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I have 750-800 FICO but not doing to well on credit card qualifications

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Anonymous
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I have 750-800 FICO but not doing to well on credit card qualifications

My Mortgage FICOs range from 748-802, FICO 8 and FICO 8 Scorecards are generally in the 750-796 range.  CK Vantage 752/798.  

 

File has a single 21yr old Mortgage and Auto loan with combined $52k balance, a 4yr old Kohls card that has never been used, and a 10 month old Citi Double Cash (I let 1-5% post, $5k limit).  I have some closed Mortgages (investment properties) in history, 30 day lates on a closed HELOC in 2015-2018 era, and one closed CC (good history but apparently closed for non-use by credit granter).

 

Got a new House/Mortgage last week and paid off auto loan, but neither change has posted to report.  I went ahead and applied for a WF Propel and Lowes Card before my changes posted as I expect my score will take a big hit.  WF Propel no decision (which I assume means likely a decline), Lowes max limit $500 (called for reconsideration and it was a no).  I understand haven't historically used cards but just a littled weirded out about how I can qualify for a ~$500k+ mortgage but can barely manage to get a credit card.  I assume I just need to wait until current cards are older.

Message 1 of 12
11 REPLIES 11
Anonymous
Not applicable

Re: I have 750-800 FICO but not doing to well on credit card qualifications

They're two different types of loans, and the ones you have, while high value, are also secured by the home or car you're borrowing for. The cards are unsecured so they're looked at differently. The Lowe's card is a great pickup that grows VERY fast to monstrous limits (I was approved at $300, went to $6000 less than four months later, and within a year of that point, I had gone to $12,000, then $17,000, then $30,000, on scores quite a bit lower than yours). 

My advice would be to use your Citi DC for all daily expenses and pay it off each month except for maybe $10. Use the other cards and PIF. Do that for a few months and then check prequals for Amex and Discover and I bet you'll find welcoming audiences.

Message 2 of 12
dragontears
Senior Contributor

Re: I have 750-800 FICO but not doing to well on credit card qualifications


@Anonymous wrote:

My Mortgage FICOs range from 748-802, FICO 8 and FICO 8 Scorecards are generally in the 750-796 range.  CK Vantage 752/798.  

 

File has a single 21yr old Mortgage and Auto loan with combined $52k balance, a 4yr old Kohls card that has never been used, and a 10 month old Citi Double Cash (I let 1-5% post, $5k limit).  I have some closed Mortgages (investment properties) in history, 30 day lates on a closed HELOC in 2015-2018 era, and one closed CC (good history but apparently closed for non-use by credit granter).

 

Got a new House/Mortgage last week and paid off auto loan, but neither change has posted to report.  I went ahead and applied for a WF Propel and Lowes Card before my changes posted as I expect my score will take a big hit.  WF Propel no decision (which I assume means likely a decline), Lowes max limit $500 (called for reconsideration and it was a no).  I understand haven't historically used cards but just a littled weirded out about how I can qualify for a ~$500k+ mortgage but can barely manage to get a credit card.  I assume I just need to wait until current cards are older.


First, mortgages are secured by the property, the bank didn't give you ~500k free and clear, the loan is secured by an asset worth >500k so they can recoup their $$ if you default. A credit card is not secured by anything, if you default the lender has no asset to foreclose on and their options to recoup their $$ is limited.

 

It sounds like your revolving history is "thin", you might want to look into lenders that are lenient towards thin profiles. And of course like you stated, time will improve your chances (especially once your only open card reaches >12 months old).

Message 3 of 12
Anonymous
Not applicable

Re: I have 750-800 FICO but not doing to well on credit card qualifications

I would also suggest using your Kohl's card that you've never used in 4 years.  I'm surprised it hasn't been closed on you yet.  With your thin file regarding revolvers, I would suggest you do what you can (make a purchase) to try and keep it open.  It also doesn't help to give lenders incentive to issue you a new CC or a strong SL when they are able to see that one of the very few cards you have hasn't ever been used.

Message 4 of 12
Anonymous
Not applicable

Re: I have 750-800 FICO but not doing to well on credit card qualifications

So I already get constant AMEX/Discover Prequals,  using the AMEX preapproval tool I get offers for all the good cards.  It's just there are only several cards that offer me something better then CitiDC for my spending habbits and they are the Propel and Lowes are probably the best of them.  I am wearing out the CitiDC, I think I spent ~$10k last month, so I had to pay it off 3 times already this month.  On the 15th I log in and pay off all but $50-450 before statement posts so it will report at under 10%.  I don't undersand how this would help, everyone except Citi would just see the small amount right?  

 

Thanks everyone for the Advise

Message 5 of 12
Anonymous
Not applicable

Re: I have 750-800 FICO but not doing to well on credit card qualifications

What is the highest balance you've let report on the Citi card?  If it isn't significant, why not let an amount close to your limit report and then just pay it off the next day.  You are still exhibiting PIF / Transactor behavior, but then it can be seen by anyone that you've paid off the entire limit on that card at one point. 

Message 6 of 12
Anonymous
Not applicable

Re: I have 750-800 FICO but not doing to well on credit card qualifications

I don't think I've let more than ~12% report before. 

Message 7 of 12
Anonymous
Not applicable

Re: I have 750-800 FICO but not doing to well on credit card qualifications

FICO 8 have settled at 748 (Transunion -  Mortgage doesn't report) 770-786 others.

21yr Mortgage ($42k balance)  $0/5200 (9 months CitiDC) $0/500 (Kohl's 5yr 11mo).  New Mortgage not reporting.  Auto loan reported as paid off already (~15point drop).

 

Wells Fargo Propel denial mentioned not using current credit, credit age and inquiries (9 in last 2 years)

Chase Freedom Flex - likely deniel, went into delay.

Lowes -  Approved at $500, won't approve increase, no letter yet.

 

Message 8 of 12
Anonymous
Not applicable

Re: I have 750-800 FICO but not doing to well on credit card qualifications

Just my 2 cents but you can either get penalized for using too much revolving credit utilization or completely a lack of using it.  Hence why AZEO does work on revolving accounts.  With that being said, I've also seen and have personally been denied for a CLI because 'Lack of credit use' in a specific account.  Hope that helps but at the end, you have to report something on some of those cards, even $5 dollars to show you are using and are responsible for revolving credit.  


Another factor that would affect you would be your 'mix' of credit accounts.  Without enough revolving accounts/mortage/installation accounts, their proprietary alogorithyms would turn you down automatically.  A RECON call may make a difference...?  Not sure.  Just my two cents.

Message 9 of 12
Anonymous
Not applicable

Re: I have 750-800 FICO but not doing to well on credit card qualifications

Do remember though that a CLI denial reason doesn't have to be the reason for denial, it's just a reason. 

 

Case in point, I've been denied Discover CLIs due to "insufficient use..." of the card.  Then I've stopped using the card completely and received a CLI shortly after, so clearly "insufficient use..." wasn't the real reason for the CLI denial.

Message 10 of 12
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