Capital One Denial Letter

Anonymous · ‎04-13-2017

I just got denied again. I thought I would post this for others to see. Some people could fine it useful.

**Your Credit Score 692 Date: 2017-04-12 Source: TransUnion Consumer Relations Understanding Your Credit Score The range of scores Scores range from a low of 309 to a high of 839. Key factors that adversely affected your credit score Derogatory public record or collection filed Length of time accounts have been established Too many inquiries last 12 months Too many consumer finance company accounts Number of inquiries on credit report

I just copied and pasted it from my denial email.

"Too many consumer finance company accounts" through me off. Until now I have never heard of such a thing.

A few months back I went to get a small personal loan for $200 --Solely for the purpose of increasing my credit. I do not have a car loan or mortgage & I kept getting the "Lack of instalment loans" denial.

FYI

I guess if you need an instalment loan - be careful of who you get it with. I guess I should have gotten one with a large bank instead of a finance company.

I'll try again after that instalment loan account is reported as closed on my reports.

Anonymous · ‎04-13-2017

Yes you hit it on the nail. I have one of those type loans also and it is definately considered a "consumer finance account". Still a sucky reason for denial in my opinion. Good luck to you!!

stellar · ‎04-13-2017

Yes, it's a known thing on myfico generally about consumer finance companies affecting you. Who did you get the loan with?

In future, just ask a quick question here if you're about to open a new account, that way we can steer you toward the best options.

Anonymous · ‎04-13-2017

@stellar wrote:
Yes, it's a known thing on myfico generally about consumer finance companies affecting you. Who did you get the loan with?

In future, just ask a quick question here if you're about to open a new account, that way we can steer you toward the best options.

A friend of mine actually gave me the idea. She said that she go one for Christmas and that the company reports to all 3 credit agencies.

Its called "Western Finance"

I was originally concerned that since the loan is only for 6 months that it would hurt my Average Account Age. I actually was trying to find a way to make the account stay open longer - NOT ANYMORE. I'm probably going to pay it off early now.

If you need an instalment loan

STAY AWAY FROM

WESTERN FINANCE

Anonymous · ‎04-13-2017

I wonder what FICO version that score is? I checked all myfico versions on myfico scores and none start at 309-839.

Anonymous · ‎04-13-2017

@Anonymous wrote:
I wonder what FICO version that score is? I checked all myfico versions on myfico scores and none start at 309-839.

I'm not really sure. If you have a Cap One account, you could probably call and ask or maybe its posted somewhere on a statement. The only information I have is what they sent me.

Maybe someone reading this might know.

IF YOU KNOW PLEASE POST....