Ok, so i got an email and my Disco card graduated. I felt a lil froggy and went to the Discover website and did the preapproval. It came back declined stating:
Type of credit score FICO
Your credit score 682
Date July 15, 2020
Scores range from a low of 300 to a high of 850
Key factors that affected your credit score were as follows:
SERIOUS DELINQUENCY
TOO MANY INQUIRIES LAST 12 MONTHS
LENGTH OF TIME ACCOUNTS HAVE BEEN ESTABLISHED
PROPORTION OF LOAN BALANCES TO LOAN AMOUNTS IS TOO HIGH
The first reason is Serious Deliquency. I pulled my Experian report and I do not readily see a Serious Deliquency.
The late payments recorded are:
1 Credit Card 30 day late November 2019-Under dispute for Bank Error
1 BofA 30 day late December 2017
1 Conns 30 day late-November 2018
1 PPLS Trust Charge-Off Jan 2017-Under dispute for being in a prior bankruptcy that has fallen off.
Are these accounts above causing the Serious Deliquency flag? Somehow I felt Serious would mean 90+ days late or unpaid chargeoff. Below is a snippet. All accounts other than the 4 are all paid on time. Utilization is low.
What Gives?
Starting Score: 614
Oh ok thanks! Yeah it seems my Student loans are throwing my numbers out of wack. Anything to do about those or just gotta pay them down huh?
@Anonymous wrote:I have almost the same things affecting my scores that i didn't previously know would; loan balance to loan amounts for my student loans because of interest and 90+ lates from 2016. Yes the 30 day late is not as bad as a 90+ but you have to remember it's still a LATE payment and payment history is a huge chunk of your FICO score. Just stay on top and it will hurt less as time goes on.
@UpAndComing74 wrote:Ok, so i got an email and my Disco card graduated. I felt a lil froggy and went to the Discover website and did the preapproval. It came back declined stating:
Type of credit score FICO
Your credit score 682
Date July 15, 2020
Scores range from a low of 300 to a high of 850
Key factors that affected your credit score were as follows:
SERIOUS DELINQUENCY
TOO MANY INQUIRIES LAST 12 MONTHS
LENGTH OF TIME ACCOUNTS HAVE BEEN ESTABLISHED
PROPORTION OF LOAN BALANCES TO LOAN AMOUNTS IS TOO HIGH
The first reason is Serious Deliquency. I pulled my Experian report and I do not readily see a Serious Deliquency.
The late payments recorded are:
1 Credit Card 30 day late November 2019-Under dispute for Bank Error
1 BofA 30 day late December 2017
1 Conns 30 day late-November 2018
1 PPLS Trust Charge-Off Jan 2017-Under dispute for being in a prior bankruptcy that has fallen off.
Are these accounts above causing the Serious Deliquency flag? Somehow I felt Serious would mean 90+ days late or unpaid chargeoff. Below is a snippet. All accounts other than the 4 are all paid on time. Utilization is low.
What Gives?
Yes, OP, it is serious delinquency. And you have more than one 30-day late over a 3-year period. Unfortunately, what lenders see and think is that you don't take your credit seriously. Payment counts toward 35% of one's score. So, get in the habit of proving them wrong. Try doing some goodwill letters to see if you can get them taken off of your report.
GL2U