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Credit One Prequel and stated credit score?

Established Member

Credit One Prequel and stated credit score?

So I was a bit bored at work and decided to check if I could preqauilify for Credit One Credit Card. Yes I only have one credit card which is 4 years old, which the current balance is $87 on $4500 limit. I have had perfect payment history for the past 4 years, no lates no issues. I let my charges off go in 2008, which was 11 years ago on several cards. I have checked my Fico 800 and above and Vantage which is at 760, I was suprised that I was denied for the following factors: 

 

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:

 

You have too few credit accounts

Balances relative to credit limits reported on revolving accounts

Number of accounts

Delinquency reported on accounts

 

Information about Your Credit Score

We also calculated a custom risk score from information contained in your credit report obtained from the above listed consumer reporting agency and used it in making our credit decision. 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: 422

Date: 2/5/2019

Scores range from a low of 300 to a high of 900

 

Key factors that adversely affected your credit score:

 

You have too few credit accounts

Balances relative to credit limits reported on revolving accounts

Number of accounts

Delinquency reported on accounts

Number of inquiries

 

So I just checked my Experian credit report, which is where this denial came from and its clean, No Delinquency reported on accounts? 

Balance is low, Yes I only have 1 account showing on Experian.  I have zero inquires for the 2 past years  What gives? 

 

 

 

 

30 REPLIES
Established Member

Credit One Denied and gave me a credit score?

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:

 

You have too few credit accounts

Balances relative to credit limits reported on revolving accounts

Number of accounts

Delinquency reported on accounts

 

Information about Your Credit Score

We also calculated a custom risk score from information contained in your credit report obtained from the above listed consumer reporting agency and used it in making our credit decision. 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: 422

Date: 2/5/2019

Scores range from a low of 300 to a high of 900

 

Key factors that adversely affected your credit score:

 

You have too few credit accounts

Balances relative to credit limits reported on revolving accounts

Number of accounts

Delinquency reported on accounts

Number of inquiries

 

This was based off Experian which I immedility pulled for free based off this soft pull PREQUAL. There is no Delinquencies reported on accounts? Current balance has been $150, $87, and $57 of $4500 credit limit past 3 months, zero inquires in the last 2 years. My Discover Fico show 800 and above and my Tansunion Vantage shows 761. Yes I only have one credit card, which is 4 years old but where is that 422 credit score coming from? 

Message 2 of 31
Regular Contributor

Re: Credit One Prequel and stated credit score?

No idea what score they use. My current Fico 08 scores are in my sig. Credit1 shows me a score of 586...

They smokin something over there!




Life’s a garden...Dig it!
Dangit.
Message 3 of 31
Valued Contributor

Re: Credit One Prequel and stated credit score?

OP
I think you need your free annual report to ensure there is nothing lurking on them—something you may have overlooked or something that doesn’t belong to you. Here’s the link:

https://www.annualcreditreport.com/requestReport/landingPage.action
GOALS: Garden til DEC 2020 and 800 Club

Scores
JAN 2019: EX 794, TU 783, EQ 801
DEC 2018: EX 777, TU 783, EQ 799

|| AmX ED $25K || NFCU CashRewards $20K || Discover IT $15.7K || NFCU CLOC $15K || Macy's $15K || NFCU Platinum $12.5K || AmX Magnate $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 4 of 31
Community Leader
Super Contributor

Re: Credit One Denied and gave me a credit score?

Why are you applying to Credit One with FICO score of 800?! I would be checking the prequels on Amex, BOFA, Cap one, and Discover! If your current card is with Discover and is over 1 year old, you can get another card with them.

Scores held down by umpteen INQ & New accounts, and a paid off loan and new loan reporting.
~~~BK7 d/c-08/2013......my rebuild worked for me, but won't necessarily work for you.~~~
Message 5 of 31
Established Member

Re: Credit One Prequel and stated credit score?

Trust me nothing is lurking Ive been very focused on checking my 3 credit stores at least every 6 months and current shows no inquires, deliquent accounts, my credit profile has been clean since 2015 when charge off where dropped and I made sure everyone one of those wiped off and its been clean since than

Message 6 of 31
Valued Contributor

Re: Credit One Denied and gave me a credit score?

Credit One used to deny people if their Fico score was too high . Used to abuse this for free reports. Their score is some funky enhanced mutant variant and I would not sweat it . Go for something like discover or Amex or try for a preapprival from a real bank not something aimed for rebuilders. Your not profitable enough for credit none. Oddly enough I’d go for a Amex revolver next, but the sky and your income is the limit right now. Family member had a similar situation with great scores but only one card. You actually might gain points or have a temporary dip esp if you go for two cards.... but you will get it back regardless. Does one of the Amex subs work for you.. also if you don’t go for a second discover I’d try for a cli before I do anything and wait for it to post or decline. There is a magic number of 3 cards. What do you think @pizza1
Message 7 of 31
Regular Contributor

Re: Credit One Denied and gave me a credit score?

CreditOne logic:

500’s Fico = 800’s Credit1
650’s Fico = 600’s Credit1
800’s Fico = 400’s Credit1

Of course this is a joke...or is it? 🤔




Life’s a garden...Dig it!
Dangit.
Message 8 of 31
Moderator

Re: Credit One Denied and gave me a credit score?

@FenderGuy 

 

I merged the two threads discussing this matter into this.

Message 9 of 31
Established Member

Re: Credit One Denied and gave me a credit score?

I mean I get what your saying to not sweet this Credit None but that stuff annoys when they pull out false info, Im going open a case with the CFPB (which will do nothing) but have Credit None have someone do work on thier end to answer the complaint ...Enough complaints at some point will open eyes with them....Yes Id like to add 2 more cards within the next 3 months spaced apart pulls too

Message 10 of 31