About ever six months or so, I make the rounds with my credit cards asking for CL increases. Most are usually denied, but once in a while I get lucky and get a bump.
Made the rounds at the start of August, typical result, I got a bump on 2 of my accounts and rejections on the other 8.
However, this time I received a denial letter from BBVA Compass with a reason for the denial I had never seen before:
Description of Action Taken: We have declined your application for a credit limit increase
Principal Reason(s) for Credit Denial, Termination, or Other Action Taken Concerning Credit
-LexisNexis Risk View Score-
So what is this? A new scoring system I have to worry about on top of my credit score now? In the past the reason for denials have always been something like "Inadequate time at current credit limit" or "Length of Credit History" or similar.
So is there any place I can find out what my LexisNexis score is and how to raise it?
Ahhh good ol’ LexisNexis!
LN is a secondary Consumer Reporting Agency which is actually more like a Data Collection and Mining Company that buys and sells Consumer informations varying from Utility bills, Traffic and accidents, and pretty much anything and everything under the consumer sun!
Problem with them is more often than not their data is either very out dated or downright inaccurate!
That’s the reason why a lot of MFers have theirs permanently frozen and locked along with Sagestream, ARS, etc....
To prevent financial institutions from gaining access to inaccurate data and giving an “Unfair Risk Assessment” of the Consumer/applicant.
LN is a secondary Consumer Reporting Agency which is actually more like a Data Collection and Mining Company that buys and sells Consumer informations varying from Utility bills, Traffic and accidents, and pretty much anything and everything under the consumer sun!
Problem with them is more often than not their data is either very out dated or downright inaccurate!
That’s the reason why a lot of MFers have theirs permanently frozen and locked along with Sagestream, ARS, etc....
To prevent financial institutions from gaining access to inaccurate data and giving an “Unfair Risk Assessment” of the Consumer/applicant.
@Dervrak wrote:About ever six months or so, I make the rounds with my credit cards asking for CL increases. Most are usually denied, but once in a while I get lucky and get a bump.
Made the rounds at the start of August, typical result, I got a bump on 2 of my accounts and rejections on the other 8.
However, this time I received a denial letter from BBVA Compass with a reason for the denial I had never seen before:
Description of Action Taken: We have declined your application for a credit limit increase
Principal Reason(s) for Credit Denial, Termination, or Other Action Taken Concerning Credit
-LexisNexis Risk View Score-
So what is this? A new scoring system I have to worry about on top of my credit score now? In the past the reason for denials have always been something like "Inadequate time at current credit limit" or "Length of Credit History" or similar.
So is there any place I can find out what my LexisNexis score is and how to raise it?
Was there an actual score listed? If not most likely it is just a template that they used with no core obtained. I had a Synchrony Bank denial that had a place for a FICO score but since they used all internal data they never filled it in. As for the denial it is probably due to LexusNexus. They are a bureau that likes to collect everything under the sun. As a side effect the reports have a habit of being rather stale or absolutely garbled. The catch to this is though that they might have listed all of your CLI requests and resulting denials. Be aware that some lenders will do HP's for CLI's so that will be on your main beureu's credit reports.
@zerofire wrote:
@Dervrak wrote:About ever six months or so, I make the rounds with my credit cards asking for CL increases. Most are usually denied, but once in a while I get lucky and get a bump.
Made the rounds at the start of August, typical result, I got a bump on 2 of my accounts and rejections on the other 8.
However, this time I received a denial letter from BBVA Compass with a reason for the denial I had never seen before:
Description of Action Taken: We have declined your application for a credit limit increase
Principal Reason(s) for Credit Denial, Termination, or Other Action Taken Concerning Credit
-LexisNexis Risk View Score-
So what is this? A new scoring system I have to worry about on top of my credit score now? In the past the reason for denials have always been something like "Inadequate time at current credit limit" or "Length of Credit History" or similar.
So is there any place I can find out what my LexisNexis score is and how to raise it?
Was there an actual score listed? If not most likely it is just a template that they used with no core obtained. I had a Synchrony Bank denial that had a place for a FICO score but since they used all internal data they never filled it in. As for the denial it is probably due to LexusNexus. They are a bureau that likes to collect everything under the sun. As a side effect the reports have a habit of being rather stale or absolutely garbled. The catch to this is though that they might have listed all of your CLI requests and resulting denials. Be aware that some lenders will do HP's for CLI's so that will be on your main beureu's credit reports.
No. There was no score, just that reason for denial. I brought this up in another thread and someone mentioned that BBVA Compass doesn't typically offer credit lines above what I already have, $10k, at least throught the normal CL increase process. They said the letter might have just been a generic denial the system spits out when you request a credit line increase after already having hit their ceiling because they didn't do a hard or soft pull knowing there was no reason. A little confusing if true. You would think they would just say, "Sorry Bud. Don't bother asking for any more increases. Max we give is $10k."
