Something else to look at is how recently did your scores increase? Sometimes pre-approval sites pull data from a month or two before so they may be viewing your older profile. Give it a month or two and then try again.
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@Anonymous wrote:
@FinStar wrote:
@Anonymous wrote:
@Ficoproblems247 wrote:@Anonymous Are all of these you are talking about simply pre-approvals you tired, or did you actually app for these cards? You mentioned pre-approval for Cap1, and the way you worded Chase and Disco sounds like you were using their pre-approval tool too. Not sure if you actually pulled the trigger on AMEX, but they also have a pre-approval tool. Did any of these pre-approvals come with an AA letter? ("adverse action," the reasons they were unable to offer you credit.) If so, that is a good place to start. Sometimes those letters will include "fluff" from the lender, but if you are looking at all of them and see a pattern, that will give you an idea of what items specifically you need to be working on.
Hello-
I did the pre-approval and also a real approval with AMEX. All others I did pre-approvals because I didn't want a bunch more inquiries. I called the recon line this morning and was told that I had a "Modified payment plan or relief plan" on my credit. I am assuming this is because I modified my mortgage 5 years ago it shows on my credit report "Loan modified under a federal government plan". I called Experian but they couldn't tell me if this was the reason they were sending over to AMEX. So does this mean that no credit card will approve me? Trying to find out which credit cards I can get with a modified mortgage on my credit... Kinda seems stupid this would hold me back.
What was the reason for the mortgage loan being modified? Were there late payments reported on your mortgage prior or during the loan modification process?
Yes, we were having a hard time because our taxes were raised ($200 extra a month in CA) and fell behind. They also made us not make any payments to get the modification. So we have several lates showing, but haven't had any for the last 5 years. Since we have modified the loan our payment history has been exceptional.
If 200/month in additional taxes was enough to require a mortgage modification, it sounds like you are living too close to the edge and getting additional credit may not be the best idea... especially with a 50k pool loan and two car leases.
Plus, when you paid all thos collections last year, it updated so that it appears as fresh activity to automated algorithms.
Exactly how many collections did you have? It's great that you paid them but between those and the mortgage issues, I can understand credit card companies being cautious.
@Anonymous wrote:
@FinStar wrote:
@Anonymous wrote:Thank You. I don't have any collections on my report only creditors that show as settled for less but paid in full. Yah I do have a lot of inquiries but most are not very recent. Last year, My wife and I just finished getting every single collection paid off / settled and Discover was the last one which was paid off last month. I have had excellent payment history for the last 3 years with all of my credit. My credit is still showing lates from several years ago so I assume those will slowly drop off.
Here are my current creditors (All have exceptional payment History)Capital One Quicksilver $10
Macy's $1700
Synchrony Home $0
Lafayette Credit Union (Pool Loan) $41,000
My tuition Solution $3900
Mortgage - $306,000
Toyota Lease
Lexus Lease
Thank YOu!
One thing to consider is your current DTI. While your income may be in the range you've provided, lenders will also evaluate the debt load you're currently carrying, especially on the tradelines highlighted above. Credit Unions can be a little more sensitive to those DTI factors, but it depends on the CU itself.
The other factors lenders may also be looking at is recent collections and/or payment history. The inquiries may not be 'recent', but lenders can evaluate things for up to 12 months. You mentioned Discover was settled last month -- was this account under any type of repayment program or sent to collections?
Discover was settled last month with Suttell & Hammer an attorney. Other than that there are not any recent collections and nothing derogatory on the report except for "Settled for less than the amount paid". The reason why they are denying is because the credit bureaus are reporting that we have a modified loan for our mortgage.
That may be what the CSR at Amex said, but no, that's not really why you're getting denials. Or at least not the only/primary reason. The reason is because of lates and paid chargeoffs (COs). Paid COs are definitely better than unpaid ones, but they're still COs. Racking up inquiries is also hurting you. And you may have had perfect payment history the last 3 years, which is great, but in credit time, that's a very short amount of time. Your scores may be in the 700s, but with those negatives still showing, it'll be hard to get prime cards. Also you seem to have several payments monthly with the pool loan, mortgage, and two leases. DTI is definitely coming into play.
I'd cool it on the apps for a bit, send out some goodwill letters to those lenders with whom you've got COs and ask them if they'd consider deleting their tradelines (no guarantees they will), and finally, research CUs on here or on the internet, maybe look at some local ones and find one you like and start building a relationship with them.
