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Why does Comenity keep denying me?

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New Contributor

Why does Comenity keep denying me?

I'm in the process of buying my 1st home after years of credit damage- i finally got my scores up to T- 679 EQ 656 EX 640 - i go to settlement on 8/20. either way i'm looking to open a few cards after closing to get some furniture quick. i tried the preapproval page on wayfair and was denied. I'm super confused because i have no open bad debt. I have 4 inquiries (from mortgage rate shopping) 2 charge off accounts with lates but they are paid off in 2018. nothing else but current student loans and my current car note. but nothing else, i've read people with 600 credit scores being approved- why do they keep denying me?

Message 1 of 15
14 REPLIES 14
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Valued Contributor

Re: Why does Comenity keep denying me?

My guess....

 2 charge off accounts with lates but they are paid off in 2018.

 

Comenity is pretty loose when it comes to approvals but, they're not 100% approvals no matter the score.  They could be looking beyond the above as well.  Mind you that you shouldn't be playing credit roulette while in process with a mortgage.

500K+ TCL / 800+ FCOs
Message 2 of 15
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Moderator

Re: Why does Comenity keep denying me?

You should have received correspondence associated with the results from Wayfair.

What reason(s) are they citing for being declined OP?
Message 3 of 15
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New Contributor

Re: Why does Comenity keep denying me?

i didn't do the hard pull - just the pre-qualify 

Message 4 of 15
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Moderator

Re: Why does Comenity keep denying me?

So, can you clarify the following statement? If you didn't go through with the application, how did you become aware that you were denied?

" i tried the preapproval page on wayfair and was denied"
Message 5 of 15
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Community Leader
Super Contributor

Re: Why does Comenity keep denying me?

Did you burn Commenity in the past?







Message 6 of 15
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Valued Contributor

Re: Why does Comenity keep denying me?

It sounds like they are just doing the prequalify and not actually applying. If you really want the card try the shopping card trick. If you get an offer it might be for a low limit though. Wait until you actually closed on your house (paperwork signed, keys in hand).

 

Search here or Google “shopping card trick”. Just note it will be a hard pull if you accept the offer.

Message 7 of 15
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Community Leader
Super Contributor

Re: Why does Comenity keep denying me?


@kevinlee28 wrote:

I'm in the process of buying my 1st home after years of credit damage- i finally got my scores up to T- 679 EQ 656 EX 640 - i go to settlement on 8/20. either way i'm looking to open a few cards after closing to get some furniture quick. i tried the preapproval page on wayfair and was denied. I'm super confused because i have no open bad debt. I have 4 inquiries (from mortgage rate shopping) 2 charge off accounts with lates but they are paid off in 2018. nothing else but current student loans and my current car note. but nothing else, i've read people with 600 credit scores being approved- why do they keep denying me?


If you're in the process of buying your 1st home, the last thing you should be doing is applying for new credit. Mortgage companies do not want to see any new accounts 12 months prior to applying for a mortgage.

 

 


DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799

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Message 8 of 15
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Community Leader
Mega Contributor

Re: Why does Comenity keep denying me?

If your scores are mid 600's , there are issues , ie the COs, that are negatively affecting you. Plus, you cant say you sre being denied if you dont actually applySmiley Wink. Prequals are not 100% surefire and in most cases give you s general idea on your chances with a lender but sgain are not 100% bulletproof. Ymmv always.
Message 9 of 15
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Super Contributor

Re: Why does Comenity keep denying me?


@CreditInspired wrote:

@kevinlee28 wrote:

I'm in the process of buying my 1st home after years of credit damage- i finally got my scores up to T- 679 EQ 656 EX 640 - i go to settlement on 8/20. either way i'm looking to open a few cards after closing to get some furniture quick. i tried the preapproval page on wayfair and was denied. I'm super confused because i have no open bad debt. I have 4 inquiries (from mortgage rate shopping) 2 charge off accounts with lates but they are paid off in 2018. nothing else but current student loans and my current car note. but nothing else, i've read people with 600 credit scores being approved- why do they keep denying me?


If you're in the process of buying your 1st home, the last thing you should be doing is applying for new credit. Mortgage companies do not want to see any new accounts 12 months prior to applying for a mortgage.

 

 


This. The best possible rate on your mortgage over 30 years is far more important than any perks from opening a credit card.

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