Home Depot Recon - NO GO :-(

[kevinlee28]

I closed on my 1st home on 8/20 (its not being reported as of yet) I don't have any current or open baddies on my credit report. Current score at 653 experian (which is the bureau they pulled) i did have 2 charge offs in 2016/2017 but they are both paid. I don't have any open credit cards. Since settlement i thought it was time to try for a card. So i applied for the Home Depot to get a new washer & dryer. I was denied due to inquiries. i do have 14 inquiries but 8 are scheduled to fall off as of tomorrow the rest are from mortgage shopping. so anyway i called the recon number listed on a previous board and it was a no go. kept telling  me its nothing they could do - i could ask for a recon tomorrow after they are all deleted but then it was cause me 2 hard inquiries from them. I'm so discouraged. I don't understand how i can make 100k per year, no current open baddies, car loan paid and current and a 260k mortgage but can't get a home depot card! sorry for the rant but i'm so frustrated. what do you guys say on these recon lines to get approved?

[FinStar]

Congrats on your new home and sorry to hear about the denial OP. A variety of reconsideration instances are not always successful as it really depends on your overall profile.

You mention settlement and 2 charge offs. What were the charge offs? Is the settlement part of the charge offs or something else? And you also mentioned no other credit cards, so I am assuming this was your 1st try for a credit card after the closing of your 1st home?

[kevinlee28]

No I was Saying - settlement on my house . The 2 charge offs I mentioned were from cap 1 & total visa but both paid in full 2018.

And thanks - and yup 1st card I tried To get

[CreditInspired]

I know this is in hindsight, but why didnt you wait for inquiries to fall off before applying?

Now once inquiries fall off, I would give it a few days to make sure the CBs update before applying for anything. Then once those updated, if it were me, I would try Lowes. 

To answer your question. A 653 score is still kind of low. So hopefully those inqs falling off will give you a nice bump. Also, having no CCs or installment accounts—house hasn’t reported, car is paid off—on your report is making it slightly difficult to get that first card. 

On second thought, you say you don’t have any open CCs. What closed cards are on your CRs and are they all at $0 balance?  What is your AAOAs? What is your UT if balances are on closed CC?

[Anonymous]

If you make $100k a year, why can't you afford to go out and buy the $800 set? Doesn't seem worth the HP to me.. but you might have luck with Lowes, as they pull TU.

[Meanmchine]

. I was denied due to inquiries. i do have 14 inquiries but 8 are scheduled to fall off as of tomorrow the rest are from mortgage shopping

Why didnt u wait ????

[AverageJoesCredit]

Having charge offs , aka baddies, will affect your credit ss you have seen. Having no credit cards will also hurt as some lenders dont want to be your first no matter how much you make. You need to establish some sort of credit cardsuch as a secured card so that you can begin to establish history . Check wirh Discover, Cap One and Amex as they have excellent prequals that can help start you off in right direction.

[Anonymous]

^^^ this. I’d suggest Disco. Get the card, secured if necessary, build for 6 months, then prequal Amex. Half a year of responsibility with Disco and a mortgage may get you into Amex above a starter limit.

[Anonymous]

hello if you don't mind my asking which recon number did you call? I called the recon number on the sticky thread but there's no human option it's automated. 

Thanks!