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Why does Comenity keep denying me?

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Valued 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?


Wayfair, and I think Overstock, use an outfit out of Atlanta that almost guaruntees to finance potential customers. Genesis FS Card Services is their name. Inaddition to online retailers, they finance for in-store operations like Ashley Furniture and others.

I would not be worried about filling the home with furniture just yet. When you get your mortgage, plenty of people will be glad to finance your furniture.

GL




"I thought credit was over in 2008. Never underestimate the ability of central bankers to blow a bubble." - Me
“If you don’t know, the thing to do is not to get scared, but to learn.” – Ayn Rand
Message 11 of 15
Valued Contributor

Re: Why does Comenity keep denying me?


@kdm31091 wrote:

@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.


a few cards after closing:  Smiley Indifferent

Message 12 of 15
New Contributor

Re: Why does Comenity keep denying me?

Hi all - went to settlement on the 20th ( all good) lol

but still scared to apply for cards - my mortage isn't showing yet 

any more advice?

Message 13 of 15
Frequent Contributor

Re: Why does Comenity keep denying me?


@kevinlee28 wrote:

Hi all - went to settlement on the 20th ( all good) lol

but still scared to apply for cards - my mortage isn't showing yet 

any more advice?


Congrats. Have you run the score simulator with adding a new mortgage? You can wait for your FICO to drop 30-40 points once reported then App for the cards you want. Smiley Very Happy  I Keed... I Keed.... Seriously tho, you may want to get while the gettin's good. Your DTI ratio is about to adjust. I'm still new here so take that for what its worth. Smiley Happy

08/2019:
12/2019:

~ This is Chess... It ain't Checkers!!! ~


Message 14 of 15
Regular Contributor

Re: Why does Comenity keep denying me?

Don't do anything credit related until after closing.  The look for a Sync backed furniture store financing and go for that.  I know Ashleys and value city use Sync, so maybe try those.  Comenity is a really crappy bank, if you're not in bed with them, then don't.

Message 15 of 15
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