real part of OP’s credit history. They continue to report unless there is an error or the CA pulls the tradeline on their own...

[Anonymous]

The OP would need to write a goodwill letter to the CA to see about getting those taken off of the reports.

[Anonymous]

Right, the CRBs aren’t going to do it on their own.

[Anonymous]

Dangit you are absolutely right! My mind was focused on removal for some reason mixed up the law firm with the fingerhut CO. when I should have stated change to the corrected "STATUS" my bad. But I believe these 2 entries at least are major contributors to the denial of credit along with other factors of course.

[UncleB]

Friendly reminder...

The publication, distribution or offering of referral codes isn't permitted on myFICO.

--UB

[CreditRebuilder2020]

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@CreditInspired wrote:
Ok, something is definitely going on, so let’s try to figure it out.

First, go to www.annualcreditreport.com and get your free credit report. Scan them with a fine tooth comb to ensure they’re accurate and nothing is on there that you forgot about or overlooked.

Second, STOP applying for credit. You’re in a domino effect of declines. Declines begat declines.

Third, how many inquiries do you have in the last 3 mos, 6 mos, 9 mos, 12 mos?

Fourth, what are your 3 scores? You say ~733, but your tagline says something different.

Fifth, how many accounts do you have and how many with balances?

Sixth, What is your year of on time payments — bank cards, store cards, installment loans? Are they minimum payments?

And finally, what is your UT across the board and for individual cards?

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BINGO ^^^^

The more inquiries and denials you get, at a certain point, your credit report may as well be frozen. You could have an 800 and it's an instant red flag to lenders that you're frantically looking for credit and that is basically a guaranteed denial. Especially if you've racked them up in a short time period. And remember those hard inquiries stay on your report for TWO YEARS. So really be careful there. If I were you, I would stop applying ASAP, only getting yourself in deeper.