Regions DECLINED the reason is impossible

Anonymous · ‎10-20-2021

I was turned for three credit cards this year. Approved for more then 27. Anyway I was going through some old mail and I found the Regions denial letter from 6/2021. I looked at the reason for denial and it was not at all what I was expecting. I figured it would be due to amount of inquries or new credit but nope.

Too new to credit. Not enough eperience in unsecured credit cards.

LOL, me? now I know they had to be reading the wrong report. I have a Chase card that is now 42 years old. It used to have 13 numbers and a few decades ago it was changed to a now 16 number account. I mean what a slap in the face. If they needed to turn me down the truth would have been easier to swallow.

Thanks

Mark

Anonymalous · ‎10-20-2021

What's the average age of your accounts? That 42 year card is a great anchor, but if you have 27 cards that are 0 years old, that would drag the average down to about 18 months.

Anonymous · ‎10-20-2021

@Anonymalous wrote:
What's the average age of your accounts? That 42 year card is a great anchor, but if you have 27 cards that are 0 years old, that would drag the average down to about 18 months.

The average age is 13.5 years. I have 77 CC's and many of them are a few decades old. I have 55 old cards so the 27 new ones ended up with the age of 13.5 years as per EQ.

Thanks

Mark

Anonymous · ‎10-20-2021

That includes my 7 cards that where closed by Synchrony back in 10/2020 when they did the mass closings

Thanks

Mark

Anonymalous · ‎10-20-2021

Wow, I have one and a half cards. But yes, that makes the rejection letter sound completely off base.

coldfusion · ‎10-21-2021

An underwriter usually has at most about 2 minutes to review your application and credit history, make a decision, and if a denial quickly select 1-4 of the (IIRC roughly 80) industry-standardized and regulated boilerplate reasons that at first glance most accurately align(s) with the reason(s) for the denial.

"We aren't comfortable extending unsecured credit at this time to someone who opened 27 accounts in the last year" isn't on the list so the UW picked one that is on the list that has at least minimal alignment with the actual justification, which meets the legal requirement.

(2/2025)
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Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion

FinStar · ‎10-21-2021

@coldfusion wrote:

An underwriter usually has at most about 2 minutes to review your application and credit history, make a decision, and if a denial quickly select 1-4 of the (IIRC roughly 80) industry-standardized and regulated boilerplate reasons that at first glance most accurately align(s) with the reason(s) for the denial.

"We aren't comfortable extending unsecured credit at this time to someone who opened 27 accounts in the last year" isn't on the list so the UW picked one that is on the list that has at least minimal alignment with the actual justification, which meets the legal requirement.

Exactly, and while most lenders can be very flexible (including Regions) with a variety of thick and established profiles, you don't always get a ticket to the gala. Besides, not much that can be done (other than remain salty) since this happened back in June so the point is moot.

SoCalGardener · ‎10-21-2021

@Anonymous wrote:

Too new to credit. Not enough eperience in unsecured credit cards.

HA HA HA!! Knowing what I do about you, that's hilarious. And stupid.

Just FYI, you're not alone in the 'ridiculous denial reasons' department. Several recent CLI requests I made were denied, and among the [numerous] ridiculous reasons: no recent mortgage history (yeah, I know--because I own my $1M+ house OUTRIGHT). Whatever.

American Express Blue Cash Preferred Card

Anonymous · ‎10-21-2021

@SoCalGardener wrote:
@Anonymous wrote:

Too new to credit. Not enough eperience in unsecured credit cards.

HA HA HA!! Knowing what I do about you, that's hilarious. And stupid.

Just FYI, you're not alone in the 'ridiculous denial reasons' department. Several recent CLI requests I made were denied, and among the [numerous] ridiculous reasons: no recent mortgage history (yeah, I know--because I own my $1M+ house OUTRIGHT). Whatever.

Same here I am docked for not having a mortgage on my house. I have always owned yet I never ever had a mortgage and I am not going to get one now just to increase my scores.

I still am not happy about the reason for denial. Anyway my portfolio that I keep my cards in is totally full no room for any more cards and I only keep 3 cards in my wallet. Sugar one of my bichons got ahold of my portfolio last night and she chewed up 9 cards She even chewed up my Propel metal card . I was on the phone all morning getting replacements

The Discover chrome card is in a thousand pieces hmmm lol

Thanks

Mark

SoCalGardener · ‎10-21-2021

@Anonymous wrote:
@SoCalGardener wrote:
@Anonymous wrote:

Too new to credit. Not enough eperience in unsecured credit cards.

HA HA HA!! Knowing what I do about you, that's hilarious. And stupid.

Just FYI, you're not alone in the 'ridiculous denial reasons' department. Several recent CLI requests I made were denied, and among the [numerous] ridiculous reasons: no recent mortgage history (yeah, I know--because I own my $1M+ house OUTRIGHT). Whatever.
Same here I am docked for not having a mortgage on my house. I have always owned yet I never ever had a mortgage and I am not going to get one now just to increase my scores.

I still am not happy about the reason for denial. Anyway my portfolio that I keep my cards in is totally full no room for any more cards and I only keep 3 cards in my wallet. Sugar one of my bichons got ahold of my portfolio last night and she chewed up 9 cards She even chewed up my Propel metal card . I was on the phone all morning getting replacements
The Discover chrome card is in a thousand pieces hmmm lol

Oh no! Who cares about the cards--I just want to be sure Sugar is okay! BTW, I had a cat I named Sugar and then--irony of all ironies--he became diabetic. Had to give him insulin shots twice a day.

The whole 'lack of recent mortgage experience' thing is just too ludicrous to believe. If credit bureaus are going to dock you for not having recent loan experience, they should at least find out if you own your home outright and, if so, how much it's worth, then factor that in and THEN calculate your score. I mean if you're being weighed on how responsible you are with housing, shouldn't you get mega-bonus points for OWNING YOUR HOME OUTRIGHT?