Fidelity Signature Visa - Denial

[Themanwhocan]

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@CreditCuriousity wrote:

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@Anonymous wrote:

I think I read in one of the other threads the poster said they were using a BE score which seems like it was more based on the older scoring models. From what I've read the older scoring models penalize you greatly with a HELOC that shows as a Revolving LOC. Although many sites only show my utilization with credit cards, there are a few that show the HELOC as part of utilization and that kills me with lenders that look at the older models. I just got a 15k PenFed approval, so I guess I dont really need the Fidelity card afterall but hated to burn a hardpull on ELAN for a denial.

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They use your mortgage score so if they used TU the used your TU 04 score, etc for each different CRA's equivalent

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They probably use 04 bankcard.

I know that US Bank CLI requests pull Transunion FICO Risk Score Classic 04 Bankcard, but card applications pull from various credit bureaus. When I applied for 3 US Bank and one Elan card, they pulled Equifax each time, though Credit Pulls Database shows more variation.

[DotaK]

Fidelity Signature Visa  Credit card online server is down?  I can not log in my account online ? 

[garagebandking]

Sorry about the denial...do they recon at all? I've been on/off the phone with them since applying earlier in the week and it sounded like they might be open to discussions. They pulled EX for me in NJ and those scores range from 639-689 (50-80 points lower than my other reports), but they had sent me a preapproval.

Do you have a strong relationship with fidelity?

[Anonymous]

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@Anonymous wrote:

Was given a 7-10 day notice for Fidelity Signature Visa, then called and told I was denied. 742-741-729 FICO 8 scores with about 27% revolving util.

Apparently, Elan uses non-FICO scores and some model simiilar to the older mortgage type scores which are much lower for me due to a HELOC loan that I have that shows as a revolving credit type. From their scoring, they are saying that my utilization is 60% plus due to the HELOC, even though its a secured debt. Luckly, I've just re-financed and that HELOC will be coming off as PAID due to a consolidation.

However, I wont be going back to Elan due to their ultra conservative underwriting on this card which apparently doesn't favor my profile.

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Elan is basically US Bank, which is pretty much why they are so conservative and a bit behind the times.

[Anonymous]

If they use the same approval process as US Bank try freezing your SageStream and ARS reports. US Bank is the only one I know who uses them and they say if you freeze those they will just use TU for approval. Doctor Of Credit has a post on this. GL.

[Scupra]

This post is over 6 months old and the OP hasn't logged in since 07-20-2016, just FYI

[Anonymous]

Good catch. I never look at that stuff. Thx